After getting the licenses, finding a location, and buying the products you want to sell in your store, another big challenge lies ahead: how to successfully manage your store.
The latest statistics show that 32.5 million small businesses are in the United States, representing 99.9% of all American businesses. Unfortunately, nearly one-third (31%) of U.S. small businesses are currently not operational.
Part of the battle is knowing how to adapt to new challenges. For instance, over 70% of U.S. small businesses closed in March 2020, when the COVID-19 pandemic hit the U.S. The majority of small business owners have taken steps to adapt to this new reality. For many, this involved accelerating their online activities to reach new customers and maintain old customers by selling their products and services online.
In short, starting your own store is an exciting idea that holds ample promise for many entrepreneurs. But knowing how to run it successfully is no easy feat. Read the following blog to learn more about how to run a shop successfully, especially in this time of inflation, to avoid going out of business.
You may also like to read: How Inflation Is Affecting Retail Businesses?