Are physical stores still an ideal business in this age and time? Emphatically, yes. Physical shops can never go out of fashion, hence the need for more creative ideas for shops.
Despite the digital rave and rampant increase in online businesses, many individuals still prefer physical shops to obtain products and services.
This is because physical shops bring the business closer to the people, helps cut extra costs of delivery, and are sometimes more reliable than most online businesses. More so, not all businesses are done online, and the only meaningful way to go about them is a physical shop or store.
Therefore, if you have been skeptical about owning a shop or are thinking of starting one, here is the piece for you.
Let’s dive into the various business ideas for shops you should explore.
1. Cosmetics Store
The cosmetics and make-up industry has witnessed steady growth over the years. Demand for makeup artists spans both individuals and organizations, which has increased the need for cosmetic products.
Furthermore, opening a cosmetic store is a plus for individuals who have been in the beauty industry, as you can leverage past networks to create a customer base for your products.
Beauty products such as lipsticks, eye shadows, powders, and beauty blender sponges can be purchased from cosmetic producers and sold in units at a higher price for profit. Also, you may choose to operate as a wholesaler or a retailer, depending on your capital.
Lastly, to keep your customers’ trust in you, always ensure your products are high quality.
2. Coffee Store
This is one of the most in-demand ideas for shops. If done right, you may get overwhelmed with servicing a bulk of customers daily.
An unbelievable amount of adults drink specialty coffee every day, including mocha, cappuccino, latte, espresso, frozen/iced coffee beverages, and café mocha. They need it to jump-start their body off to a great day, improve metabolism or even burn some fat.
First, seek a location with a high amount of pedestrian traffic to establish your business. Furthermore, you should note that people see coffee shops as a major social interaction center beyond taking coffee.
Therefore, more priority should be given to the interior and exterior outlook of your coffee shop as well as the quality of the coffee you serve.
3. Bakery Shop
Bakery shops are a necessity in every buzzing city. The love of pastries has spanned many generations.
Therefore, choosing to stick with this product niche makes you stand out in the locality. A bakery shop is a one-stop destination for bread, sausages, croissants, and muffins.
As the business grows, it grows into a major relaxation spot. Pizza slices, sandwiches, and drinks are also very profitable for sale.
Therefore, irrespective of how much capital you have, you cannot go wrong with a bakery shop.
SEE: Food Business Ideas
4. Small Furniture Store
Do not let the lack of space deter you from starting your own furniture store. Why not convert the little space you have to a small furniture store.
Sales of chairs, stools, shelves, small tables, and cabinets are a good way to start. You will be amazed at how much demand is for such products from schools, offices, and individuals.
5. Grocery Store
Operating a grocery store is one of the most profitable business ideas for shop owners. Grocery stores are a necessity globally; hence running one is highly profitable.
Also, less skill is required, and minimal capital can be invested. Moreover, synchronizing your physical store with an online store will give room for more yield.
However, being strategic when considering this business idea is key. For instance, the chosen location should be residential. Also, ensure there is no supermarket nearby to minimize competition.
6. Books and Stationery Store
Hard copy books are not going out of vogue as long as readers prefer to interact with ebooks. Hence, the demand for hard copy books is unlikely to end, and the guarantee on investment returns is huge.
Moreover, you can include the sales of stationery items to increase your customer base. Stationeries are required in city centers, near office spaces and universities.
In addition, specializing in a book niche is also a welcome idea. Yours could either be a law bookstore or a medical bookstore.
A good way to determine your specialized book store niche is by considering your expert knowledge or the most prominent institutions around. For example, a law bookstore would be located close to a university for law students.
7. Mobile Device Store
Mobile devices have become a big necessity in our society. Our days revolve around these devices; hence opening a mobile store is one of the best ideas for shop owners.
The starting stages of this business require careful investing, as this is a very dynamic niche. Also, the profit margin is a big motivation; however, ensure you pay attention to the quality of products you display.
A typical mobile store is the Apple store, which is reported to be one of the most profitable store chains In the USA.
In addition, you may include the sales of mobile accessories such as charging cables, wireless headphones, phone cases, and protective glasses as they are in high demand.
8. Jewelry Shop
Merchandising in jewelry sales is reported to be characterized by huge profit margins. If this line of business tickles your fancy, give it some consideration.
A good way to kick-start is to partner with good metalsmiths who will make quality jewelry pieces while you sell. You can also choose to purchase jewelry at an affordable rate online on sites like Aliexpress. Such jewelry purchased online can sell at incredibly greater amounts than the cost price.
Lastly, strategic locations to establish jewelry shops include five-star hotels, event centers, and boutiques.
9. Garments Store
A garment store where quality clothes are sold is one of the most approachable business ideas for a shop owner.
Clothes are necessities, and people are willing to spend a huge amount of money to purchase nice clothes. Therefore, your chance of success is not debatable if you put in the right effort.
