07September

Pop-Up Shops: How Your Small Business Can Gain Attention on a Budget

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First off, what is a pop-up shop? It’s a form of “flash retail.” Whether it’s for 12 hours, a week, or one whole season, you might decide to host a temporary “shop.” Ideally, the pop-up exists during a period of high demand. Maybe a major sporting event is being hosted in your town, so there’s an influx of visitors. Or maybe it’s a seasonal holiday. Whatever the source of the demand, a pop-up shop takes advantage of it by setting up in a temporary space, such as:

  • inside of a store with a similar audience
  • a gallery
  • an event space
  • outdoors or on a street corner
  • a kiosk or booth inside a mall
  • pop-up marketplace (if your city offers one)

Pop-ups have become wildly popular in the past few years. Tandem’s hometown of Greenville, SC has a new relationship with SkillPop, a community that offers pop-up classes in creative topics, such as hand-lettering, watercoloring and basic photography.

Testing the Waters with a Pop-Up Shop

You might be asking: what’s the point, why not just invest in a real brick-and-mortar or an e-commerce shop?

The great thing about a pop-up shop is the fact that there isn’t a big financial commitment. It’s a way that a budding business can test a new product or service, explore a new market or simply build up attention.

It’s mutually beneficial.

When done right, a strategic partnership between two similar businesses — or even two businesses with a similar customer base — can be mutually beneficial. For example, an artisan might do a pop-up selling seasonal handmade soaps at a local coffee shop. This partnership could result in higher foot traffic and attention than if the coffee shop kept up business as usual.

A pop-up shop can improve brand visibility.

With access to the global market at our fingertips, it’s not always easy for fledging businesses to make a name for themselves. With a visible pop-up location, clear branding and something for shoppers to take home — a business card, SWAG or a coupon redeemable online — your shop can start to make an impression on a local market.

It’s less expensive than owning a traditional shop.

The pop-up only pays for the time they spend in a space, which makes this much more affordable than investing in a full-time space. It’s also convenient for bouncing around in different cities and testing different markets to see where your niche audience lives. This trial-and-error time allows small businesses to save up capital until they can afford a more permanent space.

An Alternative Solution for Building up Capital: Partner with Tandem Payment

Another solution for a profitable, credit-worthy business that needs working capital is to partner with Tandem Innovative Payment Solutions. Our Merchant Cash Advance program allows businesses to turn their future credit card sales into working capital. For more information, visit http://www.tandempayment.com/merchant-cash-advance/ or give us a call at 864-672-1570.

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