How To Use Social Media When Launching Your Store

June 4, 2012

When you launch a new business or a new store – it can be difficult in the first few weeks. Getting a regular customer base takes time and it can be difficult to ensure that everyone knows about your new store and what you’re offering. A great way of giving yourself a head start though, is to use social media in the promotional process and to target locals using social media.

Using Facebook

If you set up a Facebook page for your store then why not introduce yourselves on Facebook using the already existing community pages. Most towns and villages will have a community page, so post on their wall introducing your business and perhaps giving away a promotional code they can use in store. It’s a great way of getting the word out too. Try and introduce yourselves on a few different community groups so the maximum amount of people are getting the message and being informed about your new store.

Using twitter

Twitter is another great social networking site that you can use to promote your business. Start following people that work and live around the local area. Introduce yourself with a brief tweet and don’t be afraid to have some friendly conversation with them. If you’re a coffee shop – offer them a free cup of joe if they come in and introduce themselves. You can also use hashtags to your advantage here too – making sure that you hastag your local area’s name or postcode in any updates or promotional deals. Get talking to other businesses in the local area too and network with them via twitter! The more connections you make the better!

Using Pinterest

If you are opening a clothes shop or a hair dressers or anything else with products – you could open a Pinterest account and upload photographs of your products to the sharing network. It’s a great idea for getting your shop name out and around town.

Remember over time – to continue using the social networks too. If you have a new product in store one day then why not announce it on your social networking sites? If you build up a big enough following then this will really be beneficial. You could also do small weekly promotions via your social networks too – such as a discount code or BOGOF offer code. People love feeling rewarded and by offering them online deals to collect in-store you can really encourage them to stay loyal to your store and to keep popping by.

This article was provided by Elle-Rose, a Social Media manager for Lomito and XXPress PCR. Helping people use social media for business purposes!

Leave a Comment » | Getting Started, Marketing, Timing | Tagged: , , , , | Permalink
Posted by Gary Simning

The Secret Benefits of Budgeting

September 22, 2011
Mac's retail store in Alberta

Image via Wikipedia

Do you have enough money set aside to take your business through the first 12 months of operations?

A common mistake made by small business owners is focusing on the cost of opening the store and not setting aside the money needed to actually operate the store once it is up and running. Last week I received a call from a broker trying to raise money for a client. His client had spent several hundred thousand dollars building out her store and did not have enough money left to actually open the store.

Entrepreneurs are by nature optimistic. That optimism leads to overestimating how much we can do ourselves and underestimating what it really costs to open a retail business.

Below are a couple of rules that rarely fail in business:

Rule 1: It’s going to cost more than you think. Put together your cost estimate based upon all of the work being completed by others at market rates and then add a contingency factor. Then add 20% on top of that as a reserve.

Effective project budgeting is generally hampered by two things. 1) Believing you are going to reduce start-up costs by doing the work yourself leads to underestimating the real cost of starting the business. 2) Raising money for a start-up takes time, effort and exposing oneself to rejection.  Because no likes to be rejected the tendency is to raise the minimum the business owner thinks he can get by with.

It is much better to go through the rejection and raise all of the money including the reserve than get the down to the finish line and then have to find the money to get the store open and keep it running.

Take your worst case estimate of the costs, add the 20% reserve and raise the money up front. When your store is up and running you will be happy you did.

Rule 2: It’s going to take longer than you think: Project timelines get distorted by the reality of getting people to do the work. People work to their schedules and not to yours. That goes for the people in government issuing permits, as well as, the people you are paying to work on your project. Time is money. The longer it takes to get the store open the more it costs you both in actual dollars spent and lost revenue. Build your timeline based on what it will really take to get your plans drawn, obtain all of your permits and build out the store and then add 20% beyond what you think will take to get the store open.

The 20% reserve you build into the budget and the timeline are for your use only. If the people working for you know about the reserves they will work toward the last possible date to complete the work and will use the entire amount of money they know you have available. Establish the reserves and keep them to yourself.

Finally, develop the budget in two parts. The first segment is for the construction and outfitting of the store. The second segment is the budget for operating the store. Set aside the money in the operating budget in a totally separate account and do not touch it until the store is actually ready to open. If you see that you are going to overrun the construction budget go back and raise the additional money you need. The operating budget is for operating the business.

To successfully open a retail store front business raise more money than you think you will need; budget more time than you think it will take; keep your operating capital separate from your start-up capital and keep all of this to yourself.

