One good thing brought about by this recession is how many people have looked inside themselves for skills and passions previously dormant and found new and innovative ways to monetize them.
Today, we’ll talk about one such skill- retail. Persuading people to buy products from you is in fact a skill because sellers for items are a dime a dozen. And if you have that skill, or alternatively, some money you would like to make work for you, you can start a supermarket. It has been proven over and over again that supermarkets; groceries store or convenience store as it is popularly called in some countries is one of the businesses that can easily survive in any part of the world as long as it is situated in an area where people live and work.
In addition to creating a supermarket, there is a need to create a solid brand behind the supermarket. If you are successful in doing this, there will be opportunities for further growth by franchising to external interested parties. This will also bring in more money for you.
Whenever you are starting a new business, it is incredibly important that you have 2 documents prepared:
a. A market survey.
b. A business plan.
If you do not have the skills or the time required to come up with either of those, then you will need to hire a consultant to help you. So, the Step 1 is to prepare a market survey and a business plan.
Step 2: Register Your Business
You can register a business name or a company depending on the size and scale of your business. However, it is necessary to have all the requisite permissions and licenses for your businesses and registering your supermarket business will enable you obtain your Tax Payer’s ID and other details to ensure the smooth running of your supermarket when it starts.
Step 3. Location
Location is ultra- important for businesses but most especially for retail supermarkets. It is important to locate your supermarket in a place that can easily be accessed, or if you want a luxury supermarket for instance, in a place that is luxurious, has ample parking spaces. If your supermarket happens to be located near a bank or ATM machine, all the better.
STEP 4. Source for Commodity Suppliers
You would need to establish communication with manufacturers and wholesale distributors of commodities. The good thing about supermarket business is that if you stock your shelves with varieties, you would provide enough options for your customers. Note however that stocking your shelves with too many commodities however, might lead to a lot of waste.
Ensure however, that you do not limit yourself to specific brands only. Unless of course your supermarket is an extension of that brand. Also, it is very important to have a direct relationship with the manufacturers of the products you intend stocking your supermarket with.
Step 5: Organized Shelves
Clearly organize the shelves in your supermarket so as to make it easy for shoppers to get around. Also, it is important to arrange it so your employees take inventory easily and know when to re – stock. Also, when purchasing or accepting anything from commodity suppliers, be sure to check the expiry dates and do periodic checks. Doing so will ensure that the Food and Drug Agencies have no reason to shut down your supermarket for constituting a health hazard.
Step 6: Employ Reliable, Competent People
Here’s the thing, you need a staff. The scale of the supermarket you’re creating will dictate staff size.
You will need honest people to take inventory, to deal with commodity suppliers and more duties associated with the running of the supermarket. Getting the right staff on board will guard against unnecessary loss of money.
Step 7: Install Payment Operating Systems
The advantages of doing this include the blockage of loopholes that come with the handling of cash, it makes it easier to issue receipts to customers and also helps provide a proper accounting of all sales.
Step 8: Train Your Employees
The training of employees enables them function as a cohesive unit. They also need to be trained in customer service on different categories of customers.
Step 9: Publicize Your Supermarket
Open your supermarket to the public. Invite the public through advertisements in location specific places. If your supermarket happens to be in Lagos for instance, don’t go to Kano to advertise it. Facebook and Twitter are good tools also for publicity.
Print and distribute fliers and handbills that promote your supermarket in the neighbourhood it is located.
Step 10: Diversify
The world is becoming global. There is a greater need now than a year back for certain products for instance smoothies, grocery deliveries. Think outside the box and find ways to capitalize on these methods.
These 10 steps might look very simple on paper but the execution of it is where the majority of the work comes in. I wish you good luck in starting and building your business and brand and becoming profitable in years to come.