Owners of specialty retail stores pay a lot of money for the space they operate in and it’s important that they get the most out of it. Many stores are only open a small portion of the day and after closing time their earning ability ends. There are also establishments that have access to a wide variety of consumers but are only taking advantage of a small niche market. As a small business you likely have built strong relationships with your customers and many of them have something more to offer than a few daily purchases. As the owner of a company, you have built upon experiences and expertise that you posses in your field, that knowledge should be used for marketing and product development. The integrity and vision of your business should never be compromised, there are several ways you can supplement your income and maximize profitability of your space.
After Hours Events
This is a trend that is starting to take hold among larger retail stores and is certainly something small businesses can adopt as well. Renting out your space for after hour events will bring in additional income during a time when your store is dormant. It also brings exposure to your business from a whole new customer base and showcases your products with little effort. These events can also be collaborations where your offerings are a part of the fun. This could include sponsored shopping sprees or company branded giveaways.
Street Food Vendors
If you have outdoor space available setting up a street food cart or even leasing the space to a local food vendor is a great way to draw attention to your store. Whether you decide to run it on your own or allow others to hock their wares it will bring in additional income and help to maximize your space. You want to ensure whoever is running the show is professional and does not diminish the reputation of your company. You may take it a step further and offer foods that compliment or highlight your traditional product line.
Consignment
As a small business you have a much better opportunity to get to know your customers. Regardless of what your store sells, chances are you have creative types that have something to offer within the same industry. Allowing local artists and business people to utilize your space to sell their creations can bring recognition to your company and attract customers who are familiar with the consignee. Be sure the items you’re selling line up with your traditional offerings. You will also need to keep things tight legally by providing written contracts with all those involved.
Educational Courses
If you’ve made it all the way to opening a small business there is a good chance you have an expertise and passion for the items you are selling. Loyal customers tend to have those same interests and would be more than happy to learn more about your operation. For instance, the owner of a health food store may offer nutritional classes. This allows you to use your space after hours and will also build brand loyalty. The benefits from such a venture will include the charge for the classes and the exposure to your product line.
In many cases small business owners lack the credit or collateral to access the money needed to remain flexible. Quikstone Capital Solutions provides cash for businesses. A merchant cash advance from Quikstone Capital Solutions is a business loan alternative that can help your business thrive and prosper, whether you need cash to buy equipment, cash to renovate or expand, cash to purchase inventory, cash to advertise or cash for emergencies Quikstone Capital Solutions can help. Contact us for a consultation today or simply click below.
