Written by Ruben Flores Martinez, CEO of CASHDROP
The ways to launch a business are evolving. With everything going digital during this time, it’s even easier to dip your toes into entrepreneurship. Pop-ups have increased in popularity despite social distancing rules. One of the best ways to test a product or business idea without holding inventory or having thousands of dollars to get started is with a pop-up.
The Power of Pre-Orders
One of the key ways to test out your product/business idea is by generating hype around the launch. Giving people a chance to order ahead creates a steady stream of orders for the day, plus it allows you to better account for expenses on inventory.
If you’re dropping a merch line, share mockups of the brand items to start generating buzz. It doesn’t have to be perfect; be ready to receive feedback. The same with food pop-ups: releasing the menu ahead of the scheduled pop-up—even giving a sneak peek—helps to turn social likes into sales.
It’s essential then to fulfill orders at scheduled times for the pre-orders while also servicing walkup customers. That way, you can give the same experience to your customers regardless of their time of purchase.
Carve your digital footprint
Support for small businesses is at an all-time high, especially on social media. It’s no longer just the day after Black Friday that people are encouraged to #shopsmall. Start by claiming your business name’s social media handles; even if you don’t have your products or services figured out, you want to own your name’s social identity starting with handles associated with your business name.
When you create a social media profile for your business pop-up, you build credibility. Make sure to add a logo, business bio, and a link to support your pop-up directly. Merchants that use CASHDROP can link to their shop’s menu right from their social media profile’s link in bio, making it as easy as possible for customers to buy from your business.
Spread the word in the community
While you’re building a following online, also focus on building local relationships IRL (in real life). There are community leaders and influencers you can begin to collaborate with to spread the word about your business. When you align with those who have the same mission as you do, the opportunity for a genuine relationship emerges.
If you are hosting your event in the space of another business, discuss ways they can cross-promote you and do the same for them. Collaborating with other small businesses and not competing with them is vital. It allows you to start building a customer base and strengthening your community relationships for future partnerships.
Finally, setting actual launch dates and pushing yourself to build in public will be more rewarding than waiting for the perfect time to launch. Hundreds of merchants have used CASHDROP to launch pop-ups that have turned into full businesses.
This is a content marketing post from CashDrop, a Forbes EQ participant. Forbes brand contributors’ opinions are their own.