There are over 115,000 grocery stores in America and only 3.3% of them are specialty stores. That means that there’s a good chance that there are grocery store niches to fill in your community!
If you have an entrepreneurial spirit and you love connecting with people through food, starting a new grocery store just might be the perfect solution for you.
The question is, how can you set yourself up for success as a small business owner in the food business? What do you need to do to get your new grocery store off the ground?
Read on for our quick and simple guide to starting a new grocery store in your community.
Put Together Your Business Plan
A business plan helps you to establish both short-term and long-term goals. It is the culmination of the research you’ve done into the market, the projections you’ve made for financing and profits, and the action items you need to complete to run your business. Your business plan should also include information about sourcing and pricing your products.
Not only does your business plan serve as a reference for you but it also shows potential investors that your business is worth financing. Show off your smart management skills with a refined and thorough business plan.
Complete All of the Early Paperwork
In order to start a new grocery store, you’ll need to establish your business as a legal entity. This will involve getting all of the legal permits and licensing from your local government. It will also involve setting up business taxes with the IRS as well as the state and local government.
Once you have established a legal business, you can open up business accounts and credit cards, lease or buy your commercial property, and purchase business insurance. Remember, business insurance should always include worker’s compensation to protect your employees (and yourself).
Curate Your Physical Space and Begin Your Community Outreach
This final step is all about branding. How do you want your grocery store to feel and how will you highlight your products? Will your employees wear uniforms and what will those uniforms look like?
This is also the time to start working on your community outreach via marketing. Learn more about online grocery store marketing and how to implement tools like web design, SEO, and social media. Plan a few in-person or experiential marketing events as well, such as a grand opening event or block party with other local business owners.
What Will You Do With Your New Grocery Store?
Now is a great time to start a new grocery store, especially if you’re looking for ways to bring specialty items into your community. With our guide, you can become a small business owner in no time. Now, it’s up to you to decide what types of groceries you’ll sell, where you’ll sell them, and beyond!
It’s important to never underestimate the importance of your business’s online presence. Take a look around for tips and tricks that will make starting your grocery store’s website a breeze.