Running A Small Business Tips – Small businesses are not dead. In fact, there has never been a time when small businesses have received so much support. Of course, running a small business in these times is riskier and more challenging, but there is still a huge opportunity to solve various consumer issues and meet increasing demands.
So if you think now is not the time to start a small business, think again! More people are doing this than ever before. And while that means there’s more competition than ever before, there’s an incredible amount of great small retail business ideas that can match your dreams and passions.
Running A Small Business Tips
Let’s take a look at this non-exhaustive list of small retail business ideas and see if any jump out at you.
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More and more of us are interested in different things. And that’s great! If you’re having trouble narrowing down the type of products or services you want your store to offer, pick a few. More and more SMEs are doing this.
In fact, the idea has been around for some time. Yamaha sells motorcycles and pianos; Bic sells lighters and pens; Nestlé sells water and chocolate.
Today, small retailers often focus on two low-cost and time-consuming products. Some of the craft vendors are dedicated to selling hot sauce or even repairing bicycles. Major retailers like Urban Outfitters have reinvented themselves to sell more than just clothing. Books, cards, plants, albums and many other small-value items now line their shelves.
There are endless ideas out there, so don’t be afraid to try something unique. The new combination of products may seem strange at first, but it is sure to turn heads. And if done right, it can be a big hit at retail.
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Quick service restaurants continue to perform well. Even fast food, the result of the desire for health and well-being, found ways to maintain growth. This growth among QSRs is no greater than that of food trucks and pop-up shops.
Food trucks are mobile, versatile, and can cater to any demographic. Plus, with limited seating in restaurants today or completely banned indoor dining, food trucks have competition.
As a food truck business owner, you can keep track of seasons across the country, plan vacations strategically, post near major events, and easily rename yourself when needed. This small business idea offers considerable flexibility and choice.
Pop-ups have the same luxury. It’s an easy way to market your SMB and great talking points for social media. Additionally, it provides urgency and excitement around your brand. Pop-ups can offer food, but they can be any type of retail, from a fashion boutique to a pet store.
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It wasn’t that long ago that we only had a few beers, wines and spirits to choose from. No more were made, laws were strict and distribution even stricter. Apparently this is no longer the case. Craft breweries and breweries are everywhere. Local wine and cheese shops appear around every corner. Artistic spirits, such as those sold as vomFASS, are a big hit. And demand is growing accordingly. If your city has a void in liquor stores, craft beer bars, or any other type of liquor store, consider filling it. Your neighbors will love you.
Cities large and small are more place-oriented than ever. There’s no more New York, LA or Bust. Cities like Sioux Falls, Santa Fe or Asheville (to name just a few of the many small towns across the country) welcome new residents from across the country. And they’ve gained attention for offering a strong community and neighborhood environment.
At the heart of creating this atmosphere are coworking spaces, community markets and local festivals. The grocery store or convenience store competes with some of the biggest names in the country. Local gyms partner with other businesses to attract new customers. More and more cities are hosting farmers’ markets and swap shows. If your city needs something like this, consider setting it up. If it already exists, think about what kind of small business idea you are missing and start it yourself!
Many of us, fortunately, demand more accountability from our retailers. And many retailers responded in kind. Small QSR businesses are often more focused on providing a local farm-to-table menu. Footwear companies like Allbirds use natural, renewable materials in every pair. Even major coffee brands like 365 Everyday Value insist their beans are sustainably sourced and fair trade.
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This movement is just gaining momentum, so hop on the bandwagon while there’s still time. There is still plenty of market space for thousands of different products.
More and more Americans are spending money to protect themselves. From gyms to herbal tea shops, the global health and wellness market is expected to reach $6033196 million in revenue by 2025.
The beauty of health and wellness retail is the diversity in the types of products or services you can offer. You could open a small spice shop in Taos, a juice shop in Portland or a health supplement store in Minneapolis.
Think about the type of comfort that most interests you and see what the local offer and demand are. Once you’re up and running, you have plenty of ways to grow and scale your small business.
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It’s very wide, but that’s the beauty of it. Organic products are more popular than ever. And it’s not just organic products that consumers are demanding: cosmetics, skin care, baby products, pet food, alcohol, just to name a few.
Again, focusing on sourcing, sustainability and the supply chain can give your store instant credibility. Find your niche and start your own small retail business.
What’s better than locally made? Handcrafted by you, shopkeeper. It’s fun, easy to tell your brand’s story, and inspiring. And a lot of people want to support that kind of small business. It’s also easy to partner with other local artisans to sell handcrafted products together. This type of cross-promotion benefits sellers and will make your customers happy.
Not only is vintage beautiful, but it’s good practice to wear old but perfectly good clothes. Plus, it has to be one of the most fun small businesses to start. Building your list is easy and you shop in some of the most exciting places.
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Vintage stores, thrift stores or flea markets are easy ways to compete with e-commerce retail. Very few web stores have started to sell used products online.
The art of cooking may be dying, but Blue Apron sure isn’t. The company that sells food in bags was the grocery store that grew the most in 2017. And Apron Azul is just one of many.
Dollar Shave Club began selling complete men’s grooming kits in 2011 and was recently purchased by retail giant Unilever for an estimated $1 billion. Wink (formerly Club W) sells customizable monthly wine sets. Experience the world by selling authentic delicacies selected by chefs around the world.
The industry is growing incredibly fast and can be sold online or in physical stores. It makes shopping easy and fun. So come up with the next big box subscription idea and stick with it!
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Marijuana is now legal in some form in most states. The industry is flooded with small players and big companies alike, making it a difficult market to break into. The rules and regulations around it are tough too. This doesn’t mean you shouldn’t open a cannabis shop; This can be significantly beneficial. But for this article, the focus is best on cannabis-related retail sales.
The growing interest and use of cannabis is impossible to ignore and is opening doors for new glass shops, QSRs, vape shops, retail clothing stores and even art shops or studios. You have many options for starting a small business and a large untapped market.
Finally, how about following the already famous example of TOMS shoes and making a small donation with every purchase. People will pay more for these types of products, so your margins won’t even suffer. This goes hand in hand with the sustainability movement and is a great way to generate positive press around your brand before you open. You can sell the product you sell (like TOMS does) or you can separate it entirely. What a great way to start a small business.
Of course there is! the majority. But this is a good place to start. If you’re considering starting a small business or have just started one and need a great small business POS system, look no further than Corona. Click the link below to check out some of our great sales resources and sign up for a free demo!
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