Advice # 1 – Location, Location, Location

Lemons to Lemonade is the first webisode of the secret millionaires club. Brittany, Elena’s friend, has difficulty selling her lemonade in her stand. While analyzing the business, Mr. Buffett reveals some of the criteria for a successful retail business – Quality, Cost, Competition and Demand for the product.

After going through the criteria, they realized that Brittany had nothing wrong with her business. Then after brainstorming, the club realizes that nobody can find Brittany’s lemonade stand. They come to the conclusion that if Brittany moves her stand to the football stadium then her business will be a success.

The main moral of this episode is ‘LOCATION, LOCATION, LOCATION’, even if you have an amazing product that is affordable and ticks all the boxes, it has to be accessible.

As Mr. Buffett says, “If the people won’t come to your business, bring your business to the people”. Watch video: [The SMC]

Checklist:
While analyzing a retail business remember to consider the following criteria:

retail-biz

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