With almost any type of new business, there is a general need to conserve capital until cash flow increases. Steps may be taken to reduce overhead associated with labor costs, rental expenses and other related expenses. When these expenses are high, your ability to invest in marketing and advertising, to develop your product line and more may be impaired, to the detriment of your company. Some start-ups will begin operations in the owner’s home or another highly affordable venue. However, there will come a time when it is beneficial for many types of businesses to expand from a home-based operation into a true storefront venue. When you are ready to take this step, consider a few important points.
Location of the Venue
The best storefronts can help your business to become more recognizable in the community, and they can be used to generate more business through walk-in customers. Because of this, the location of the venue is a prime factor. You want to choose real estate that is affordable for your budget, but it also should be an area frequented by your target audience. It should be highly visible and easy to access. Often, the location is strategically chosen so that affiliate businesses are nearby. For example, a dessert shop may be located next to a movie theater to take advantage of couples on dates or families out together. A women’s clothing store may be placed close to a nail salon, as they share a target customer demographic.
The Security of Your Items
After you have carefully selected the right location to use for your storefront business, it is important to think about how you will keep your items safe and secure. Storefronts are highly visible, and this means that vandals and thieves may be able to view your merchandise and your equipment and fixtures with minimal effort. Securing your items is a top priority, so think about how investing in a security system, perimeter fencing or other security features may benefit you. In addition, buying business insurance is also a necessity. While security features can be highly effective at deterring crime, you do want to enjoy the peace of mind that comes with being fully insured.
Expanding your growing venture into a storefront can be a great idea that helps your company to continue to thrive and prosper, but this should not be a hasty move. When the time is right for your company to expand to a more visible location, consider these factors carefully so that your expansion plans are most successful.
Informational Credit to City Fence