So you’re a retail business (cafe, restaurant, business)? I want to help you.
Understand the power of foot-traffic.
Your business thrives or dies on foot traffic. The reason you pay more to be in a shopping centre is because they deliver CASH to you. Don’t despise the landlord. Don’t mock the centre management. They are your cash cow. Seriously, so many retail businesses don’t understand foot-traffic. I’ve seen same business open on two sides of the same street. One side has heavy foot traffic due to train station access and McDonald’s and the right mix of other shops; the other side has cheaper rent; and time and time again the one on the wrong side of the road fails. You need to be on the right side of the road. I see many businesses who start on a crappy street with no foot traffic, thinking they have a superior product or a great idea. It doesn’t matter. You must have foot traffic.
Know your business model
What are you really selling? If you are a cafe are you selling convenience? Are you selling prestige? Are you selling health? Are you selling social-interaction. Know your business model and then do everything towards that business model. Change your colour, font, brand, products, waitress, music to serve that target customer. Personally I will go to a cafe with water, newspapers, power-points for my laptop who are serving CRAP coffee over one that has bad atmosphere and knee-weakening coffee.
What can you up sell?
Many business don’t up-sell. Up-selling is selling something more with your core product, or taking more from your customer for the same product. I’m at a Cafe today and they offer free wireless. I saw a customer order an OJ and asked the waitress for the password. She told him. Up-selling is asking for the customers email address in exchange for the password. Then you build your list.
Once you have a location that delivers foot traffic, know your business model and up sell; just watch the cash roll in.
See my products page for more information on how ideas can help you.