Growing amounts of people are understandably concerned with the effects their eating habits have on the planet. It’s a well-known fact that a leading cause of deforestation in the world is due to animal agriculture. To that end, more people are making the switch to a plant-based diet.
According to Statista, the value of plant-based food sales in the United States in 2019 was $4.5 billion. That’s an increase of 12.5% from 2018! Armed with all that information, if you’re thinking of setting up a retail business, should you consider a vegan food store? In short, yes! Here’s a brief overview of how to get started:
Coming up with a good business plan
As you can appreciate, the vegan food market has a plethora of linked niches such as fresh food, long shelf life food, household accessories, and so forth. With that in mind, it makes sense to carry out some due diligence and research both the market and demand levels in your area.
That way, you can narrow your focus down to the types of products that will regularly sell from a bricks-and-mortar store. After all, you don’t want to keep stock in your store for several weeks or months and making a loss on those items.
Once you’ve done your research, you can start to curate a business plan to help you prepare for your new business venture.
Costing up premises, equipment, and stock
You’ll need to research where is the best physical location for your new vegan foods store. That part should be reasonably easy if you’ve researched which places near to you have a good demand for vegan food products. Once you’ve done that, you’ll have an approximate idea of leasing costs for your store.
Next, you’ll need to draw up a list of how much equipment for your new vegan store will cost. Examples of what you should consider include:
- Checkout till – cash register, card processing machine;
- Weighing scales – you should also consider digital load cells if you’re selling bulk grains and seeds direct to the public;
- Shelving – you’ll need to organize the layout and distribution of your stock in the store.
Other costs to consider include packaging material, and, of course, the stock itself. When it comes to buying stock, check for the best prices from local and regional wholesalers.
Essential startup and ongoing business costs
You need to research and add up the other essential costs required to start and operate your new business. In your case, you’ll have to consider staff costs, insurance, utility bills, and local taxes.
Depending on your location, you may qualify for local business tax relief or grants, especially as you’re a new business. Be sure to research this information thoroughly, so you know exactly how much you’ll need to pay each month.
Other things to consider
You may wish to consider offering additional services such as local delivery or even a “click and collect” service.
And lastly, you’ll need to calculate how much money you need to get your vegan store business off the ground. Many people tend to use their savings, but other options are open to you, such as business loans and grants and crowdfunding.