Which store to open?
Trading is one of the most common types of business. However, it’s not so easy to decide which store to open. This article will be devoted to reflections on this topic.
For a start it is worth noting that the goods are individual and industrial consumption. Therefore, it is important for you to choose which consumer your activity will be directed to.
Before you decide which store to open in the city, you need to:
- To monitor the proposed goods in the city. Perhaps you will come up with a completely new version of the store, which is not yet in your city. Or a store in which exclusive products will be presented that are in demand in your city, but there is no offer. To do this, you can conduct all kinds of surveys, explore the Internet space, go shopping in the city.
- Assess your capabilities, financial and entrepreneurial.
Perhaps, as a result of monitoring, you will find out that there are local manufacturers in your city who need any production goods (raw materials, auxiliary materials), but in the absence of local suppliers, they order goods in other regions.So you have an idea for opening a store.
In addition, it is not necessary to open a store in the city, because in cities there is a rather tough competition and expensive rent, and in rural areas there is still a shortage of shops, and often people have to go to the city to buy goods for individual consumption. However, there are pitfalls here - a fairly limited circle of consumers, this problem can be solved by making a mobile store (to trade in neighboring villages, villages).
First of all, when choosing which product to open with a store, you should understand that food stores require the most approvals. But if you are not afraid of difficulties, then this is a great option, to the extent that people always need food, so your store’s revenue will be daily and fairly stable. That is, when choosing the goods you are going to trade, you must take into account the procedure for registration of documentation for the store.
It is also very important to take into account the seasonality of demand for goods, and the regularity of demand. We all understand that different products are bought with different frequencies, so they distinguish:
- Consumer goods, for example, already mentioned food products.
- Seasonal goods (sports equipment, clothing, shoes).
- Goods of periodic demand, goods demand for which appears regularly, but periodically, for example, goods for repair.
- Products of rare demand, this includes durable goods, for example, complex household appliances, furniture, various equipment.
You do not need to be a brilliant financier to understand that the higher the frequency of demand, the greater the turnover will be, the faster your investment will pay off, and the business will start making a profit. However, it is also important to balance the demand and cost of purchasing goods for sale. If you just can not decide which store is best to open, then make business plans for several stores, and evaluate which product is more profitable to sell.
Ideas for opening a store
Your store can be both specialized and highly specialized:
- Food - health food stores.
- Household chemicals and household goods - cosmetics stores.
- Hardware store - photo equipment store.
- Shop hobby - shop of fabrics and accessories, or shop for artists.
- Clothing store - underwear shop, children's clothing store. The last option is quite reasonable, to the extent that children grow very quickly and they need clothes more often than adults.
Shops that sell products of different groups are not very common, but still worthy of attention. For example, you can open a clothing store, as well as sell household goods (textiles, dishes, paintings).
In addition, it is necessary to provide for the sale of related products, for example:
- For a clothing store, these could be: accessories, shoes, jewelry.
- For shoe stores, related products will be shoe care products and socks.
- Shop equipment for hairdressers, related products will be consumables for hairdressers.
- Shop sports equipment and equipment for tourists can be combined with a store of sports clothing and clothing for outdoor activities.
- Shop elite varieties of tea, related products: everything you need for tea ceremonies (dishes, sweets).
A plus to your store will be the provision of related services:
- Clothing store - repair and tailoring services.
- Jewelery salon - jeweler services.
- Photo studio - photo services for documents.
It is not necessary to provide services on your own, you can find a subtenant who provides these services, with an additional bonus being savings on renting retail space.
Here are other ideas for opening a store:
- Gift shop
- Antique store
- car showroom
- Auto parts store
- Flower shop
- Pet store
- Furniture store (both finished and to order)
After you have decided on which store is best to open, make a business plan, and evaluate how profitable your business will be, and how soon it will pay off. You can learn how to open a store by reading another article from our site, following the link.
Now you have a few ideas on which store to open. However, it should be with full responsibility to approach the opening of the store (planning, pricing, the study of demand). After all, even if they tell you which profitable store to open, incorrect management of them can lead to a business crash, as well as losses, and not profit.
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