Many people during the pandemic made their offline business online. However, there are some companies who still need a physical location as online business got few limitations. An easy way to get a physical location is to set up a pop-up store in an area with lots of crowd.
A pop-up store in a crowded street helps to connect easily with customers. A pop-up store exposes you to new customers, thus boosting your profit amidst the online business’s stiff competition. In this in-depth article, we will discuss how to create a pop-up store. You will get an overview about the costs and procedures involved in creating a pop-up store. Also, we will share with you some secrets to build successful pop-up store.
Steps of Creating a Pop-Up Store
Setting up a pop-up store is not going to be easy. It requires enough time to plan and evaluate everything involved in creating a pop-up store. There are various factors that you should look into to have a successful pop-up store. Here are some of them.
- POS system
- Inventory management
- Layout design
Location is the backbone of any business, whether big or small. You need to choose a location that has a flow of customers. Your aim is to reach many people and be able to make good amount of sales. A good location must have enough space for parking. You don’t want your customers to get stranded in their cars. Lack of parking can hinder many potential clients from visiting your store and therefore choose a location with a parking convenience.
Will you do marketing to promote your business?
This is an excellent question to guide you in choosing a location. If you are not going to do marketing for your business, it would be wise to set up your pop-up store in an area with good foot traffic. That way, your shop will be exposed to more customers without much struggle. And it’s even better if you can set up a pop-store inside a mall or a market. These two areas have much foot traffic, and therefore chances to get clients is higher. Also, it will get your pop-up store close to the targeted customers and hence will help to get more sales.
Another thing you need to do before settling for a location is to look out for businesses in surrounding areas. What is commonly sold in the neighboring shops, or what makes people frequent the area? If the shop had a tenant before, find out what they used to sell before and why they left. All these details are necessary before setting up your shop. Once you have made up your mind, you can sign an agreement with the property owner and start your business. However, before signing the contract, make sure to discuss matters involving rent and any repairs that need to be done. You don’t want to spend more than you should.
For you to be successful in any business, you must have an excellent financial plan. This will give you control over expenses and income. Regardless of where you are getting the funds from, you should have a budget to guide you. A store goes beyond paying the monthly rent. It would be best to have insurance cover for your business, not to mention the rental deposits and maintenance costs. Also, there are some county fees that you are required to pay, including licenses. Other costs include water and electricity bills and also salaries in case you are employing shop attendants. All these expenses might overpower you if you don’t have a budget in advance. You don’t want to bite more than you can chew. As you make your budget, it is wise to reserve some amount of money just in case an emergency pops up.
- Store Layout and Design
You will need to do some layouts and designs as you create a pop-up store. A good store should be well designed to bring out an attractive appearance. Customizing it requires artistic skills and creativity. Several things can guide you to come up with an appropriate layout for our shop. For example, a structure of a grocery store is different from that of a boutique. The products bring about the difference. What you intend to sell is a good guide towards setting a layout.
Also, it would be best if you consider your floor when planning for store layout and design. Most people don’t know that a floor plays a significant role in business. The floor determines the safety of your clients as they move around.
Additionally, the floor also gives your shop a definition, and therefore you need to give it some weight. Choose the right color that goes with the products you want to sell. You can top up your design and lay out with some sound system to play some background music. However, ensure you have agreed with the landlord on what you should or shouldn’t add. It would be better if your agreement is done in writing.
- Point of Sale System
Technically, it would help if you consider having a good POS system. Information is essential in analyzing a business, and the POP system will come in handy in collecting more data. You can use the data later to monitor how your business is going. Besides, the system will also help you to have an easy administration of transactions. There are many POS systems, but here are features of what you should consider having.
- Centralized retail management system
- It should run on a mobile device
- In case you have multiple stores; the POP should run both of them
- Offline transactions
- Inventory Management
Business is sensitive, especially when it comes to sales and stocks. It might be hard to monitor sales primarily if you are not operating the pop-up store by yourself. This is why you should have inventory management. This system will help you organize and keep track of all of the goods in your store. The system covers the process of sourcing, storing, and selling. The benefits of having this system are worth the efforts. Time in business is money, and this system understands that. It will shorten the lead time for the supplier and help you reduce any excess stock. Additionally, this system helps minimize human error and make effective decisions for your business. If you allow your inventory management to work with the POS system, you will make more profits by cutting the cost of making orders.
