How to start your grocery shop with minimum investment?

Posted by ARYAN KUMAR

 Introduction


A Grocery Store is a retail store where you can take care of your household needs such as grains, flour, rice, pulses etc. They also sell plastics products for household use such as mugs, buckets, etc and cleaning products like soaps, detergents, etc.


So now we discuss how to open a Grocery store in some points;


  1. Business model.

Firstly you set a model for your business such as;


  • Size-  decide what type of store you open, small kind store, for  some necessary or a big grocery story for all things belonging to Home.

  • Ownership- What is your ownership? To open your grocery store, with partnership or you decide to open under your own ownership.

  • Capital - how much money would be needed, and how can you arrange it? Would you need a loan? If you have a good credit rating, business loans are available at reasonable interest rates. Always leave a certain amount of money for unforeseen expenses that every business incurs and then allocate your money accordingly. 


  In this type of store is high investment, so do your research properly before starting your shop, do your homework properly and then proceed. 

  1. Location.


Location plays a vital role for your grocery shop because a good location is best to run your business smoothley.


  • It's near your home that helps to survey stores at any time.

  • If there is one shop that is present in this area, don't worry, take a rentable store in another area to start your Grocery shop.

  • So it would be best if you did your research thoroughly, keeping in mind your budget and then decide accordingly.

  • Try to open your store near an office because some people shop for their home after office, that helps to grow your business fast.


  1. Staff.

The size of your store will decide your staff strength. However small or big, a good grocery store should have helpful staff to guide the customers. 


  • Hire a well educated staff that helps your customer to buy a product, because the staff describe the product for the customer.


  1. Legal expenses.

  • The most important step to start your Grocery shop is to get a license for the shop, because without a shop license you face many types of problems.


  1. Taxes.

  • Every business ideally needs to have GSTIN before starting a business in India. Every business has to apply for GST registration in their respective states within 30 days of the applicable date. If your turnover is less than 20 lakhs, then you don't need to get yourself registered. But all businesses having an annual turnover of more than Rs.40 lakhs need to have a GSTIN number in India. This number has been revised from Rs.20 lakhs to Rs.40 lakhs except in some states where 20 lakhs is still applicable. 


You need to have your PAN Card,  Aadhar, and any other business proofs while applying for GST registration. Also, businesses with an annual turnover of up to Rs.1.5 crores can opt for the Composition Scheme.

  1. Pricing.


  • Now, this is one tough call to make since it's not dependent entirely on you. You need to check out your competitor's prices and then decide on your margins. Even a 5-10 rupee margin is a big deal when buying groceries in the Indian market. Hence it would be best if you gave extra consideration to pricing. You should be able to give better prices than your competitors and at the same time get a good margin.  You can also offer loyalty programmes, and give membership and goods deals to repeat customers. 



  1. Marketing.


  • Advertisement is also key to the success of any business. Also, by advertising, you introduce your business to the locality.  You distribute pamphlets, put advertisements in newspapers and even give vouchers on first purchase. Even though most grocery store promotion is through word of mouth, a grand opening of the store and widespread advertisement will also contribute a fair bit. 

  • A grand opening always attracts customers, so if possible, you should allocate a part of the money to advertising it. It makes consumers curious, and they definitely would want to come and explore. While designing a supermarket business plan in India, marketing is one aspect that should not be ignored. A lot depends on how effective your marketing ideas are as well.



  1. Delivery partners.


  • Startinting the delivrey method for the customer's needs.

  • Starting and taking the order on phone or online, that helps to make your customer happy.

  • So you make your customer always happy from your service.


  1. Open a business account.


  • Every business needs a separate bank account so firstley open a business account.

  •  In the event of a loss or failure of the business, it prevents your personal assets from being sued along with your business assets.

  •  Also, it's much easier to apply for future business loans. It will also be possible to do accurate accounting and pay taxes properly.

  • Banks provide great offers these days when you enquire about opening a business account, so compare them and choose the one that gives you the best deal.

 

  1. Insurance.

One last and important thing to get your Grocery shop insurance because any type of accident happens in your shop in this situation insurance is very helpful for you.



Conclusion  

    So, this is the necessity to open your Grocery shop, you read this article so you know how to open your dream Grocery shop.





                                           Content writer- Aryan kumar.

                   Contact-9931668213.

                                    email-aryan5717106@gmail.com

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