Retail Factor judges give their tips to budding entrepreneurs (From Haringey Independent)

Retail Factor judges give their tips to budding entrepreneurs

5:21pm Friday 1st February 2013 in News By Bruce Thain

Judges for this year’s Retail Factor competition have given hints about what they will be looking for from contestants.

The competition is giving budding entrepreneurs the chance to run their own shop in the Wood Green Mall rent-free for two weeks.

The competition, run in partnership with the Haringey Independent, is now at the half way point and judges have been giving their thoughts on what they will be looking for.

Raul Mancera of The Federation of Small Businesses said: “I'm looking for a well thought out, strong business idea that demonstrates ambition and clarity.

“It doesn’t necessarily have to be a new, innovative product that has never been thought of before, but the business idea should demonstrate some unique selling points if you want people to buy from you rather than your competitors.”

Haringey Independent editor Martin Buhagiar is hoping to see "good ideas and a well-executed and appropriate product or service."

He said: "Entries should be concise, stating clearly what the business is and have an understanding of what their customers want.

“Demonstrate you believe there will be sufficient demand to support your business, enabling it to thrive.”

Michael Thompson, manager of The Mall Wood Green said: “I want to see that applicants really know their target customer and have a clear sales, marketing and trading strategy in place.

“Past winners have gone on to run successful businesses following their initial free-trading in the mall and offer a product or service that is not necessarily traditionally found on the high street.”

Those interested in taking part can enter the Retail Factor from Monday January 14 by filling an application form at the shopping centre or by clicking here by February 24.