How Much It Will Cost To Start A Supermarket Business In Nigeria
How Much It Will Cost To Start A Supermarket Business In Nigeria
- 1 How Much It Will Cost To Start A Supermarket Business In Nigeria
- 1.1 How to begin A Supermarket Business In Nigeria
- 1.2 Capital Needed to Start A Supermarket
- 1.3 Marketing and Promotion of your supermarket Business
- 1.4 The Issue of Power Supply
- 1.5 Security Measure in Supermarket Business
- 1.6 Other Amazing Business You Can venture Into Today
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Chances are, you will never stop buying from a supermarket till you leave this earth. What am I saying? Supermarket business is a venture that have become part of our very existence. We need this venture to stay afloat with basic life needs. So, starting this lucrative business as an entrepreneur will no doubt be a good choice if you’re looking for a business that spills in a lot of money every hour.
In a simple term, a supermarket can be defined as a large self-service retail shop where basic home items and food are displayed for sale. It is a shop that houses almost every kind of food stuffs like milk, sugar, kitchen utensils, diapers, books etc.
One of the major challenges with a supermarket business is the epileptic power supply in Nigeria and security. There have been cases where armed robbers robbed a supermarket and made away with goods worth millions of naira. However, this cases won’t apply to you if you follow this article religiously.
How to begin A Supermarket Business In Nigeria
1. Business Location
In most of my business articles, I always make it a duty to talk about how paramount a good business location is. In this supermarket business, 90% of your success is directly tied to your location. This is what you should consider before every other factor. If you can’t find a good location, one that is located in an open space that’s crowded with human traffic, it’s better you don’t consider starting this business at all. The best spot for this kind of business is usually around major roads or market place.
2. Goods To Stock
This is largely determined by your location and your target market. If your supermarket business is approximate to residential houses, then stocking your shop with items like soaps, towel, brushes, milk, chocolate etc. If it is around school environment, invest in stationary like books, pen, correction fluid etc.
The type of good to concentrate on is determined by your location and consumer goods that sells off quickly.
3. Get A Supplier
Most supermarkets in Nigeria usually prefer to source for their stock from China, through sites like AliExpress. That is because buying from the manufacturer is way cheaper than buying from a middleman. So, your supermarket business needs steady flow of stock at an affordable price.
Before starting this awesome business, first of all consider how you intend to store excess stocks. In a supermarket business, goods are not allowed to finish in the shelves before an attempt to replenish them is made.
This is because delivery sometimes take weeks to arrive. Empty shelves are a huge turn off to customers and that’s why you need a warehouse for storing extra stocks. Please, a great security should be put to place in your warehouse to prevent thieves or burglars.
5. Arrange and Organize your Shelves
This is where the beauty of your supermarket lies. When goods are neatly arranged in their appropriate location, it brings out the beauty of the complex, making it easier for customers buy. Apart from that, it also help your employees to monitor stocks.
6. Hire Employers
Starting a supermarket business isn’t easy. That is why you need all the hands available to succeed. Most importantly, you need cashiers and some securities in place.
Please, make available automated machines for your cashier, like a POS machine. Equipping your security guards with some gadgets for easy detection of harmful materials or equipment is also advised.
7. Register Your Business
Do this for your supermarket business to avoid unnecessary disturbance from authorities looking for a means to loot in daytime. When your business is registered with the corporate affairs commission, it opens a whole new world of possibilities. In some cases, it opens doors for investors to come in and help grow the business.
8. Tools Of Inventory
To succeed in this line of business, you need to be able to keep inventory list. Failure to do so is suicide and I won’t dare advise such.
The simple way to keep track of your inventories is to manually write them down. This is stressful and time consuming and also susceptible to errors. The best way is to get barcode scanners. They make the job easy and fun. Not just that, accuracy is 100%.
Capital Needed to Start A Supermarket
This is largely dependent on the size of your business. For a mini supermarket, you need at least N2,000,000. Please, conduct a feasibility study, then draw your plan. This will help you with insights on how much you need to start up a supermarket business here in Nigeria.
Marketing and Promotion of your supermarket Business
You need to know your onion in marketing to survive your first year in business. The purpose of marketing and promotion is to create awareness about your business to potential or target customers. The moment your launched your business, you’re not known anywhere.
Well, maybe your friends and family members will. Here’s what I’m saying, you need to create a buzz about your business. What you need to succeed is customers, so use any strategy available to win them over.
The Issue of Power Supply
Power supply is one of the factors that you shouldn’t joke with at all. This is because you’ll need to preserve some items like fresh meat and fruits. You need to also keep drinks cold. The supermarket, however, should also be comfortable for customers by installing air conditioners.
Lights are also an intrinsic part that shouldn’t be overlooked also. Make sure that every space is adequately illuminated. Because of the epileptic power supply in Nigeria, invest a big generator set.
Security Measure in Supermarket Business
The first step to dealing with this is installing CCTV cameras that covers virtually everywhere in the complex. Employing security personnel is also a good consideration. Burglar alarm should also be fixed and operational, especially at the warehouse.
Supermarket business is very promising here in Nigeria. With a good and detailed business plan, location and finance, you’ll be able to make approximately millions of naira every week. This business is huge. Because of that, you might need the help of a business consultant.
That’s the much we can take on the topic “How Much It Will Cost To Start A Supermarket Business In Nigeria”.
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