Setting up a business is not always easy and it is not an endeavor someone will just rush into else he will rush out of it due to frustration. However,there are people who go into a business of running a store or a supermarket and they have been successful at it. It is so because they have put certain things right in their businesses,
I have studied some of the things that can make me run a supermarket successfully and I'll be sharing some of the things I will do before and after setting up a supermarket or a store. But first I will start with the things I will do before I open a store or a supermarket.
CONDUCT A THOROUGH MARKET RESEARCH:
Market research is an important step in setting up a business whether big or small.Market research is done to gather all the necessary information about a business or what is involved in running it. It also involves getting information about who the potential customers are and also getting to know who your business competitors are.
It is this research that will help me know if opening a supermarket in a particular location will be viable or not. It will also help me know and study the business models of my competitors in the same line of business. Through market research, I will be able to know the items that customers buy the most so as to know where to source them from and also determine the size of the market. I will be equipped with this knowledge to know what the weaknesses of my competitors are and be able to provide solutions to these problems so as to have an edge over them.
REGULATORY PERMITS:
There are some items that are sold in supermarkets in my city that are considered as provisions or groceries but unknown to many they have therapeutic value and hence come under the healthcare regulatory framework. I will identify such items and ensure that I get the license or permit to sell them. Selling alcoholic drinks require a permit in my city,so if I will stock these I will ensure I find out the regulatory body that issues permits for its sales and comply with all their requirements. I will ensure that I stock only products that are approved by the food and drug control agency, NAFDAC.
SEARCH FOR A SUITABLE LOCATION:
Location is key in the success of any business. If I stock my supermarket with every item imaginable but fail to site it at a place that is busy with human traffic, those items will remain in the store till they expire because there will be low patronage. I will ensure that I site my store where there is much population and that the place is not just a driveway but where pedestrians can freely walk to. A location may be busy at certain hours of the day but after some hours the place becomes isolated,such a place is not good for siting a supermarket because if thieves notice that your store is open at a time when that location is isolated your store will become a target for thieves who prefer to rob when a place is isolated.
DETERMINE THE BRANDS TO STOCK:
After conducting a market research, I will clearly list out the brands that sell the most. Items like drinks, beverages, daily need items and others may be produced by many manufacturers but the locals in an area usually have their preferred brands. I once asked a businessman how to determine fast selling products. He said that whenever I walk on the roads or streets, I should closely look at the waste bins, the sidewalks, the drains and the corners of the streets to see the brands on waste plastic bottles, wraps and other wastes that are disposed of at those places. The ones I see the most are an indication of the items and brands that people in that area buy the most. I will use this strategy to determine the products mix that I will stock.
USE OF TECHNOLOGY AND MARKET AWARENESS:
Running a supermarket or store efficiently will require proper record keeping. In setting up such a business,I will invest in a reliable inventory management software and ensure that I have Points Of Sales(POS) machines from different banks for ease of payments.
To ensure that the people in the community are aware of my stores presence, I will invest in social media advertisement and promotional events in the supermarket vicinity to create awareness that a new store is in town. I will also ensure that I install cameras to monitor the activities of my staff and to also keep an eye on shoplifters.
Now let's look at some of the things that I will do after opening the store or supermarket.
PROPER INVENTORY MANAGEMENT:
I will ensure that the inventory management software that I purchased is put to good use and that those I employ can navigate the application and know how to use it efficiently. With this,I will use the data it provides to monitor the sales and work out what my procurement strategy will be. Without this I may overstock some items and understock some. If any items stock is running low, I will ensure that it is restocked quickly so as not to disappoint my customers or make them consider shopping elsewhere.
GOOD CUSTOMER SERVICE:
One of the major challenges of running a business is to manage and satisfy the different clients that patronize you. I will ensure that my presence is felt at all times in the supermarket and engage my clients so as to know what their complaints are and encourage them to make feedback on the quality of our products and services. I will act to handle their complaints quickly so as to let them know that they are valued.
CONTINUOUS MARKETING AND ENGAGEMENT:
Marketing is not a one off thing, it needs to be sustained so as to maintain my presence and visibility in my niche and to attract new customers. I will continuously invest in social media advertisement and offer promos or freebies to give back to my clients and to reward them for their loyalty. I will collaborate with some brand manufacturers to come and run some events or promotions in my store as a way to promote awareness and boost sales.
STAFF/EMPLOYEE DEVELOPMENT:
I will ensure that I train those working for me on ways to improve in their efficiency and in the treatment of customers. If an employer fails to train his staff, he is ruining his business. So I will invest in their training and development and reward those who are outstanding while encouraging others to give their best.
INSURE MY SUPERMARKET OR STORE:
I have witnessed some business owners lose all their investments to fire or burglary. To avoid this, I will invest in comprehensive insurance policies that will cover all unforeseen risks so that I will be able to tap into the insurance benefits that will help me minimize and manage any unforeseen risks.
CONCLUSION:
To run and manage a supermarket or store well requires proper planning and a firm grips on the running of the store. If I am armed with a knowledge of the market dynamics coupled with good customer relations and the use of technology for efficient operations, my supermarket or store business will run smoothly and thrive well.