We would be the first people to encourage you to start a business, that is if you do not have one at the moment.
Retail business ideas are usually small scale businesses that you can start from home, a store, or online. It is one of the fastest-growing industries in the economy with the assurance of a regular cash income on a daily basis.
These days, retail business can be anything from food and grocery to clothes, drugs, or other kinds of general merchandise. It involves selling goods and services to consumers for profit.
Below are some things to consider before going into a retail business.
1. Write a business plan
Try to map out a plan that will, in the long run, guide your business. Not just any plan though, but a well thought of and logical structure.
This is not a step to take hastily- it’s worth thinking about. If you don’t have family or friends who can help with reasonable contributions, a business partner can help. They can also help share the risk.
2. Determine the right business for you
It is quite funny that a lot of people venture into businesses because they think they have what it takes to do it. And most times, they find out the reverse is the case.
Once you’ve succeeded in developing a business plan and have a clear idea of what it is you wish to buy and sell, you will need to decide which type of retail model is perfect for you.
The most common choices include store retailing, online retailing, non-store retailing (such as door-to-door sales, mail order, etc.), or a combination of any of these three.
3. Find the right location
No matter how hard and well they try to make it work, a high-class store will not do well if located in a village. And this is because petty village earners cannot afford the price of the high-end designer item.
As a new retail business, you definitely need to be located where your target customers can find you, and you can do this by simply finding out where the demands of your products are high.
Above all, when it comes to location, you’ll want to ensure you combine visibility, accessibility, affordability, and commercial lease terms that you can live with, through the good times and the bad.
4. Brand your retail business
In a country like Nigeria where packaging is everything, the importance of using a well-packaged name, logo, or timeline definitely cannot be overemphasized.
An unexciting logo or an unattractive name will only bring back a negative result.
5. Use the right suppliers
If there’s one thing you must not forget when it comes to supplying customers’ demand, is that authenticity attracts customers.
And this is because when people trust your product, they help advertise you.
Africa is a porous region filled with all sorts of fake products. Find the registered dealers or licensed wholesalers for your retail business. Link up with the manufacturers if you can and make use of them.
Advertise, advertise and advertise.
The importance of advertising your business through the media or mouth to the mouth cannot be overemphasized.
And this is because advertisement creates awareness for your brand and business. What more now when social media has made it better.
In a retail business, brand awareness is as important as meeting demand.
7. Feasibility study
This is the highlight of this whole article. Find out everything you need to know about your business before venturing into it because this knowledge will surely pay off in the long run.