- How to start a retail business or open a shop | Guide by meslastcarjo.tk
- Unique challenges
- 25 Eye Popping Pop-up Shop Examples to Inspire Your Small Business
A temporary pop-up shop with a definite end date encourages shoppers to visit before missing out. This approach works especially well when promoting new products or collections, kicking off major campaigns, or simply looking to increase overall brand awareness. Create a strong sense of urgency by letting your customers know the exact dates your pop-up begins and ends.
Create a Facebook event page or send a broadcast to your email list. If you have a limited inventory and want to make your shop feel especially exclusive, consider promoting the closing date as whenever all items are sold out. Pop-up shops require little upfront investment, which makes them a great testing ground.
How to start a retail business or open a shop | Guide by meslastcarjo.tk
A successful pop-up can be a good indication that your business is a candidate for expansion into physical retail. Eyeglass brand Warby Parker is a one-time digital-native brand that initially tested physical retail through pop-ups. Its experiment was so successful, the company opened several storefronts, and now has nearly 90 retail locations. Black Friday Cyber Monday and any other peak sales periods are excellent times to open a pop-up. A pop-up can drive retention long after your shop is closed and the holiday season is over, turning seasonal shoppers into lifelong customers.
One of the most important things for a new business to do is validate demand for its products—and real product validation only happens when money changes hands. Manufacturing a small batch of merchandise to test at a pop-up is one way to validate customer demand before investing in a larger number of units. If you have an idea for a new collection or product line, for example, start with just one or two items to see if they have traction. It can also assist with word-of-mouth marketing in an area where you know your target demographic resides. Holding on to dead stock is more expensive than you might think.
Plus, that inventory could eventually age out and no longer be sellable, which means lost revenue and capital. Encourage impulse purchases by offering special deals, such as buy-one-get-one-free, or bundling items together. There are a number of factors to consider, and one of the most important is determining what type of space makes the most sense for your event. There are a few common spaces used for pop-up shops:. One major consideration is foot traffic. Nearby retailers and events occurring in the vicinity are other important considerations. Complementary is good, but you may want to steer clear of direct competitors.
When established shops feel threatened by competing stores, you lose out on making a potential ally. Take the time to introduce yourself and establish a rapport with other shop owners in the area. From them, you can glean valuable information on what makes your shared target demographic tick.
There are a few common types of pop-ups:. You can contact realtors directly to see if they have any pop-up shop venues. There are also many online databases you can search to book properties yourself. Here are a few:. There are several legal documents pop-up operators need to be familiar with before securing a space:. The lease is the most important document. Depending on your geography and the length of your pop-up shop, you may need a license rather than a lease.
A license gives you, the licensee, the legal authority to use the landlord's asset. In some cases, without a license, using the property is unlawful. Each region has its own legal regulations and business permit requirements. Many cities, for example require a permit to sell food and alcohol. So, if you plan to serve champagne at your opening, you'll need to secure the appropriate permit.
Business insurance or commercial insurance is different from personal coverage. Some rentals include insurance coverage, but you may want to look into consulting a risk management expert or firm. When determining your promotional strategy, remember what consumers go to pop-ups for: an authentic, in-person brand experience.
According to Retail Touchpoints , most consumers want unique services and products, localized assortments, and optimal pricing. If your pop-up offers any of those things, spread the word!
There are plenty of ways to go about getting PR for your event, including targeting traditional media, leveraging influencer marketing, and pitching your pop-up to local bloggers. Keep your target customer in mind when creating a list of media outlets to contact, thinking about where they most likely find information on local events and what publications and websites they might regularly read. Here are a few other tips to consider:. Increase your odds of getting coverage by publishing a press release, and include it as a link to your media and influencer outreach. Frozen foods brand Birds Eye stepped up its Instagram game, allowing customers to use posts as currency to purchase products, while the Museum of Selfies pop-up was quite literally fueled by social media and the infatuation with posting selfies with impressive and creative backdrops.
