Pop-up Shops – The Recipe for Business Success

So you’ve got an incredible product or a brilliant business idea, but the thought of those crippling overheads of setting up shop on the high street are putting you off?

Because let’s be honest, since the turn of the recession the streets are now lined with abandoned shops that give a clear sign of the times.

But whilst every business now seems to start online hope is on the horizon with a quiet revolution that has been taking over the UK’s streets.

If you’ve recently had the chance to visit Shoreditch or even walk down the seaside promenade, the once sad and lonely streets are becoming a hive of colourful activity of pop-up shops.

A trend that could lead you to success, a recent report by the Centre for Economics and Business Research revealed that pop-up schemes are providing a welcome boost to the UK economy by contributing an estimated £2.3 billion each year.

From clothes and crafts, to a la carte food and drinks, if it could be sold from a shop, you’ve got a lucrative business option that can help you test the waters, build your brand and validate your product, all without getting into huge financial debts with a standalone space.

People still love to touch, feel and smell. As consumers we’re driven by our senses when we make a purchase, whether we realise this or not, and if you can set-up in a location where you know you’re going to have passing trade then you’re guaranteed customers.

And because you’re mobile you can set-up shop at any location without restriction.

Perhaps the biggest pop-up trend has been the growth in the food industry, as independent companies have been able to compete with even the biggest brands by setting up at festivals across the UK. “We’ve seen an increased demand for collapsible canopies over the past few years as pop-up restaurants want to provide the same quality of food, and keep the hygiene standards as you’d find in a traditional restaurant”, comments John Ellingham from Canopy UK.

Taking advantage of this phenomenon is not only cost effective for small start-ups, but it offers you a valuable insight into how people react to your product and how you can improve it.

However if you’re considering taking your business on the road, there’s a few points to consider to ensure you take advantage of every opportunity.

Cash Only

It’s rare that anyone carries a lot of cash on them, especially now that contactless payments have been introduced.

So rather than miss out on passing trade because of your rather lonely looking ‘cash only’ sign, invest the a few pounds in an electronic point of sale terminal (ePOS) and card acceptance device.

Not only will this be more convenient for your passing customers, you won’t have the worry of having to protect large amounts of cash.

Location Location Location

Whilst there are now several ‘permanent  pop-up’ locations such as Pump Shoreditch and Greenwich Market in London that you can try before you go mobile. Think about your target audience where they may be, is there somewhere near by that you’ll be able to capture them. Perhaps when they’re on their lunch break or on their way home from work.

Alternatively think about how you want to represent your brand. What’s the backdrop that will drive your message home?

Capture What You Can

Of course your biggest downfall if you can even call it one, is how are your customers going to continue to find you once you’ve packed up for the day and gone on your way?

You may have one pop-up location but if you do visit multiple sites you need to think about how you can drive people to return and gain some kind of customer loyalty.

Capturing their email addresses to keep them updated with where you’ll next be, and even encouraging them to follow you on social media can ensure that you continue to engage with them even once they’ve left your shop.

Make it an Experience

Ask yourself the question of why pop-up shops are so successful and part of the answer will lie in the simple fact that they offer something different and unique. A new experience your customers don’t get from a traditional retail store.

So don’t forget to embrace your customers and make them feel special.

Your customer service will be the key to your pop-up shop success, and if you can depend your relationships with customers you will soon drive sales.

The possibilities are endless with the opportunities a  pop-up shop can provide.

Build your business on this exciting new trend and you could find yourself a bigger success than you imagined.