Use your love of shopping and put money in your pockets by considering retail business opportunities.
If you are interested in starting a home based business that builds on your own shopping and retail experience, you can have the enjoyment of shopping for others as a career.
There are several outlets for retail business opportunities: brick and mortar locations, home shows, or an online business. The decision is up to you.
Opening a physical store in your community will help you attract local customers; however, an online retail business will help you reach a broader market. The shrewd business owner combines both operating models.
Below are a few of our most popular Retail Business Ideas.
- Starting A Used Tire Store Business
- Start A Motorcycle Business
- Solar Home Products Business
- How To Start A Dollar Store
- How To Start A Convenience Store
- Start A Restaurant Supply Business
- Ink And Toner Refill Business
- How To Start A Beauty Supply Store
- How To Start A Toy Business
- How To Start A Mall Kiosk Business
1. Starting A Used Tire Store Business : Because tires wear out so frequently and are expensive to replace, many people look to a used tire store when their tires need changing.
You can relatively easily start a business in this field, and will be aided by the current abundance of lightly used and re-treaded tires available.
The biggest requirement of any good business in this industry is that the proprietor is very knowledgeable about tires of all different types and sorts.
They do not need to have gone to college or even graduated from high school, but they must have a deep understanding of how tires wear and how to best replace old ones.
They must not only know which tires go with which cars, but also which sort of mixes of tires are appropriate and which will cause problems.
They need to know where to acquire reliable tires at good prices, and should establish business relationships with junkyards, tire shops and re-treading centers to aid in this.
Another key to success is having the proper facilities available. Used tires are items which tend to sell very slowly, since specific tires will only be in demand when specific cars need them. It is therefore important to have a used tire store which contains a large, indoor storage space which is dry and well organized.
Tires left out in the sun and rain will serve as breeding grounds for mosquitoes and dry-rot, and an unorganized storage facility will prevent the staff from finding what a customer wants.
It’s also important to have equipment on-site to test the tires for leaks or structural faults as well as the ability to put them onto a customer’s car immediately. Improperly tested or installed tires will result in accidents which has the potential to lead to lost customers and worse.
The hardest part of running a used tire store is maintaining a proper inventory. A great variety of tires is required at all times, and they must all be in good used or refurbished condition. Purchasing retreaded tires wholesale is a great way to build up inventory – as is looking for tires online.
Junkyards are also often a good way to get tires, since many crashed or broken-down vehicles have new or like-new tires. Regular tire sales to eliminate old or unwanted inventory are important as well, since tires do eventually expire and many states make it unlawful to sell these commercially.
This business is a great for someone who is passionate about tires to make money, as cheap but good quality tires are always in demand. It requires a lot of storage space and a lot of knowledge about tires, but no formal training or understanding. A used tire store requires hard, dirty work, but be very rewarding when it enables people to quickly get back on the road.
2. Start A Motorcycle Business : Turn your mechanical skills into money and start a motorcycle business.
If you have a passion for custom fabrication and chrome, a motorcycle custom shop should be right up your alley.
In this business, you will create custom order motorcycles according to customer requests. You could also have several standard designs on the showroom floor.
You can work with other home motorcycle builders by selling standard motorcycle parts like frames, forks, fenders, tanks and wheels.
Work in your yard or garage or get a couple buddies as partners and open up a larger retail shop. Word of your work will soon get around if you are good at customizations. If you have a retail location, open a showroom to display your custom creations and make new contacts.
You can offer customizations plus motorcycle repair and accessories like chopper kits.
In addition to your showroom and work space, you will need an office and motorcycle savvy helpers who can not only work with your customers, suppliers and cohorts, but also stay abreast of new Environmental Protection Agency (EPA) laws.
New laws often tighten regulations for custom motorcycles with regard to emissions and noise levels.
Your stylish creations will bring you business, so you will want to be unique. Develop your own logo, and perhaps sell other motorcycle accessories and clothing in your showroom. You can sell parts and bike accessories and also expand your business with more money makers like leathers.
