If you are looking to get into business, chances are that you will need to make the most out of your opportunities. Most people will advise you against starting a traditional shop, and tell you that you might be much better off if you built your eCommerce empire. There are, however, a couple of benefits of building long term assets and being able to communicate with your clients in person. Find out more below.
If you really want to have a physical shop, you will need to make sure that you can afford it. You don’t just have to pay for rent, but also all the services, the staff, and the equipment and store fixtures. You will definitely need a larger budget for starting off, but you will probably spend less long term on marketing, provided that you are doing your research and are choosing the right place and the right type of shop.
Location and Demographic Research
Before you sign the dotted line on the lease document, you will need to do your research and ensure that you are choosing the right location that has enough foot traffic. It will be hard to get people to your shop if there is no parking or no other reason why they should visit the area. You will also have to ensure that the people living nearby can afford your prices and are interested in what you are selling.
Once you have chosen your location, you will also have to ensure that people get to know about your shop. The easiest and cheapest way to do this is getting your business registered in different directories, such as Google My Business, Yahoo, Yell, and Yelp. This will make it easy for your potential clients to find you, leave a review, and provide information to locals about what you have to offer.
Social Media Campaigns
If you have opened for a while, and registered with directories, and your business still doesn’t grow, you might want to give social media a try. You will need to be hanging out where your audience is asking questions and looking for recommendations. You can use social media sites for branding and marketing, as well as creating awareness of your offers. If you don’t have time or skills to manage your own campaigns, you can find some affordable social media management packages that will help you grow your business.
Finding Your Ideal Niche to Target
Image via Celesteh.com
One of the reasons why the majority of stores fail to make an impact locally is that the owner doesn’t choose the right market and doesn’t know who the ideal clients of the store are. This is why you will have to pay attention to the latest trends, check out the local competition, and find a way to stand out.
Opening a physical store might seem like a crazy idea for many, but it can work well if you invest time and money into planning.