Are you thinking of starting your own pop-up business? Well, it is not too late to embrace this lucrative trend. Business owners, both small and large, in the recent past have increasingly embraced the pop-up business trend. This clearly alludes to the fact that it is indeed a worthwhile venture. But before you dig deeper into this enterprise, you need to be well informed on the basics first.
What is a pop-up business?
A pop-up business is simply a store that opens up temporarily to capitalize on the increased demand for seasonal products and trends. The basic defining characteristic of these shops is their short-term nature. They tend to appeal to their customers by their ability to facilitate an engaging and captivating shopping experience. Ultimately, they help boost your product/service awareness, generate revenue as well as captivate your customers.
Step-by-Step Guide on How to Start a Pop-Up Business:
1. Outline your goals
Goals are extremely important in setting up the direction of your business. Take time to clearly outline and define your business goals. Think about elements such as boosting your product awareness in the market, engaging your customers and most importantly, revenue generation. Thinking along those lines will obviously put your business on the right footing.
2. Create a comprehensive budget
Budgeting, without a doubt, is equally important. Creating a clearly outlined and comprehensive budget will greatly help in the allocation of the usually limited budget. Start with factoring in the basics first such as:
• Seeking for a suitable commercial property to rent
• Point of sale
• Promotional expenses
• Display set-up including lighting
• Connectivity i.e. internet connection
Be careful not to over budget though. The estimation will also greatly depend on the duration of your shop. However, do not also under budget!
3. Decide on the right location
The importance of getting the right commercial property to rent cannot be ignored. In your preferred city or town, search for a conveniently located property. The property’s cost factor should also be duly noted. Be sure not to decide on an overly priced location that will strain your finances. The following factors should be considered:
• Do you want to be located on the street level, inside another store or simply within a mall?
• Do you have enough budget allocation for space?
• Is the location appropriate for your type of business?
Whichever choice you make on the location, be sure that it aligns with your business and its interests. In summation, are you getting the best out of your location?
4. Finalise the logistics
Now that you have that perfect location, it is time to finalize on the logistics and open shop. Ensure that everything is set and ready. The merchandise, of course, should be at hand. Ensure that you met all the necessary legal requirements of setting shop including leases, permits, and licenses of operation. Check to see whether or not everything else is set-up including display, payment procedures and promotion.
On business promotion, other than merely depending on walk-in customers, seek to capture others too through a myriad of creative ways. Social media and blogging, for instance, could be very instrumental. You could also consider printing flyers.
5. Open shop
This should be done big, not necessarily on cost, but rather in a promotional manner. Think of ways through which you can capture the attention of customers. If your budget allows, have a party and offers! Invite as many people as you can and offer them a captivating shopping experience. There you go! Good luck with your new venture.