Opening A Small Business: A Case Study of Rose Apothecary from Schitt’s Creek
Publié le 5 October 2020
Many people dream of opening their own business. You may want to make a name for yourself, be your own boss, or fill a space in the market and sell products you believe in. The reality is that starting your own business and keeping it in operation requires commitment, hard work and dedication. In the retail sector, it requires dealing with a number of complicated factors including location, client base and customer needs when opening a small business. A case study of Rose Apothecary from Schitt’s Creek looks at the challenges and the rewards of the retail and boutique sector in 2020.
Beginnings
Rose Apothecary is the brainchild and namesake of David Rose. A former art gallery creative director with a list of international patrons, Rose decided that the tumultuous art world and hectic city lifestyle it required were not what he wanted and made a change. Relocating to the charmingly rustic town of Schitt’s Creek, he realized the needs of Schitt’s Creek denizens were not being properly met with the closing of the local general store, he saw an opportunity.
To give aspiring entrepreneurs and tastemakers an idea of the type of work needed to open a successful retail space, Jobillico is taking a closer look at Rose Apothecary, found in the small town of Schitt’s Creek. If you have faultless taste and know what people want and need, the journey of this brand from conception to opening day and beyond provides many useful insights.
Have An Idea
Rose Apothecary started with an idea – or rather a plan for an idea for a thing to work on. Rose sought to open a business that would combine two of his most valuable skills: faultless taste and knowing what people want and need. The initial idea was to create a branded immersive experience that would take advantage of these skills. It’s important to know the big idea behind a new business, one that will take advantage of the latest trends in the marketplace. Rose was correct in his understanding that consumers are seeking authentic immersive experiences, but it quickly became apparent that to take the next step required more detailed planning.
Have An Idea A Business Plan
With the initial idea in place, when the retail space became available for lease it was necessary to create concrete plans to move forward. A business needs permits, approvals and legal documentation, all of which require filing and organization. Without a solid and well-thought business plan, it is highly unlikely that these permits will be approved. Having a business plan benefits the owners, as it has been shown that companies with business plans grow an average of 30% faster than companies who do not invest their time in the important planning stage. Rose Apothecary was able to get off the ground by developing a concrete business plan, topped off with a name that was as pretentious as it is timeless.
It would be a unique space that taps into consumer needs by, in Rose’s own succinct words, “curating a selection of products from local vendors and selling them on consignment in a one-stop-shop retail environment that benefits both the vendor and the customer.”
They have proved to be successful because their business plan takes into account one of the strongest consumer trends of the past few years: the need for authenticity. One recent survey found that an astounding 91% of consumers reported that they were more willing to make purchases from authentic brands. Supporting local vendors and forming strong partnerships has been a great way for the store to connect with the Schitt’s Creek community and create something truly winsome.
Do Your Homework
On a basic level, a business needs to fulfill the needs of its customers, especially when it comes to choosing what products to stock and feature in the in-store planogram. When it comes to stocking the products themselves, it is important for retail shop owners to remember to keep an open mindset and listen to their customers in terms of the products they need. When offering products from local vendors, extra care is needed as the production process is often more limited. If a store owner fails to see the popularity of seasonal products from a local vendor, orders too few and fails to meet demand, it can lead to a huge loss of potential profits while the products are produced again. Given the limited profit margins enjoyed by a majority of small businesses, this could prove to be disastrous.
This is not to say that every decision about including new products should be decided via customer survey, but business owners need to keep track of their sales numbers and adjust accordingly. Many small businesses have been forced to redefine themselves, sometimes by circumstance instead of by choice. Rose Apothecary had to come to terms with the fact that they still had to meet the basic needs of their customers, and doing so by changing certain business goals and pivoting to stock simple items such as toilet plungers – as long as they were in the correct place.
Find A Partner
The idea that there is a singular visionary behind each thriving company is a myth. Every successful leader is surrounded by other people with skills, knowledge and abilities who play an integral role: Walt Disney had his brother Roy, Steve Jobs had Steve Wozniak, Ben had Jerry, to name a few. It’s important for entrepreneurs to acknowledge that they don’t know everything and can’t do it all on their own. The numbers speak for themselves: a majority of successful startups average more than two founders and, in fact, businesses with two partners raise an average of 30% more financing from investors. A good leader looks to surround themselves with people who know things they do not. With proper support and delegation, business partners will be able to avoid acting like a disgruntled pelican.
These factors led Rose to partner with Patrick Brewer, notary public and fellow Schitt’s Creek resident turned co-owner and Business Director of Rose Apothecary. With his keen knowledge of local regulation, Brewer knows how to cross every t and dot every i while handling important paperwork. A business needs to be able to present a unique creative vision while also remaining financially sound, and to expect one person to excel at doing both quickly becomes unreasonable. The Rose-Brewer partnership shows that this is simply the best way to ensure a successful future.
Keep Trying
Opening any business is not easy. It requires dedication, hard work and a great deal of luck. A small business should be prepared to survive at least their first 12-18 months without turning a profit, so the beginning is bound to be rough. There will be crucial issues that pop up, some of which will be in your control and some that will not. Rose Apothecary has already had to deal with product recalls, loitering, petty shoplifting, and even a robbery. Part of opening a small business is expecting the unexpected, being prepared to adjust and compromise.
As the owners of Rose Apothecary would say, there’s a solution to everything, even if it’s the second or third idea that’s really the keeper.
