Pop-Up Shop – Business Aid or Waste of Time

Pop-Up Shop – Business Aid or Waste of Time

Could a pop-up shop put a spring in your home business? Unsurprisingly, the home startup market is fast becoming a competitive place. As well as starting something online, home business owners have to think about how to gain the edge. Some are finding that pop-up shops are the best way to do that.

In traditional business, commercial spaces are the most expensive outgoing imaginable. Luckily, it’s one that you can pretty much negate with pop-up shops designed by companies like https://www.design4retail.co.uk/about/retail-design/. These stores allow temporary physical spaces for even the smallest home startups. But how exactly could a pop-up shop put a spring in your home business?

Could a Pop-Up Shop Make Way for Multichannel Sales

According to a Harvard Business Review study, multichannel sales help retain 73% of customers, with shoppers spending around 9% more on brands they can interact with across 4+ channels. By taking a predominantly online business into a physical domain you may find significantly boost sales. 

Remember that you want to appeal to as many potential clients as possible. Part of that is realising that some people prefer to shop online while others still value physical sales. As it stands, only 51% of the population prefers to do business online. That leaves 49% that you could still reach better with pop up shops alongside other physical market and sales opportunities.

Building Authentic Customer Relationships

As can be seen on sites like www.brainygecko.com, authenticity is vital to business-customer relationships. Sadly, reaching desired levels of authentic communication can be tough through a screen. That’s why countless online-only businesses struggle to achieve loyal customer bases. This is a barrier you can break with pop-up shops. By talking to customers in the flesh you can create those much-needed meaningful relationships. These should then translate into ongoing sales online in the future. 

Low-Cost Ways to Test New Markets

Every business needs to know their prime audience, but it’s also sometimes vital to test new markets. Even online products can benefit from reaching new audiences or locations. The trouble is that spending a great deal on advertising in a new market can lead to wasted profits if efforts don’t land. That’s where a pop-up shop comes in. These offer a cheap and easy way to test whether customers from a new location/age group etc. are interested in what you offer. If all goes well, you can consider spending money to advertise to them or even consider buying commercial space in a new and interested area. If all goes wrong you find this out quickly and without wasting too much money that could be better spent elsewhere. 

In short; a pop-up shop could put a spring in near enough any home business on the market, yours included. If you’re looking to expand, then, a pop-up is a pretty good way to do it. 

Would this kind of sales and marketing opportunity work for you and your small business?

 

Home Startup Tips For Expansion

Home Startup Tips For Expansion

If you have recently launched your home startup from the comfort of your home office, expanding your business might be the last thing on your mind. However, if you are ambitious and want to see your venture grow into something bigger, then you need to think about how you will use your cash flow to fund expansion.

There are many ways to expand a business. If you currently have a pleasant set up in your home office and work alone, the thought of hiring staff and securing business premises can be terrifying. However, this will be necessary if you expand your product range, expand your services or head to the international market with your wares. Take a look at how you can expand your startup in three easy steps.

Home Startup Tips: Secure More Funding

Even if your business is doing ridiculously well and you are surpassing your targets every month, you will need to secure more funding to expand. Expansion is expensive. You may need to hire new staff that cost a small fortune in wages, you may need to conduct market research before switching demographic and you might need to outsource to enhance your online presence. To secure more funding you could choose to revisit your bank manager, or now might be the time to pitch to a business angel.

With your drive, enthusiasm and exceptional business plan, you can dazzle an industry expert with your facts and figures. A business angel will bring funding with them as well as a book of contacts and their industry knowledge. They are useful individuals to have onboard so investigate their input a potential impact. It may not be the right avenue for you but is certainly worth exploring.

Home Startup Tips: Skill Up

As you expand, you will need to focus on your own professional development. I cannot stress this strongly enough; your business will only grow if you do. While you will hire staff to carry out new duties, you will still need to be aware of what needs to happen to make your business more profitable. As a new employer, you will move from sole trader to boss. You need to learn to delegate and not micro-manage. This is why you need to look into leadership development qualifications for your own benefit. This will make you a better line manager and will help your employees see you as a bona fide leader as well as a manager. Being a decent employer will help to boost employee morale and will prevent absenteeism and a high turnover of staff.

Home Startup Tips: Go International

To tap the international market and go global is the stuff of dreams. Becoming a household name across the world could see you making more money than you could ever imagine. However, what works in one country may fail spectacularly in another. This is why you need to invest in international market research. If the international climate isn’t favourable to your product or service, you need to tweak it, aim for a different niche market or scrap the expansion plans altogether.

Expanding your business is nerve-wracking. However, harness your ambitions, tread with caution and walk before you can run to ensure safe and measured growth for your home startup. If I’ve learned one thing from my business, which I continue to scale up, is that the saying “Go big or go home” can be very relevant for small business owners and even freelancers.

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