Business Startup Ideas
Starting a Pillow Store
We've collected some good advice that is written for entrepreneurial folks who hope to start a pillow store. Read this advice before you open up shop.
Thinking about opening a pillow store? We tell you what you need to know to get started.
The World of Pillow Retail
Pillows aren't just for sleeping anymore. In today's society, pillows can be found everywhere from the family sofa to posh corporate offices. For emerging pillow retailers, that means there are plenty of opportunities to source pillows to shoppers, provided you've invested the time and energy to properly discern the various segments of the marketplace.
Savvy pillow entrepreneurs stock their shelves with products from a range of categories including throw pillows, decorative pillows, bed pillows, hypoallergenic pillows, outdoor pillows and more. As a startup business owner, you will need to become a student of interior design so you can position your inventory to offer customers the right pillow for every occasion.
Setting Up a New Pillow Retail Operation
The challenges and hurdles involved with launching a new retail business can be overwhelming. On top of the need to raise adequate startup capital and secure affordable leased space, you will need to contend with inventory concerns, point-of-sale (POS) equipment, accounting & tax issues, supplier relationships and a multitude of other concerns that will arise at the most inconvenient times.
The best way to approach the set-up requirements for a retail pillow startup is to talk to create a comprehensive startup plan. Network with successful retailers early in the process to identify critical set-up activities and to learn from their mistakes.
Hiring Tips for Pillow Store Startups
Are you planning to run your pillow store all by yourself? That might work for a while, but eventually it's going to get old. Whether you like it or not, you will ultimately need to hire staff for your store.
The current economy is an employer's market when it comes to hiring. However, the large number of jobseekers on the market can actually be detrimental to your hiring efforts. In many cases, overqualified workers are eager to take any job they can get while they continue to search for the job they really want.
As a rule, don't be dazzled by applicants with tons of corporate experience or advanced business degrees. Instead, look for job candidates with retail experience and retail-based career goals. Experience with interior design elements is a definite plus, but if the person has solid retail credentials, it shouldn't be a deal-breaker.
Best Practices for Retail Pillow Company Business Plans
If you haven't written one before, a pillow store business plan can be a frustrating business requirement. If it's comprehensive and well-written, however, your business plan will serve as a strategic anchor point and a calling card for external stakeholders.
After you have written you plan, you'll also need to develop a strategy for your next steps.
A business plan distribution strategy represents the backend of your business planning requirements. Without exception, the most effective business plans also leverage an organized process for tracking business plan distribution.
Don't Overlook Competitors
Before you open a pillow store in your area, it's a good idea to determine how strong the competition is. We've provided the link below to help you find competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of pillow shops near you.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
After you've evaluated your local competitors, it's a wise move to learn from folks who are already in business. It's very unlikely that the local competition will talk to you. Why would they want to educate a future competitor?
But, a person who owns a pillow store in another town may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How does one quickly and easily locate a pillow store founder who is willing to advise you because you live in different cities?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Leveraging the Branding Benefits of a Retail Pillow Business Acquisition
Startup pillow shops typically suffer when it comes to brand recognition because unlike entrenched competitors, new brands lack visibility and history with their customers.
To compensate, one of the techniques entrepreneurs use is to buy a business to get an established brand. As a startup, the best you can hope for is to gradually develop brand awareness over a period of months and years.
However, a pillow store acquisition can put you at the helm of a brand that is already highly trusted by your target market.
Consider Buying a Franchise
You should know that your odds of surviving in business are much greater if you opt for franchising rather than going it alone.
If your goal is to start a pillow store, you would be wise to determine whether franchise opportunities in your space might be worth investigating.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Questions to Ask Before Starting a Business
Coming Up With Good Business Ideas
Consideration Before Buying a Franchise
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