Opening A Grocery Store
Grocery stores are one of the fastest growing retail stores today and is considered as a vital part of our economy. The chief purpose of grocery stores is to provide food to the consumers. Planning before you begin will stop you from having an unsatisfactory experience. Think about yourself and your family, are you willing to make a sacrifice to follow your dream and be your own boss? Remember, the key to a starting and running a successful grocery store is to offer something that customers cannot get anywhere else; whether it is a unique product or exceptional service.
Starting a grocery store business may be a challenge if you are not equipped with the proper information. The grocery store business has several aspects that you need to focus on and study if you want to be successful.
Begin with yourself. You don’t need to have prior retailing experience. All you need is the right attitude and the ‘customer-first’ mindset. A good grocery store owner knows how to multitask. He or she has to be able to make swift yet calculated decisions and have to be hard working and is not afraid to work long hours. One of the most important characteristics is the desire to be one’s own boss.
Planning is essential, especially when you stock up your store. Until you know what sells and what doesn’t, make sure you don’t buy items that at first may seem like a good idea due to price etc., but soon you will notice that they’re just gathering dust on the shelves. Unless you have experience, there is no way you can be 100% correct in your inventory forecasting. That is why you need to plan and at the very least conduct a market research at your local stores. With adequate planning and research, you will be able determine what you need to buy and how much. If need be, conduct a survey. You can also ask the manufacturers themselves for their most popular product.
Shop around for the best possible source for your products. Call a number of distributors to see that you get the lowest price. This allows you to give the best mark-up price, thus making the most profit.
Merchandising your product is an art as well as a science, therefore you need to be creative as well as make common sense decisions. Make sure that impulse items (magazines, sweets, etc) and high priced items in an area within your store where there is heavy customer traffic. Place your fast moving products (milk, bread etc) near the back of the store so that your shoppers will have to pass through several aisle of products they may not have considered on buying had they not seen it. Keep in mind that attractive retail displays and fixtures can enhance the shopping experience, thus adding greatly to the bottom line.
There are many grocery stores and supermarkets out there, so you may ask if there is there room for more? Most definitely! The key to success is to create your own market niche. To do this, you need to have a unique selling point. You may want to sell hard-to-find premium products that most supermarkets do not stock or supply an underserved population or ethnic group. Use your creativity. Think of a distinct concept that is entirely yours. Or you can improve on what’s already out there. The key is to offer something that customers cannot get anywhere else.