According to findings, running a mini supermarket can be a lucrative business venture if sited in a good location, preferably urban or semi-urban centres. Location plays a major role in the success of this business and so does accessibility to aid quick returns on the investment. My investigations show that with N1.5 million, one can set up a standard mini supermarket.
Such supermarket should be a place where personal and house hold goods as well as food items can be purchased conveniently in retail quantities, and at an affordable price. Items such as : fresh and packaged food, milk, fruits, meat, cooking spices and snacks. Other household items can include: soap, detergents, kitchen utensils, among others.
A working class individual in need of an extra stream of income can own one and employ a sales person to take care of the place while he or she is at work. Moreover, an unemployed individual can float this venture provided he or she has a seed capital of about N1.5 million.
Just like challenges other businesses face in the country: insecurity, epileptic power supply and unethical competition are issues that could bedevil the success of such a business if not addressed.
To this end, the owner of this enterprise must have a standby generator which should be switched on immediately electricity goes off. This is germane to ensure that the frozen items remain frozen.
The owner must go the extra mile to employ private securities to secure the properties of the supermarket against armed robberies, vandals, miscreants, among others.
To fight unethical competition, maintain a good standard and let your customers know you for that. Don’t compromise quality and avoid making mistakes that your competitions can use against you.
What You Need To Start A Mini Supermarket
According to the managing director of Towalex Ventures, Mrs. Toyin Ogunbowale, location is critical in setting up a standard supermarket, even as the size of the shop will also determine the layout. She advised that such enterprise be registered with the Corporate Affairs Commission(CAC) while ensuring all taxes and levies are settled to avoid closure that may lead to such supermarket losing customers to competitors.
While calling on the entrepreneur to avoid compromising quality, she notes that owners of this supermarket must avoid counterfeit goods as this could damage the image of such supermarket, hence losing customers in the process.
Ogunbowale states opportunities exist in the business as long as one can maintain his or her integrity. While advising people to diversify their income into such area of business, she notes monthly income could be as high as N200,000 to N400,000 after all liabilities have been settled, stressing that, annual income could rise to N3 million and above, depending on the volume of investment.