As your business increases, you will want to hire a few employees to increase your output capacity. Watch out for becoming a gathering place; that can be both good and bad for business. You don’t want to cause problems for neighbors or neighboring businesses, and you want to get work done. It’s hard to balance business with pleasure, but the work must always be your top focus.
Other business ideas you can take advantage of are running a motorcycle safety class or offering basic motorcycle instruction. You can run hands-on custom building workshops for those who want to do their own custom creations at home.
You can charge tuition and you can have deluxe packages that include all the necessary components you sell that will enable them to build their own custom chopper, bobber, or rigid motorcycle.
Gaining Legal Approval
Regular business essentials apply when you start a motorcycle business – especially in the need for liability to cover you and your employees against any possible problems that might occur. Dealing with transportation vehicles of any type puts human life at risk, and it is important to always put safety and care at number one on your requirements list.
You can get a lot of fun and satisfaction out of working when you start a motorcycle business. It’s your chance to do things the way you think they should be done.
Remember to follow a solid business plan for success, even if that sounds old fashioned and stuffy. Business plans are maps to get to where you want to be in business. Without one, you can lose your way and enter the failure zone and no one wants that when they start a motorcycle business!
3. Solar Home Products Business : As the sun rises every day, a solar home products business is practically guaranteed to succeed in today’s environmentally aware society.
Uncertainty of fossil fuel energy prices, the general push for alternative energy products, and government tax credits are all helping this industry grow and prosper.
Take advantage of this energy squeeze and start up your own business. Solar sales can be started small and that you can get going rather quickly.
For starters, get some education on the topic. You cannot sell what you do not know about! Learn all you can about solar power, and investigate any home products you can find on the internet community.
One of the first problems you will have to overcome is that these products are more expensive up front. The point to sell to customers is the longevity of solar products, the free nature of this solar energy and the long term savings and added home value they will achieve by installing solar power devices.
Attend local home, garden, and hardware shows to find products, develop relationships with suppliers, and get your name known. Pass out plenty of business cards that pinpoint your area of specialty.
Learn which products you can be competitive with, items that may not be stocked in the large box stores. Contact local builders; some communities are being built today that are completely solar and wind powered for zero energy costs.
Know your products and what they can do backwards and forwards. Install these into your own home so you see the benefits in action to better communicate those advantages to your customers.
Go to local government meetings, ask questions, let it be known what you are selling in the local area where you live. Use a newsletter, write articles, and find some special offers to attract new customers. Run workshops to inform people about new products.
Another aspect of your business is to offer installation of your products. Most are fairly easy, even rooftop solar panels. There are many new small products, from solar lights to small foldable solar panels useful for camping outings. Renewable energy is a must in the future, and you can get in on the ground floor with your Solar Home Products Business.
You will need business basics, a workplace, possibly a storeroom for products, computer and internet, your education in solar products and functions, energy awareness, and if you do install, you may need a truck or van, ladders, wire, and so on for installation work.
For expansion, consider teaching classes, contacting local businesses for leads and partnerships. You can move from solar to include wind power, home automation, and an endless list of renewable energy products. You might be able to produce your own local cable television show on the topic.
Solar energy, renewable and free energy are basic keywords for this century. The hardest part to overcome will be the initial expense, but the demand is growing daily.
There has never been a more opportune time to get into a solar home products small business than right now. Don’t let the sun set on the solar home products idea!
4. How To Start A Dollar Store : Dollar stores are flourishing in the current economic downturn. This fact may have you wondering how to start a dollar store. One approach would be to look for franchise opportunities with one of the national dollar store chains.
This would require a hefty upfront investment, but would guarantee you a steady supply of low-cost inventory items as well as some start-up assistance.
The other option would be to start a dollar store from scratch. You would save the franchise fees, but you would have to locate and procure your own inexpensive items to sell.
When deciding how to start a dollar store, remember that everything in your store should be priced at one dollar or less. While some stores are now charging over a dollar for a few items in the store, this is often confusing to customers and should be avoided.
In addition to ordering and selling cheap merchandise, your business will need to accurately account for all sales and for any waste. Waste includes stolen items as well as broken items. You will have to receive freight, return defective merchandise, pay invoices, stock shelves, and clean your store. Clerks and cashiers will have to be hired, scheduled, and paid.
