There is nothing more satisfying than running your own business. Especially if you’re able to turn a hobby or a passion into a profitable company. This is how many shop owners start out and there’s no reason why you can’t be one of them. If you’ve ever dreamt of running your own store, what’s holding you back? There are opportunities in every town so long as you provide a good service.
Of course, in this digital world, there are many horror stories about high street stores. It’s true that many have struggled, some have even closed down for good. However, for the right product and service, you will always find a market. More importantly, you can balance the real world with an online service. In fact, many are now starting out online before moving into real premises. Let’s take a look at how you can make it work.
Follow your passion
First all, find that one thing that you love above all others. It might be a hobby or a sport. It could be arts or crafts. It could be comic books, games or music. Use that as the starting point for your business. One thing’s for certain, it takes passion and dedication to make your own business work. It will be an uphill battle and it will take a true love for your work to keep you going in the early days. Not only that, but following a passion means that you know it inside out. You’re an expert on the area and already immersed in that world. You’ll spot market gaps quickly and know how to fill a niche.
No business should be undertaken without hours of market research. If you’re set on pursuing a physical shop, look at the local area. Is there a gap in the market for your product? If not, is there another area close by that would benefit from it? Is there a way you can mould your product to make it suitable for the area. Secondly, research the competition. What else is on the high street? Are there similar shops vying for the same audience?
Set a budget
There are many budgetary considerations when starting a shop. This is why many are now starting with an online store. This limits your costs to the bare essentials. You’ll only pay the cost of materials and production. With a physical shop you’ll need to consider premises rental and energy bills. If you specialise in arms, ask yourself how much you could make as a gunsmith. Factor that in with all your surrounding costs and assess whether there’s a profit to be made.
Embrace the internet
Many shop owners have made a fortune without leaving their own living room. It is easier than ever to set up an online store to sell your wares. If your skill is in crafts then Etsy will help you reach the right audience. If you deal with collectibles, Ebay is perfectly set up for you. Do some research and see what online platforms could help you.
Starting your own shop is an exciting process. Just make sure you have done your research, found a gap in the market and you can stay on budget.