India is a base for your entire entrepreneurial dream to come true. Well, you don’t need to have a great education from reputed institutes or have huge finances to make your vision a reality. All you need is an aspiration, a hard-working attitude, and little money. With this, you can earn reputation & money in a lump sum, in no time. Wondering how? Follow these simple guidelines and you are ready to set up a Kirana store. This is the first step towards your entrepreneurial journey.
What is the Kirana Store?
A Kirana store is a local department store business which sells all kinds of groceries required in every household. One can plan to set up a store, based on their fund availability. Get inputs from the sections below to know where to start and what sequence to follow for your provision store to be filled with all grocery & daily need items.
How to Open a Kirana Store? – Stepwise Instructions
Step 1: Have Business Framework
First things first.
Make a departmental store plan with the following details before you start. Understand the people and the market which is the key to a successful business.
- Know your customer preferences
- Recognise their buying potential
- Be aware of their financial status
- Check for the competitors and their winning strategy
Step 2: Choose the Location
Now that you’ve got a fair idea of people’s requirements in a particular area, move forward to choose the shop location. The wise way to choose your Kirana store location is to go to a shop that is accessible by the larger community. Also, be open to moving little out of the city where the real need for people is and they travel to far off places for purchasing simple daily provisions. Make sure this place you choose is accessible by people easily. Keep an eye on competitors around and the goodwill they have earned from the customers.
Step 3: Plan your Funding
Once you finalize the Kirana store location, you must gauge the cost of living at that place. With that, you will now make a plan for the funding required to rent a shop. You must also consider the cost of design and infrastructure, utility bills and purchase of the inventory, etc. You can also consider another option of becoming a franchise. In this case, you will get things ready-made and you will only need to pay a royalty to the franchisor. There are pros and cons in this model, hence be ready to do your research.
Step 4: Prepare a Stocklist
Let us assume that you have finished setting up the store and the infrastructure is ready. Now, you ought to stock up with the items to sell. In case, you purchase many items and do not find customers quickly, then you may feel anxious about earning company profit & perishable items going to waste. On the other hand, if you have kept only very little stock and experience an influx of customers then people won’t find what they want, then they may not prefer visiting your store again. Therefore, you must ensure to balance out things to make it a win-win. Use a good inventory management system which will help you solve this issue.
Top 5 Tips to Increase Profit of your Kirana Store
You have crossed the baby steps of starting a Kirana store. However, you have a long way to go to establish your presence among the customers. Don’t feel daunted with this thought and stay assured that the following simple tips will enable you to get the reach for your business.
- Look and feel – Visual feel dominates the human brain and thus you need to provide the right look and feel to your shop. Also, make sure that the things are visible to customers and arranged neatly so that they could locate it at one glance.
- Work timing – Based on the people who reside in your locality you must operate your shop. If young families stay in your area and most people are at work during the day then you need to keep the shop open until late evening and on Sundays to allow them to have a hassle-free purchase.
- Discounts and offers – Provide discounts and gift coupons to lure customers and make them your permanent visitors. Be sure to offer the right things for free and try not to provide unattractive or foolish deals that may defame your business.
- Technological catch – Smart systems are smartly governing the world and it is important that you also stay upgraded. Apply for a Bharat QR code which is an easy and quick payment method for the customers. Collect the mobile numbers of customers to share discount details by forming groups of common minded people.
- Personal touch – Irrespective of any of the features you add to the store, nothing can surpass human touch. Know your customers in person and ensure that you provide them with the brands they want in case of unavailability in your store. This will instil confidence in them and they will become your loyal customers.
It is not rocket science to set up a Kirana store and you can grow your business within a short period. All you need is to do the right groundwork and start the business. Work closely during the initial days and resolve the hiccups to have a smooth flow of business. A basic mantra for a successful retail business is to know your competitors and connect with your customer. This simple formula with some efforts will skyrocket your Kirana store business.