Be a Millionaire Shopkeeper: How Your Independent Shop Can Compete with the Big Guys is written by retailing veteran Joanna “Jody” Bradshaw, a former senior retailing executive at Bloomingdale’s and Macy’s and the author of the retailing memoir Jody.
In this comprehensive, no-nonsense guide, Bradshaw outlines tip of the trade that are applicable to small retailers, whether those just starting out (or thinking of starting out) or more established companies looking for that competitive edge.
Instead of just broad ideas, she offers specifics and breaks topics down into dollars, such as profit goals for young independent retailers (2-3% net profit) or an advertising budget (2-5% of gross sales, with 2% the absolute minimum; and formulas for sales per square foot and GMROI (gross margin return on inventory).
The book also outlines how to:
- Create a successful business plan
- Develop and convey a mission statement
- Harness your strengths to achieve a competitive advantage
- Analyze the competition and define your position
- Refine and differentiate your products and store
- Use vendors more effectively
- Maximize a trade show or buying trip
- Use innovative cost-effective ways to promote your business.
Be a Millionaire Shopkeeper was a real labor of love because I wanted to give something back,” says Bradshaw, who draws on her own experiences in retail and also infuses extensive industry research into her book.
Be a Millionaire Shopkeeper retails for $20.95 and is available at Amazon.com, Barnesandnoble.com among others.