The Art of Navigating Brick and Mortar Business Challenges with JoJo Struebing
It has undoubtedly been a challenging time for businesses worldwide, especially for brick and mortar. With shifting business paradigms and evolving consumer behavior, it's clear that both traditional and emerging brick and mortar businesses are facing some new challenges. However, there are also a plethora of opportunities awaiting. Join Ralph Estep, Jr., and JoJo Struebing as the discuss navigating brick and mortar.
Meet JoJo Struebing, owner of a wellness center and a Brick and Mortar Academy. Taking her experiences running a brick-and-mortar business, JoJo shares priceless insights into the world of owning and operating a physical storefront business in the 21st century.
Experiential Retail: The Way Forward
Several aspects make a brick-and-mortar business stand out amidst the digital market. One of them is the fact that it provides customers with a unique experience, something JoJo and her husband focus on in their wellness center. However, retail operations are now shifting more towards becoming an experience. Creating an enticing ambiance inside the store can encourage visitors to linger and explore, ultimately leading to higher sales.
Finding The Ideal Location
Location plays a crucial role in the success of a brick-and-mortar business. JoJo advises budding entrepreneurs to put considerable thought into selecting the right location. Opting for a high-traffic location increases the visibility of the business significantly, resulting in more foot traffic and higher potential sales.
Business Plan Validation and Financing
Before leaping into the entrepreneurial bandwagon, there needs to be a thorough validation of the proposed business plan. The business concept should ideally be aligned with market need, industry growth, your expertise, and excitement about the business. Financing is another vital aspect of brick-and-mortar growth. While upfront costs may be high, there are numerous ways to secure funding, including business loans, lines of credit, or even equipment financing from financial institutions.
Resilience in the Face of Competition
Competition is an inherent part of entrepreneurship. In an age of increasing market saturation, business owners must consistently invest in making their business unique. Providing a differentiated and enhanced customer journey can instill loyalty, making your business stand out among competitors.
The Art of Negotiation and Adaptability
Negotiation is an underrated yet equally vital skill for an entrepreneur. Whether it's negotiating the lease with a potential landlord or discussing terms with suppliers, honing negotiation skills can open doors to significant savings and improved relationships. However, with negotiation comes the ability to adapt. Businesses need to be ready to pivot, especially when faced with unforeseen circumstances such as the current COVID-19 pandemic.
Final Thoughts
Brick and mortar businesses aren't going anywhere anytime soon. With the right mindset and strategy, existing and aspiring business owners can confidently navigate the challenges and reap the rewards. As JoJo's entrepreneurial journey shows, the key is to continuously evolve and adapt, keeping customer experience at the forefront of your business strategy.
