The way we do retail business has changed as businesses and brands must now focus on the moment. Therefore, pop up shops to rent London are gaining traction fast. Talk about food shops, galleries or brand experiences pop up shops are everywhere. They come in all sizes and shape while delivering a powerful experience for businesses.
The temporary nature of pop up shops often comes with both opportunities and obstacles. Right from finding a suitable space fitting it cost-effectively, to identifying the right insurance, there’s so much you need to do within a short time. However, you can overcome most of the challenges by getting the set up of your pop up shops to rent London right.
Here are tips on how to create and launch your mobile shop or pop up shop:
1. Get to know the costs, regulations and rules before you invest
There’s a certain degree of red tape associated with setting up a pop up shop. Therefore, you need to find out the rules, regulations and costs involved before you invest your money. In most cases, business rates are often the next biggest cost after rent.
Business rates may be payable from the first day and could be up to 50% of the amount you’re paying in rent. Other factors you must consider include service charge and insurance. Although short term tenancy doesn’t require you to carry out repairs, it’s safe to read the lease carefully just to be sure what’s included.
The property owner’s insurance usually covers the rental space but you may still need a comprehensive short term cover to take care of the public, product liability and employer. Others include contents, business interruptions, stocks and fixtures and loss of profit. Like any other small business, check if you require a license and make sure you comply with employment law.
2. Test your products on the public; Establish a low-cost pop-up shop
The nature of pop up shops to rent London allows both established brands and newcomers to try out new ideas and capture customer experiences. You can use them to test a market or a product, capitalize on a new trend, create a brand experience or tap into a national event.
You can set up your pop up shop to establish how well your products will sell before setting up a permanent location. It’s at this time that you can also spot lost revenue opportunities especially when you run out of supply and have nothing to offer your customers for the rest of the day.
By testing your products on the public, helps you to understand what products sell better so you keep that in mind when planning stock. This simple revelation could result in a dramatic increase in revenue.
3. Find the right location for the right price
Choosing the right location is one of the most important steps before launching your pop up shop. You need to find a location with high footfall as this has a direct impact on your brand’s publicity and how much business you can generate.
You may also want to consider your target demographic coming to a particular location. Remember a high number will be meaningless if it doesn’t translate to sales. Make sure you research so that you find a location that captures your target audience.
4. Fit-out the pop up location
You can’t overlook the value of aesthetics to your pop up shop to rent London. How your shop looks will determine to a great deal how your business will fair. Even then, you don’t have to break the bank for a perfect fit-out. You can do this on a budget and infuse a little creativity to stand out as an interesting shop.
Take advantage of local and friendly suppliers to fit out your space on a budget. Alternatively, you may want to think of a partnership with another brand that will complement your own.
5. Start creating a buzz
You need to get a word out about your new product or brand by creating a buzz for your pop up shop. This is an excellent way of driving footfall to your business. You should begin before the launch and maintain the momentum long after launching. Use social media to create content that is shareable and will keep brand enthusiasts engaged.
When your brand becomes the most talked about thing on various social media platforms, you can be sure to attract huge numbers to your pop up shops in in London. Be sure to monitor the conversations that are being generated by reviewing social interactions and responding to mentions. This will help build brand affinity.