Hey local retailers, what's on your mind?
The entrepreneur wanted to know, so we partnered with him Honestan online wholesale marketplace where gift shops, pet stores, clothing boutiques, and other mom and pop stores source their products. Faire posed five questions to its vendors, and more than 1,200 answered—revealing their biggest concerns, triumphs and what it really takes to keep a small business alive. “These owners are out there fighting every day, making things work and having a tremendous impact on their communities,” says Faire co-founder and CEO Max Rhodes. “They're super resilient.” See Results.
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What is the single most important factor in running a local business?
“Getting People to 'Shop Local' on Amazon or Temu”
“Cash flow. Too much cash tied up in inventory causes most similar businesses to fail.”
“Getting out into the community where you live and work!”
“Having the best products and making sure no other store in our town copies us. LOL”
“Friendly, knowledgeable and reliable staff”
“Let customers know how special they are!”
“No need for a break. Ever.”
“Analyze the competition.”
“A successful local business is like caring for an octopus – each tentacle needs attention at the same time.”
“Maintain a good reputation and answer the phone.”
Having events and services that people can't get with online shopping”
“The Capital”
“Making the community fall in love with what we do”
“Being a pillar in the neighborhood. It's so important to be involved in your community.”
“Investing (time, opportunity, money, etc.) in the community, hiring from within the community, carrying goods made by the community”
“Unique product offerings that have significant profit margins”
“Amazing inventory that's affordable”
“A detailed business plan – copy and paste won't cut it in the last two years”
“High Level Curing”
“Finding Team Members with an Ownership Mindset”
“Good customer service!”
“Loyal customers”
“Parking”
“Be connected to a forum; whether it's social media or specific industry groups, that's the same kind of business you are. Learn from them or share ideas with them.”
“Loving what you do!”
“Staying Relevant”
“Staying flexible!”
“Unique products not made in China”
“Having a variety of different price points to meet all budget levels”
“Creating a customer experience that's fun and memorable”
“Cash Flow Management”
“Communication and being on time with orders”
“integrity”
“Setting yourself apart from other local stores”
“the network”
“A core group of loyal customers”
“Walking Traffic”
“Great Staff”
“Making sure local people know and understand the business that operates in their town”
“Be practical and know my customers”
“Being Present”
“Maintaining reputation while staying relevant”
“Location, Location, Location”
“Willingness to work long hours”
“I'll let you know when we consider ourselves successful.”