How To Decide On a Business Opening Hours
Deciding on what time you should open and close calls for brainstorming. You need to plan this since a lot of factors will affect your opening hours. Companies have different opening hours, as some would even start operating as early as 4:00 AM like the marketplace vendors. To help you determine the best opening hours for your business, here are several tips to keep in mind.
1. Target Client
The main purpose of every business is to cater to the client’s needs and make a profit. So you need to expect what time your customers are available. Some department stores have longer operating hours during the weekends because of the high volume of traffic and most people have the weekend off.
2. Type of Business Operations
Another factor that can affect your opening hours is the type of business. For restaurants, what they have on the menu will determine what time they will start operating. Fast-food chains that offer breakfast meals could open as early as 6:00 AM, and if they are the kind of restaurant that changes their lunch and dinner menu, then the latest time of closure would be around 11:00 PM. Service-oriented companies like hair salons often open until 9:00 PM to cater to a majority of clients who have just gotten out of work.
3. Operating Cost
Another factor to consider is your operating costs, in terms of employee compensation, utilities, rent payment, and other expenses. You need to make sure you will be able to draw enough revenue to balance out the expenses that occurred if you tend to open longer than expected. Some businesses would run a trial to see if it is feasible to open on a given period, or if you notice that you are not hitting your target profit, then make some adjustments.
4. Competitors
Your competitors can also affect your opening hours, so it is important to do some research and check what is the best time to open your shop.
5. Consistency
Once you’ve determined your opening hours, make sure to stick to them. Your clients may find it unreliable or a hassle if you have different daily or weekly schedules. Or in case there is a need for you to change the opening hours, then let your clients know in advance. You can do this by advertising online or posting a sign in your front office.
