When starting a retail business, making a product that your customer will like is just the beginning of the battle. The next steps are to get that product in front of your target customers and unless you have a few lakh rupees lying around buying your own traditional storefront goes out of the equation.
Well, there’s good news for people who have a product to sell: These brick and mortar retail stores are not the only options for you. Whether you want a scaled-down retail space for rent or choose to sell online there are many alternatives that fit into your budget of selling your products.
Here are budget-friendly ways to run your retail business:
Don’t want to buy a retail store but still want to have your own space in a high traffic area? A kiosk is a perfect option for you. It is a great opportunity for businesses that have a small inventory. These small stands got their start several years ago with seasonal retailers wanting a short term option. Today there are thousands of kiosks in malls, event venues, markets nationwide that sell everything from food products to retail products.
There are many benefits of opening a kiosk, especially for new business owners. The total cost of the kiosk is all in meaning the cost of the location will also be included in the minimum rent amount. Smaller footprint and square footage mean a lower overall rent with less overhead and operational costs.
Another advantage is that they are usually located in high traffic areas such as malls due to which the visibility of the brand increases. This can help in making high sales and can help in brand marketing. Kiosks are usually cheap and can be based on an hourly basis. They are on a short term basis which has no risk of long term leases.
One of the riskiest and expensive ventures that a businessman can pursue will be the brick and mortar restaurants. Food trucks are becoming popular and are now a business idea for many businesses to get started on a budget. You get to show your skills thereby making a huge impact on your customers.
Food truck operators are able to open a shop quickly without a large amount of investment. You just find a small space which will not include extra costs of a kitchen and staffing and dining room. Food trucks have been growing because of the growth of speciality foods like gluten-free and vegan foods.
Statistics even show that failure rates of new restaurants are between 60 to 90 per cent while for food trucks it is just 10 to 20 per cent.
Popup shops are most common during holidays or festivals, but many few businesses take advantage of it all year round. Small business owners can take advantage of this and open a temporary shop as per the motive and position of the business. It can help to jump-start their sales marketing and branding efforts.
A great advantage of this business is you can move around and open in different neighbourhoods and expose your brand to a wider audience. Online businesses that want to test out their products can also use this way to really personally know their customer and market their product accordingly.
Stores can be found according to their budget and the location they select. Business owners should take a fully professional approach as if they were opening a retail store. The impact that these stores have on consumers is huge so taking this approach for small or big retailers will be really profitable.
If you have a product that can be packaged and shipped anywhere then eCommerce is your way to go. It is an e=inexpensive way to get your business out there. Without the cost of having a retail location, you can almost instantly start off with selling your product online. All you need will be a well-designed website and a shopping cart.
Mobile retail units
On the go, businesses are not just limited to food enterprises. Cost-effective retail stores like repurposed trailers and recreational vehicles are soon becoming popular. This has helped in finding success as businesses can keep on moving to different locations and reach new customers. They can share their whereabouts and keep their customers updated via social media.
Running a business from your mobile retail shops will give you the freedom to set up shops in new locations. The main advantage is that you are not stuck on any agreement and you can move wherever you want to.
It can give the flexibility to move so that you aren’t stuck in a location where there is no sales happening.
A wholesale business will help you get your products in the market without much effort in selling them. They can be in the form of an independent boutique to the large department store. You can produce a large number of products and sell them online to retailers.
To sum it all you can apply any one of these techniques and start off with your business on a small scale. Some of these businesses can create a huge impact on the public and can give you a jump start for your business.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.