If you’ve been looking for a small business opportunity, a mini-market may be just right for you. Although often overlooked by entrepreneurs, mini markets have several advantages that give them excellent potential. Here are four reasons that a mini-market is a small business you should start right now.
You Can Establish Yourself in an Underserved Neighborhood
The most successful mini markets are founded in areas that don’t already have large supermarkets in them. Establishing a mini-market in a neighborhood that’s inconveniently far from the nearest grocery store is a great way to deliver value to your customers. You can also count on robust sales since the people who buy grocery items from you will likely come back again and again.
You Can Access High Margins on Liquor Sales
Most mini-markets have at least a small section of beer, wine and liquor. Although these items may not account for the majority of your sales volume, they will disproportionately bolster your profits. Alcoholic beverages retail at high margin rates, meaning you can make far more profit by selling a bottle of wine or liquor than you would by selling an equivalent dollar amount worth of groceries.
Mini Markets Are Relatively Affordable
Though there’s obviously some investment required, a mini market is among the more beginner-friendly small business models out there thanks to its low startup cost. Your main costs will be the space, inventory and a few employees. You’ll also need to invest in a freezer for your meat products, but a used stainless steel three door commercial freezer won’t set you back too much.
You Can Work With Local Producers to Bring in Fresh Food
If you want to set your mini market apart from the typical convenience store, you can establish relationships with farmers in your area. Bringing in a steady supply of fresh, local meat and produce will give your customers more healthy eating options. You’ll also be able to support other local small businesses, thus better serving your own community. Establishing these relationships takes some time, but you’ll find that your local farmers will be excited to offer their goods in your market.
These are just a few of the many reasons that a mini-market is a great small business to start at the moment. If you’re a first-time entrepreneur or a serial business founder looking for a new opportunity, a mini-market may be the perfect option for your new business venture.
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