For a small business, a good location is an integral part of setting up and running a successful business. But with modernization and high cost of living, getting a busy location with affordable rates can be a toll order. This is because such locations cost more in rent and other subsequent leasing costs.
However, with malls, an entrepreneur has an advantage of setting up a kiosk or taking up a stall at affordable costs. For small enterprises running on a budget, the advantages of a busy location include improved revenue and increased marketing exposure.
If you are thinking of setting off your business on a profitable foot, you should continue setting camp in your favorite mall. Here is why.
- Increased Foot Traffic
An important element of a business’ location is high human traffic. Areas with large foot traffic experience a significant boost in sales. The steady human traffic in malls offers businesses a ready-made customer base for your goods. You can grab the attention of customers by advertising pricing deals and putting out banners detailing your product range.
- No Long-Term Contracts
With a stall in a mall, there are no limiting long term lease agreements. This is a huge plus for someone who has just started implementing their business idea. Especially with the kiosk option, you do not need to worry about struggling to meet the end of your contract while your business is visibly struggling. Many malls provide month by month contracts to small businesses. This lease flexibility is good for your business.
- Low Start-Up Costs
If you are an entrepreneur without access to large amounts of funding, a mall kiosk is advantageous. A mall presence accords you free marketing, human traffic, security, shelving for merchandise and exposure. The cost your business will shoulder is rent only. If you do not have a large start-up budget then a mall stall is your best bet yet!
- High Marketing Options
All startups budget for marketing and advertising costs. The advertising amount covers radio, print and sometimes digital marketing to create awareness and necessary visibility about your business. In a mall, you are at liberty to experiment with different marketing approaches that can eventually prove to be inexpensive.
- Improved Vendor Relationship
The high foot traffic in malls can make you a popular customer to your vendors. Manufacturers that want to launch new products to a company that can create significant exposure will see your busy area as a prime location for such a promotion. The more your vendors utilize the target audience available at your retail store, the more attention you create for your business.
- Wider Variety of Potential Customers
A mall offers a wide variety of potential customers. Cross sections of many different marketing demographics pass by your retail location every day and give you the chance to offer a wider variety of products that can improve your profit margin.
The top tip for this is monitoring the kind of customers that come into your store and begin to offer products that would sell quickly. For example, if you have a clothing store that is frequented by parents with young children, then setting up a small candy counter could prove to be profitable.