Ready to start a retail business? 

First, you must learn the steps to become a retail store owner. 

The co-owners of Ethereal Confections, Michael and Mary Ervin, and Mary’s college friend, Sarah, initially started with a passion for craft chocolate but decided to dream bigger.

They turned their small chocolate shop into a thriving café, speakeasy, and event space.

Their journey offers valuable lessons for aspiring retail store owners looking to start a business, build a brand, and adapt to change.

7 Essential Steps to Becoming a Retail Store Owner

1. Start with a Passion and a Clear Vision

Every successful retail owner starts with a strong passion and a well-defined vision. For Mary and her college friend, Sarah, their love for high-quality craft chocolate was the driving force behind Ethereal Confections. 

What started as a fun experiment making truffles for Valentine’s Day quickly turned into a profitable business, “We sold 300 truffles, which we were really excited about. It was a big production for us,” Mary recalled​. This small but successful test gave them the confidence to turn their passions into something viable.

Having a clear vision helps guide business decisions so that every aspect of your store aligns with your core mission. Think about the vision and mission you want your brand to follow. It can be anything from sustainability to craftsmanship to innovation. Once you decide, you’ve taken the first step! You’ll be well on your way to becoming a successful retail owner. 

2. Test Your Concept Before Committing to a Storefront

Jumping right into a brick-and-mortar location too soon can be risky. Ethereal Confections started small, selling chocolates at farmers’ markets before opening their first retail store. This gave them time to refine their products, build a customer base, and generate revenue without the high overhead costs of a physical location.

With this in mind, consider starting small. Instead of purchasing a space and committing to a lease, try starting with online sales, pop-up shops, or local markets to gauge demand. Testing your concept first will provide valuable customer feedback that can shape your business model and ensure stability.

3. Choose the Right Location for Long-Term Success

Location can make or break your business. Ethereal Confections started in a tiny 400-square-foot storefront but quickly outgrew it. Recognizing the need for more space, they moved into a larger location in a high-traffic area. This allowed them to meet growing demand and successfully maintain store upkeep.

Selecting a location requires research. Ask yourself questions about the following :

• Foot traffic: How many people do you notice walking by? 
• Nearby businesses: What do these businesses sell, and how could that negatively/positively impact your business?
• Accessibility: Would your store be easy to get to? Is there anything stopping patrons from stopping in?
• Lease terms: How long can you lease the space, and what lease fits within your budget?

If you go through the questions above, you’ll feel more confident with your location choice, attract more customers and set the stage for future growth.

4. Be Hands-On in Your Business

Becoming a retail owner isn’t easy. To see success, you have to be deeply involved in every aspect of the business. For Ethereal Confections, this meant wearing multiple hats, from managing café operations to developing new chocolate recipes and overseeing product production. While initially focused on graphic design and branding, she soon found herself back in the kitchen, creating the confections that started it all. 

As a retail owner, being actively engaged allows you to refine processes, respond to customer preferences in real time, and build a store experience that reflects your vision. Your responsibilities could be anything from testing new products to training employees. Though it may seem like a lot to handle, staying involved ensures that your business evolves authentically while maintaining quality, creativity, and connection between your business and its customers.

5. Be Ready to Adapt and Expand

Flexibility is essential in retail; adapting to change can mean the difference between failure and success. When Ethereal Confections outgrew its tiny shop, it took a bold step, expanding into a café, cocktail bar, and eventually a speakeasy. 

But when facing common retail challenges, adapting isn’t just about changing your physical location; it’s about staying in tune with customers and rolling with the unexpected. After COVID-19, the focus for Ethereal Confections shifted from fast growth to long-term sustainability, proving that the best businesses evolve.

So, stay open! The key to longevity is accepting new opportunities, listening to customers, and embracing change when it comes. Things happen, so always be ready to expand product lines, refine your business model, and adjust strategies to stay competitive. 

6. Build Strong Relationships with Customers 

Loyal customers are the foundation of any successful retail store. Ethereal Confections built a strong local following by engaging with their community, providing high-quality products, and fostering a welcoming environment.

New retail store owners can prioritize customer relationships by:

• Going above and beyond to resolve issues and exceed customer expectations. 
• Using customer feedback to actually improve products and services.
• Being honest and transparent when communicating with customers. 

By building customer connections, retailers can create a base of dedicated supporters who drive word-of-mouth marketing.

7. Have a Strong Team 

Retail is hard to do alone. A good team, whether partners or direct hires, will give you access to new skills to help your brand grow. Michael Ervin credits the success of Ethereal Confections to the dynamic partnership between himself, Mary, and Sarah, each contributing unique strengths. While Mary focuses on design and product development, Sarah handles production and accounting, and Michael manages processes and sourcing. 

This balance allows them to tackle challenges, generate new ideas, and continuously improve their business. This means you have to choose the right people. As a retail owner, having the right team can allow you to share the workload, utilize each other’s talents, and build something greater than you could achieve alone.

Final Thoughts

Becoming a successful retail store owner requires more than passion; it’s about careful planning, adaptability, and a deep commitment to customer satisfaction. Ethereal Confections’ journey demonstrates the importance of starting small, creating a memorable customer experience, and evolving with the market’s needs.

By following these seven steps, aspiring entrepreneurs can take the first steps toward owning a thriving retail business and turning their vision into reality.

Want to learn more about retail ownership? Read more inspiring retail stories from retail leaders across Illinois that are making a difference.

If you loved learning about Ethereal Confections’ story and know a retailer who deserves recognition, Nominate A Retailer to submit your nomination!