Competition in the business field is now fiercer than ever since new platforms to establish a venture on, like the internet, also come with unique challenges. Even though most people prefer shopping online, visiting physical stores is still a part of a customer’s habit since they can personally check out a product and see firsthand if it is worth purchasing. Adding a brick-and-mortar store to your shops may sound like a bad and costly investment, but if you consider shopping as an experience and not just a way for clients to get their needs, you’ll perceive it as something worthy of your money.
Location
Establishing a physical store is not simply building on the first vacant lot you spot. It requires extensive research on the area, demographics, and the competitors already present in the playing field. When picking out a location, you have to think about its accessibility, mainly if the place offers a lot of foot traffic where you can capture passersby’s attention.
It would be best if you also chose according to your target market. If your brand caters to the younger generation, then the smartest thing to do is build on a place where you are visible to young people, such as schools and universities. Inspecting an area for competitors is also a must, since staying right beside a store offering the same products as you are is nothing but bad business.
Use Quality Materials
When constructing your store, it’s better to build with quality materials since you don’t want to spend your hard-earned money on endless repairs and maintenance. Building from scratch or renovating an existing establishment is already costly in itself, plus you will also need to have the place designed according to your venture’s branding. Still, when you use premium materials to construct it, you save since they last for a long time. For instance, if you plan to build with steel, it’s better to have it covered with a rust-resistant coating by a corrosion control service to enhance its longevity and durability.
Laws and Restrictions
Cities have restrictions for businesses, big or small. These laws and regulations ensure that companies pay their taxes, offer safe and high-quality products, operate without causing harm to the environment, and do not take advantage of their employees. Licenses and permits are the green light given by the government for you to operate a business. It’s better to accomplish this early on, even if you’re only in the planning phase because failing to obtain the required permits can lead you to pay fines and deal with legal disputes.
Security
Since building a store is such a huge investment, it is only ideal that you also go the extra mile to protect it. With physical stores, your number one threat is theft, and this can go unnoticed if you do not have a watchful eye. Personally, dealing with thieves is incredibly dangerous, so you have to leave it to technology and other tactics to keep you and your employees safe.
By outfitting your shop with surveillance cameras offering a live feed that you can monitor from a computer screen, you can keep an eye on your store. Frequently changing locks is also ideal since it is easy to fashion a key to unlock your store.
Store Design
For brick-and-mortar stores, your chance at promoting your business is abundant — from flyers, posters, to social media posting, and other on-site gimmicks, but your shop’s very design also contributes to your promotion. If you reside within a line that features other shops, some of which your direct competitors, the challenge lies in the shop that can create a memorable and captivating impression on passersby.
You can use elaborate designs on your shop windows and display some of your products so that possible customers will know what you offer and check out your store on their own accord. Your signage also plays a significant role in appealing to clients, making it essential that your store’s sign is legible and equipped with functioning light fixtures to ensure that customers can read it day and night.
Go Online
Although you have decided to focus on your physical store for your venture, having a website can still help you further by giving your site’s visitors the direction and other information about your shop’s location. A website is convenient for your clients, too, because they can select a product from your site and choose to have it delivered or picked up at your store. Having an online presence also allows you to expand your reach and increase your sales, given the fact that compared to your physical shop, your site does not only operate during regular hours.
By keeping in mind the factors mentioned above, you can smoothly undertake and breeze through some of the challenges of building a physical store.
