Interested in small rice distribution business ideas? If YES, here is how to open an rice retail store with no money and no experience. How much does it cost to start up?
Rice is one of the most popular and highly consumed food in most countries of the world. Because of this, it is always in high demand. If you are looking for a lucrative business that you can start with low capital, you can consider rice retailing business.
This article is going to provide with all the essential information you need on how to start a rice retailing business.
Carry Out a Market Research
Don’t just assume that because rice is always in high demand, you will automatically make good sales and profits. Though it is undisputed that rice is a highly demanded food commodity but this does not mean that it sells well in every location. There are many factors that influences the demand for rice and how well it will sell.
While there are many places where rice is regularly eaten on a daily and there are also environments where rice is a luxury that is eaten occasionally. This is why you need to carry out a market research to determine where to locate your rice retailing business. Market research will also help you to identify and understand your potential customers and even your competitors.
So, before use start anything as regards the rice retailing business, the first thing you should do is to write a rice retailing business feasibility study report and develop a comprehensive market research. Doing this will arm you with all the necessary information you need for the business. And this will help you make right decisions and also save you from making unnecessary mistakes.
Learn About the Business
“What do I need to learn about starting a rice retailing business for God sake? Is it not to go and buy rice from wholesalers and resell?” I know those are some of the questions running through your mind.
Well, let me tell you the truth, if you don’t want to take avoidable risks that can make your business run at loss, then you need to go and learn about the business from someone who is already doing it. I mean, do you know how to distinguish a good rice from a bad one? Do you know the right place to purchase quality rice at cheap prices?
You don’t have to waste time trying to figure this out all by yourself when you can always learn how to it right. My advice for you is that you should look for one or two highly successful rice retailers and go and learn the nitty-gritty of the business from them.
Find a Good Business Location
Like I mentioned earlier, it is the location of your rice retailing business that will determine whether you will sell very well or not. So, when you are finding for a location for your business, make sure that location is where there is high demand for rice. Also, make sure it is not too far from where you will be getting your rice supplies.
As soon as you get a location that is suitable for your rice retailing business, start promoting your business to people around. Intimate people about what you intend to sell so that they can become familiar with it.
Write a Rice Retailing Business Plan
If you really want your rice retailing business to go far, then you will need a business plan for it. A business plan will not only help you preempt the future and plan for it by setting clear goals, it will also make it easy for you to pitch investors for your business and even apply for bank loans in case the need arises.
If you want to write your business plan by yourself, there are business plan samples and template online that use can use as a guide on how to go about it.
Register the Business
If you want your rice retailing business to be taken serious, then you need to register the business. Registering your business will makes it looks professional and people will not be reluctant to transact business without because they know your business has a legal standing. Also, it will make it easy for you get contracts from corporate organizations and government agencies.
Start the Business
If you not have the required capital to start a rice retailing business, the first thing you should do is to source from capital either from your friends and family members or from the bank. After you have raised capital, you can then make a bulk purchase of rice of different varieties that your customers will like either from a wholesaler or directly from a rice farm.
You should also get all other basic things you will need like storage facilities, measuring tools, etc. If you cannot handle the business singlehandedly, then you can hire few people to work with you.
Promote the Business
Remember, your business cannot thrive if you are not making sales and you can’t make good sales if you don’t market your business. So, don’t sit still and assume that consumers will just start rushing to you. You need to do aggressive marketing and look for irresistible offers that will make people buy from you and become your loyal customers.