Starting an online-based store can be the perfect way to begin a business venture as it comes with a lower risk than opening a physical store. You don’t need to worry about making enough money to cover the monthly rent on a retail unit, customers can shop 24/7, and you don’t necessarily have to hire a big team of store staff to manage it, depending on the size of your operations.
Although there are many excellent benefits to running an online store only, eventually, you might want to move your business forward. Choosing to open a physical store to run alongside your eCommerce site can be exciting and the ideal next step for your business, but it’s something you do need to be well prepared for. Below are some tips to help you move ahead with this next chapter for your store.
Consider Your Financial Position
Opening a physical store is going to eat into your profits and come with larger expenses, so the first thing you need to do is carefully consider your financial position. Your eCommerce site may have been successful, but you do need to determine whether or not it is enough at this stage. It may take some time for your physical store to start making a profit; therefore, your online sales may need to partially cover these new expenses temporarily. You should also think about personal finances and if you are in a position to take a bigger risk at this time.
Hiring New Employees
You might have decided that you will act as the manager on-site at your new store, but you can’t do everything by yourself. Hiring new employees to help you run your physical and online stores will be necessary, and this is another cost you need to be mindful of. Furthermore, if you haven’t hired anyone to help run your business so far, you will need to make sure you are following all the current employment laws and meeting those obligations. Take the time to research what goes into being an employer to ensure you understand what is expected of you.
Creating an Attractive Store
If you want your new store to be a success, you need to make sure it’s attracting new customers. You should already have a loyal following from customers who regularly purchase items from your eCommerce site, but this is an excellent opportunity to attract some new people to your brand as well. Make sure that the store you choose is in a good visible location. The interiors of your store need to be clean, organized, and stylish. Even playing music for retail stores in the background can help to add to the atmosphere.
Promoting Your Store
Finally, if you want to make sure your store is a success, you need to promote it properly. Using your business’s social media channels is a cheap and effective way of promoting your online and physical stores. You might also want to place ads in local papers or online blogs that are relevant to your area and brand. Hosting an opening event at the store can be another option to help attract more people.
Running an eCommerce site can be a great way to get started as a business, but if you are ready to take the next step, use these tips to help you prepare your physical store.
