Setting up first physical store.. tips?

[geeknz]

After having scoured the Technibble forums I can see that there is certainly some potential in setting up a store in terms of extra business.

The common theme among the businesses that it worked well for was that it was at a busy intersection with stop lights. i.e. heaps of exposure

I am interested in hearing in any other tips you can give to making the store a raging success. Obviously nothing guaranteed but I know there will deliberate things I can do to greatly improve my odds.

Lisa from Call That Girl - would love to get your feedback on this too as I know you are onto your third store.

Thanks in advance all...

 

[PCX]

Location, Location, Location. However . . .

If you are just starting out, you can always start out in a hole in the wall thats not on the main intersection, but close. This will build creditability and save you tons of cash.

We started in a hole in the wall and even though we did not get any walk-ins, we got a lot of business simply because we had an office. Offices and store fronts are way more creditable than being mobile. It was a good place to start and within a year we had to move to a way bigger location on the busiest street in our town. Had we started in our new location initially, we probably would not have been able to pay our bills.

 

[Quinn06]

After having scoured the Technibble forums I can see that there is certainly some potential in setting up a store in terms of extra business.

The common theme among the businesses that it worked well for was that it was at a busy intersection with stop lights. i.e. heaps of exposure

I am interested in hearing in any other tips you can give to making the store a raging success. Obviously nothing guaranteed but I know there will deliberate things I can do to greatly improve my odds.

Lisa from Call That Girl - would love to get your feedback on this too as I know you are onto your third store.

Thanks in advance all...

Are you setting up a Retail store or just a Storefront for servicing? Or Both?

 

[geeknz]

Probably more towards storefront for servicing.

 

[iisjman07]

Look into becoming an antivirus reseller. We sell boxed copies of Kaspersky and it's one of the most popular things we sell, provides excellent protection, and is cheap for up to buy/easy to markup

 

[Encrypted Existence]

Look into becoming an antivirus reseller. We sell boxed copies of Kaspersky and it's one of the most popular things we sell, provides excellent protection, and is cheap for up to buy/easy to markup

Are you an official reseller or do you buy licenses that are on sale and resell those? Thanks.

 

[iisjman07]

We're not a reseller because you can buy boxed copies so cheaply. We also tend to buy in bulk to get more discount

 

[PCX]

+1 for reselling Kaspersky

 

[kodaz]

As others have said location is importnant. You need poeple to see what it is you do. Also importnant is parking for people to stop to drop and pick up their repairs.

As an exmaple I'd suggest a place in Lynden court shops across from Chartwell mall. Heaps of parking and foot traffic.

APart from that the size just needs to be big enough to hold all the orders waiting on repairs\parts\pickup and be secured.

 

[geeknz]

As others have said location is importnant. You need poeple to see what it is you do. Also importnant is parking for people to stop to drop and pick up their repairs.

As an exmaple I'd suggest a place in Lynden court shops across from Chartwell mall. Heaps of parking and foot traffic.

APart from that the size just needs to be big enough to hold all the orders waiting on repairs\parts\pickup and be secured.

Haha thanks Kodaz, you made me double take when I realised you knew my home town

 

[callthatgirl]

I wish I could say both of my stores were raging successes, but they are far from that right now, I think they can be...but in time. Both are doing "well", and some weeks they are not. Some weeks I am pretty frustrated that they don't make their numbers. I have a monetary amount that I need them to make to break even and some weeks, the company has to cover it. My company meaning ME. Here are some tips though that I came up with for you.

Location is always something to think about. It's a one time self marketing + expenses in signage. Get a space that you can afford now, now what you think you will grow into. It will take you a lot longer than you think to grow into that next stage. (hah, I learned that the very hard way in my 2nd locations' first place). Buy nice window signage and banners. Foot traffic seemed to be excellent for one of my stores, the other gets driving traffic.
Get a sidewalk sign for sure.

For an office and storefront...
Get the word out locally via brochures to neighbors, magnets to neighbors, ask if you can put up flyers, press releases to the papers, social media (facebook local town groups, and LinkedIn town groups), Twitter town people (follow them, they might follow you) and of course you want to have a grand opening that appeals, give a good one, like a free diagnostic or an express tune-up or half off first visit type thing. A big grand opening in the paper will help too. Update your website of course and offer a sale to all of your visitors. I would also email my database alerting them of the store offering a friend referral deal and finally....do a newsletter. That's not all, but all I can think of for now.

 

[geeknz]

I wish I could say both of my stores were raging successes, but they are far from that right now, I think they can be...but in time. Both are doing "well", and some weeks they are not. Some weeks I am pretty frustrated that they don't make their numbers. I have a monetary amount that I need them to make to break even and some weeks, the company has to cover it. My company meaning ME. Here are some tips though that I came up with for you.

Location is always something to think about. It's a one time self marketing + expenses in signage. Get a space that you can afford now, now what you think you will grow into. It will take you a lot longer than you think to grow into that next stage. (hah, I learned that the very hard way in my 2nd locations' first place). Buy nice window signage and banners. Foot traffic seemed to be excellent for one of my stores, the other gets driving traffic.
Get a sidewalk sign for sure.

For an office and storefront...
Get the word out locally via brochures to neighbors, magnets to neighbors, ask if you can put up flyers, press releases to the papers, social media (facebook local town groups, and LinkedIn town groups), Twitter town people (follow them, they might follow you) and of course you want to have a grand opening that appeals, give a good one, like a free diagnostic or an express tune-up or half off first visit type thing. A big grand opening in the paper will help too. Update your website of course and offer a sale to all of your visitors. I would also email my database alerting them of the store offering a friend referral deal and finally....do a newsletter. That's not all, but all I can think of for now.

Awesome Lisa thanks. What you said about starting off in something that you can afford NOW is a good point. I have been tempted to over-extend and commit to a site that would really stretch me, and cause undue stress.

 

[Carl]

Some Very Good Advice...

I would like to add - that you should be Very Careful with your inventory. It is very easy to stock a lot of junk that takes up floorspace and is nothing more than a Depreciating asset.just because you have it doesn't mean that it will sell. Never be afraid to say "That's a special order item",Or "We just reordered that - expecting it here later today" IIf you can get the cash fronted to you don't hesitate to run to another shop and buy theirs - as long as your making a buck.

Computer related equipment goes obsolete fast - so don't buy lots of stuff thinking that its gonna move. See what your customers want (Think I know a guy who has a few cases of 5-1/4 floppies laying around)

Most Important - Plan To Fail! - Everybody plans for success - Nobody plans for failure
Most New business make it or loose it in the first 3 years, so know when to call it quits and work for somebody else.(I have watched people loose everything, homes, cars, jewelry - everything in last ditch efforts to save a failing enterprise) - Don't be unprepared in the event it happens.

Best Of Luck