Opening up their own shop has been a dream of many yet-to-become entrepreneurs. With the current market trends, this has become a rather difficult undertaking: big-name companies are dictating the terms and are often times a number one choice for most people.
Small grocery store owners are continuing to fight for their turf, even though the battle hasn’t been quite fair in many aspects. But we strongly believe that this shouldn’t discourage anyone from pursuing their dream. If you’re determined to make things work, you have a far better chance of succeeding than someone who quits without even trying. Here are some things you should keep in mind in case you decide to start a small grocery store business that’s going to stand out from the rest of the competitors.
Do Your Research Thoroughly
Grocery store market research is one of the first things you need to do prior to actually starting the business. Planning things ahead is always a smart thing to do when it comes to making sound business decisions.
Before you even start flirting with the idea of having a grocery store, you should know what the market needs and demands. There’s no point in opening up a shop that sells something that’s not been popular or high in demand in that particular area or even era. For example, just think about how little sense it would have to open up a store that rents or sells VHS cassettes, or even CDs and DVDs these days. Selling groceries is something completely different for sure, but you get the point. It’s pertinent to find something that’s unique, and that not many people around your neighborhood sell.
Things to Consider
So, what are some things you should consider? You need to identify an underserved niche market and offer something that big name companies can’t serve the way you do.
Some good ideas to consider stocking are ethnic food, organic food, vegan and plant-based food, gluten-free food, frozen food, pre-made food, etc. You want the people to come to your place because you truly value their tastes and will do anything in your power to provide them food and groceries that others can’t. Some things can’t be bought, and that’s loyalty and the way you approach each customer individually. Think about creating a home-like, welcoming atmosphere and give the customers an authentic experience that’s not just about shopping. This can give you an edge over your competitors quickly.
Equip Your Store the Right Way
Once you’ve made up your mind about what type of foods you’d want to sell at your store, it’s time to ruminate on various ideas about how to equip your store properly. Many store owners don’t have the slightest clue that the way their shop is set can mean a huge difference in terms of how much ROI (return on investment) they can expect.
For instance, you should have a cash register with a credit card processing machine. If you intend to sell frozen foods, you’ll need freezers and refrigerators for perishable goods. You’ll also need plastic shopping baskets for customer use. Shelves and display cases for displaying the goods and items are pertinent as well. Make sure you have all of the equipment and that you’re on track with the latest trends on how to actually set up your store and maximize your profit.
Pay Attention to How You Advertise the Groceries
Speaking of maximizing the profit, the way you place the items is also extremely important. You need to have a mindset that the customers always come first and that you should follow some traditional methods of placing your items, as well as some alternatives.
For instance, some fast moving and popular items need to be on the bottom shelf while others should be at eye level. Placing items in a more natural and organic way on the shelves will give the customers the sense that you care about them and value their time and money.
Find Good Suppliers
This is something you need to address before you even open up a shop, but it’s also the thing that you should constantly assess and evaluate in terms of finding the best deal for your business.
The math is rather simple here: if you pay less money for your inventory, you’ll earn more. That’s why we’d recommend you to always be on the lookout – try to find the best possible deals for your shop since this means more revenue.
Conclusion
If you’re thinking about opening up your own shop, we’d strongly encourage you to do so, even if the market is not extremely favorable to small store businesses. The most important thing is to have a clear vision and sell only the products that make sense selling in that particular area. Create a unique bond with your customers, equip the store the right way, find good suppliers and you should be more than ready to realize your dream of owning a small grocery store business.
