Starting a Business in a 500 Sq Ft Fully Furnished Office Space in a Mall: Spectacle Stores as a Viable Option

Are you considering starting a business in a limited space? Do you have a

fully furnished office space of 500 square feet in a mall that needs a purpose? If so, a spectacle store might be an excellent choice for you.

Why a Spectacle Store?

The demand for spectacles is on the rise, especially due to the increased usage of mobile phones and laptops. This growing demand presents a unique opportunity for entrepreneurs looking to establish a sustainable and profitable business in a niche market. Additionally, the margin on these items is quite good, making it an appealing venture for both startup enthusiasts and seasoned business owners.

High Demand Due to Digital Dependency

The modern world is increasingly reliant on technological devices, which contribute to eye strain and the need for corrective lenses. According to a recent report by SimpliLens, the number of people requiring corrective vision has been increasing at an annual rate of 4.5%. This trend is driven by the growing use of digital screens, prolonged periods of reading, and inadequate eye care practices.

Good Margin Items

Not only does the market for spectacles show a steady increase, but they are also a high-margin product, offering favorable profit margins. According to BusinessJungle, the average margin on eyewear is around 48%, which can significantly contribute to the profitability of your business. This margin is directly related to the lack of significant fixed costs involved in sourcing and selling spectacles, ensuring a healthy return on investment.

Benefits of Opening a Spectacle Store in a Mall

The benefits of operating a spectacle store in a mall setting are numerous. Malls offer a high traffic area, making it easier to attract foot traffic, and the presence of other businesses can foster customer loyalty. Here are some key advantages:

High Foot Traffic: Malls attract a diverse clientele, increasing the chances of discovering potential customers. Brand Awareness: Being in a mall with other businesses can help establish your brand and increase visibility in the community. Targeted Market: Spectacle stores often find success in malls where there are demographics known to value visual health and aesthetics. Competitive Edge: The proximity to other consumer goods can also provide a competitive edge in terms of convenience.

Why 500 Sq Ft is Adequate

With an office space of 500 square feet, setting up a successful spectacle store is entirely feasible. Here’s how you can utilize the space efficiently:

Demonstration Area: Create a section to showcase various types of spectacles, including sunglasses, reading glasses, and occupational lenses. Fitting Rooms: Ensure you have a few fitting rooms where customers can try on their glasses comfortably. Display Area: Optimize your display area to showcase your range of products attractively. Consider using decent lighting to make the glasses pop. Consultation Area: Set up a comfortable space for consultations and advice, making the process as enjoyable as possible for your customers.

Marketing Strategies for Spectacle Stores in Malls

To maximize visibility and customer traffic, consider implementing the following marketing strategies:

Online Presence: Utilize social media platforms, such as Facebook and Instagram, to advertise your store and engage with potential customers. SEO: Optimize your website for search engines by using relevant keywords, such as 'spectacle store', 'eyewear', and 'high street shopping'. Local SEO: Get listed in local directories and ensure your business information is up-to-date in Google My Business. Community Involvement: Participate in local events and offer promotional discounts to local customers. Referral Programs: Encourage your customers to refer friends and family to receive a discount or bundle.

Conclusion

In conclusion, a spectacle store can be a lucrative business venture for you, given the limited office space of 500 square feet in a mall. By understanding the growing market demand for spectacles, optimizing your business setup, and implementing effective marketing strategies, you can establish a thriving and profitable business.

Start your journey today and turn your office space into a thriving business!