A dollar store typically stocks toys, food items, health and beauty supplies, household items and more. If you don’t open a franchise, you will have to look for creative sources to keep a continuous flow of merchandise coming in to your store. In addition to making sure you have enough inventory, you’ll also want to make sure you don’t have too many of certain items.
You’ll need to learn which items are in high demand in your area and order appropriately. If perishable or seasonal items do not sell, you may find yourself with merchandise that must be discarded or donated. Some sources of merchandise could include close-out distributors, surplus warehouses, and salvage companies.
Store equipment should also be researched when thinking about how to start a dollar store. In addition to counters and shelving, you will need cash registers, shopping carts, baskets, bags, office supplies, phones, and restroom supplies. You’ll need a selection of tax forms and employment applications if you hire workers as well as an area for breaks and personal possessions.
While not absolutely necessary, it is becoming harder and harder to run a retail establishment without computerized equipment to manage the store’s inventory and perform accounting functions.
If you’ve never managed a store before, there’s more to it than just selling merchandise. A few classes in business management and business administration will help you to learn the basics. In addition to accounting for all sales and expenses, you’ll have several tax considerations that will require precise records.
Employee wages will have to be tracked so that you can provide W-2′s at the end of the year. In addition, you’ll have to make quarterly payments for federal, state, and social security taxes. If you offer benefits that require employer contributions, you’ll have to report those as well. In addition, your sales will require payment of state and local sales taxes in most areas. To properly manage your store, you’ll also have to carefully track your inventories for tax purposes in addition to replenishing your stock.
When learning how to start a dollar store, don’t forget about licensing. You’ll need a business license at a minimum plus a federal tax id. Depending on your area, you may need additional permits to operate a store and to display signs. Your local government office should have a department that works with local businesses. This office should be able to help you navigate the regulations that pertain to your specific area. Workman’s compensation insurance, unemployment insurance, and general liability insurance policies should also be researched and purchased prior to opening your doors.
Most dollar stores don’t have a problem attracting customers if people know where they are. Locating your new store in a highly visible shopping area should attract customers. If you aren’t very visible, invest in a few roadside signs if that’s allowed in your area. Using a coupon mailer is another good way to attract clientele. Once you have traffic inside your store, it will be up to you to stock items that are in demand so that you build a customer base.
Once you’ve learned how to start a dollar store and have a successful operation, you may begin to think of expanding. The best way to do so is to open a new store in another area of town. You’ll have to research which areas have the fewest stores that would compete for your potential customer’s business, but also have reasonable store rental rates. If a store next to you becomes vacant, you could expand by increasing the size of your current store or opening a new store with a different type of merchandise.
5.How To Start A Convenience Store : Learning how to start a convenience store and making it successful can become a reality for those who work hard and have the determination to succeed. Convenience stores offer customers the flexibility to shop at all hours in their local neighborhoods. Many convenience stores also sell gasoline and food items along with a variety of grocery and snack items.
In 2007, there were 145,000 convenience stores in the United States. A large portion of the gasoline bought in the country was purchased by convenience store customers as they traveled to work, school, or other destinations.
Convenience stores typically stock about 500 products. Supermarkets, on the other hand, stock up to 50,000 or more products. Supermarkets offer a wide variety of products, while convenience stores have a much smaller line. Convenience stores cater to neighborhood customers and travelers.
A neighborhood convenience store typically offers a variety of snack foods and beverages as well as necessities, such as toilet paper. Often, a traveler looking for a quick lunch can purchase a hot dog or slice of pizza. Prices in convenience stores tend to be higher than those at traditional grocery stores. Customers are willing to pay more for convenience. These are important differences to keep in mind as you go about learning how to start a convenience store.
Where you locate a convenience store is extremely important. People do not like to travel huge distances to shop for basic items, such as food, snacks, cigarettes, and other convenience items. The store should be close to a residential area of at least 1,500 people.
Locating close to major establishments such as hotels, schools, universities, and movie theaters can bring customers in. For example, people often pick up items on the spur of the moment while heading home after an evening of bowling or seeing a movie.
