Black Friday is the best day of the year for some consumers. They look forward to hitting the stores in the early morning hours after Thanksgiving draws to a close. One of their favorite parts of Thanksgiving is scouring the ads that have been released to create their plan of attack. There are great deals to be had at many stores. On the other hand, though, Black Friday creates a challenge for many businesses. Owners are forced to determine if they should close for the day or take part in the craziness of the day. There are pros and cons for opening on Black Friday, so think carefully before deciding.
Pros of opening on Black Friday
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You can take advantage of the shared advertising
People everywhere know about Black Friday. They purposely watch for and inquire about what deals are being offered where. People are out and about hitting the stores on Friday, so why not be one of the stores that are open for them to stop in to. Word spreads quickly about where the deals are, so come up with something interesting and you will be able to draw a lot of attention from the sale buzz that is flying around.
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People are willing to try new things on Black Friday
Consumers love getting a deal so much that they will buy things they have never purchased before, and even things they don’t need, in order to save money. And, they will be excited about doing it. That means your small business can take advantage of pulling in new clients and convincing them to give your product or services a shot.
This can also be a way to expand your market and gain customers that might not have found you otherwise.
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You can move products and clear your shelves
Black Friday is a great day to move out your old products. Consumers are looking for deals. If you run a good sale it is a great way to move out the old product without ending up having to count it as a loss. After all, the entire point of Black Friday is to help businesses keep their bottom line in the black.
Cons of opening on Black Friday
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Consumers are looking for a steal
There are a lot of consumers out shopping, but they are looking to score the best deal. They aren’t interested in buying products at the same price that they could get on a normal sale. If you choose the wrong sale to highlight on Black Friday you could end up with no shoppers coming to your store, or not making enough profit because you lowered the price too much.
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Intense competition
Competition is good for business, but maybe not the type of competition that you find on Black Friday. On this day shoppers are looking for the best deal, not just any deal. They are comparing prices between multiple stores, something many shoppers don’t typically do. That means if another store trumps your sale you could end up paying your staff to man your store and wind up with little to no activity.
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Your staff might not be open to the idea
If you are going to open on Black Friday you need to be prepared and have the proper staff to run your business. With an extra rush of shoppers, you will want to be ready with a store full of employees to help keep shelves stocked, answer questions, and to provide your shoppers with a smooth checkout experience. If your staff hates the idea of working the day after Thanksgiving when they used to have it off think carefully about deciding what to do. If you have great employees sometimes it is better for your bottom line to reward them for their work, then to push them over the edge with a busy work day.
Decision Time
There is no standard right or wrong answer to opening or closing on Black Friday. With extra shoppers hitting the stores you could have a great day of sales. But, with additional competition and rock-bottom prices you might struggle to make a profit. The choice is really yours.
If you decide to close on Black Friday remember that there are still a couple other options for you. If you own an e-commerce business you can take advantage of Cyber Monday. This is always the Monday after Black Friday. Or, if you are a small business with a storefront you can run a special for Small Business Saturday. This is the day after Black Friday. Determine what will work the best for your business.
