The economic bubble of the late 90’s and early 2000’s made it simple for anyone to start a business. It seemed like retail businesses were popping up everywhere. All you had to do was write up a decent business plan, pitch it to some VC’s, and you were breaking ground. It was a great time for the U.S.A and business owners. Once the bubble burst, drastic changes took place. The once limitless funding was consolidated. Businesses were closing doors instead of expanding. Everything took a hard hit.
The businesses that have made it through these tough times have had to adapt. Funding is few and far between. The new approach is what built our economy in the first place, pulling yourself up by your bootstraps. If you want to expand your retail business, accept the fact you will not get outside funding and take a low cost alternative. It will take a little more creative thinking, but creating a positive revenue stream on little money isn’t as hard as it sounds.
Social media is the marketing tool that can get your product in the mainstream quickly and affordably. For example, if you sell expensive T-shirts and are trying to find out next summers hot colors, let the customers pick them for you. Post pictures of possible options on your Facebook page and website. Then create a poll to let them vote for their favorites. Take these statistics into consideration when finalizing your new line. It’s a recipe for success for any retail business.