There has been an increase in people making considerable amounts of money from side hustles and online businesses since the pandemic. These are essentially freelance jobs that run alongside a full-time career, and they are proving to be lucrative.
There was an explosion of new side ventures in 2021, with nearly 80 new businesses being registered per hour in the first half of the year.
If you’re looking to develop your online hustle and branch out into a physical retail space, a temporary pop-up shop is a great way to test the waters. Here are some tips to help you get started:
First things first, you need to assess the performance of your online business to get a better overview of how viable a pop-up shop would be. Successful market research gives you a wider understanding of your customer demands, prospects, suppliers, competitors, buying patterns and market trends.
This then allows you to stay ahead of the curve and determines whether the investment in a pop-up would be justified. A good indicator of whether it is a good option for you is to examine whether similar businesses have operated successful pop-up shops.
The location and short-term availability of premises are vital for the success of a pop-up shop. The ability to put your brand directly in front of potential new customers is just one of the many benefits of pop-up shops.
You’ll get the best brand awareness when you capitalise on trends and areas with high footfall. You could even experiment with non-traditional retail environments to create social interest and a more engaging customer experience.
Finance and insurance
A business plan will help you map out your finances and make accurate projections. This will also help you identify what you’ll need to create the ideal customer experience and any resources you’ll need in the setup of your pop-up store.
Before your new business venture starts, ensure you look into relevant shop insurance policies. A business licence may also be necessary to guarantee that you’ve covered all bases before applying for set-up permission.
Encouraging customers to leave you honest feedback about their experience with your pop-up will help you make changes and amendments where necessary. Diversifying your strategy in response to customer data can set you up for long-term success.