Despite ever-growing pressures from an increasingly impactful e-commerce boom, the high street has held fast and strong. The high street is a symbol of choice, just as much as it is a handy retail centre for consumers to shop around.
The desire to open and own a physical high street shop of one’s own is testament to the strength of entrepreneurialism and the retail sector, even in unprecedented times of hardship. While it is undoubtedly harder than ever to get a new business off the ground, there are many rewards to be found in opening your own physical shop. But how should you navigate such an endeavour, especially while navigating the challenges of today’s economy?
Consolidate Your Business Plan
Your early preparations should centre around your business plan. You will already have a key idea for the nature of your business. You might be selling household goods, or you might be selling artisanal items and even works of art. Whatever your niche and industry, take this opportunity to refine your plan even further, and to consolidate it with real research and data.
For starters, you might whittle down your shop idea towards a key demographic or angle; if selling artisanal goods, is there an opportunity to receive supply solely from local makers and manufacturers? If selling baked goods, is there a niche in which you can specialise? With this information, you can conduct market research and isolate your ‘crowd’ – thus learning more about your business’ profitability.
Choose the Right Location
The next decision, and perhaps the most important one for you to make, relates to the physical location of your new shop. Choosing the right location depends heavily on a number of factors, from the price of rent to the footfall it receives and even the demographic of the street in question. For example, a vintage clothing shop might not perform at all well if stationed in your city’s financial sector – where rent is high, and high footfall comprises entirely of consumers outside your target demographic.
Refurbish Your Shop Floor
With your location decided and secured, you can now begin shaping the décor of your eventual shop front. In difficult economic times, the loan you’ll have secured to assist in opening the business might not stretch to labour costs.
At any rate, performing as much refurbishment as you can DIY is a strong way to retain control of your project timeline, and get your ideal results without excess spend. Simply investing in a set of Milwaukee drills alongside your various materials and installations can allow you to get most of the way towards a complete shop floor.
Launch and Marketing
As you put the finishing touches to your shop floor, your attention should turn to effective marketing and launch of your business. You should already have an online presence through social media. Regular posts about your shop progress can help organically grow interest, alongside any advertisements outside your venue.
Updating Google with your business information will ensure you show up in search and on Maps, enabling more people to discover you online.