Furthermore, you could choose to focus on garments for kids, women or men, or any other special garment niche you want. What is most important is that you sell quality and trendy wears that people would love.
10. Gift Shop
A gift shop is a unique and interesting idea for shop owners. Gifts are always required to make celebrants feel special, be it at an anniversary, birthday celebration, or other occasion.
Therefore, making your shop a gift shop is a business idea worth considering. Gift shops contain items everyone would find attractive. Some of such items include figurines, gadgets, and decorations.
Also, your scope of service could include customizing gifts to give them a personal touch. There is little competition in this line of business; hence profit-making is guaranteed.
11. Medical Store
The role medicine plays in our daily lives cannot be underestimated. Hence, if you find this an area of concern, you should consider opening a medical store.
Pharmaceutical stores not only make a profit from the sales of medical products but also help save lives. This is a tremendous source of motivation for anyone looking to venture into this line of business.
You should pay attention to where the medical store is to be located. First, proximity to a hospital will guarantee regular patronage. Secondly, communities with little medical presence would also be a good place to establish a medical store.
Lastly, the presence of trained medical personnel in your store would go a long way in influencing societal acceptance of such stores.
12. Auto Spare Parts Store
Are you knowledgeable about automobiles and engineering, then you should consider this shop business idea. The good thing about this business is that the competition is minimal as a decent knowledge of automobiles is required.
However, sales of automobile spare parts are capital intensive but highly lucrative. Also, where the store is located is a major determinant of the success of the business.
Therefore, you should consider setting up your automobile spare parts stores at city centers and near garages.
13. Thrift Store
Although little attention has been given to it, a thrift store is one of the effective business ideas for shop owners.
Thrift stores sell used items like beds, tables, electronics, etc., to middle-class and underprivileged persons. Most of these individuals settle for second-hand options because they cannot afford the new ones. Therefore the opportunity for moneymaking in this business is huge.
Opening a thrift shop is also a great way to help people in your locality recycle unwanted items while giving those who do not have as much a less expensive shopping option.
14. Personal Care Products Store
Everyone uses day-to-day items such as shampoos, toothpaste, deodorants. Therefore, the demand for personal care products is unending.
Equally, the high rate of patronage from both males and females guarantees huge returns in this business.
However, ensure you are in a less competitive location so you can maximize profit. In addition, display your wares in a manner that attracts passers-by.
15. Kids Toy Store
Providing a store that contains kiddies’ toys strictly is a viable choice of ideas for shop owners. Most of the time, parents find it easier to buy stuff for their kids than themselves.
Some toys on display include leg blocks, dolls, electronic game consoles, video games, and small gadgets.
The kids in the environment would be grateful to have you around and would recommend your store to their friends. You are assured of smiling to the bank because of the huge profit returns from this business idea.
How To Identify The Best Shop Idea To Start
Starting a shop business requires that you pay attention to certain factors. Here are some guidelines;
- Analyze what stores are in the chosen area.
- Look out for stores that are not predominant in such areas and identify if it is a necessity.
- After doing your due diligence to research the needs of such an environment, check if your business idea fills this void.
- Make a business plan
- Get a location
- Raise enough capital to start
- Promote your business using signposts and word of mouth
- Offer additional services like home delivery
What are some good store ideas?
Some good ideas for shops or stores include grocery stores, coffee shops, bookstores, mobile phone stores amongst others.
Which store is best for daily profit?
Without a doubt, the grocery store is one of the best ideas for shops for a daily profit. You cannot go wrong with establishing a grocery store, as people will always need to buy basic utilities for their day-to-day upkeep.
How do you start your shop?
Before establishing your shop or store, you need to identify what need is currently not being met by the existing stores within the locality. After that, you should start by writing a business plan for your store, getting a location, and raising enough capital to start.
How do you attract customers to your shop?
The basis for attracting customers to your shop is an attractive store appearance, interesting signboard, and an appealing look. The attractive and appealing appearance of a store gives the impression that valuable and high-quality goods are sold there.
Several business ideas for shops have been highlighted above. The goal is not to leave you confused but to serve as a guide in your decision-making process.
The illustrated ideas equip you with an exhaustive list of business ideas for shops to determine which is right for you. In determining that, several factors are involved, including your interests and the market demands.
Basically, if you love kids, starting a kiddie’s toy store may be a thoughtful route to follow. However, if you are interested in making everyday money, you may consider opening a grocery store or a coffee shop.
Furthermore, combining two or more products and services in your space is not out of place. Such products and services could be in a related niche, which gives you room to maximize your earnings. Typically, a cosmetic store could operate a make-up studio on the side, while a bakery shop can have a relaxation spot for its customers.
Perhaps, you are more interested in working remotely or from anywhere you want. See a list of online businesses you can start today.
I hope this post helped.
Thanks for reading.