This post originally appeared on Entrepreneur.com - #StartingABusiness
Startup Costs: $50,000 – $100,000
Part Time: Can be operated part-time.
Franchises Available? Yes
Online Operation? No
THE BRIEF:
Do you dream of curating a selection of food products in your own shop? Why not take on the Whole Foods and 7-Eleven’s of the world with your own specialty food shop. Why specialty foods? It’s where the market is heading. Sixty-five percent of consumers purchase specialty foods, according to the Specialty Food Association, making purchases totaling $140.3 billion in retail and foodservice. That’s a market share of 15.8 percent. Vegetarian, vegan of flexitarian? Good news: Plant-based categories make up the top four categories and are expected to grow over the next five years.
ASK THE PROS:
How much money can you make?
“New business owners can rarely count on a regular paycheck. Startups frequently require more capital than planned. Something’s bound to go wrong or change even though everything is penciled out in your plan. If you break out in a cold sweat if you aren’t paid on the same day every month, you may want to rethink going out on your own. Most of the money you make will go right back into inventory and other costs of doing business.”—How to Start a Retail Business
What kind of experience do you need to have?
Retail experience, is, of course, helpful for opening your own store. But you can pull from all of your experience.
“What skills do you most enjoy using? If you are artistic, merchandising a store and designing advertising may appeal to you. Or you may be mechanically inclined, enjoy solving puzzles or helping people. Therefore an auto parts store, business consulting practice or birthing coach business may be for you. By tying your skills to your market’s wants and needs, you greatly increase the likelihood that your new business will be successful.”—How to Start a Retail Business
What’s the most important thing to know about this business?
“Don’t think that running a retail store is a five-day-a-week, 9-to-5 job. Prepare to work seven days a week and long hours, especially when you first open, since you need to learn every inch and ounce of your business. It’s the only way you can know how to modify your business model if necessary, manage the store and hire people to manage it in the future.”—Matt Sweetwood
Related
How to Start a Retail Business
The Do’s and Don’ts for Opening and Operating a Successful Retail Store
Market Research That’s Specific to the Specialty Food Business
