Connect with us

Business

Retail Business 101: Clever Ways to Improve Your Small Shop

The key to a successful small retail business is strategy. Growth doesn’t happen by accident, so you have to make a plan for it to happen.

Published

on

Retail Business 101

Every small business owner knows that to run your own small shop, you have to put your heart and soul into it. But sometimes that isn’t enough.

The key to a successful small retail business is strategy. Growth doesn’t happen by accident, so you have to make a plan for it to happen. Let’s break down the strategies you need to make sure your business thrives. 4 Ways to Market Your Ecommerce Store and Double Your Sales

Create a Business Plan

This is the unsexy part of owning your own small business, but it’s crucial that you don’t overlook it. Creating a business plan will create a path to success and increase business growth. You don’t need a business degree to write it yourself; you can follow a template.

Advertisement

Your business plan will guide you as you make growth strategies and other decisions for your shop. Want to bring in a new product line? Check if that’s in the business plan first. Want to redecorate or hire a social media manager? Check the plan.

Following the plan you laid out for yourself at the beginning will make sure that you don’t get in over your head and keep you on the path to success. 

Join the Community

The beauty of a small business is that they’re local and can reflect the personality of the community. Customers love supporting small businesses because it makes them feel like they’re doing something good for their town, so you need to join the community around you.

Advertisement

Participate in local events like block parties, host fundraisers to support a local non-profit, and partner with other small businesses in the area to support each other. 

Hosting events in your space is also a great way to welcome the community. You could host a yoga class taught by a local yoga instructor, a wine night with wines from a local vineyard, a painting class taught by a local art teacher, and more. Look at each event as a way to get involved with the community and support other local businesses.

Create a Welcoming Environment

If you want your customers to keep coming back, you not only need to have great products, but you need to make your store an appealing place to visit over and over again. 

Advertisement

Never underestimate the value of a new paint job. It can open up the whole space and create a more welcoming vibe. Hire a commercial painter for the best results. 

Keep your shelves decluttered for a better shopping experience, and change out your window displays seasonally. Keep your trash cans out of sight and bring in some chairs so your customers can take a load off.

Ambiance also makes a difference. Having a signature scent will make your store more memorable, so consider using candles or essential oils daily. You should also choose music that matches the feel you want your shop to have, so don’t play heavy metal if you sell clothes for little girls. 

Advertisement

Focus on Curb Appeal

Your storefront is the first impression that you make on customers, so it should also be welcoming and appealing. Small touches like a welcome mat and greenery also go a long way in making a store a pleasant environment. 

Adding a bike rake and a place for your customer’s dogs to chill while their owner’s shop is also a great touch. Make sure you leave out a water bowl for dogs.

Sweep the pathway to your store daily and keep the whole outside area well maintained. You can also set up a decorative product display or chalk sign to announce any deals you’re offering.

Advertisement

Make sure your signage is clear and matches the brand identity of the shop, which we’ll talk about next.

Build Your Brand

Yes, your shop needs to be on social media. But that’s not all that branding is about.

Your brand is how customers get to know you, so it includes everything from your social media to your signage to the types of events you host. The most important thing about establishing a strong brand identity is to stay consistent. 

Advertisement

Think of three words that you want to describe your store. Let’s say your words are welcoming, inspiring, and helpful. When you make new decisions for the store, you can ask yourself if it aligns with one of those three words to fit within your brand.

It may feel limiting at first, but zeroing in on your brand will actually open more opportunities for your store. It’ll help your customers get to know you and keep coming back, which will build loyalty.

Sell the Right Products

Part of your business plan should include always evaluating what is and isn’t selling well at your store. Tracking this will help you understand what your customers want and need.

Advertisement

Don’t bring in new products just because you love them and hope your customers will too. Do your proper market research to make sure your products are a hit with your key demographics.

Sourcing local products will also win you some points in the community, and it’s another great way to stand out as a local staple. 

Strategize the Layout

Just about every store strategies their layout. You know those shops that keep their most enticing stuff near the cash register so you see it when you’re in line to check out? That’s on purpose. 

Advertisement

Grocery stores do it too. They put the most expensive brands on the middle shelves so that they’re at eye level and keep the generic brands on the upper and lower shelves so they’re harder to access.

No matter what you sell, you can layout your store in a way that draws the customer in and encourages them to shop more. First, choose the right floor plan for your shop, and then set up the product presentation in a way that leads customers in. 

Small Shop Success

The right strategies will set your small shop up for success, so don’t underestimate their impact or the time it takes to outline and execute your plans.

Advertisement

Your shop will be unique and special, but you don’t need to reinvent the wheel. Follow these small shop ideas and strategies that have worked time and time again for other small businesses so you can be successful too.

For more business resources, check out the rest of our blog. 

Advertisement

Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.

World

Ontario Sunshine List 2024 Reveals Why People Can’t Afford To Buy A Home

Published

on

Ontario’s Sunshine List Reveals Why People Can’t Afford To Buy A Home

Ontario Sunshine List is released every year and it reveals the salaries of public sector workers who take home a salary in excess of $100,000. This year the list features 300,570 names which is 30,000 higher than last year of public sector employees with salaries over $100,000. The Ontario Sunshine list also features five employees working at the Ontario Power Generation who are among the top 10 earners with the province’s highest salary nearing $2 million.

