A Side Hustle Retail Store: 3 Things You Really Need To Consider

October 20, 2022

 caravan sonnet

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When people talk about side hustles, they tend to focus on e-commerce stores or something that is easily done from a home office. But for some people, this is not enough, they have to go where the action is. If you like the idea of a business that can provide a service to people but you don't want to go via the online route, opening a retail store can make a massive impact. However, you've got to think about some of the following before you open a retail store as a side hustle. 

The Location

When we open a store it's not necessarily just about finding the cheapest space that's gone unused for some time. Location is everything because of foot traffic. A retail real estate developer can give you insight into what you would need to do here, but when you are looking for a place, you've got to check out who's been there before you. The history of businesses in a specific location could be a major red flag because while you may have a retail store that covers a lot of bases and you anticipate a lot of customers if it's in a remote location or small town, you've got to be realistic, which is why the next point is pivotal.

Diversifying Your Services

Naturally, people are opting for online stores as business ventures because there's a lot less physical effort. However, if you feel that a physical store is the way forward, you've got to diversify your services and also recognize that people will want to order things online. Ensuring that you don't just sell items in store but can deliver items to people will provide a far more competitive service. In addition to delivering, you may also want to consider the option to collect from a specific location that is not the store, like Amazon, which means people don't have to go out of their way to pick up an item. This might be worth your while if you are in a more remote location. 

The Feasibility of the Project

Opening a retail store as a side hustle means that you may very well only be opening the store a few days a week. The problem in doing this is that you are potentially missing customers that may have just dropped in to have a browse. You have to ensure that if you are opening a store for a few days a week, you aren't shooting yourself in the foot by not opening for longer. 

Ultimately, there's a lot you can do with your free time when you purely operate a side hustle, but many retail store owners find they end up putting more hours into maintaining their stock and keeping the store open. A retail store is something that is pretty rare in the modern day because everybody's going online. You may have an amazing idea that brings back that sense of charm into retail, but if you are considering opening a retail store as a side project or as an extension of a business, these are just a few things you should bear in mind.

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