Spending money wisely is more important than making money in your business. So, when you have a little extra cash flow from thriving sales, it’s important to allocate that spending appropriately. Updating your storefront to increase sales and foot traffic is a great place to start.
“Customers tend to spend more in a store that exudes quality and updated style,” says Kim Perkins of Retail Minded, a publication dedicated to helping retail stores thrive. “Renovating can also create a ‘buzz’ that attracts new customers as well as generate excitement in your current customer base…You send a message to your customers that you have faith in your business longevity.”
However, it’s important to note that all updates are not created equally. Some will add to the value of your property and enhance your company sales while others will cost a lot of money for very little return.
“You’ll want to weigh the cost of remodeling against the benefit in increased sales you hope to attain,” Perkins stresses. Once you’ve decided on a good renovation to increase sales and boost your business, you’ll be ready for construction. Here are a few ideas on smart ways to spend your cash.
- Add a Vestibule
Although many people don’t know the name for it, the vestibule is the enclosure between the exterior and interior door of a shop. It’s designed to make your heating and cooling system more efficient while keeping your customers more comfortable by acting as a barrier between your interior temperature and the weather outside. It can also act as a waiting area for guests as long as it’s temperature controlled, which can be extremely helpful if you own a busy restaurant.
Vestibules can be expensive to install unless you use a temporary vestibule. These come pre-made and can be easily assembled and disassembled according to your needs. They require no construction, but will add significant value to your business.
Never underestimate the power of a fresh coat of paint, an investment that costs a few hundred dollars but will last for years.
“Peeling paint and faded colors say to customers ‘no one cares about this store, so why should you?’” says Gabrielle Pickard-Whitehead of SmallBizTrends. “Repainting walls and window frames gives your store a new lease of life. It makes it look brand new, cared about and fresh, which customers will love.”
Pay attention to more than just the interior and the exterior of the home. Your business sign should also be fresh and updated.
Choose paint colors that are appealing but are also in line with your brand. You want to stay consistent with colors to make a permanent impression on customers.
- Install Customized Awnings
According to Omnibus research, 95 percent of customers say that what they see on the outside of the store is a huge influencer in their shopping decisions. If the exterior is attractive and inviting, they’re much more likely to stop.
Awnings are a great way to augment your shop’s appearance, giving it a more professional look. They can be customized to include your store’s name or to match a specific style. Find a way to stand out from the other awnings on the block while keeping with the theme of the street. An awning that sticks out like a sore thumb can upset your neighbors and be unappealing to passersby.
- Focus on Landscaping
There’s a lot of research to support the fact that plants and exterior landscaping will raise customer morale and bring customers to your door. A study published in Psychology and Marketing discovered that the use of greenery and vegetation both inside and outside the store produced a positive emotional response from customers. It reduced their stress and elicit pleasure emotions that enticed purchasing decisions.
“One of the most successful restaurants in California spends very little on ads but a bundle on the landscaping around their restaurants,” says Bob Phibbs, the self-proclaimed Retail Doctor. “There is not a patch of earth that is not blooming throughout much of the year. Why do they do this? Because they know their abundance of flowers will attract customers’ eyes, so everyone knows where their location is in town.”
You can do the same with a simple landscaping update. Even if you only have sidewalks in front of your store and very little room to work with, you can put in large flower pots and window wells. In the winter, you can put out winter-friendly plants like evergreens. Just be sure to keep the foliage watered and maintained so that it looks beautiful all year round.
Every update you make should be for your customers. Keep their best interests in mind when making renovations, and you shouldn’t have any trouble getting a return on your investment.