Are you planning to start a new business but have no experience or any formal training? Do not worry! A grocery store is here to help you accomplish all your dreams. Setting up a grocery store does not require any training.
All you need is your wit, honesty, compassion and an organized set-up. A grocery store has good earning potential. Even a small amount of shop loan is enough to start a business venture.
Why grocery stores?
Having a large consumer segment in India, setting up a grocery store is a good idea. A grocery store can function from anywhere in the country. With the emergence of countless innovative business plans, entrepreneurs are still keeping their eyes on entering into this business. Following are some reasons for choosing a grocery store:
- A small amount of retail loan is required to start up a new grocery store
- A new store will always grow and has a good profit margin.
- Working hours are flexible. You can operate your store according to your will.
- Above all, a small start-up in this field will always grow large with time.
Tips for a successful grocery store in India
With the increase in people diverting towards starting a new business venture, especially a grocery store, there’s cut-throat competition in the market. A lot of factors contribute significantly to running a successful grocery store. Some of the tips to help you in running a successful store are as follows.
Well designed business plan
Before starting with a new venture, do some research about the market and what customers want. Spend some time analyzing the market size and customer base. Some of the factors that’ll influence your business plan are
- Living standards of a customer
- Demanding category of products
- Pricing range
- The thinking pattern of your customer
- Amount of grocery store loans needed.
Besides these factors, make sure that you never keep an inventory for more than a month. It will build the trust of your customers in you.
Analyze the market for target
Analyze which market you want to target. Never waste your time on attracting customers who do not belong to your domain. For example, if you sell plant-based items, set up your store near restaurants or housing areas that prefer vegetarian food. Also, make sure that your shop is not far away from your target audience. It will enable them to get easy access to your store.
Location of the store matters
The location of a store is a factor that’ll decide the success or failure of the shop. Whether you are in an urban or a rural area, the kind of customers coming to your store will dictate the products you need to keep in your store.
If you plan to stack up some fancy high-end stuff in your shop, then set up your store in areas where rich people live. On the other hand, if you are willing to open a Kirana store, open your shop in busy markets. It’ll attract a lot of customers to your store resulting in profits.
Investment in a business
Now you have a well-designed business plan with you. It is time to decide the amount of money you are willing to invest in it. You can opt for a store loan from Zip loan. The factors influencing the decision of the amount are as follows
- The location of the store
If the store is in one of the busiest market complexes, the shop rent is high. Whereas, in remote areas, the rent is low.
- Type and quantity of inventory
The investment you put in determines the type and the quantity of inventory. If you want to store basic household items, the cost would be less than keeping furniture items.
A new age grocery store has an air conditioner, drinking water facility and many other amenities. It’ll require you to spend more. However, a small shop will go a long way in lower investment.
License and completion of legal formalities, registration process.
There are some legal formalities and licenses that are required before you start any grocery store. A food license, store and establishment registration, GST registration, entity registration are some of them.
GST registration is mandatory for shopkeepers who have a turnover above a specific amount. Else, it depends on their choice. However, most customers buy products from the shop that are GST registered. It is advisable to contact a CA before you head your way towards the process of registration and obtaining a license.
Hiring of staff members
Having well-trained sales staff with a thorough knowledge of inventory is icing on the cake. Make sure that you hire active staff members. They should handle the crowd with ease and without any glimpse of frustration on their faces.
However, the number of staff you require depends on the size and categories of inventory available in your shop. You can also opt for a store loan from Ziploan to give their salaries in the beginning.
Determining the perfect price of the products you are selling is crucial. You should decide the price in a way that it is neither expensive nor gets you a loss. Right price has a direct impact on the number of goods a consumer would buy. It’ll impact the revenue generated.
Hence, the profit earned. Make sure you inspect every aspect to determine the pricing of the goods. Besides this, you can also put up the products on sale or launch combo offers to attract customers to your store.
Besides this, taking your business to an online platform can make a difference. Marketing is one thing that can easily cut through the noise. For marketing, you’ll need some money to invest. Ziploan is here to help you get out of this problem.
Ziploan provides you with a grocery store loan within 2-3 days after verifying your documents. It is a hassle-free process. To avail of all the benefits, you can contact us on 011 – 4310 – 9577 or drop us a mail at firstname.lastname@example.org.