Profit is the most significant performance indicator for a retail business. The easiest and surest way to increase profit is to sell more. This is easier said than done. The reason for this is that we’re living in stressful times. Everywhere you look, there’s a little bit of uncertainty, which leads to dire consequences. The truth is that it’s hard to sell anything at present, especially if you run a brick and mortar store. You have to learn how to make money with the same amount of business. Basically, you’ve got to lure people into your store and make them spend. In case you didn’t already know, you can boost revenue without working extra hours. If you’re interested in some ideas on how to generate cash flow when your shop’s doors are closed, keep on reading.
Share space with another retail entrepreneur
In the old days, all you could see was department stores and large retailers. Right now, downtown buildings are empty most of the time and this is because merchants can’t afford to pay the exorbitant rent. Retail entrepreneurs have reached the conclusion that it’s more advantageous from a financial standpoint to share space. If you’d like to earn a few extra bucks, consider sharing the retail space with another business. You have the square footage, so why not? You can have an independent business, with half the rent. Plus, you can maximize customer exposure for both parties.
Exert caution when choosing the retail business with which you’re going to share the retail space. Make sure they don’t have the exact same offer because their products will automatically compete with yours. For instance, if you sell clothing and the other business sells accessories, you’re not a good match. If the retail business specializes in jewelry, it’s a completely different story. Consult with a real estate agent. They might be able to recommend someone. Most importantly, carefully divide the space so that traffic equally flows on both sides. Divide the store down the middle. This way, each business will have space from the front and the back of the building.
Open an online shop
There’s apparently no limit to the amount of money that you can make while selling online. Consumers prefer making a purchase via the Internet because they’re able to review products and compare multiple stores. Canada, in particular, has one of the most sophisticated markets for online shopping. Examples of shops with a strong online presence include Walmart, Canadian Tire, and Etsy. You too can have a piece of the pie. If you have an online store, you can receive orders outside of business hours. You’ll be selling products all the time.
Take your brick and mortar store online but don’t forget about in-store sales. Experts like IDL Displays strongly recommends merging the online and offline retail channels. Here’s an idea: display online-exclusive products. Point-of-purchase displays will highlight those particular products and draw customers’ attention. Take into account your budget, as well as your footprint, when deciding on POP displays. A product glorifier is what you need. This display will call attention to one product in the line. It contains visually compelling elements, such as graphics, that promote your brand through storytelling. It can be as simple or elaborate as you want it to be.
Take advantage of the power of in-store events
There’s nothing stopping you from hosting events to generate revenue. You can build jazz and, of course, nurture customer relationships. If it’s well-executed, the in-store event will be a success. People who wouldn’t normally step foot inside your store will be there. They will act less guarded during the event and they might even want to buy a product or two. It’s the best thing that you can hope for. People will understand that you’re not simply running a shop. You’re giving back to the community. Ideas for in-store events include launch parties, workshops, and community gatherings. Maximize the available space and staff for the extra cash. It’s worth it.
When the festive season arrives, you can make a great deal of money. People organizing events are always on the lookout for opportunities to save cash, whether it’s entertainment or friends’ parties. You can set limits, though. No more than, say, 20 guests will be allowed on the premises. You don’t have a saying when it comes down to the topic or theme, but you can impose clear conduct. Make sure people don’t destroy the retail space. The Internet is the best place to spread the word about your intentions, but don’t give up on the personal touch. People’s inboxes are inundated with dozens of advertisements, so if you want to make a good impression, get in touch.
Don’t ignore affiliation
Your brick and mortar store can generate revenue outside of business hours. But how? Well, you can tap into affiliate marketing. The idea behind affiliation is that you promote other people’s products and services and earn a commission for your efforts. To put it simply, you earn a commission every time your partner makes a sale. You can choose to promote a product that has value and meaning from an affiliate marketer. It’s a win-win situation if you think about it. You distribute offers and ensure a stable income. If your efforts turn out to be successful, you can join even more affiliate programs.
Generally speaking, promotions have to be attractive enough to catch shoppers’ attention. Percentages of the retail price tend to work. Require shoppers to provide their email address to take advantage of the promotion. Most importantly, you need to build a powerful marketing partnership. The affiliate can connect your brand to new audiences, which can turn out to be a lucrative business. It goes without saying that affiliates are experts in their markets, so they can help you with your marketing. Once the program takes off, you will see spectacular results. It’s worth the try, anyway. If you invest some time and money into affiliate marketing, you can create a profitable business venture.