Small, independent, grocery stores are gaining popularity right now. Many consumers are sick and tired of overpaying for poor-quality goods from the big grocery store chains. Thus, the demand for these smaller stores is increasing. It’s a potentially profitable startup idea, but things can go wrong if you’re not careful. Therefore, if you’re considering this business idea, then here are the cornerstones of a successful grocery store startup venture:
Quality Suppliers
You need to have exceptional suppliers for your grocery store. People will choose your business because they know you will provide better quality food and goods than a big chain. So, if you sell meat, make sure you get premium ground beef and beef patties from excellent sources, rather than rubbish stuff from the cheapest supplier you can find. The better your food is, the more chance there is of people buying it. This goes for all of your fresh produce; you need the best suppliers possible, even if it means you have to raise your prices.
Convenient Opening Times
A lot of big chains will have inconvenient opening times for shoppers. They might close too early, or they may not even open at all on Sundays. Your grocery store can get ahead of these big chains by offering more convenient opening times. Extend your hours beyond theirs to encourage people to pay you a visit. Now, people will depend on you when they’re in need of something, and everywhere else is closed.
Unique Products
Try and stock your store with products that other grocery stores don’t have. If you come from a particular country, then you may have connections to help you bring unique items from your home country. Even if you don’t, think about items that other stores in your area don’t sell. Foreign goods are popular but consider vegan items as well. If you sell what other stores don’t, then you give people a reason to shop with you.
An Excellent Location
You’ll struggle to run a successful business without an excellent location. Small grocery stores won’t survive if they’re out in the wilderness. Many big grocery store chains can afford to be on the outskirts of towns or cities because they’re big. They know people will make an effort to come to them, so it’s not an issue. With your company, you should find a convenient location in the middle of a city/town. Put yourself right amongst the locals, and you’ll boost your chances of gaining regular customers. Also, the fact that you’re a small business plays in your favour. It means you don’t need a massive premise to open your shop. You can make do with a small retail unit, meaning you should find plenty of options in prime locations.
Grocery stores can be successful, but only if you’re smart about how you approach things. For me, if you want to grow a business that competes with the big boys, then you need to have these four cornerstones in place. It will provide you with solid foundations to take on the world and make a lot of money.