And don't even think about a mall. Yes, the traffic could be high (although mall attendance has fallen sharply in the last decade) but the rents and rental contracts will scoop off most of your profits.
Why you can't make money on a small business.
The truth it has always been hard to make money in a small retail business. The main reason is that you need your store to be in a high-traffic area. AND it needs to be the kind of traffic that matches your ideal buyer. To get that, you need to pay high rent. Landlords make money, not the small retail store owners.
Service businesses sometimes do better if they can fit into an industrial area such as car repair, but don't try to start a hair salon anywhere but a location that is inviting to your customers.
So, location is the most critical factor in retail success. Here are two more items that will eat into your profits.
- Employees ~ you need to be sure the store has reliable employees for all the hours it will need to be open, What will you do if you only have a single employee and they don't show up? When a customer finds a store closed when it is supposed to be open, it is the beginning of buyer turnoff.
- Advertising ~ Where and how to advertise is always a problem. And it's expensive. The average person needs to see a brand name 7 times before they take action. That represents a LOT of money for you, the small business owner.
Put your business on wheels!
Move to the customer instead of waiting for them to come to you. And don't pay high rent that might not fit your ideal customer. Try new areas and test your market.
Don't pay employees
Set your own hours and work the store yourself. Don't worry about payroll and unreliable employees. You are open the hours YOU want to be open.
Advertising is simple
Since the growth of food trucks, several local sites will allow you to post where you will be and when. Pay a small amount for the use of a parking lot at certain times. As businesses want to return to employees working at the office, sell them on the idea of providing your products or services to employees by putting you in the easily available parking lot.
Advertise locally on social media.
Offer specials and post often where you will be
Take advantage of being unique
A business on wheels is unique and attracts buyers and clients because it's different.
Order your business on wheels in a variety of lengths. We can custom order for your special needs and the final price will be less than a rental unit. If you don't like your business at some point, sell it. If you move or have to relocate, take your business with you. It couldn't be easier or more profitable. AND, you can FINANCE YOUR BUSINESS the same as you can finance a rental unit! Check it out today!
Let's talk about how you can open your own successful business
We are happy to give you one on one ideas of what kind of business would fit you!