How to start a successful grocery store business
Grocery store business can be started with family members with low investment to moderate investment. In this article we would discuss about how to start a successful grocery store business.
About Retail industry
Retail industry is fastest growing sector. Increase in population day by day is increasing the demand for such grocery stores.
What to sell?
The products you want to sell in grocery store business can be anything from food to apparel to electronics. Mainly the food items and home essentials, to start with.
How to start a successful grocery store business?
Below is the step-by-step process on how to start a successful grocery store business. We feel this is one of the good small business idea.
1) Research about this business: Familiarize about the products you want to sell. You should prepare a list of products which you feel can be part of your grocery store business.
2) Write detailed business plan: Identify a name for your store, estimate the start-up costs, and estimate the demand. You can submit the plan to professionals in case you are planning for financing your business
3) Location: One key parameter for the success of your grocery store business is the location. It should be easily accessible and nearby transport facility should be available. If it is surrounded by residential houses, there are high chances that your business is successful. While looking for location of your business, you should look for retail space and parking place.
4) Business registration and licensing: You should register your business name and apply for necessary licenses. Licenses would include license required to run business and labor licenses. Depending upon your location, you may need to apply for additional licensing from Dept of Health.
5) Plan for purchases: need to have a plan for the products you may be buying from local distributors or wholesalers. A check list containing the product name, product quality, customer service, delivery time, price of product and discounts offered should be prepared. For perishable goods, you should approach your nearby distributors to gain more. You need to plan for refrigeration costs that may be required for perishable goods. Instead of buying refrigeration equipment, try to get them on lease basis which would reduce the costs. Initially, you may not be plan well and buy all unwanted or excess products. Once you are familiarized and running the business, you would get experience in maintaining proper inventory for grocery store business.
6) Market your business: You should have plan to market your business. You can print brochures, create own website and advertise on newspapers etc. Once you start your business, your customer’s voice should be your advertisement strategy. The more you gain the confidence from existing customers, the more you win new customers
Well, how to be successful in such grocery store business
- Good attitude towards your customer. e.g. tell them that they need not buy the products, but ask them to give the feedback about your products. It would make the difference.
- Sell the products at moderate prices.
- Always keep high quality products
- Give away freebies once in a month once in 45 days.
- Provide door delivery services after a pre-defined limit of purchases.
- Ensure major products are always available
- Give customer something, they cannot get anywhere else like a good customer service etc.
- Keep high quality products where there is heavy customer traffic in your store.
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