What are some retail business ideas that you can try?
According to the Small Business Administration (2019) or SBC, 30.7 million micro businesses account for 99.9% of all businesses in the United States. A micro-enterprise, as defined by the SBA, is a small business that operates with fewer than 500 employees. Those with less than 100 employees constitute 98.2 percent, and those with fewer than 20 employees account for 89 percent. With these, it is quite easy to quantify jobs generated by small businesses as they generate the majority of labor demands in the United States.
According to Fundera (2019), small companies employ 1.5 million people which accounts for 64% of new jobs created within the United States. Small businesses in the health care and social assistance, accommodation and food service, and retail trade sectors provide a huge chunk of these opportunities and contribute to the small business employment share.
The Risks and Opportunities of Starting a Retail Business
Precariousness or major uncertainties pose a real challenge to small business owners. This is evident during the emergence of the COVID-19 pandemic. Facebook (2020) revealed that 31% or nearly one-third of small businesses in the United States shut their doors being currently affected by the pandemic. Fortunately, social media assist the marketing efforts of small businesses as 64% utilize online social platforms to reach their clients, make a presence and promote their products and services.
Social Media Can Be a Great Marketing Platform For Retail Businesses
Facebook acts as a bridge that connects brands and products to their customers. Seventy-eight percent of American consumers discovered retail products through the same platform (Kleiner, 2018). Big or small restaurants, home bakers, home chefs of healthy meals, and retail sellers are all on Facebook. With the help of couriers, shipping for small businesses is done at great ease. Customers can receive their orders or goods within the day, followed by their rating on the store’s Facebook business page. Certainly, social media provide the presence of small businesses in the virtual world.
What it Takes to Start a Successful Retail Business
With these figures, and despite facing challenges, it is easy to assume that small businesses are continuously thriving and contributing to economic growth. Many people also still aspire to start their own, take advantage of small business grants and follow their own concepts and visions. Millennial business owner aspirants want to innovate the conventional business model and do away with setups that can limit their growth especially considering the growing number of competitions. Businesses indeed have to be unique, organized, and logistical.
Considering the trends of small businesses in today’s market, here is a list of retail business ideas that you can start small with:
Retail Business Ideas That You Can Try
Nordic furniture business.
With most of the people working from home, continuous home improvements have been one of the favorite pastimes. The trend in interior design now is Nordic, a Scandinavian interior style that practices minimalism. This style uses a blend of textures and soft hues to embellish rooms with sleek and modern decor. This makes any room feel warm and inviting. Furniture that looks clean, functional, and cozy is given emphasis in the Nordic interior design. Get a supplier who can provide you with a wholesale price and put up an online business for starters.
Kitchenware and home essentials store.
Aside from Nordic furnishings, you can also resell cooking and dining essentials that are worth Instagramming for. Once you have your supplies, dress them and put them under the light for a photo shoot. With a small capital, you can make a catalog of many designs that your customers can enjoy choosing from.
Generally, a sustainable store practices reducing environmental waste in almost all sectors of the business. Therefore, you should encourage customers to bring in reusable containers and their own bags for shopping. This is where they can transfer goods from the store’s master container into theirs and pay for the goods without the cost of packaging. Public awareness of environmental issues caused this shift to consumer behavior in the marketplace. Customers are now lauding and leading towards sustainable, green, and organic products.
General grocery or mart.
Korean and Asian food, in general, gained popularity through the years and since these items are not usually found in your neighborhood grocery stores, this makes it a good business idea. In promoting these, you may want to share recipes and other culinary knowledge with your customers so they can maximize the good bought from you.
Make an effort to be a one-stop-shop so customers can do business with no sweat. Hunt for bags, clothing, shoes, cosmetics, and perfume suppliers and mark up the price lesser than the one in the commercial market. If you love fashion yourself, you can enjoy putting this up. You can also raid your own closet and check which ones you do not find useful anymore then sell them.
Gyms and fitness studios are slowly reopening their doors. Many people, however, still prefer home workouts in consideration of social distancing, self-quarantining practices, safety, and security. Dri-fit shirts and yoga pants or leggings can bring great profit to your business since online home workouts have gained more popularity in these trying times. Instagram fitness challenges, YouTube workout videos, personal home fitness classes with trainers, there is a plethora of activities that require active sportswear which makes it a good product for selling.
Food and baked goods store.
The pandemic pushed many food businesses to their limits by forcing them to come up with creative ways to sell their products. Appreciation and support for local farms and businesses are given emphasis since the consuming market has become conscious of the food preparation, content, and nutrition value now more than ever. Food and baked goods can be risky as competition is everywhere but this is how you can make your capital gain profit at a fast rate if marketing is done correctly and the food tastes great.
Aspiring entrepreneurs can definitely pick something up from these business ideas. The best marketing style, however, is to talk to your consumers and connect directly with them. This allows an open communication environment within your business and encourages your customers to be vocal on the things they need and what you can improve on or provide them. No idea is ever great than that of your customers who appreciate when they are heard. That is how your business can meet consumers’ expectations, demands and needs.
About the Author:
Bash Sarmiento is a writer and an educator from Manila. He writes laconic pieces in the education, lifestyle, and health realms. His academic background and extensive experience in teaching, textbook evaluation, business management, and traveling are translated into his works.