Obtain start-up capital to rent or purchase retail space. Small business loans are available at your local financial institutions. Collaborating with an investor is another financial option. Apart from the rent and parking space, you will also need to invest in product, interior furnishings, office supplies, credit card machines, and additional pieces of equipment, if you plan to offer quick lunch menus.
Many mom and pop stores faded away because they could not match the prices, facilities, and product ranges offered by supermarkets. Make sure that your convenience store does not suffer a similar fate. Locate it away from supermarkets, if possible, and, if there is a mall or similar service nearby, diversify into different product categories that allow you to compete.
Be smart about the products you stock. If your store is close to a university, stock plenty of snacks, soft drinks, magazines, and milk. A variety of vending machines will increase sales as well. Offer ice cream, health products, cookies, and groceries if your convenience store is near a residential complex. Choose your suppliers carefully. You can save money by joining an association of grocery store owners and buying collectively at wholesale prices.
Some convenience stores deal in produce, such as fruits and vegetables. Others emphasize packaged goods, such as toothpastes, soaps, and beauty products. Still others sell magazines and comics as their offerings. Slowly branching out into other areas will let you know how interested your customers are in other products without spending a great deal up front.
By understanding how to start a convenience store and planning meticulously, you may be on the road to a greater income and a better lifestyle for your and your family.
6. Start A Restaurant Supply Business : If you’re a pro around a kitchen, you may be interested in how to start a restaurant supply business. This type of business will stock or be able to order everything that’s needed to operate a successful restaurant.
Some supply operations may even provide certain food items, but all restaurant supply companies sell items that range from napkins to walk-in freezers.
You’ll be expected to keep up with the newest trends and technology to keep upscale restaurants coming to you for all their needs, as well as having more affordable, basic products on hand for the mom and pop restaurants.
To start a restaurant supply business, you’ll need to find suppliers who can consistently meet the needs of your customers. Because you will be selling at a wholesale level, you should try to go directly to each manufacturer that manufacturers or resells restaurant supplies.
This will be a long list because you will be offering everything from the smallest item to the largest appliance. After you have a reliable supplier base, it will be time to find a location. You won’t be expected to locate in a trendy shopping mall. You’ll need a large space with economical rent – especially when you get started.
A warehouse location in an industrial area will provide plenty of space at a relatively low cost. While you should have adequate display space, utilitarian shelving will do for most items. Your customers will usually know exactly which basic items they need, but one or two demonstration areas for new items may trigger an unexpected sale.
In addition to your inventory, you’ll also need a full office with computer equipment and software to manage your business. Keep basic forms like invoices and contracts on hand. You will need a delivery service to transport large orders to your customer’s location. You can purchase your own truck and hire a driver or contract this task to another company.
While you won’t need any special training or certification to start a restaurant supply business, experience in the restaurant business itself would be extremely helpful. You should have basic business management and retail experience as well.
As with any business venture, make sure that you acquire all of the business licenses and insurance policies that are required. If you will be supplying food items to area restaurants, you will need to have additional licenses and comply with your local health department’s rules and regulations that govern food business operations.
Keep all foods at the proper temperature and make sure that nothing expires. Food and safety inspectors will check every detail when they arrive to make sure you are in compliance. Staying in compliance takes far less effort and time than getting back into compliance!
After you start a restaurant supply business, you will need to find customers. If your locale has a publication that is dedicated to the local restaurant trade, invest in a few ads. In addition to advertisements, direct sales could bring in business.
Be prepared to provide a price list, delivery schedule, and explain why you are better than the current supply business. Joining the local chamber of commerce or restaurant owner’s association could provide invaluable contacts.
If there’s a local trade show related to the restaurant industry, make sure that you not only attend, but that you also set up your own booth. Think about what problems the restaurants might be facing and how you can provide a solution through your restaurant supply business.
Once you’ve promised a certain level of service, make sure that you follow through to keep the customers coming back.
Once you are a successful restaurant supplier, you may think about expanding. If there is a need in a neighboring town or city, open a new location there. You may also consider selling certain items online to the general public.
