Are you thinking of starting a brick and mortar business? Wondering on how to reach your target customers without having the capital to start-up?
This is just a little secret on how to go about it:
- Do a product survey: Visit the stores around you, find out items that are not readily available but there’s a demand for it- especially the household items. Just a friendly chat with the Client Service Officers could give better insights.
- Get a few samples: Request to see the manager of the outlet and introduce these items. Sales-on- return should be your option for the partnering store, it makes them more receptive as this is at little or no cost to them.
- Source items from Major dealers: Minimize middlemen while sourcing for items. This would maximize profits to be shared with your partnering store.
- Ensure Product Quality: Never compromise on quality irrespective of the cost price. A quality and slightly pricey item is a thousand times worth more than a poor and cheap one.
- Returns on Items: Set a minimum profit margin to help assure the financial health of your business.To calculate profit margin: divide your net income by total sales.