In the US, people visit a grocery store an average of 1.5 times a week. That means that nearly everyone in the country goes grocery shopping at least once, if not twice, every single week.
That’s a lot of shoppers that you could be serving by opening up your own grocery store.
While grocery stores are always in demand, not every grocery business will be successful. To get started in the right direction, use this quick guide to opening a new grocery store.
Get Good at Crunching Numbers
First, any prospective business owner must understand the financial investment their business will require.
You’ll need to take a lot of time to budget, figuring out exactly how much money you’ll need. You should consider the costs of the space you’re renting or buying, equipment like refrigerators and shelving, and food products to stock in your store.
You’ll also have to pay employees and other people involved in your business, such as a lawyer.
And even after launching your grocery store business, you should consider how much you expect to earn and how much you’ll need to charge in order to earn that profit.
Create a plan to raise your starting capital and any other funds you’ll need to operate. This is the bulk of an effective business plan, which you must have before investing time and money in your idea.
Decide What Makes You Different
You’ll be competing with other stores, from online food shops to local grocery stores to large chain retailers. Decide what makes you different (and better) from the competition.
You might choose to have a specific food niche, like imported Indian food or vegan pantry items. Or, maybe your low prices or special discounts are enticing enough.
Whatever sets you apart, be sure to build a brand identity around it.
Make It Legal
There are legal regulations for all businesses, as well as some extra rules for businesses in the food industry.
You should first decide what kind of business entity you’ll own (such as an LLC or corporation). You’ll then need a business license, insurance, and the permission of your local health and fire departments before opening up shop.
Get familiar with all the legal requirements you must meet in order to avoid fines—or being shut down entirely.
Find Your Suppliers and Team
Your grocery store will thrive with the help of the right people and supporters.
Take time to find trustworthy food suppliers, employees, equipment companies, as well as other behind-the-scenes people such as a lawyer and an accountant.
Get the Word Out
When you’re nearing opening day, you’ll need to turn to smart marketing to attract customers to your store.
And even if your grocery store is a local brick-and-mortar business, you’ll want to use digital marketing to reach a wider audience in your community. After all, word-of-mouth and relying on passersby may not be enough to launch your new grocery store.
Learn more about how digital marketing can make all the difference in your outreach efforts.
Open Your New Grocery Store
Nearly everyone visits a grocery store on a weekly basis. Become a regular part of your customers’ lives by starting your own new grocery store.
With these tips, you can open a thriving grocery store your community will love.
For more on entrepreneurship, read my other business articles!