A gourmet cookware store in an upscale area could be another expansion idea. If you really enjoy the restaurant business, open your own restaurant or become partners with one of your favorite customers.
7. Ink And Toner Refill Business : There are many niches in technology and computer service businesses that are needed by customers. Thinking outside the box can sometimes lead to an excellent opportunity where others aren’t looking. One niche that can provide an excellent opportunity is starting an ink and toner refill business.
This type of business is going to provide customers with the ability to refill their ink and toner cartridges for a fraction of the cost that it would take to buy new ones. The business can also stock supplies that some customers want including syringes, needles, plugs, aluminum tape, hand cleaner, and do-it-yourself kits for refilling empty ink cartridges.
Since many printer manufacturers now sell printers that only take company-made ink cartridges and no generic equivalent, there is a very good business to be had by offering to refill ink and toner cartridges.
Many of the products mentioned earlier are easy to learn how to use. Different ink cartridges do require slightly different tools. Because of this, some may require the use of short or long needles while other cartridges may use 10 ml and 20 ml syringes. Sometimes a combination of both is required. Plugs and aluminum tape both allow a cartridge to be filled and then sealed as good as new. The hand cleaner is a definite must, as printer ink and ink toner does not wash off easily with anything else.
The service of filling up used ink cartridges and preparing them for use, either in individual cases or mass quantities, is one that many local businesses and residential customers are going to appreciate. If an ink and toner refill business offers weekly or monthly pick up and drop off for a small fee, there’s a very good chance that many businesses will gladly pay for the convenience of the service. Recycling old cartridges can also provide another opportunity, since those cartridges can be filled, kept in stock, and sold to another customer who still uses this older printer.
Not a lot of expensive equipment is required in an ink and toner refill business. Aside from the obvious things that all retail businesses need like a cash register and shop location, for this particular type of business the needles, syringes, tape, plugs, hand cleaners, kits, and cartridges are all most people need. If there is a pick up and delivery service offered, then a vehicle is also needed.
Specific education or certification is not required in order to start and run an ink and toner refill business. But entrepreneurs should have enough experience with all the equipment mentioned to be able to help customers and provide expert level service in filling the empty toner cartridges. These are not hard skills to learn or master, but they are necessary for running a successful store.
Beyond the skills and equipment, the last two very important considerations to make when looking at starting an ink and toner refill business are: 1) Location and 2) Finding customers. Location is very important. A business like this is best served by being in a high foot traffic area and especially if there are other small businesses nearby.
The beauty of an ink and toner refill business is that it can serve the needs of both residential and business customers. Getting discovered early is a major benefit, and being positioned in a high traffic area is going to speed up the process.
Finding customers is the final piece of the puzzle. Traditional advertising includes newspapers, local magazines, local television, and phone books. More creative ways could be to start an online blog or website, put up fliers, or set someone to work the old fashioned way of going to other businesses and offering your services. Any advertising should obviously focus on the cost benefit of cartridge refill. You’ll also need to be able to address customer anxiety with using your services.
Some printer manufacturers state that using refill ink voids the product warranty. Educate yourself about the pros and cons of an ink and toner refill business before pitching your services to customers.
If advertising, time, and hard work is combined with quality service, there is a good chance that an ink and toner refill business can be successful. Aside from competition, this is one of the easier businesses to start and run.
8. How To Start A Beauty Supply Store : If you have a passion for makeup, hair styling and other beauty-related topics, learning how to start a beauty supply store may be the perfect small business idea for you. In general, entrepreneurs who are enthusiastic about the products that they sell tend to fare the very best.
With a beauty supply store, you’ll be able to offer your expert product insight to anyone who is in need of beauty products. Before doing anything else, though, you need to learn how to start a beauty supply store. By taking a practical, measured approach to the process, you are bound to end up with a first-rate business.
As the proprietor of a beauty supply store, beauty supplies will be your bread and butter. Therefore, it is critical to track down reliable wholesale suppliers who have the products you need at competitive prices.
After all, you’re going to have to give your customers competitive deals with enough of a markup to turn a profit. Take your time when researching wholesalers. Don’t be afraid to rely on a handful of suppliers, if necessary. If things don’t work out with one, make sure to replace them with a better option, as needed, so that your inventory never runs low.
