Most small businesses are usually on a financial edge. Thus to keep running costs low many options can be explored. One of the possibilities is “Shop Sharing“. Basically, it means sharing a common space with one or multiple businesses. Similar to co-working spaces with some nuances. The concept isn’t new. For example, Target and Starbuck share the same building. But the concept is increasingly becoming mainstream, especially during this difficult time.
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, technology, point of sales, and others cost like ads or marketing budget. This allows those businesses to envision a prime location.
- Outreach: by working together they benefit from tapping into the same market.
- 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.
- Sharing cost minimizes because the cost of setting up a shop is extremely expensive.
In conclusion, even though the concept is appealing, it is important to find a good and reliable match to avoid any discomfort. Also, make sure to well integrate and complement your businesses. Finally, request a subletting option in your lease just in case the need arises.
Wanna learn more about shop sharing:
Read this amazing article: https://www.appearhere.us/inspire/blog/collaborating-on-shop-space
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