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 on becoming a retail store owner, starting a business, building a brand, and adapting to change.

10 Essential Steps to Becoming a Retail Store Owner

Step 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 a viable venture.

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 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. 

Step 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.

Becoming a retail store owner means 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.

Step 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.

Step 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, co-owner Mary 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 your business evolves authentically while maintaining quality, creativity, and connection with your customers.

Step 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. 

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

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

Step 6: Build Strong Relationships with Customers 

Loyal customers are the foundation of any successful retail store. Ethereal Confections provides a clear example of how to become a retail store owner 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.

Step 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.

Step 8: Consider Ethical Sourcing and Sustainability

If you’re learning how to become a retail store owner, understanding your supply chain is critical. At Ethereal Confections, ethical sourcing isn’t a buzzword; it’s a business value. They’ve built long-term relationships with cacao farmers, paying above-market prices so that growers can invest in their communities. 

As a future retail owner, consider choosing suppliers who align with your values and invest in sustainable packaging. These decisions will help you build a trustworthy brand and attract customers who truly care about their purchases. In a competitive retail market, ethical practices can become your strongest point of differentiation.

Step 9: Create a Unique Customer Experience

A key part of becoming a retail store owner is learning how to stand out. Ethereal Confections succeeds by offering a space that surprises and delights. With a cozy café and a hidden speakeasy, Ethereal Confections has built its brand around memorable, immersive experiences. Every detail, from the lighting to the cocktail presentation, was carefully designed to spark curiosity and encourage conversation.

To do the same in your store, you should:

• Focus on lighting, ambiance, music, and layout.
• Create moments that make people pause, smile, and share.
• Think about how you can use your store to build connections.

Just remember: Great products get customers in the door, but great experiences bring them back.

Step 10: Let Passion Fuel You Through Challenges

Retail is rewarding, but it comes with challenges that test your creativity, endurance, and commitment. Success as a retail store owner demands long hours, quick problem-solving, and the willingness to adapt on the fly.

You’ll need to use every skill you have, from managing inventory and marketing to customer service and product development. When obstacles arise, your passion is what will keep you moving forward.

If you’re serious about learning how to become a retail store owner, be prepared to do your research, embrace setbacks as learning opportunities, and stay connected to the mission that inspired you to start in the first place.

Final Thoughts

Becoming a successful retail store owner is all 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 ten 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.