Leasing retail space is expensive so before rushing out to sign a commercial lease it's important that you prove that your products will sell. This applies to anyone wanting to open a retail business including health spas, restaurants, hair salons or any store that sells merchandise.
Do people want to buy your products at a price that you can profit from? If you don't know you need to determine if their is an active market before doing anything.
Ways to Sell Products Without Leasing Retail Space
1. Flea Markets
Consider renting a booth at a local flea market. There are a great way to test the market with your products. You can rent on a daily or weekly basis. You can find flea markets that are outdoors, indoors, upscale, or downscale. Just ask a lot of questions about each one and what type of customers typically visit each. Then pick the one that more closely relates to your target audience
2. Sell Retail Products Online
Amazon is huge right now. Looking into selling on Amazon whether you ship or if you use FBA. You can also test the marketability of your products on Ebay and Craigslist.
3. Wholesale Products to Local Retailers
Talk to existing retail shops who sell products that could potentially compliment yours. Do your homework to determine which ones sell to your target customer. Try to make distribution deals with these existing retailers. This might require that you discount your products and potentially not make much or any profit however it will help you figure out which of your products will sell………..and…………..at what price.
4. Home & Office Product Parties
Talk to a bunch of women and find out what types of products similar to yours that that interest them. Then organize small parties or meetups for groups of women who are interested in buying your type of products. You could also invite a few other retailers. This would be a low pressure atmosphere.
5. Restaurant Retailing
Visit a few restaurants and ask them if they would let you model your accessories. You could go from table to table showing off your products. Offer to give the restaurants commissions on any sales generated.
Benefits of Selling Products Before Leasing Retail Space
If you are able to try selling your products at different venues you will gain a lot of valuable information about your target audience and how to position your product to sell the best. Below are a few benefits:
- You find out which products will sell
- You discover the best selling environment for each product
- You determine the best price at which your products will sell
- You learn how to sell your products. Which sales approach works best for the type of customer that you want to attract
- You will generate cash to run your business
- You will know what products to stock in your store and how to price and package them
- You will know where products sell the best
- Gives you the opportunity to fine tune your products.
By not leasing retail space and first testing your ideas and sales via person to person, home based parties, etc if gives you the opportunity to fine tune your products and marketing. Once you determine that your products will sell at a price that you can profit from then you are ready to find and lease retail space. If you need help finding Austin retail space for lease give us a call at (512) 861-0525