Concept Evaluation

• Do you have a well thought out idea? Or are you still trying to come up with that perfect concept?
  If you are still in the brainstorming phase, there are lots of places you can go for inspiration. Walk around the local shopping center and see what is available and what is not. Check out websites and look at what is being done (or not done). 
• Is your concept viable? Does it meet a need? Are there customers willing to buy it?
  Perhaps you have a great idea, but have no clue whether or not it is feasible in the current retail market. That's where we come in. Retail Concepts offers a Concept Evaluation that can help you understand if your concept has what it takes to succeed, how to identify the right customers and what you need to do to get their attention.
• Do you have an elevator pitch?
  Be able to clearly explain your idea in three minutes or less. Most importantly, you need to make sure you can get people to understand the value of what your store has to offer. When they are in your store, you will visually only have a few seconds to make that happen. Therefore, you need to first be able to verbally explain it so you can translate that into the store concept through design and product. Simplify your concept down to being the best at one thing or area and have a clear target market you know will buy it.
• Do you have the financing you need to support this new venture?
  If not, you will need a business plan to convince potential investors to get on board.
• Are you up to speed with what is going on in your business and in the general market?
  Look at our Retail Reads to get ideas on where to find some of this information.
• Do you have the skills needed to successfully execute your concept? Or do you need to hire staff or outside consultants to help in the following areas?
  
  • Knowledge of Local Retail and Zoning Laws
  • Accounting/Finance
  • Negotiations
  • Sales
  • Recruiting/Hiring
  • Daily Operations & Management
  If not, you will need a business plan to convince potential investors to get on board.
• Do you have the professional support to make your retail idea a success?
  If not, Retail Concepts can help you or direct you to the appropriate resources to assist you in any of the above areas.

Need a little guidance?

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