“Sinn previously told PBN that her biggest challenge is people trying to find the shop.”
This quote from an article recently published in Pacific Business News about the sale of a retail store uncovers valuable lessons. The store opened last year and is already set to close or change hands.
Right now, your business may be located in a home studio or commercial space, and your dream is to relocate to a retail store.
Opening a store is, as it’s said in old school slang, no joke. Not only does the location have to be in a place where people can easily find you and park to enter, you also have to create an atmosphere, through a well-devised marketing plan, to keep customers returning.
Your landlord, electric service provider, and suppliers want their money, and if you’re not prepared to go all out marketing your store, you will be in deep trouble with creditors who do not care about your sales. Their ears are not programmed for excuses.
An academic certificate won’t guarantee sales. Customers will not magically show up at your door.
Questions must be asked and answered before you sign a lease. Many of those questions focus on finances and marketing, and all of the questions require more than a “yes” or “no” response.
1. What are the city’s planning projections for the area?
2. Who is my competition, and what type of marketing drives their success?
3. What type of firm was here previously, and why did it close?
4. Who are my preferred customers, and which promotions reach them best?
5. Where can I rent a mailing list of local residents; what’s the price per use?
6. How will this space accommodate me in five years?
This is a partial list of launch questions we review with clients as part of our 5 Star Service before agreements are signed.
Opening a storefront is exciting and can be a dream come true. It can also be stressful and a nightmare that disrupts your sleep if you aren’t proactive.