From retail chains and restaurants to medical and service centres, getting a business up and running is a serious challenge. Spotting business opportunities within your commercial property while the cogs are already turning is another challenge altogether.
Through this short read you’ll be presented with valuable ideas for commercial development and opportunities for your business to grow. Over time, these opportunities will help you provide a better service and generate greater revenue from your property.
Modernising Through Commercial Development
It doesn’t matter what business you own or service you provide, everything is subject to the passage of time. Working in the business every day can blind you to how worn an interior has become, either from customer use or slow deterioration.
Engaging in quality commercial development can bring your business a modern and stylish design. Installing and updating facilities like seating, entertainment and air conditioning makes a large impact when people are waiting for their food or to see their doctor. Elderly customers in particular appreciate these kinds of improvements, while new customers are enticed to return.
A refurbishment or commercial renovation is an excellent way to provide the business with a facelift and improve the experience for patrons without making fundamental changes. The important thing is to partner with commercial developers that know what they’re doing. Our partners at Conform Developments pay particular attention to both the function and beauty of any space. You can read more about their work here.
Developing Commercial Offerings
As a provider of goods or services, there’s always more you could be offering those who step into your establishment. By expanding the items and facilities on offer you’ll be taking advantage of these business opportunities, creating a more comprehensive experience for your patrons.
A new coffee machine within your café ensures a faster, smoother brew. A food warmer satisfies those looking for more than a drink. Together, these small changes help maintain the quality service your business is known for.
Looking at your current business model and changing up what’s on offer can be an excellent way to capitalise on your current patrons while bringing new ones through the door. We offer comprehensive expansions in this area with many options available.
Develop Your Business With Training Opportunities
You’re invested in the success of your business. But the reality is that in most cases your staff are not. Staff complacency is a common pitfall for business owners who expect everyone to have the same passion for service as they do. In reality, the staff need as much attention as the facilities or business model. It’s undervalued by many property owners, but this is a serious business opportunity for those who seize it.
Having your staff retrained or implementing routine training ensures that everyone is on the same page and working in uniformity. This can be especially vital in businesses where special machinery is operated or where food is prepared.
Adequate training is a genuine business opportunity. It creates an environment that’s clean and organised, along with a consistent quality in your goods and services. Patrons want consistency – providing it will keep them in the business. For more information on staff training, read up on our comprehensive approach here.
Maintenance Makes Money
What’s just as important as bringing new customers in is keeping the ones you already have. Maintaining the services and facilities people expect of your business can be the difference between a smooth operation and a decline in growth.
All businesses require basic facilities like access to electricity and water, but some rely on machinery unique to the service. One example is service stations – if the fuel pumps malfunction and can’t be used, the ramifications on the business are severe.
Regular maintenance will prevent both disasters and inconveniences for patrons, keeping your business running at full capacity at all times. You can read more about reliable maintenance solutions here.
Rewarding the Regulars
Loyalty programs are only becoming more common in the modern day. For regular customers a loyalty system is often the factor that has them going out of their way to spend at the business. Needless to say, it’s a business opportunity you should be taking advantage of.
Loyalty programs are an excellent incentive for customers as in most cases they’re presented a physical reward for showing their patronage. The most common are food and drink rewards in the format of “Buy 10 Get 1 Free”. People will return to your business and order with friends specifically because they’re promised a reward, even if they never redeem one. Because of this, it’s vital that owners make the most of this business opportunity in their own stores.
Take a look at your cost of operation and evaluate if you have the opportunity to give back to the patrons who support you the most. Read more about the possibilities of commercial development with loyalty rewards here.
Business Growth Through Partnerships
One avenue many business owners don’t consider is developing partnerships with others in your community. It’s worth reaching out to the businesses around you to see if a relationship can be built. This is an especially valuable business opportunity if it’s one that’s mutually beneficial.
In the best case scenario, there’s the possibility of striking up a long-term partnership. It’s easy to think of examples like Drake’s Supermarkets and their fuel vouchers. Shop at a Drake’s Supermarket and you’ll be entitled to four cents off per litre the next time you fill your vehicle up at one of many partnered fuel locations across Queensland and South Australia. It’s a simple promotion that incentivises customers to return to both businesses.
Many business owners struggle to consider the possibilities here. A 1+1=3 scenario is more than possible through shrewd partnership building. Reaching out to those around you and establishing good connections is crucial to the longevity of your business.
Sooner is Better
If these business opportunities are of interest to you or you believe your establishment is ready for commercial development, act now and you’ll be giving yourself the best chance at success. Take a moment to fill out our form here and have a free chat to find out how Retail Recharge can help you take charge of your business opportunities.