Adding Revenue Sources to Your Bricks and Mortar Store
If you run a traditional store, then it can sometimes feel like you’re limited to just what you sell when it comes to your profits.
But don’t sell yourself short just yet, because you probably have more revenue source options than you might realise. In today’s ever dynamic world, customers don’t expect any one business to only excel at one thing; they’re used to seeing companies offering a bit of everything, with one speciality (that is, whatever your core business is). Below, we take a look a few ways traditional stores can diversify their offerings and boost profits.
Look to the Web
Sure, the Internet might not seem like the most revolutionary idea. You probably (hopefully) already have a website and social media channels. However, when we say look at the Internet, we don’t mean using the web as a funnel for getting customers in store: we mean taking your business online, which effectively means taking your business global. Check out the options you have online and keep your in-store activities and web presence separate. The web can be a side project, so no pressure, but if it goes well you might find you have another constant stream of revenue coming in.
Offer Your Expertise
If you’ve been running a store for a while, you must know a thing or two about the products you’re selling and the wider industry practices. You’ll almost certainly know more about them than your average customer. As such, why don’t you consider offering your expertise? If you have a sports equipment store, you could offer sports lessons in a variety of fields. You don’t even necessarily need to teach yourself; you can hire a pro trainer to use your store as a client source, of which you’ll get a profit.
Creating a Hub
Unless you are an upmarket boutique, you’ll want to have as many people in your store as possible, as it will increase your chances of making a sale. As such, why not make your store something of a social hub? Bookstores, clothes shops, and general home stores lend themselves well to an in-store café. Buy a coffee machine, check out Kitchen Solutions Combi ovens (so you can offer food), and wait for your store to become the best café in town. You will find you have many more people passing through your doors.
If you want to get ahead in business, you need there to a bit of buzz around your company. You can do this by hosting events and getting the public into your store under a different pretence from the usual. Of course, what type of event you host will depend on the kind of store you have, but things like concerts, cocktail nights, and family fun days will always be popular with the public.
As a business owner, it is your job to look for new and innovative ways to bolster your business. By taking our tips above, you might just add more profits to your books – and have fun doing it!