Despite the growth of online retailers, brick-and-mortar stores are still an important part of the retail experience. There are many products that people want to see, feel and smell before they make a purchase. Some products can’t be sold online, and so physical retailers are the only way to go. If you are looking into opening a retail business of your own, here are some great ideas that have awesome sales and growth potential.
Health and Wellness Store
For the most part, people want to be healthy. They want to feel and look the best they can. They want to be in good shape. This is supremely evident around the beginning of each new year. People across the globe decide they want to be the best version of themselves they can be. Resolutions are made and many begin their journey of self-transformation. Health and wellness stores are the perfect avenue for fulfilling this need. This includes a wide range of products such as healthy foods, exercise equipment, private label supplements and homeopathic remedies. If you love the idea of helping others with self-improvement and bettering their health, this type of store might be the right fit for you.
Marijuana sales for recreational use have become legal in many states, and many additional states are looking at their current regulations. As this recreational drug’s legal status continues to change, the sale of this product is an explosive new market. Many financial analysts are projecting growth of 17 percent or more per year. Analysts are expecting marijuana sales to grow into a 90 billion dollar a year industry by 2028. If you live in a state that has legalized the sale of marijuana, this is a great option for you to pursue.
Many towns, especially close-knit communities, are increasingly pushing the mantra of buying locally. This is a trend that says not only should you buy products made in the United States, but that you should buy products made by individuals and companies within your community. Communities with the ‘buy local’ mindset are often willing to pay higher prices than online or big box stores if they can buy a locally-sourced product. A great way to grow a store like this is to approach other local vendors and carry their products in your store. If you create or build a product of your own, this is also a perfect way to market and sell items you’ve made yourself.
Stocking Your Store
As you research retail stores to open and build into a business of your own, you’re going to need to find a way to stock it. For a health and wellness store, you have a lot of traditional wholesale outlets available to you. Reach out to exercise equipment manufacturers or wholesalers, contact supplement manufacturers, contract with a local company that does homeopathic remedies. For a marijuana shop, talk to local growers. Staying local is a great way to give back to your community and build strong business relationships. Alternatively, there are national pharmaceutical chains that can provide wholesale marijuana stock. For a locally-sourced store, visit your local craft fairs. Talk to vendors who set up booths at these fairs. Look through websites like Craigslist or peruse local classifieds. Build up a rapport with these creative people and contract to sell their products for them.
These are just a few of the explosive business opportunities available for you today. Do some research of your area. What needs are there that aren’t being met? Is there a void you can fill? Is there a niche that you are uniquely suited to take advantage of? Pick your market and get busy. You’ll see growth in no time.
- What You Need to Know When Starting a Retail Store: Tips to First-time Retailers
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- Online Retail Marketing Tips
- Starting a Shoe Retail Store Business
- How Much Money Can You Make Growing Marijuana?
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