Staff is essential because your pop-up store can’t run remotely. You will need a team of people to help you. If the business is new, you will have to hire new employees. But, you can use previous employees in your new location if your business is old. However, you must be keen when selecting the right staff because they will be the image of your business. Pick people who are experienced in handling clients and engaging with them. Also, before bringing them on board, ensure they are reliable and have a good personality. You don’t want to have attendant/customer conflicts a few days after creating your pop-up store. In case hiring is difficult for you, you can use hiring companies to help you get the staff you need. They will interview the staff on your behalf and give what suits you. You can also use the social media platform to hire.
Marketing is the fuel that every business needs to keep on growing. Therefore, you should put effort into it especially being in a new location. Your goal is to make sales, and therefore you need a strategy of how you can have people buy your products. There are many ways you can make your business known, and here are some of them.
- Influencers- They are great in pulling up masses for business people. Influencers know more people than you, especially in the new pop-up locality. They are also great at identifying the needs of the locals. Another reason you should use influencers for marketing your business is that people trust them. When information comes from a second party, it carries some weight.
- Use of social media Platforms- Millions of people are flooding the internet with different interests. The best and easiest way to reach customers is through media platforms, including Facebook, Instagram, or Twitter. Create a page and post your products or services. Remember to leave your contacts and your pop-up store location because some will need to know to reach you.
- Email Marketing- Though being an old version of digital marketing, email marketing is powerful in bringing in more business. It is sending a commercial message to a group of people. The message should have details of what you are selling and your pop-up store location.
- Law requirements
Laws apply everywhere and you can’t ignore them if you are in business. It is wise to consider the laws that touch on employment, leasing, and permits. The law also applies insurance covers and therefore you should be careful when choosing one for your pop-up store because some covers are faulty. Understanding the laws surrounding creating a pop -up store will help you safeguard your interests and be at peace.
Why Create a Pop-Up Store?
Regardless of being a temporary venue, a pop-up store is worth the investment and can help you grow your brand. Here are the benefits of having a pop-up store.
The rent of a pop-up store is lower compared to that of a permanent shop. This makes it suitable for startup business who might not have enough money to lease a long-term residence. Also, if you feel that the business is not doing well, it will be easier to close the permanent store and establish a pop-up store.
- Connection with customers
As much as an online business has its benefits, you can’t compare it with the reality of a pop-up store. A store allows you to have a face-to-face connection with your clients. Customers have a special bond with companies that have physical stores, unlike those that operate online. Also, having a store enables you to get feedbacks of your products from your customers. This way, you can know where to improve.
The online market is flooded with millions of businesses, and therefore your business might not stand out. This is why you should consider a pop-up store and move your business to it from online platform. You will have more access to your customers. Besides, you will stand out against the many online stores.
- Explore new markets and grow existing ones
A pop-up store is a real deal if you have been thinking of moving away from online platform. It will give you a landing ground and will provide the correct information about your location. This way, you can evaluate if it is worthy of investing in the area or you should consider another site. Also, you can expand your growing business by creating a pop-up store in another place.
- Spontaneous purchase
There is a thrill that customers have when it comes to a pop-up store. The store makes customers buy your goods urgently as pop-up stores last few days. This is not the case for established retail because they know the retails are there to stay, and they can always buy at their convenience.
Business becomes more enjoyable when you try out new things. However, you must be ready to take risks and follow the current trends. Most business people have come to accept the reality and are creating pop-up stores. These stores expose you to potential customers and opportunities that you can take advantage of and grow. Additionally, you can test new products and reduce the risk that comes with venturing into something new. If you want to sell a new product besides what you sell, then a pop-up store will allow you to test the waters. If it goes well, you can make it a permanent retail, but if it doesn’t, you have the freedom to close it down. This article has discussed how to create a pop-up store, and we believe that the information given here will be helpful to you.