If you’re moving into a new business venture, before you get sucked in by that spacious retail space for lease, have your vision locked and loaded. Business plan – check, branding – check, finances in place – check. If, however, you’re still searching for ideas in order to become your own boss, see below for a few of our suggestions to kick-start your brainstorming.
Hygge Life
Last year The New Yorker dubbed 2016 as the year of hygge as shortlisted by the Oxford Dictionaries’ annual word competition. They defined it as ‘a quality of cosiness and comfortable conviviality that engenders a feeling of contentment or well-being.’ Hygge also evokes feelings of relaxation, contentment and gratitude.
Although it’s commonplace in Danish culture, Australia is yet to fully embrace the concept. We see glimpses of it in yoga retreats, iconic (but perhaps mythically relaxing) family holidays, and that popular garment of yesteryear – the ubiquitous Snuggie. Yet most of the time, we appear to prefer bustling around in our varying states of business.
Enter your new retail business.
Begin by asking, what would hygge look like for you? Because chances are a bunch of people will not only agree, but will pay good money for you to facilitate it for them.
or me, it would involve some sort of activity with door-to-door service. How many of us ‘tour’ our own local areas? A tourism adventure business for locals run by locals would be ace, especially if it meant fairy elf cleaners would address your household chaos and errands while you’re away.
Lux retailers
Little luxuries are still strong performers even in the face of less optimistic financial conditions. This is partly due to the principal dubbed the ‘lipstick effect.’
University researchers recently reported that during tough economic times (every major recession in U.S history) women turn to items such as beauty products as a means to regain control over their economic circumstances. More specifically for Australia, it appears that younger generations reportedly losing hope of larger financial goals such as home ownership are also embracing this pattern of consumption. The brunch culture in Melbourne and Sydney, for example, is largely unparalleled across the globe.
What would your low price point, ‘lux’ item look like? Coconut water and turmeric lattes are pretty well catered to in urban centres, so start by reviewing the little things that make your life more beautiful and how to market them to the general population.
Takeaway
Whatever you decide to do with your new business venture, whether setting up a physical shop or operating purely online, keep your business customer centric; it will make the early years of business management a little less hectic. This means knowing your customer, so begin by sketching a profile of who you want coming through your door and how to best cater to their needs.
Will complimentary wi-fi, an easy to navigate app/website or convenient car parking entice customers and keep them coming? This will evolve over time, as will your business. Happy retailing!