4 Comments | budgeting, Build-out, Coaching, General, Planning, Retail, Timing | Permalink
Posted by Gary Simning

Weekend Reading 6/24/11

June 24, 2011

Retailers Continue to Add to Expansion Pipeline. Expansion by the national and regional continues to increase, which will put pressure on rents as the chains absorb the excess space on the market.  Now is the time for the boutique retailer to take advantage of the market. A year from now the pickings will be a lot slimmer.

Startup Professionals Musings: How You Can be Viewed as a Fundable Entrepreneur.  How you present yourself and your idea can make the difference.

Live Webcast | BNET.  Very relevant for a small business owner starting a new store. Finding the time to get everything done is always a challenge.

The 5 Minute Guide To Cheap Startup Advertising. If online marketing is part of your store front  marketing plan this is worth reading.

Subway franchisees find success through perseverance » Abilene Reporter-News. I love stories about entrepreneurs who keep through grit and determination succeed. This is a good one.

Leave a Comment » | Entrepreneur, Franchisee, Marketing, Timing, Weekend Reading | Tagged: , , , , , | Permalink
Posted by Gary Simning

Marketing A New Store Front Business

June 17, 2011

If you are planning on opening a retail, fast food, or dental office in a retail site, have a marketing plan in place and functioning that kicks into gear on the same day you sign the lease for your new space.  The days of just hanging out a sign and waiting for the customers to walk in the door are gone. Develop a coordinated marketing plan designed to bring a rush of customers to your door when your business is new and fresh. This applies whether you are opening a barber shop, clothing store, restaurant or sporting goods store. It applies to every kind of store.

Marketing is one of the two keys to success in launching any business.  Innovation is the key to marketing.   Innovation within a new retail business could be the product your selling, but it should always be central to the brand and style you present to your potential customers.

A good marketing plan will integrate five different types of marketing that you need into areas you must cover to open your business with a bang.

1) Make your store front signs unique. Generic signage like “DELI” or ‘MARKET” only tell passers-by that you exist, but they do little to say, ” come in, I’m good, I’m different.” Create a brand identity to prominently display on the front of your building.  This branding will create positive overflow into all the other areas of your business.

2) Traditional media; ie. newspaper press releases, cable and radio commercials, brochures and mailings are powerful, and yet, I rarely see small businesses use one.  Tradition media is a great tool for getting yourself and your business known. They can coordinate a media blitz focused on the day you open your doors, as well as, your ongoing effort to keep your business name in the public eye.

3) Website and social media have changed forever how people shop. Having and using a website effectively is not an option it is a must. Using the new social media mobile platforms is probably a “must” for the future. People expect to see your business on the web. Static fixed websites are on the way out.  Flexible blog platforms, which allow easy updates and make for a more friendly online environment are “in”.

4) Grand openings and politicians go hand in hand. Get the word out to the surrounding neighbors, friends, set up a grand opening, which would include local politicians, radio personalities or anyone else who might drive traffic.  be sure to keep the traditional media aware of our grand opening and participating dignitaries.

5) Merchandising your store is the last element of a successful launch.   I know that large retailers spend millions working and reworking their merchandising plans and layouts.

Yes, it will cost some money to do these things. Think of it this way: you are taking the risk to open a new store so why not make a complete commitment.  Put everything you’ve got into it and spend the money that a full-blown marketing plan will take. After watching numerous stores open with poor marketing and most eventually failing  there is no question that doing it right means a complete marketing effort.

 

Leave a Comment » | Business, Marketing, Signage, Timing, Uncategorized | Permalink
Posted by Gary Simning

Save Money: Bring an Architect on to Your Team Early

June 14, 2011

A successful store opening doesn’t just happen. Having a team of experts in whom you have qualified and established a working relationship is a key element to a successful beginning. Knowing when and how to use these experts is another key.

Architects, like many other professionals, tend to specialize in specific types of buildings; retail stores, restaurants, office buildings and medical offices, to name a few. These businesses have specialized requirements when it comes to design, layout, mechanical systems, and building codes. Finding an architect who has specialized in your market niche saves you time and money.

The architect has a significant role in the early phase of your business planning process. With specialized knowledge of your type of business, the architect can help you correctly determine the optimum size, shape and specialized building requirements your business will need.  With the excitement and enthusiasm that comes with opening your own store, there often comes the mistaken idea that “bigger is better”. A competent architect will help you avoid this trap of grandiose thinking. Always keep in mind that rent as a percentage of gross revenue, for retail uses , should run between 6% and 10%. For example: good pre-planning of your space can make the difference between taking a 2,000 square foot space instead of a 2,500 square foot space. If you were paying $2.00 psft plus another $.65 in Common Area Maintenance Costs this 500  square foot difference would save you $15,900 per year. Planning pays.

Read the rest of this entry »

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Posted by Gary Simning

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