Many people dream about their own business. They are aware of the inconvenience that this entails and the risks that must be borne. However, the vision of running your own business, and sometimes also the desire to take on the market challenge make that for many, own business is not only a dream, but also the goal they aspire to. Is a grocery store a good business idea today?
How to choose your industry?
If you’re thinking about starting your own business but don’t know what industry to operate in, the golden tip is: choose the one you know. If you are an expert in a field, you will probably achieve commercial success in it sooner than in a field you have no idea about. It sounds reasonable, but not everyone has a flair for something or a hobby that can easily be turned into a profitable business. What can you advise such people? For example, is a grocery store a good business idea? Of course! Why? We all have contact with this market segment. Of course, the fact that as consumers we often visit a selected grocery store does not mean that we know its operation. However, it gives us the opportunity to put ourselves in the position of a potential customer.
Does a small grocery store have a chance in competition with supermarkets?
The biggest fear of starting such a business is, of course, competition from larger players: large-format stores with large capital. They have an established position on the market, large outlays for advertising and promotions, a recognizable brand and low prices that a novice entrepreneur who wants to set up his own grocery store cannot beat. However, in this situation, instead of trying to be unreal, it is worth focusing on getting an advantage in areas where large-format stores cannot or do not want to compete. A small grocery store has its obvious advantages. For example, intimacy – maintaining a friendly atmosphere, absolute cleanliness and pleasant service in a small store is much easier than in a large-format store. Similarly with the assortment: yes, it will not be expanded as much as in a supermarket, but you can always try to adapt it to the expectations and needs of our customers. A small estate store has a relatively small range – its customers usually live nearby and often return, so it’s easier for us to match the range to a specific group of people.
Or maybe a franchise?
A safer solution for everyone who dreams of their own grocery store is a franchise. Thanks to it, we can open our own store under the banner of one of the popular chains. In this way, we can realize our ambitions, as well as get powerful facilities and support in terms of both organization (equipment, suppliers) and knowledge about running a grocery store. The probability of success is then greater, although of course a lot depends on us and our determination.