29 September 11

How To Make Money in Retail?

Around a month ago, I predicted that over the next two years it was going to be a time where Retailers will either sink or swim. With a whopping 88,000 retail jobs predicted to be lost, a lazy $50 billion spent online in 2010 and that figure is expected to soar to an impressive $70 billion within the next 5 years. That number is near equal to what the Australian Retail sector contributes to the economy. But before you reach for the scotch on the rocks and close your shop doors it’s not all bad, in fact it’s such an exciting time to be in business because never before have we had so many options.

During my 17 years in Retail I have seen a lot; the rise and fall of multiple businesses, I’ve made money, lost money and made money again and I know you have experienced a similar thing. Now is not the time to be mediocre it’s time for you to step up…

Think Different | Be Different

The new economy is not as daunting or as scary as what people are making it out to be. Laurie Oakes said "Let's not talk ourselves into a recession. We're in a great spot and we should be talking ourselves up not down".

20 years ago, people cared and life was simple…we shared recipes, had a chat at school drop off, we knew what each other were doing at the weekend and where you liked to shop. Then life became busy and we forgot to take time out and enjoy the view. All of sudden we had heard of this new word called “stress” then depression pretty soon swept the nation at an all time high. Because. We. Just. Couldn’t. Stop.

Something had to give all this time we thought no one cared anymore, however it was a time factor not the care factor. So when we were introduced to social media we embraced it. It enabled us to care again without taking too much time so now we can share recipes, have a chat at school drop off, we know what each other are doing at the weekend and where you like to shop.

It’s word of mouth on steroids

I recently worked with a hair salon where we posted a picture of my new hair and I shared it with my friends. They gained 5 new customers! Now for those who maybe thinking “Only 5” what if I said the average person stays with their hairdresser for 5 years averaging $200 a visit. That one status update just put an extra $30,000 into their bottom line…not bad for something that cost nothing and took around 10 seconds.

5 Quick Tips

  1. Speak to your customers like your talking to a friend, it’s all about trust. Be open and be yourself, transparency is the key.
  2. Ensure that your website is Smartphone friendly so people can see you at a moments notice. They maybe in your area and looking for somewhere to go, you need to be the business they see. Even if you don’t have a website ensure you’re on Google places.
  3. Multiple income streams is crucial in the new economy
  4. Don’t worry and even think about what your competitors are doing. Run your own race.
  5. Think about an exit strategy, step outside your business for minute so you can see your business with a clear vision. Think financial freedom and create a business that allows you to live your ultimate life.

Think Big

In my humble beginnings in business my thought process went something like this;

  • If I can just pay for the groceries each week I’ll be happy
  • If I can make enough money to put my girls in care one day week I will be happy.
  • I am a major contributor to my family
  • I am able to live comfortably while obtaining assets
  • I have an abundance of wealth available to me

What I have learnt over time is that prosperity is about creating a life you love, wealth creation is about making your money work for you and it is a work in progress.

Do you notice where my mindset changed above? Do you see how my thought process was quite negative and it comes from a “lack” mentality then it changes into a more positive and pro active mindset….this is where success lies. Making that switch and knowing what you want with laser like focus and having the perfect business model that suits you and supports the life you love.
Here is an example of a successful business model; this is a compilation of my 17 years in business and what I have learnt. If you can master each arm you are on your way to creating a life filled with prosperity.

 

 

 

 

 

 

 

 

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