Whether you have dreamed of opening a bakery or want to take your clothing company to the next level, opening a brick and mortar business can be the boost your business needs. A storefront will give you access to a variety of customers and give your brand a tangible presence. However, you might not know where to start.
This guide will provide some simple questions that you should ask yourself when making your idea a reality. By considering the following factors, you can ensure that you approach your grand opening with confidence.
What is your niche?
No matter how genius your new idea may seem, you need to ensure that there is a market for it. You can start by narrowing your niche. For example, if you want to start a bakery, you might focus on mostly wedding cakes or just gourmet cookies. This gives you a specific goal, which can drive your target market and marketing strategy. Your customers will know exactly what you do and why they are entering your business.
Who is your target customer?
Before you can start creating a brand concept or marketing your products, you need to know who your target customer is. Consider what demographic will be buying your products or entering your business for a service. For example, if you are breaking into the academic services industry, consider what you might prioritize when you buy essays or seek a tutor. Visualize this customer and their priorities when you are setting up your website, writing marketing messages, and decorating your location.
What location fits your needs?
As you start to develop brand concepts, you need to consider what location within your city makes the most sense for your business. For example, you might want to rent a storefront in an area with more families if you are opening a children’s clothing store. If you are opening a sandwich shop, look in an area with other businesses. Your location will determine how many walk-ins you get on a daily basis and where you will attract return customers.
What is your marketing strategy?
While marketing is a broad concept, this is a key portion of opening a brick and mortar shop. You will also need to market your retail location differently than you would an online business. Doing so will involve signage for inside and outside your store, print advertising, business cards, and pop-up events. You might consider hiring a marketing consultant to develop a unique approach for your brand. They will consider your products, location, and target market to create a message and fill a gap in the market.
Do you plan to sell online?
Some brick and mortar businesses will need more of an online presence than others. For example, if you provide hard money loans in Texas, you will need a website but you might not perform transactions online. However, you might have an online store and physical retail location. Having more customer touchpoints can be helpful for many businesses, so be sure to think through the benefits of potentially selling online as well. In some cases, you may start as a physical store then start selling online at a later date.
Operating a brick and mortar business can take significant planning, but this step can take your idea to the next level. You will have the opportunity to interact with customers, create a unique brand experience, and display inventory in a unique way. Just be sure to pay attention to what methods are working. It will be important to make adjustments to stay ahead.