You’ll need a reseller’s license before most wholesalers will do business with you. Get all of your paperwork in place before contacting the wholesalers so you can appear as professional as possible in your introductory calls. You may even want to chat with an existing retail shop owner to learn a little bit about the wholesale process.
Before you can open the doors to your own beauty supply store, you’re going to need to obtain a business license from your local city hall. Depending on the structure of your business (i.e. sole proprietor, LLC, etc), you may also need to register with the state.
If you want to know how to start a beauty supply store, the best place to begin is by working in one. Ideally, you should have a decent amount of experience in such a setting. You should have worked at as many different levels within the organization as possible, too, so that you’re familiar with how the entire process works.
Since a large percentage of your business is going to come from local hairdressers, barbers and other stylists, it pays to engage in a marketing campaign that targets them. If you are unfamiliar with executing such a campaign, it pays to hire a professional marketing agency to help.
Most successful beauty supply stores enjoy a lot of walk-in business. Choose a location that gets plenty of visibility and foot traffic. Strip malls and locations in bustling downtown districts are both suitable options. Carry business cards with you and pass them along to anyone who you believe could benefit from your products.
Once you’ve gotten a firm handle on how to start a beauty supply store and have been in business for a while, controlled expansion is a good idea. At minimum, your store will probably start out by offering basic hair styling products and makeup.
You can expand upon your business by offering classes about makeup application. Refresher courses about hot hairstyles are also phenomenal ideas. This way, everyday people can walk in off the street and learn something that will make them value the products that you sell even more.
Additionally, you can expand your store to sell exclusive lines of products that are hard to find elsewhere. Chat with customers to find out what they want but can’t find and work hard to stock those items.
There is no single “right” way for how to start a beauty supply store. The main thing to keep in mind is to let your zeal and enthusiasm for your products shine through. When you’re excited about what you sell, your customers will be as well.
Stay as informed as possible about your beauty products, too, so that you can give useful recommendations to just about anyone. In the end, you’ll look forward to going to work everyday and your customers will look forward to visiting your store – a definite win-win situation in business!
9. How To Start A Toy Business : Whether you want to sell your own uniquely designed toys or open a retail toy store, learning how to start a toy business is just the beginning of what could turn into a highly prosperous small business opportunity.
As you begin to think about how to start a toy business, you need to decide how you want to sell toys. Below are three proven ways:
1. Design and sell your own toys. You will need a prototype for each toy and financial backing. If you choose this route, be sure to hire a trademark lawyer who can walk you through the legal process of protecting your intellectual property. If your toy design is innovative or complex, you may also want to file for a patent for some or all of your toy design.
2. Operate a retail toy store. Look at franchise opportunities, existing stores for sale, or start from scratch. If you start from scratch, find toy suppliers to fill your store shelves.
3. Run a mail order toy business from your home. Look for opportunities from reputable companies.
No matter which business model you choose to pursue, you will need a business license. Also contact your local and state tax authority to learn about the state sales taxes you may be required to pay.
If you plan to run your business from home, call the local zoning board to find out if you can legally run a home business and apply for a zoning variance if needed.
Toys are always popular, but getting the word out about your business will be the most difficult challenge you face. As you learn how to start a toy business, think about ways, both conventional and unconventional, to let people know about your toys.
It is important for a retail store to be in a location that already attracts shoppers. It also should be some distance, preferably two miles or more, away from any other toy store. Colorful ads and fliers should be used as often as possible to attract attention to your store.
If you design your own toys, you will find the greatest profit potential will be to eventually sell them to established toy companies. Again, seek the advise of an experienced attorney to protect your interests.
Millions of sales are made through mail order catalogs each year. To cash in on some of those sales, you don’t want to spend a lot of money mailing catalogs to people who are not going to buy. Instead, buy targeted mailing lists.
There are lists available for almost any demographic, including new parents, single parents, grandparents, and related market segments. High quality lists are made up of people who have bought similar items in the past and are most likely to make toy purchases.
