Watch this Before you Open A Retail Store...- This is what they don't tell you!

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In this video, we're going to discuss some of the unspoken truths about opening a retail store. Before you invest your time and money in opening a store, be sure to watch this video to learn the details.
This video will teach you about things like the hidden costs of opening a store, the importance of having a good product, and the importance of building a strong team. After watching this video, you'll be better prepared to open your own retail store and make a success of it!
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So you want to open a retail store? Think it's going to be easy, well think again. Retail is one of the most difficult industries to strive in because now you are not only competing with other shops but also online stores.
I would never discourage anyone from opening a retail store, but I do aim to provide the reality behind the business. We have done this for over 4 years now and it never got easier we just got better at a managing the stress that came with it.
This business can be very rewarding when done right but it will come with alot of sacrifice as you can see from this video, just like opening a small business in a different sector. However, the food industry seems to have the highest failure rate for many reasons that are beyond what I am trying to convey in this video.
Starting any business will challenge you like no other but when done right and with some luck you can truly have something successful on your hands!

[@christinecervantes2743]

Thank you for being transparent. I needed to see this.

[@lifeasiknowit89]

Happy to show you behind the scenes!

[@Hamzahali1]

stay focused man, don't let anything distract you and and keep posting on social media about your grocery store if you still have it make your store fun have more lighting little change can make big diffrent,dont ever give up

[@lifeasiknowit89]

Thank you man. We do still have the store. We have improved many different things. I really appreciate the motivation.

[@angeldenis490]

Okay! the ice cream part take it as a promotion, not a loss.

[@meganpalomino838]

I’m a nurse injector in Arizona, and I can relate so much to the bad weeks, the debating whether to re-sign a lease, and the waste. Vials of Botox are super expensive and have to be discarded 28 days after opening, so if I don’t use it all up, every drop is like losing $12.

[@lifeasiknowit89]

I guess the loss of product is common in many industries. I would have never thought of vials of Botox! Best of luck to you!

[@yaanyarkofaried4295]

Really appreciate your channel 😊

[@lifeasiknowit89]

Thank you and we appreciate you!

[@studiosandi]

Thank you for sharing.

[@lifeasiknowit89]

Thanks for watching!

[@matthewsmith2362]

I bought a small grocery/produce store and it was very hard, my place was 1500sq foot. I sold it after 1 year. Too tough for me man, I couldn't handle the waste and food price increases

[@lifeasiknowit89]

It's a racket with food my man. Did you at least break even on the sale ?

[@matthewsmith2362]

@@lifeasiknowit89 no sir, I was 202k (us $) into it all, I got back 160k after the listing agents commission, I worked my arse off lol for the year for zero pay and lost 40k to boot. But I learned a lot, the process humbled me for sure. I have so much more respect for food when I shop now after that whole experience. My problem was that I purchased a business that was 22years old, same building, same family. They were super hardworking couple from Bosnia, they also had help and support from their 3 grown children. It was making 100k profit a year, on paper! 150-170 sales per day at an average of 2500$ sales per day. So I thought I could hire a full time manager and only buy the products and stock them and not have to work the register or anything in the actual store. Like kinda half passive 20-30 hrs a week, mostly picking up fresh produce real early in the AM. Man oh man was I wrong. It does not work like that You either make 100k and your there 50 plus hrs a week Or you make nothing and avoid the shop

[@KrasiK-nj8ti]

​@lifeasiknowit89 How painful, he didn't even reply after one year... 💀💀💀

[@TRUTHaintHATING]

I just closed up my smoke shop this is my 2nd business I closes the other was online. Now imma try a groceries store hopefully this one actually works

[@lifeasiknowit89]

Best of luck 🤞. This can be a very successful business but not easy in the slightest.

[@junior4984]

HELLO SORRY TO EMAIL YOU WITH MY PROBLEM, JUST HAVE TO KNOW I HAVE A SMALL FLOORING BUISNESS WITH SOME INVETORY, I SEE MY BUISNESS DYING DOWN LITERY WEEK BY WEEK. WHAT HAPPENS WHEN YOU BREAK A LEASE AND I AM THE THE PERSONAL GARENTOR WILL THEY COME AFTER ME? AGAIN SORRY JUST SCARED, AND I FEEL LIKE IM LOOSING MY MIND. THANK YOU

[@TRUTHaintHATING]

@JUNIOR I broke my lease but I let the landlord know it's hard to pay rent with no customers. So he worked with me and said give him $2,000 and I can leave but if I don't take that offer then I gotta stay the rest of my 3 years. My rent was $1,700 a month. So I took that deal because I know my future would be brighter if I left. So we both kept our word. I was able to leave with nothing on my credit and that helped me get into my groceries business

[@CM-sy3to]

Wrap the stem tip of the bananas with plastic wrap and they stay good much longer.

[@lifeasiknowit89]

Yes I have heard this is effective!

[@AlexasStarr]

I don’t know if you guys are believers in Christ. But if you truly want to keep your store & you want to see it expand and that’s really you guys heart desires. My honest recommendation will be take your request to the Lord and He will give you your hearts desires if you have pure intentions & seek Him. God is in the blessing business and He is the one who can do impossible things if you put your trust & faith into Him. I know people don’t like to mix the two “beliefs & business” but if you truly want to see a change in your personal & business life, Let the Lord take over. 🙏

[@mrhummingbird2655]

Hi so I'm planning on opening a organic food store in Thailand, to begin with we will be a online store then hope to open our physical store in the future. What items carry your best profit margin? What is your best selling item? And how do your vegan, organic and plant base products do ? Thanks!! And good luck 👍

[@lifeasiknowit89]

it may vary wildly as you are in Thailand and I am in Canada. But our best profit margins are coffee and bakery items. Best selling item is bananas, profit margin can be good but you just can't have any waste or there will not be much left over in profit(of course this goes for every perishable product). Vegan items do very well until the big box stores notice they are selling and bring them in for a cheaper price. It is a very demanding business that you have to be ahead of your large competitors in certain aspects like finding what is trendy and new and focusing on local products that only small stores like yourself carry.

