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Rate Your Personal Potential for Retail Success

By Richard Parker: President of The Resource Center for A Retail Business™ and author of How To Buy A Good Retail Business At A Great Price© .

 Are you ready to launch your career as a great retailer? Here’s a simple quiz to help you decide.

Ask yourself these questions:

  1. Do I have a positive attitude?  yes  no
  2. Does the notion of owning a retail business excite me?  yes  no
  3. Am I a strong negotiator? (As a retailer, you will need to negotiate with vendors, customers and lots of other people too.)  yes  no
  4. Do I bring any applicable experience and knowledge to the table?  yes  no
  5. Do I have a high level of tolerance for business setbacks and frustrations?  yes  no
  6. Am I genuinely enthusiastic about the products that I'll be selling?  yes  no
  7. Is my life relatively free from outside demands (family, moving, parenthood, etc.) just now?  yes  no
  8. Do I really want to make a long-term commitment to live in the area where the business is located?  yes  no
  9. Am I in good enough physical condition to lift and carry items that weigh as much as 35 pounds – such as shipments of incoming inventory? (Bear in mind, owning a store can be physically demanding.)  yes  no
  10. Do I have the follow-through to carefully build a business?   yes  no
  11. Am I prepared to deal with employee supervision issues, such as employees not showing up for the morning shift?  yes  no
  12. Am I willing to put in long hours?  yes  no
  13. Am I good at multitasking and managing my time?  yes  no
  14. Am I ready to learn as much as I possibly can about operating a retail business before I buy one?  yes  no
  15. Am I willing to continually educate myself about trends that impact on the products I would be selling?  yes  no
  16. Can I think on my feet and easily handle emergency situations?  yes  no
  17. Do I like working with the public?  yes  no
  18. Am I comfortable delegating away key responsibilities to attorneys, accountants and other professionals? (In retail, you cannot expect to handle everything yourself.)  yes  no
  19. Am I great at following through and bringing my plans to completion?  yes  no
  20. Am I certain that my spouse and family will support me completely as I buy and operate my store?  yes  no 

Rating your score . . .

0 – 3 "no" responses – You are a great candidate to buy and operate a store
4 – 6 "no" responses – You need to address the reasons behind your No answers before you move ahead
7+ "no" responses – You really need address whether buying a retail business is a good idea for you

However, I need to add that there are really no right or wrong answers to the questions above. So take a little time to think about any No responses. What are they telling you?

For example, if you answered No to question #4 above (“Do I bring any applicable experience and knowledge to the table?”) that might simply mean that you need to add a few key skills before you buy a store of your own.

This article represents a fraction of what you’ll learn in How To Buy A Good Retail Business At A Great Price© - the most widely used reference resource and strategy guide for anyone thinking about buying a retail store. Read a detailed listing of what you'll learn.

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