In addition to printed advertising, a little creativity can make your toy store a huge success. Toy stores often enhance customer recognition by hosting charity events or donating to relief organizations.
Loyalty and reward programs keep new customers coming back. Carrying new lines of toys keeps interest fresh. Direct mail is an excellent way to target potential customers, whether you are a mail order house or a retail store.
The more you learn about how to start a toy business, the more familiar you will become with related items that will also appeal to toy buying customers.
Perhaps an inventory of children’s clothing would be a good sideline. Another product line with profit potential might be children’s books. Related sideline products should appeal to the same group that buys toys.
The toy business is competitive, but if you plan wisely and offer buyers something they can’t get anywhere else, you can come out ahead of the competition.
10. How To Start A Mall Kiosk Business : Kiosks are common sights in shopping malls of all sizes, which means there is ample opportunity if you want to learn how to start a mall kiosk business. Kiosk owners rent a kiosk (or space for their own kiosk display), stock it with a specific product or service-related material, then staff the kiosk during mall hours.
A mall kiosk business can be especially lucrative because the kiosks require far less rent and overhead than normal stores. Kiosks also receive a high volume of foot traffic in the mall. Think about it, potential customers don’t have to “enter” your store to see your product – everyone sees your product simply by walking through the mall.
Although learning how to start a mall kiosk business may seem simple at first, the reality of starting any business can be difficult. For this reason, it is imperative to be well prepared and do your research. Market research is especially important in the kiosk business – you want to make sure there is a demand for your products or services in the market where you intend to open shop.
When considering how to start a mall kiosk business, it is important to select the right product. Mall kiosks can be targeted to a variety of customer wants and needs. These can range from selling cell phone accessories to customized t-shirts to unique jewelry. Mall kiosks can also provide services, such as ear piercing or chair massages.
Individuals interested in how to start a mall kiosk business can utilize skills they already have to sell their own unique services or handmade products. Some kiosk entrepreneurs may also be interested in licensing existing products. Licensed options might include toys, carvings, sunglasses, purses, and more.
When contemplating how to start a mall kiosk business, there are several necessary steps to get started. Mall kiosks and/or associated floor space must be rented, so owners should check with malls of interest for rental rates and availability.
After finding a location, business owners need to build up enough inventory of their product to sell. The amount of time and money it will take to procure or make enough product will vary depending on the type of product. Regardless of what item is being sold, it is vital to have enough inventory on hand to keep the kiosk full.
Other practical needs include the ability to handle both cash and credit transactions. For credit cards, you’ll need a merchant account.
While no formal training is required when learning how to start a mall kiosk business, it is a good idea to have some basic business know-how in order to appropriately manage cash flow, hire employees (if needed), and manage your books.
If you lack business experience, taking a small business class or seminar is a great way to educate yourself and increase your business confidence.
The key to any successful mall kiosk is to get shoppers to stop. An eye catching display can be helpful in attracting customers, but getting out and talking to people is critical as well. Having an engaging display and a friendly disposition can be an essential factor in getting your kiosk business off the ground.
While engaging with potential customers is important, take it easy on the “in-your-face” approach. We’ve all walked through malls and have been bombarded by kiosk staff. It’s so annoying. Find a way to engage with customers in a way that invites them to learn more, not turn around and run the other way!
Customers are important, but they are not the only ones who matter. Since mall kiosk space is rented, business owners should always get to know mall management as well. This can be done by meeting in person when setting up the rental agreement. Smart business owners will take part in any mall meetings in order to stay up on what is going on at the mall and to ensure that the ownership is aware of who they are.
Taking Your Mall Kiosk Business Further
One great thing about learning how to start a mall kiosk business is that there is ample room to grow. For successful kiosk startups, there is endless possibility to expand not only to other shopping malls, but online as well. If your kiosk business really explodes, you could even consider franchising your business as a growth opportunity.
Overall, learning how to start a mall kiosk business has great small business potential. If you’re outgoing or have the means to hire outgoing staff, running a kiosk business can also be a lot of fun.
By carefully managing your product mix, your cash flow, and making important connections with customers and mall management, your mall kiosk business can thrive.
