Evaluate Your Idea
In This Chapter
• Analyzing the market
• Finding a market opportunity
• Matching your idea to an opportunity
• Making sure your idea is profitable
After you’ve decided that retail is right for you and you are right for retail, before you pump your savings into a new store, you need to determine if your idea will work.
You do this with strategic planning. While most independent retailers think that strategic planning is something meant only for big retailers, don’t believe this. Strategic planning is equally applicable to small businesses. With this type of planning, you seek to match your idea of a store to available market opportunities.
In this chapter, we’ll explore how to assess the market and identify what unmet ...