Why We Chose a Retail Business
To tell you the truth, there is no single reason behind us opening a retail store. The decision came along with circumstances, and multiple reasons motivated us to go for it.
My Background and Motivation
My background is in mechanical engineering. I completed my master’s program with a specialization in design and manufacturing. To be clear, I took this course because I am fond of innovation and have a curiosity about how things work. Understanding machinery, physics, and chemistry fascinated me, and mechanical engineering was the best choice to explore this interest.
On one side, I have a deep fascination with engineering; on the other, my aim is to be financially free. I know it’s difficult to achieve financial freedom by working a job alone. I have to make investments and start my own business to get there. That’s what I have always believed — starting a business, automating it, and creating a passive income-generating machine.
My Wife’s Business Mindset
My wife grew up in California and comes from a business background. She has seen her dad start a business and make it profitable, and she, too, aims to build a business and turn it into a source of passive income.
We both share the same mindset regarding financial freedom, and that’s why we chose to start a retail business.
Why Retail?
We tried other ways to start a business — dropshipping, a marketing agency — but due to a lack of knowledge and resources, we couldn’t push them to the point of making money.
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Luckily, we had the privilege of securing at least 50% of the investment (more about that later), which made it possible to start a retail store. On top of that, we were already familiar with the distributors of the products we could sell.
With two strong motivations to open a retail store, we took the chance and started our business.
If you are wondering what kind of store we opened, I will leave it open-ended for now. I will be giving details about my business in upcoming articles, so hit that follow button to find out.
We researched the niche we were getting into and saw great potential. Mainly because we could offer unique products and maintain a large inventory.
Even the online market for this niche is growing, allowing us to tap into both in-store and online customers. It seemed like a great opportunity.
The Journey So Far
Now, it has been three months since we opened, and we have seen growth in sales every month. With an SEO team working with us, we have even landed online sales. Although we don’t have many right now, we predict they will increase with proper SEO and website optimization.
We saw business potential in this niche and took the leap. Now that we are in business, we will do our best to turn this into a profitable investment that will generate passive income for us.
We will be implementing different strategies to increase sales, and systems to operate a business, and we will be documenting that journey every week here at Retail Strategy Insider.