[@mohammadsamad9271]

How much do u make in a year from this grocery store and how much is the profit pls answer true bcz I am thinking of opening a store it will help me

[@lifeasiknowit89]

Hey Mo, well we have some other videos breaking it down better. But we make a modest salary for the hours we put in. About 40k a year. The store is profitable after we take our salaries of about 80k in net profit. These are based on last years numbers.

[@SammyTarantinoGIVEBLOOD4ART]

Do any of these business give to schools or homeless instead of waste on slow weeks? I wanna incorporate that type of program with my store and other in the neighborhood

[@lifeasiknowit89]

I suggest doing the schools. Many families are struggling right now and it would be appreciated by the staff who may become your customers. In turn the students may tell their parents the program you are implementing and they may ship if they are able.

[@SlotCamz]

You know what’s more passive the. A retail store. A SUBWAY😂😂

[@lifeasiknowit89]

Hmm Idk about that one 😂

[@b.michaelbrown1117]

😂😂😂😂

[@ItsRaditzOfficial]

Hey, New Here! I'm a KZbinr recently became a retail store owner, I recently leased out of building an in 2021 in November. I've always been an entrepreneur, reselling has always been in my blood since I was young, I was always scared to open up my own business, I had no idea what it takes to run a business, from paying taxes, leasing out properties, and of course bringing in customers. The last few years let me tell you it has been a roller coaster, I had days I made $17 in sales, and I had days I made $7,000 in sales, I've dealt with the stress over unhappy customers and there's been days just because of an unhappy customer I thought to myself "why am I even open" it feels like the first few months of opening up my store I received unbelievable support, small business opening up everybody wants to support you, but recently I have been noticing a downfall of support, there's been days I questioned myself why am I even open, there's been times I close our doors for upwards to a month because of lack of business, one of the biggest problems that I did as I created my business, I saw money rolling in so I reinvested everything, more products and within 5 months I upgraded my property from a 500 square foot location to 3000 square foot location, I'm currently right now the issue that I am having, the lack of customers and purchases. There's days we do good average 150 customers $1,500-$3,000 in sales, but then there's days that we average 5 customers $50-$150 in sales and those days really get to me, and the most recent 3 weeks my sales has been skyrocketed down 85% bills are racking up, and as of right now we are in the red, currently right now I do not know what to do! We are trying out a new supplier, we are getting good response on Facebook and social media Wednesday we will be receiving our first shipment so hopefully this will pick up our sales

[@lifeasiknowit89]

Hey man, your story sounds very similar to mine except we maystarted a few years earlier. That is very interesting the range of your sales(from under $100- $7000), i have yet to see that. When you close for a month, and return is that when you see the very low sales days?. From the small business owners i have talked to, most are seeing the same trends as yourself. Business is an emotional rollercoaster as you mentioned. One day you wouldn't trade this for the world, the next you are ready to walk away for good. I have had those days "Why am I even open" just like yourself, honestly I think every business owner has. This path we are on is followed by the minority of the population because it is high risk but high reward if it works out. Anytime you decide not to play it safe in life you are met with tons of adversity. It is up to you how much you are willing to battle through. Unfortunately, not many want or can take that chance.

[@ItsRaditzOfficial]

@@lifeasiknowit89 I've noticed this video was created 10 months ago how is your retail store going now?

[@lifeasiknowit89]

It's been steady enough not to worry but honestly no growth. People just don't have as much money to spend and the prices are getting higher and higher so that's where smaller boutique grocers take a hit.

[@ItsRaditzOfficial]

@@lifeasiknowit89 That had me curious how smaller grocery stores are handling this inflation, it doesn't help how everything in your store has a shelf life and if it's not busy you're losing money

[@hellojoe70]

Where do you guys get your produce from?

[@lifeasiknowit89]

Being in Ontario we get most from the Toronto produce market. Or local farmers when in season

[@trappinthrifts6897]

Sorry about your business would be cool to own a grocery store. But New York Would Be Tuff.

[@lifeasiknowit89]

Hey man thanks for watching the store pulled through. I have seen some stores with the same concept in New York. The stores are very busy but yes i can imagine the rent being very very high haha.

[@SuperUShopFitting]

Practical tips. Open a store will need a interior and fixure budgest control. If you need a store solution, feel free to reach out and we may help!.

[@lifeasiknowit89]

Just going through our comments and missed this one. Could be something we look into in the near future.

[@synbios2009]

Hi from Greece again. Can I ask how many customers you have per day?

[@lifeasiknowit89]

None, haha joking. Honestly it ranges from day to day and season to season. Holidays are crazy and bad weather days are very slow. But if I had to give you an over all average between 80-100. The battle is getting them to spend more in your store. So To be honest with you 80 -100 spending 10 dollars each is a much different world than 80-100 spending 20 dollars each. Once you find the perfect mix you will be a happy business owner haha.

[@peterdodson4685]

what a horrible video really.

[@lifeasiknowit89]

Hey man if you are going through something I feel for you. I hope you have a better day.