The retail industry is one of the biggest industries in the world. The mere fact that basic goods and services gobble up a significant portion of people’s monthly earnings speaks to that end. If you successfully put together a retail business and adhere to exceptional customer service you can ensure repeat purchases. This is definitely a space that any prospective entrepreneur can enter into. You mustn’t lose sight of the fact that the competition in this domain is fierce. So you’ll have to figure out ways to come up with competitive pricing and conducting extensive marketing drives. Let’s discuss some top retail businesses that you can start.
Motor Spares
The car population continues to spike the world over. Especially in developing countries where there’s now access to low-cost car imports from countries like Japan. Vehicles always require maintenance and repairs from time to time. This creates a pressing need for spare parts to be available at all times. Already that tells you this is a line of business laden with huge prospects. That’s even enhanced by the many vehicle brands and models available. This enables you to choose how you’ll niche from a wide range of options. The many types of vehicles available also give you room to choose your target market from many options. Get the auto spare parts business plan.
Clothing Boutique
Clothing items are always on demand and the styles are ever-evolving. Niching here is also characterised by many niching options to choose from. Niching can be by gender, style, function, age range and so on. Clothing items can be tailor-made, sourced locally or imported. It’s highly important that you do thorough market research prior to commencement of the business. It’s quite possible to setup a clothing boutique and experience little to no sales. Clothing items aren’t necessarily fast-moving goods so make sure there’s a ready market for what you want to offer. Specials, discounts and promotions can help drive sales for this type of business. Get the clothing store business plan.
Supermarket
Groceries and other associated goods and services are highly sought-after. No matter the income levels of people they will always prioritize getting groceries for their families. Evidently there tends to be quite a number of big supermarket brands operating everywhere. This mustn’t somehow intimidate you into thinking you can’t penetrate the market and claim your own portion of it. Often times the trick is to find ways you source your stock at low prices so that you competitively price your commodities. The general trend is that any new supermarket that comes onto the scene always ends up firmly securing a portion of the market. People usually compare pricing so make yourself preferable in that regard and you’ll see an ever-growing number of loyal customers. Get the supermarket business plan.
Butchery
One of the reasons why livestock farming businesses thrive is because of butcheries. The demand for different types of meats is always consistently high. Be it for domestic, commercial or leisure activities, meat is always on demand. In order to make your value proposition superior you must make sure you regularly have a wide range of meats on offer. Having most of the common used meats will uniquely establish your business. We’re talking of meats such as beef, chicken, fish, pork, mutton and so on. Don’t also forget to include other related meat products. Get the butchery business plan.
Hardware
There’s a lot of construction going on all over the world. From the micro scale (at domestic level) to macro scales (at industrial level). All these are areas requiring a lot of hardware items from the actual construction works to maintenance and repair works. So if this is something you would love to do then you can a start a business in hardware retail. Hardware is a term that refers to an extremely broad and diverse range of items so you must know what to and what not to sell. Remember that you’ll have to choose which target market you want to focus on. That also isn’t enough because you must research to find out what’s on demand and sells. If you don’t do this you might end up in a scenario where you realize little or no sales. It’s quite common for hardware businesses to go out of business altogether so be wary. Get the hardware store business plan.
Fast Food Restaurant
For most people who lead busy lives and those who probably just hate cooking, fast foods are their lifeline. Plus most people prefer to have social meet-ups at fast food joints. This can only mean that there is a huge market for fast food items. Food types are plenty and very diverse which makes it easy to distinguish your business. These days there’s now a growing trend of healthy living e.g. vegan diets. The general trend is for people to setup fast food restaurants that offer foods that are somewhat unhealthy. You can move away from that by offering foods that are based on healthy living considerations. Obviously this means you must do thorough market research to know the best food offerings you can have. Get the restaurant business plan.
These are some of the 6 top retail store business ideas you can explore. There are universal principles that apply to all these businesses – essentially all retail businesses. Do in-depth market research prior, carefully consider location of the business and the pricing of your goods and services. The competition is quite fierce so you must have a robust and unique value proposition. Overall, you must have widespread and engaging marketing drives especially digital marketing.
