The Costs of Opening a Store: Marketing, Store Signs, Rent, and More

Opening a new store is a costly endeavor, but an extremely rewarding one if you take the time to plan it properly. When looking into opening a new store, you will need to think about several logistical things, like buying the appropriate in-store and outdoor store signs, marketing efforts, a physical location for your store, hire a staff (if required), logistical equipment, and more. While this may seem like a lot, and it is, with the right help, the process can be simplified. Here at Vital Signs, we specialize in helping businesses create an effective store sign.

The Importance of the Store Sign

When customers look at your store, one of the first things they see is your store sign. Their initial interaction with your store is dictated by the quality of your store sign, and if it is compelling, it will convince them to check out your products. Once a customer is inside of your store, the next thing they will notice are your indoor store signs. In order to help ease your customers shopping experience, you must strike a balance between a high quality outdoor store sign and indoor store signs.

When designing a store sign, take the time to choose the right size, font, and colors. A bad combination of those features will turn customers away from your business and possibly drive them to your competition. Take the time to put your store sign in a location that helps its chances of being noticed. Follow all of these steps and put your signage to work for you.

Rent

One of the most expensive costs that deters people from opening their own store is rent. Over time, rent goes up, and in most major cities, it is pretty expensive to rent a commercial space in a prime location. When renting a store, you will have to sign a rental lease and put down a security deposit for your location. Most landlords will want you to pay first and last month’s rent as well.

Improvement Costs

Once you have a location, it isn’t ready to go yet. You need to outfit it with logistical equipment for your business, including a store sign. For example, a clothing store needs to install tables and racks, a grocery store needs food stands and displays, and a restaurant needs tables, a kitchen, and other fixtures. All of these improvements cost money and will directly impact your startup costs.

Depending on the size of your renovation, you should budget a large portion of your startup capital towards getting your store ready for operation. You want your customer’s first impressions to be positive and not damaged by a dirty or improperly set up store. If you are serious about opening a store, do it right the first time, and have the work contracted out to experts.

Marketing

Marketing is one of those words that makes people nervous. A solid marketing campaign can be expensive, but avoiding one altogether can spell the death of your business. Without proper exposure, potential customers may never know that you existed. When starting out, set a realistic budget for advertising and make sure to stretch your dollar as far as it can go. Don’t pay for expensive advertising upfront; instead, invest in things like a solid store sign, outdoor signs, and SEO. These may not be as flashy as a TV ad, but they will help spread the word about your existence.

Vital Signs is dedicated to helping businesses, both small and large, find the perfect store sign for their company. We offer our services to clients in Toronto, Thornhill, Richmond Hill, and throughout the GTA. If you have any questions, please feel free to contact us today.