Is There Space on the High Street for a New Brand?

The face of the high street is rapidly changing. Well known shops and brands that have been major players on the high street are closing their doors for the very last time. This could be due to many reasons, steep rises in rent and the fact that people are doing more and more shopping online to name a couple. With financial uncertainty being at the back of consumers minds, people have become much more savvy as to the way they shop and where they shop. When making purchases consumers are likely to search to find where they can get the item at the cheapest price.

It would be an easy conclusion to make that opening a shop on a highstreet may not be a good idea in the current climate, however the closure of some of the big retailers has allowed many small independent retailers to establish themselves and become successful. Even though consumers like to secure the best price possible when shopping, they are also keen to be as eco friendly as possible. This means that consumers like to know where products originate from and there is a desire to “keep it local”, which is excellent news for small independent shops, bars, cafes and restaurants.

If you have always fancied being a shopkeeper, it may be a good time to take the plunge. As long as you research gaps in the market in your local area you could become successful.

Find Your Unique Selling Point

You need to identify a reason for people to come into your shop rather than shop online and market it effectively. It is important to bear in mind that thought needs to be given as to how you will protect your business from fraud as small business retailers are susceptible to damage. Ensure you consider effective ways of identifying a customers identity for purchasing items, you don’t want to become a victim of credit card fraud. Jumio’s Netverify is a leader in providing a service for trusted identity verification.

Choose to sell products that are a little bit different and that will cater for a niche market which is presently not catered for. You also need to develop an online presence.

Test the Market

Signing up for a lease on a bricks and mortar shop is not a decision to be taken lightly and even if this is your final aim you could consider making small steps first in order to achieve your final target. You could test the market first by selling from markets, website, a pop up shop or you could perhaps convince an existing shop owner to stock some of your range. Once you are sure your product has a market you can then expand into your own premises.

Develop Your Brand

Careful consideration needs to be given to your new businesses brand. Choose a name that is easily remembered and develop your name into a logo and all marketing materials. Your shop front is your advert, so make it appealing and eye catching. Your aim is to draw people inside.

Organise a grand opening and get the local press involved. You need to tell everyone you are “there” and what you are all about! Create a buzz and give customers a reason to revisit your shop.