New businesses, don’t usually have enough financial resources. Thus to keep the start-up budget low many options are explored. One of the possibility is “Shop Sharing”. Basically, it means sharing a space with another business. Similar to co-working spaces with some nuances. The concept is relatively new but increasingly becoming mainstream.
Rather than putting the same business outlets with the same target audience in one location as an illustration food court, complementary businesses will share one location. For instance, a laundromat that has a restaurant or a sporting outlet with a gym or a high-end clothing shop with a premium beauty shop. Those businesses are independently managed. It is very effective among small shop owners.
Advantages of shop sharing :
- Space optimization
- Expenses sharing: rent, utility, and others cost like ads or marketing budget. This will allow you to envision prime location.
- Outreach: by working with other brands you benefit from tapping into their following too
- Maximize work hours and productivity: many hands make light work, and the more people you have working together the easier it is to get the job done.
- Prime location because of the shared space.
Wanna learn more about shop sharing:
Read this amazing article: https://www.appearhere.us/inspire/blog/collaborating-on-shop-space