Pop-up shops are temporary retail spaces. This short-term approach to running a business may be a good way to let you test a business idea or try your skills as a business owner. If you are already in business, a pop-up shop may help you to build your brand and increase sales. The following tips outline how you can successfully set up a pop-up shop.
1. Research your market: Make sure you’re fully aware of the marketplace that you plan to operate your pop-up shop in. Research significant trends, drivers and potential competitors. See market research and market reports.
2. Find the right premises: Location is a key element to pop-up shop success. Take time to find quality premises in a good location and negotiate the right deal for a short-term let. See renting business premises.
3. Get the finance right: Every new business needs money when starting up and pop-up shops require good levels of stock to start-up. Create realistic financial forecasts and research finance options that are right for your business needs. See business financing options - an overview.
4. Market your pop-up: The short-term nature of a pop-up shop means your marketing should be innovative and targeted to provide the greatest impact. Access local networks to create a buzz for your pop-up and use social media to generate interest and engage with potential customers. See create your marketing strategy.
5. Protect your business: A pop-up shop may find difficulties in stock storage and business security. Theft of stock could cripple a short-term business. Assess your risks and make security plans to ensure your business remains safe. See business insurance: the basics.
6. Employ short term staff: Employment law still applies to short term businesses so you must know about the steps you need to take when employing people in your pop-up shop. See recruiting staff.
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