Startup How to Guides
How to Start an Outlet Malls Business
Opening an outlet mall is a rewarding experience if you do it right. We offer a few secrets on the essential elements for business success.
Thinking about opening an outlet mall? We tell you what you need to know to get started.
Business Plan Mechanics for Outlet Malls
Haven't created a business plan for your outlet mall yet? You could be in big trouble.
At Gaebler, we advise new business owners to keep your business plan simple. Ultimately, your business plan is intended to be a resource for you, the business owner.
Instead of investing countless hours in a lengthy business plan, put pen to paper now and document the essentials with the understanding that your plan will be revised as you move forward.
Check Out Competitors
Prior to opening an outlet mall within your community, it's a good idea to see how you will fit in the competitive landscape. We've provided the link below to help you get a list of local competitors in your area. Complete the form by entering your city, state and zip code to get a list of outlet malls that are close by.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
Once you've finished assessing the competion, be sure to speak with somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?
But, a person who owns an outlet mall in a location that is not competitive to you will be much more likely to talk with you, once they realize that you are not going to directly compete with them in their community. In that case, the business owner may be more than happy to discuss the industry with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How would you find an outlet mall founder who is willing to talk to you but doesn't live nearby?
Here's one way to do it. Just use our link below, find somebody and call them.
Advantages of Buying an Established Outlet Mall
Spurred on by dreams of a future big money buyout and an undeniable entrepreneurial impulse, many would-be outlet mall owners are driven to pursue startup strategies.
Yet a healthier and safer strategy may be to purchase an existing outlet mall.
Existing outlet malls are proven operations with dependable revenue streams. As an added bonus, you'll also gain the ability to headaches and hassles of startup trial-and-error.
Don't Rule Out Franchising
Being part of a network of franchisees makes it a certainty that you tap into best-practice tactics that come from seasoned and successful entrepreneurs.
Prior to making the decision to open an outlet mall, a smart move is to determine whether franchise opportunities in your space might alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Other Useful Articles for Startup Entrepreneurs
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Recurring Revenue Business Models
Buying vs. Starting a Business
Share this article
Additional Resources for Entrepreneurs