Dec 22, 2017

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4 Small Businesses You Don’t Want to Try

4 Small Businesses You Don’t Want to Try

Being your own boss is one of the best things about having a business. However, being an entrepreneur involves a lot of work. You have to study trends, improve your offer, make a marketing plan, and so on. The bad news is that no matter how much time and effort you put into your venture, it may not become as profitable as you had hoped it would. If you want to lower your risks of failing, you shouldn’t try the following businesses.

Clothing Store

Nowadays, it’s rare to see shoppers in a brick-and-mortar clothing store. As a result, well-known retailers such as Guess, Abercrombie & Fitch, Michael Kors, Payless, and Gymboree opted to close some of their shops. Before you consider an online clothing shop, remember that the market is already saturated with small and big-time retailers.

Pet Supply Store

pet storeIf you’re living in a crowded city, setting up a pet supply store may have crossed your mind. While there may be plenty of pet owners in your location, the competition is likely tough. Aside from other pet supply stores, major retailers also have the products you’ll be offering. This leaves you a slim chance of gaining a foothold in the market.

Liquor Retailing

Just like pet supply stores, liquor retailing isn’t profitable anymore because of major retailers that also sell liquor. In addition to the competition, wine tasting and other activities done in a liquor store isn’t seen as worthwhile as before.

Beverage Manufacturing

Beverage manufacturing is more than just concocting a drink. Remember the Virgin Cola? Even Sir Richard Branson’s creation couldn’t keep up with Pepsi and Coca-Cola despite its huge advertising budget and initial fanfare.

But Sir Branson isn’t the only veteran entrepreneur who has a failed venture. There’s also Jay-Z and his music-streaming service, Tidal. Despite being heavily promoted, the said service isn’t gaining revenue and popularity as much as Apple Music and Spottily.

When planning a business, think about what a smart buyer needs. Such a buyer will not fall for a faulty or impractical product or service. Make an offer that meets his or her needs. By doing so, you gain a buyer and a potential non-paid marketer. A satisfied buyer is bound to share good things about your offer, so make sure you know what he or she wants.


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