If you own a retail business, then you are always thinking of ways to expand your business while keeping overhead costs down. The idea of opening another location is appealing, but there are less expensive ways to expand your retail presence that can be much more cost effective. Investigate your options for expansion before you start to invest big money into an additional location.
Set Up In The Mall
You may look at the mall as the ultimate in retail success, but the prices for renting a spot can be out of your budget. Mall kiosks are great ways to have the presence you want in the mall, but at a fraction of the cost. Talk to your local mall management about a kiosk, and then start looking into buying a kiosk that will serve your business well.
Co-Habitation With Complimentary Business
If you own a music store, then a stereo shop would be an obvious complimentary business that could bring you success. Instead of opening a new location on your own, make a partnership with a local stereo shop and open a co-habitation retail location that you share. You will significantly limit your expenses, while expanding your retail presence.
A misconception about franchising is that it has to be for a large company that has many national locations. You can develop a local franchising package that allows you to expand your business, but puts the majority of the financial burden on your franchisee. Spend time finding the right franchisee that you can trust, and have any franchise documents drawn up by an experienced attorney.
The local swap meet may be a good place for you to set up a temporary location that can bring new business to your company without significantly raising your overhead costs. Ideally, you want a swap meet that is on the other side of town to help serve customers who may not be able to get to your other location. With a temporary location, you can still grow your business, but also keep costs down.
Growing a retail business is exciting, but it can also be cost prohibitive. The solution is to think outside the box and come up with ways to expand your business that can be cost effective, but still increase the overall retail presence of your business.