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Hey, local retailers, what's on your mind?
Entrepreneur wanted to know, so we partnered with Faire, an online wholesale marketplace where gift shops, pet stores, clothing boutiques, and other mom-and-pop shops source their products. Faire put five questions out to its retailers, and more than 1,200 responded — revealing their biggest concerns, wins, and what it really takes to keep a small business alive. "These owners are out there fighting every day, making things work, and having an incredible impact on their communities," says Faire cofounder and CEO Max Rhodes. "They're super resilient." See the Results.
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What Is The Single Most Important Factor in Running a Local Business?
"Getting people to buy into 'shopping local' over Amazon or Temu"
"Cash flow. Too much money tied up in inventory makes most similar businesses fail."
"Getting out into the community you live and work in!"
"Having the coolest products and making sure no other shops in our town copy us. LOL"
"Friendly, knowledgeable and reliable staff"
"Making customers know how special they are!"
"Not needing rest. Ever."
"Analyze the competition."
"A successful local business is like babysitting an octopus — every tentacle needs attention simultaneously."
"Uphold a good reputation, and answer the phone."
Having events and services that people cannot get with online shopping"
"Capital"
"Having the community fall in love with what we do"
"Being a pillar in the neighborhood. It is very 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 sizable margins for profitability"
"Amazing inventory that is affordable"
"A detailed business plan — copycatting and reacting won't cut it past two years"
"High-level curation"
"Finding team members with an ownership mentality"
"Good customer service!"
"Loyal customers"
"Parking"
"Be connected to a forum; whether it's social media or industry-specific groups, that is the same type of business that you are. Learn from them or bounce ideas around 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 ranges of budget"
"Creating a customer experience that is fun and memorable"
"Cash flow management"
"Communication and being on time with orders"
"Integrity"
"Setting yourself apart from other local shops"
"Networking"
"A core group of loyal customers"
"Foot traffic"
"Great staff"
"Making sure the local people know and understand the business operating in their town"
"Being hands-on and getting to know my customers"
"Being present"
"Maintaining reputation while staying relevant"
"Location, location, location"
"Having the willingness to work long hours"
"I'll let you know when we consider ourselves a success."
