In our post-recession economy, the pop-up business model is taking millennials by storm. Sometimes referred to as a “finite business,” pop-up businesses capitalize on buzz and transform entrepreneurial creativity into a unique experience for both the operator and the community. The rise of pop-ups began around 2008, when the recession created a virtual vacuum in the business world. With so many businesses going under, we experienced a rise in vacant properties with no long-term purchase and rental prospects in sight. However, the short-term pop-up business could bring interest back into a property, thus benefiting both a cash-strapped entrepreneur and a struggling property manager.
At its core, the pop-up business model offers several benefits:
- The ability for budding entrepreneurs to test their products or services on a small scale. In other words, they test the waters before committing to a business model or product. A pop-up business gives them a genuine experience without getting in too deep. They discover how the public reacts to their products, and what would need to change if they ever did open their own location.
- The ability to test themselves as business owners/managers. We all know that a great idea doesn’t mean a person is suited to run a business. A pop-up business uncovers the realities of true business management and entrepreneurs quickly learn whether they are up for it.
- The ability to test-drive a business without a serious financial commitment. Entrepreneurs with limited start-up capital gain the ability to build experience and brand recognition without over-committing financially.
- A stronger community. Pop-up businesses create buzz and bring people together. They can also help prevent certain areas from succumbing to blight. Smart cities have transformed abandoned areas into community events by encouraging pop-up businesses.
If you’re interested in a pop-up business opportunity, remember that AVP Solutions can help with mobile credit card processing solutions.
Even if your business plan is finite, you need to understand that few people carry cash anymore. With , we can help you capture as many customers as possible by offering this option. We’ll set you up with a mobile phone credit card reader so that you’re ready from the very first transaction. To learn more about how we can help, contact AVPS today!