Last Updated on Mar 11, 2020 by James W
If you want to start your own bargain food shop, you could be in a for a bumpy ride. Starting a shop like this is difficult, as there’s so much competition and a million things to think about – however, that doesn’t mean it can’t be done. Providing that you’re committed to the idea and have the drive and determination, you could have a successful bargain food shop set up in no time! You don’t need to have experience in retail, but you do need to take the time to plan everything out carefully. You’ll also need to research your competitors, and know your potential clients. Read on to learn more:
Step 1: Your Business Proposal
First of all you need to prepare your business proposal. This is necessary, especially if you plan to apply for loans for funding assistance. It can also help to keep you on track as you launch your new business. Research great locations to open up and find your business premises.
Step 2: Applying for Tax ID Numbers
Now you need to apply for all tax identification numbers required for a food shop. This will distinguish you as a business unit, and give you authority to collect sales tax. Research the other things you need to apply for and fill out on Directgov.co.uk.
Step 3: Research Your Competitors
Now it’s time to thoroughly research your competitors. Compare the concepts of your own shop with your competitors, and look at the products you intend to sell compared to theirs. What are your strengths and weaknesses? What are theirs? Try to compensate for any disadvantages you find with your shop. Also study potential clients and how you’ll draw them in.
Step 4: Finding Suppliers and Staff
Depending on how large your store is, you’ll need more members of staff. You’d be silly to think you could run this business alone! You may be able to get away with one manager and one stockist, but it depends on how large your store is. Plus, if you get popular fairly quickly you may need to hire even more staff to accommodate that. You’ll need staff to tidy up and arrange the stock, staff to work on the till and greet customers, and staff to oversee deliveries and other important things. You’ll probably focus on finding suppliers, appliances like freezers and sweet dispensers, coming up with fresh stock to sell, interviewing staff, thinking of marketing techniques, and making sure everything is running smoothly.
Step 5: Establishing Your Brand
You’ll need to establish a brand that gives the image of the food store you’d like to run. Design a logo, color scheme, and brand personality that will appeal to your customers and encourage them to continue using your store.
Remember that you need to constantly stay fresh and up to date with new foods and offers. You may even want to splash out on security cameras as theft is a big problem for food shops. Concentrate on providing a fantastic service and keep your clients at the forefront of your mind, and you should go far!
