Although it may be hard to believe, brick and mortar businesses are not a thing of the past. Although not very many brick and mortar businesses are successful there are some ways you can shield yourself from failure. As long as you have a stellar business plan, a great marketing scheme and financial backing you can be successful now and for many years to come.
Find a Business Concept
Before you dive into your business plan you need to find a business concept that is sustainable in today’s economy. Research successful brick and mortar shops, what worked for them and come up with a concept that you can work with. Some businesses also sell everyday essentials if they’re located in a residential area. Combining two or even three business concepts will ensure sustainability for your business. Be sure that no one can say “ I can get this online for a better price” in your store. Be competitive and offer a great in-person experience that matches your concept and makes your customers want to keep coming back.
Devise A Marketing Plan
Successful business planning starts and ends with great marketing. When it comes to brick and mortar businesses geofencing marketing plans have been proven to be a successful path to take. Geofencing marketing targets your audience within a few miles from your store using mobile technology. It doesn’t hurt to hand out coupons or discounts such as Groupon discounts for first-time or repeat consumers. Having a buyers program or bonus systems in place so that repeat customers or loyal customers earn points or discounts towards future purchases is a successful way to show buyer appreciation and allows you to gain the attention of new customers.
Develop A Business Plan
The key to a great business plan is research. It wouldn’t hurt to pay a market research company to get survey data on how well the niche you chose would do as a brick and mortar business. Research manufacturers and liquidation centers to obtain the best prices available for your products in order to maintain good profit margins. Be sure to include potential building locations and rental prices in your plan. It wouldn’t hurt to seek help from experienced entrepreneurs to look over your business plan before presenting it to potential business partners, lenders or banks.
Fund Your Project
Funding for your business is essential for its success. You can’t buy that fancy coffee machine to serve your customers piping hot lattes if you don’t have enough funds. The right amount of money allows you to negotiate with manufacturers and sellers to get large amounts of product for lower pricing. Real estate is expensive and even renting a store in a busy location costs a lot of cash. After purchasing a location, you should start thinking about signage, racks, and shelving. If you’re interested in adding a grocery section to your store you have to consider the cost of either renting or buying freezers and fridges. Obtaining money from banks isn’t always easy if you live in Texas maybe you’ve heard of Texas hard money lenders. Hard money lenders are real estate lenders. Real estate lending is the best way to obtain responsible and intelligent financing for your business.
Study trends and come up with a business concept that can sustain itself in today’s market. With retail rent being at an all-time low you can find a great location for your business at a great price. Once you’ve found a great way to bring your business concept and marketing plan together visit a reputable hard money lender to obtain funding.