One of the latest trends hitting the retail world is pop up stores. Instead of being burdened by the cost and upkeep of a physical store, you can offer your merchandise on a short term basis, usually located near an event or large gathering. However, there is a great deal of planning to make this type of business successful. Here are a few tips to opening a pop up jewelry shop.
The Purpose Of a Pop Up Shop
Before you jump into the planning of your store purchasing equipment like displays and a Jewelry POS System, you should understand why you want to choose this method. Pop up shops are a great way to get your name out in front of potential clients. Once they get to know you and what you offer, you can consider setting permanent roots somewhere. It is also an option if you want to avoid the internet and the costs that come from shipping products to people who order them. They can come to you, buy what they desire, and take it with them the same day. It is also an idea in the event that you are less than sure if your concept will be popular. You can gauge customer approval and, once you know it is hit, you can find a location to grow from.
Analyze Your Finances
Another aspect of the process that you should keep in mind is whether you will be able to afford this venture. Since it is short term, you have to find a place that will let you lease for only a couple of months. There is a chance you will locate a facility to rent, however your payment will be high than you would typically expect. You will need to budget this along with your marketing expense, payroll if you intend to hire employees, and the materials that you will require to create your merchandise. Research these items and calculate the approximate grand total. If it is higher than you can handle personally, you may have to look into financing options available to you. While you may be passed over for a loan, you can think about a line of credit or utilizing a credit card.
Find Your Target Market
You want to set up shop near people who will be interested in what you sell. If your jewelry is high end, you will want to find an upper income neighborhood to open up in. Pieces that are more fun and modern might suit a crowd near a college setting. Think about the audience that you wish to cater to. Document what their age range and incomes are as well as any other demographics. You will want this data later as you plan your marketing campaign. Use the information that you assembled to find the area of your community that you want to be in. Share it with your real estate agent so that they can help you find a place that will be perfect for your temporary home.
Apply ForYour Permits and Certifications
Before you can set up shop, you must have the correct permits and certifications on hand. It can take weeks to receive the documentation once it is approved, so keep this in mind as you planned the opening of your pop-up store. You will need a sales tax number to account for what is owed to the area that you live in. You will also need separate digits if you intend to hire employees to help you even if they are temporary. Look into what forms you need to fill out and submit in the fees that are required for each one. Do this as soon as possible so you will be ready on your first day of business.
Make the Items That You Wish To Sell
Although you have been producing inventory for your store throughout the process of setting up the pop-up shop, you may want to continue creating jewelry as much as possible. You may find out that the space you are renting is larger than you anticipated and must be filled with stock. Purchase extra materials so that it is on hand when you need it. Consider enlisting help to finish any items that are outstanding or to begin additional pieces. You are excited to become part of the new fad and open your pop up jewelry shop. Setting a budget, finding the right location, and determining your target demographic can help you find success in this venture and get your name out in front of potential customers.