This month we’re asking retailers: What advice would you give a new business starting out today?
Cox & Cox
I think the best advice is: Make sure you understand your customer in depth, because everything hinges on that knowledge. Is your product proposition attractive or needed? Is it priced competitively? How does it benefit them? Where are they? What do they do? Where do they spend time? What channels do they look at? Who are your peer brands? Why are you unique? So many questions! Research, research, research…then build a strategy plan and smash it!
M6 Beds
From a small business perspective, my advice would be to put customer service at the heart of everything you do. It’s important to understand the competition, but focus on your own business and on giving customers a great experience from start to finish. Excellent service, strong aftercare and dealing with issues quickly help build trust, loyalty and goodwill – things that no amount of advertising can buy.
Home World Beds
I’d advise them to always have some fat on their back; have a fortress balance sheet. Let the market and the customer hone their plans for the future – not advice from others. Compete on offer not price. Focus on Progress not Perfection. Stick to the plan, not your mood – consistency builds progress, emotions come and go, while discipline keeps you moving forward.
Linthorpe Beds
If I could give one piece of advice to a new business starting out today, it would be to really understand the product or service you’re selling. Customers value confidence and expertise, so the better you know your product, the easier it is to build trust and provide excellent service. It’s also important to develop strong relationships with your suppliers. Good supplier partnerships can make a huge difference, whether that’s through reliable stock availability, support, training, or working together to solve problems when challenges arise. Internally, focus on building a knowledgeable and engaged team. Invest time in training, encourage people to share ideas, and create an environment where learning is part of the culture. A team that understands the business and believes in what they’re selling will always deliver a better customer experience. Finally, never stand still. Markets, customer expectations, and technology are constantly evolving, so it’s essential to stay current, keep learning, and be willing to adapt. Businesses that continue to improve and embrace change are the ones most likely to succeed in the long term.
Fairway Furniture
Immerse yourself in the industry. Ensure that you have a clear mission statement, a defined target audience to which you stay relevant and a desire to continually learn – from podcasts, industry peers and competitors. A sound understanding of the financials is crucial, and be prepared for the plethora of challenges, such as recruiting and retaining a workforce that are committed, the relentless government policy and regulatory interference and the impact that wider economic factors will have, no matter how strong your business.
Carters
Be open and honest and give customers good advice. Don’t be pushy. This coupled with the right products on the shop floor should see you right.
Dreamland Bedding
My advice would be to look beyond the balance sheet and build a business of genuine consequence. Commercial success, whilst important, should be the by-product of creating enduring value for customers, colleagues and society at large. Be deeply invested in the communities you serve. Businesses are not merely economic entities, they are custodians of local prosperity, opportunity and human connection. The strongest and most resilient organisations are those that become woven into the fabric of their communities and leave a positive legacy. Equally, adopt a long-term perspective in your stewardship of the planet. Every decision, however small, carries an environmental consequence. The businesses that will command trust and relevance in the decades ahead will be those that embrace sustainability not as a marketing exercise, but as a fundamental responsibility to future generations. Ultimately, build something that is principled, purposeful and enduring. Success measured solely in profit is transient, success measured by the positive impact you have on people, communities and the world around you is the kind that truly stands the test of time.
MyNextMattress
If a new business were to enter the bed or mattress retail space today, my advice would be to ensure you offer the very best customer service possible. A large proportion of our sales comes from repeat customers and referrals, and, having traded in store since 1988 and online since 2005, we have a large customer base. Mattresses are not products that customers purchase often, but looking after your customers should be top of the priority list – a referral often leads to other referrals. Also, with the huge number of suppliers, choosing the right ones is very important. If a supplier repeatedly delays delivery or delivers their beds to you with parts missing, then it’s time to look elsewhere. There are some excellent bed makers that offer great products and reliable service. Those are the suppliers you should work with. Letting your customers down should not be an option. Finally – know your stuff. Customers are increasingly well-informed about the products and will often have started the research and shopping process before they shop with you. If you don’t know your range inside out, the customer will have little confidence in buying with you.
Snooze
Don’t fall in love with furniture. Fall in love with the customer. Too many new retailers spend their money on inventory, displays, and square footage before they understand how they’re going to generate traffic and convert that traffic into sales. The furniture business has never been about who has the most product. It’s about who creates the best customer experience. Start with a disciplined business model. Know your numbers. Watch your margins. Control your inventory. Protect your cash flow. A beautiful showroom won’t save a business that doesn’t understand its financials. I would also tell them to embrace technology early. Track every lead, measure every marketing dollar, monitor conversion rates, and use data to make decisions. The retailers that win today are the ones that know their business in real time. Most importantly, build a culture before you build a store. Great people outperform great locations over time. Invest in training, coaching, and accountability. A well-trained sales team can overcome almost any challenge. The furniture industry is still one of the greatest retail businesses in America, but success doesn’t come from selling furniture. Success comes from building trust, solving problems, and creating customers who come back for years. If you focus on that from day one, you’ll give yourself a much better chance to succeed.
