There are many retail businesses out there. So what will it be about yours that will bring in the money? In this interview between Dale Beaumont and Elim Chew, find out Elim’s tips to running a successful retail business.Glean from her wisdom of 13 years and see how far you can go!
A Singapore based entrepreneur who founded 77th Street and turned it into a multi-million dollar street wear and fashion business. She now has 13 stores and has revolutionized the streetwear fashion scene in Singapore.
What are your top tips for running a successful retail business?
- Choose something that is difficult for others to copy. Whether it’s because highly specialised skills are needed, or because it’s expensive to get into, choose something that has a natural obstacle to being copied and you’ll eliminate most of your competition before they even get started.
- Choose an area that you are very proficient in and you’ll always be ahead of your competition because you’ll know what is going to happen next, what you need to do to get ahead, and where you can innovate to give you a competitive edge.
- Always model yourself around what the best people in the industry are doing, and then do it even better than them.
- Never take advice from those who are worse off than you. If they were good at what they do, then they’d be better off than you. If you take advice from people that are worse off, you’ll just end up exactly like them.
- Every cent counts, so keep a close eye on your finances.
- Train your staff well to not only satisfy customers, but to delight them.
For more of this interview and small business advice check out “Secrets of Female Entrepreneurs Exposed!“
