The world of business has shifted to a structure that favors the digital market more. As a result, most businesses nowadays are trying their luck in e-commerce and online. Shopping online tends to be cheaper than doing it in stores. No wonder why most businesses have adapted to this technological advancement.
On the other hand, the appeal of physical stores is still undisputed. A lot of rational reasons can be attributed to shopping in physical stores. There’s nothing more rewarding than being surrounded by the products you’re shopping for. It still hits different when you can touch, smell, or feel the items you’d wish to buy.
If you’re enticed to open up a physical store for your business, you’d have to remember some things. They should help you thrive.
Expenses
Obviously, if you cannot fund your business, you won’t be able to start it. The same goes for any kind of expansion you wish to execute. Planning to have a physical store as part of your expansion would surely make you break the bank. You know how much money you’re saving when you’re doing business online exclusively. You should be prepared for what’s to come if you’re opening a physical store.
This is true unless of course, you’ve saved enough for this new venture. Whether you’re renting a place for business or constructing your own, it’s going to cost you either way. You’re going to be friends or enemies with utility bills. The costs of maintaining the place should also be considered. The physical store itself would cost you much. But that’s not all. The following items that are going to be mentioned would add up to the costs.
Location
This item is important. Location is one of the determining factors of your business’s success. If you’re opening a physical store, you’d want it to be exposed to as many people as possible. You could use a little research to look for the perfect location. Consider the kind of population in the prospective location of your business. If you’re intent is to appeal to younger demographics, find a location that’s near a university. If your business is for young professionals, go somewhere near offices.
You can also base your location hunting on the kind of business you have. Flower shops would be good near a cemetery. Drug stores can be profitable if you’ll build one near a hospital. There are a lot of ways to look for the best location for your business. Just make sure that you studied the location really well.
Design
If you want to appeal to a certain audience, the design of your business place should be well thought of. Say you’re planning to put up a candy store, you’d want the interior and exterior to appeal to kids and candy lovers. Another example is a cafe business. Make sure to choose an interior design that would mostly attract professionals. Buy furniture that would complement the interior design.
Meanwhile, your store’s exterior should be as attractive as its interiors. Employ designs that’ll guarantee curb appeal. Your exterior should also stand the test of time. You don’t want to repeatedly spend on repairs. You can do things such as investing in a monocouche render for your walls or a durable hardscape for your lawn. Your business place’s design could affect customers’ desire to enter your physical store.
Operation
Your physical store wouldn’t function if you couldn’t execute a smooth operation. This is another thing you should plan for properly. The first thing that should come to your mind is the people you’re going to hire. These people are going to work in the front lines to represent your brand. They should be given sufficient training before they get deployed.
Another thing you have to contemplate on is the operating hours of your business. Are you willing to be open 24/7? Is it more profitable if you close the store by 10 PM or later? The same considerations should be applied to inventory and equipment maintenance. Check the most viable days you can do all these things while continuously operating the business. The business operation will require you to be fully hands-on with this expansion. Your knowledge in handling your business sans the physical store should help you.
Marketing
Just like any type of business execution, marketing is the foundation of your success. Running a physical store would be very different from running a business without it. That’s why your marketing would be greatly affected if you’re opening a shop. Think out of the box. Be creative by pulling off a discount day. A launching promo could also be a hit.
You can also support advocacy that is the closest to your heart. Make people bring their plastic bottles in exchange for an exclusive item or something like that. There are a lot of ways to market your physical store. Just make sure that it’s workable and well-planned.
Establishing a physical store could be a lot to take in. But if you know how to start the transition, you should be good to go. Don’t be afraid to get to the next level and thrive some more.
