What Steps You Shouldn’t Skip When Turning a Side Hustle Into a Physical Shop

Turning a side hustle into a physical shop is an exciting prospect. You’ve likely just had a moment where you’ve realised this side hustle shouldn’t actually be on the ‘side’ anymore. It deserves its own space, a dedicated storefront, and the resources to turn it into a full-fledged business. 

But before you get too ahead of yourself, take a step back and think about where you’re going. Imagine you’re on an obstacle course, and there are dozens of hurdles in front of you that might trip you up. Either you can run towards them headfirst and hope for the best, or you can take a moment to consider each obstacle, how it might impact your progress, and plan your next few steps carefully. 

This is what you’ll need to do if you want to turn your physical shop into a success, and to help you out, we’ve listed all the steps you shouldn’t skip when launching and scaling your new storefront.

Get Insurance. Now.

Sure, you might have insurance for the business itself, even if it’s been a side hustle up to this point. But if you’re taking the leap and turning it into a physical shop, you’ll need to be prepared for all the risks that come with it. 

Even before the shop is in operation, a fire or a theft could cause serious financial loss, so with this in mind, it’s your job to check out the best property insurance quotes and get a policy that provides adequate coverage.

Choose the Right Location

Another thing you’ll have to think about before charging forward is location. If your business has been a side hustle up to this point, and this is the first time you’re giving it the storefront treatment, that means you’ve likely been operating online. 

This means that location hasn’t been a major factor until now, but moving into a physical shop changes everything. You’ll need to consider foot traffic, accessibility, and proximity to competitors. Everything that might affect visibility or convenience, you’ll need to think about if you want your customer visits and sales to be as good as they should be.

Secure Financing

This will also be important when it comes to securing financing, which is something you’ll need to do if you want to fund the shop effectively.

Even if you think you have enough capital to cover startup costs and early operations, having access to additional funds will be critical in helping you handle any unexpected expenses, and that can only be done if you’ve got a business that works in every aspect – including location, layout, and operations.

Create a Solid Marketing Plan

Another step you shouldn’t skip is marketing. Sure, your side hustle may have been working well online, or out of your own home, but that doesn’t necessarily mean it will translate to a physical storefront. 

If you want to attract new customers, you’re going to need a plan to reach your target audience, generate traffic, and ultimately create awareness about your new shop on the high street. This includes strategies like local advertising, specific social media campaigns, email newsletters, and even partnerships with nearby businesses, which brings us nicely onto our last step…

Don’t Forget Your Neighbors

You’re operating from a physical storefront now, so the likelihood is, you’re going to have neighbors. While some of these neighbors might be competition, many can also be valuable allies, so make sure you build good relationships with nearby businesses if you want to boost your foot traffic and customer base. 

Whether it’s cross-promotions or word-of-mouth referrals, being part of a supportive local business community can be crucial for helping you navigate the challenges of running a physical shop, and can even open opportunities for collaborations or perhaps resources that you might not have access to on your own. 

Either way, it’s yet another crucial step that can work in your favor if you take it, and could work against you if you decide to give it a skip!