Ontario had passed the Public Sector Salary Disclosure Act in 1996 under the Mike Harris government and the stated aim of the act was to make the government more transparent and accountable. The $100,000 limit was a big deal then.

However the $100,000 in 1996 in relative terms in 2024 will be equivalent to $180,564.97. If you remove 300,570 people on this year’s Ontario Sunshine List for that salary threshold there you drop 279,781 names. In other words there will be many people who will not be able to own a house without help from family or an inheritance.

Advertisement

In a nutshell it means that employees who take home a six figure salary package will still feel the pinch of Canada’s affordability crisis. The soaring inflation and rising cost of living a $100,000 salary doesn’t guarantee financial security in many parts of the country.

Also, to maintain the $100,000 threshold today, the province should have adjusted it to $55,381.73 in 1996. Ontario has fixed a threshold of $100,000, while the threshold varies in other provinces. Alberta, for example, has set a threshold of $125,888 for government employees and $150,219 for people in public sector bodies.

Not much information is available for the federal government, but a Canadian Taxpayers Federation access-to-information request revealed that 110,593 employees in the federal public service earned $100,000 or more in 2023.

There are a couple of options for Ontario and other governments with non-indexing disclosure requirements. Resetting the threshold to a number that makes more sense today and then continuing to index the threshold going forward seems feasible.

Advertisement

We also don’t need to reveal the names of all individuals. The government could report aggregated salary ranges by job title rather than disclosing specific names below a second, lower threshold. This would maintain government accountability and transparency by still disclosing who the highest earners are.

As it stands, we have a list that publishes the names and salaries of potentially hundreds of thousands of people who could not afford to buy a house. This doesn’t seem aligned with the original intent of the disclosure act.

Some features of the Ontario Sunshine List 2024 are as follows:

  • The highest paid employee took a pay check of $1.9M
  • Public sector employees were paid salaries in excess of $100K
  • The Ontario Sunset list top position is held by Kenneth Hartwick, CEO of the electricity Crown Corporation with a salary of $1.93 million followed by chief strategy officer Dominique Miniere $1.2 million and chief projects officer Michael Martelli drawing $1 million as salary.
  • Public sector workers were paid counting in Bill 124 compensation
  • 2024 budget revealed that Ontario deficit will triple
  • CEOs of the Hospital for Sick Children and the University Health Network figured in the top 10 list and each drew a salary of $850,000 each while CEO of the provincial transit agency, Metrolinx drew a salary of $838,097.
  • 17 professors or associate professors at the University of Toronto drew a salary in excess of $500,000

Caroline Mulroney, president of the Treasury Board, stated in a release,

“The largest year-over-year increases were in the hospitals, municipalities, and services, and post-secondary sectors, which together represented approximately 80 percent of the growth of the list.”

Also Read: Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

Advertisement
Continue Reading

World

Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

Published

on

Hims & Hers CEO Andrew Dudum Says Wants Hire Student Protesters Backlash Underway

Andrew Dudum, CEO and founder of Telemedicine Company Hims & Hers is facing flak on the social media after his reported statement that he wants to hire students and protestors who are taking part in the protest in support of Palestinians in Universities across the US.

A number of tech sector founders has also condemned his statements.

Dudum had posted on X,

Advertisement

“If you’re currently protesting against the genocide of the Palestinian people and for your university’s divestment from Israel, keep going. It’s working. There are plenty of companies and CEOs eager to hire you, regardless of university discipline.”

He also posted a link to a page showing open positions at Hims & Hers.

X users have expressed their disapproval and have even called for a boycott Hims & Hers, and others said they are selling their stock in the company.

Cofounder of Palantir Technologies as well as the managing partner of early stage venture capital firm 8VC Joe Lonsdale responded on X and said

Advertisement

“Real moral courage doesn’t involve joining a mindless mob, chanting anti   U.S. and other woke pablum, following instructions not to debate or discuss your positions at all yet being indignantly righteous, while large numbers in the mob chant for violence and block Jewish students.”

While Hims & Hers spokesperson said Dudum were not available for comments, old posts by Dudum have been unearthed which puts in context his actions. Days before the horrific attack by Hamas’ terrorist against Israel on October 7, Dudum had posted –

 “In pursuit for peace: Our leaders need to embrace nuance.”

Dudum further explained that he is a Palestinian American and had roots in and family in the West Bank and Gaza and said Hims & Hers’ values are based on a respect for human dignity and life.

Dudum wrote

Advertisement

“It is upon those values that I believe all leaders and CEOs should use their platform today to call for an immediate cease   fire. To actively recognize Israel’s right to defense and also recognize the means and manner in which they are responding violates international law. I ask us to find nuance, and share our voice today to help save innocent lives.”

Deadly protests have hit U.S. college campuses through last month and protest encampments have sprung across more than 40 colleges nationwide.

Police crackdown is on and there have been more than 1,900 arrests or detainments following a wave of activism at universities across the country.

Hims & Hers is a Telemedicine Company that links consumers with licensed healthcare professionals, enabling access to high-quality care for conditions related to sexual health, mental health, and more. It also offers its own range of products and is in a partnership with Los Angeles-based Hustle & Co. on media relations.

Advertisement

Also Read: Brazil Dam Collapse Amid Heavy Rainfall and Flood; Watch Video Here

Continue Reading

World

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Published

on

More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

Advertisement

The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

Advertisement

The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

Advertisement

The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

Advertisement
Continue Reading

Trending

This will close in 5 seconds