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Consider setting aside some of your budget to gift influencers products they can touch, feel, and use publicly—and, ultimately, post about. You can also offer them an exclusive discount code to share with their audience.
There's more to retail than just sales, but strong sales is the ultimate end goal. When you dig into your data, consider the following sales metrics:. In the past, measuring foot traffic was hard to do and often yielded less-than-accurate data.
Now, there are foot traffic counters that make it easy to learn not only how many people are walking into your store, but who they are and what preferences they have. If you have room in your budget, consider using a traffic counter like Dor , Aislelabs , or ShopperTrak. These tools provide accurate, by-the-minute foot traffic analysis. Try placing attention-grabbing pieces at the far end of your store so as to attract customers all the way in, and pick out a few products that would work well as impulse buys — these should be fairly small and cheap — and arrange them within easy reach of your till counter.
If you have enough space in your store, think about adding seating. They must be eye-catching, appealing to your target market, and reflective of your branding. Remember, a shop window should display a few representative products in order to entice customers inside to see more of the range — not show off the whole range in one go. Alongside your products, add signage that complements them, advertising information about key products, or prices and special offers — just make sure their wording is legible from a distance. See this as an opportunity to be creative.
Can you enhance them with things like decorative tables, lighting or framing? Depending on how busy your street gets after hours, you may want to invest in some lights to keep your window display visible overnight. The nature of the business is that there will be peaks and troughs as well as unforeseen opportunities which you will need to jump at. Make sure that your business plan is realistic and not just a speculation based only on hope. Try following this plan. Pricing your products is all about striking a balance.
Adopting a particular pricing strategy will give you a structure to follow. Keep in mind that prices do play a role in how customers perceive your business. One thing to bear in mind is VAT, which your pricing will have to include.
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Of course, a more specialist store might have better luck convincing customers to travel out of their way. A few tips for finding the best location for your business:. According to McIntosh, the importance of research cannot be understated:. When it comes to finding the ideal property for your shop, there are several factors to consider:.
There are a number of services that will do this for you. Try looking for different shapes and colours that best fit your brand and products, or have a go at painting the shelves yourself. If you want to be as up to date as possible, plump for one that accepts contactless or even mobile payments. To find the right EPOS system, you can simply click this link to compare prices today. Ensure that your till locks up tight and that you have a safe stashed in a hidden location to keep your hard-earned money secure. If your shelves stack high against the wall or your stockroom is crammed full to the rafters, expect to buy a stepladder or footstool so that you can safely get things down when needed.
25 Eye Popping Pop-up Shop Examples to Inspire Your Small Business
For a more environmentally-friendly business and one that customers are more likely to view as forward-thinking and considerate , opt for biodegradable bags. A clothes shop, for example, will need a good supply of coat hangers. To make things simpler, you might want to sign up to a service that provides all you need to set up a shop in one place. Companies like Display Centre, Morplan, Shopfitting Warehouse, Equipashop and e-shopfittings, for example, provide bespoke fittings, mannequins, point of sale equipment, carrier bags, cash registers, tagging guns and more.
Alternatively, to save a little money you could try buying your equipment second-hand. Websites like eBay, preloved. You may find it useful to bookmark resources Startups has created to help you in this respect, such as our business energy comparison page and our guide to choosing commercial boilers for heating. The main requirement of these is that the products you sell are exactly as described and of satisfactory quality.
Aside from this you need to adhere to VAT compliance and income recognition policies as standard.
Putting money aside for your VAT bill is a boring but essential part of managing cashflow. Similarly, your shop premises must adhere to health and safety regulations in order to avoid accident or injury to future staff or customers. The licenses you need to run your business will depend on the type of products you decide to sell. You will need to obtain a specific license if:. This complete guide to shop insurance has everything you need to know. Next will come the interview process. Only you will know who is right for your business, but in general McIntosh says:.
Keep in mind that there are a few steps to take before completing the hire:.