Changing of the Guard – How Young Entrepreneurs are Shaping Independent Retail
As veteran paint dealers start thinking about retirement, the question that’s forefront in their minds is less about summer vacation and more about succession. After years of building a successful paint retail business, the decision is profound. Do you sell the business entirely or hand it over to a new generation?
The new brigand of paint retailers is young, hungry, and ready to innovate. Here are a few highlights about their vision of the future of retail and how they prioritize their game plan. You might be surprised at how much you have in common with (and can learn from) these bright young entrepreneurs:
Build a Successful Team
The age-old adage “it takes a village” remains strong, especially for leaders who don’t want to burn out. Each team member provides a specific talent and value, so hiring solid employees is essential.
Invest in Training and Education
Always be eager to learn! Get out and familiarize yourself with different products, technologies, and trends. In this digital age, resources are available 24/7, so you are always one click away from a Youtube tutorial or a live stream event.
Make Decisions Quickly
It’s essential not to flounder. These days, people have an increasingly limited attention span. You will make more right decisions than wrong ones – and the ones you don’t get right become valuable learning experiences.
Invest in New Products
Set your business apart by carrying products your customers can’t find elsewhere. It provides a unique value proposition and can open new niches with additional revenue and customers.
Stay on Top of Your Orders and Inventory
Even though supply chain issues can be challenging, your customers still need products. Don’t be afraid to try new brands. If your current product is out of stock, try a new one. You might find a product that will be a game-changer for your store.
Stay Customer-focused
The next generation realizes this is where independent paint retailers will win - every time! People are moving away from bigger retailers and embracing independents that cater to their needs and contribute to the unique fabric of their communities.
Be Flexible
You can plan everything to the tee, but as the pandemic showed us, the best-laid plans can go afoot. So, have plans A, B, and C ready to go.
Stay on Top of Technology
As digital technology continues to dominate, it’s time to take advantage of all digital offers. From e-commerce websites and social media to emerging platforms like voice search and immersive retail experiences, embracing the changing landscape is essential.
Whether you’ve been in the business for years or just starting out, being flexible, creating connections, and embracing technology will help secure success for generations to come.