Going into the Kitchenware Retail Business

Going into the Kitchenware Retail Business nigeria

 The propensity to truck, barter and exchange one thing for another…is common to all men, and to be found in no other race of animals. Adam Smith (1723-1790)

Kitchenware stores are not different from any other store, these stores sell cooking-related items like silverware, dishes, and cookware to everyday people, food vendors, eateries/restaurant owners, culinary institutes, etc.

If you desire to be involved in a food-related business or you have a passion for food and cooking, opening a kitchen supplies store is an excellent idea. This is because people will always eat either for their wellbeing or simply to stay alive, and a vast majority of food need to be prepared. Kitchen utensils are necessary for that preparation.

Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude.”

Thomas Jefferson

This business is also ideal for people who (girls/women) who love anything to do with the kitchen. Opening a kitchenware and glassware retail business like any other business needs careful consideration and planning. some of the things you need to know to get started are listed and discussed below.

A few things to consider before you decide to venture into business for yourself:

  • Is this a good business idea?
  • Can you build a business from scratch?
  • Are you capable of carrying out a feasibility and writing a business plan?
  • What help is available to you in getting your business started?

Kitchenware is a stable and growing industry. Kitchenware retailing is made up of different varieties (or niches), each of which is very lucrative. The niches or varieties includes the following:

  • General kitchenware retail store;
  • Kitchen appliances store;
  • Kitchen accessories and décor store;
  • High-end products and gadgets;
  • Serving wares store;
  • Baking tools store etc.

One should eat to live, not live to eat. ……. Moliere (1622-1673)

Skills: You should be

  • able to stays up to date on the latest cooking trends.
  • ready to learn about cooking methods and cooking equipment.
  • personable, patient and develop an ability to persevere.
  • able to establish relationships with those who make purchasing decisions
  • ready to develop your marketing prowess so you can advertise your kitchen supplies store in a highly effective manner.

How to start your Kitchenware store:

Being good in business is the most fascinating kind of art. Making money is art and working is art and good business is the best art.  …. Andy Warhol, artist (1928–87)

Plan your business (Write A Business Plan)                      

Planning is the key to any successful business. Write a business plan to give you a good idea of what is required to start and manage your business successfully. A business plan will intimate you about the financial implication involved in this business in the following areas:

  • Wages/salaries,
  • Inventory expenses,
  • Store and Facility maintenance,
  • Insurance,
  • Utilities,
  • Others

The plan will shed light on few important points such as:

  • initial costs.
  • target market.
  • How long it will take you to break even?

The plan will include financial investment (capital and running cost), the location, and list of other requirements. Try to understand the market and new trends because this can make or mar the success of your business.

An appraisal is where you have an exchange of opinion with your boss. It’s called an exchange of opinion because you go in with your opinion and leave with their opinion.  ……. Guy Browning, humorist (1964–), Office Politics: How Work Really Works (2006)

Studying the Market and Competitors     

Every business has competitors, it is important to identify your competitors. They are your biggest teacher, so try and grasp as much information required for setting up your business. Talk to people in the same business that have experience in the business, so they would tell you what exactly it is to have a kitchenware store and everything that has an effect on the business; with their experience in the field, they are in better position to tell you of a practical scenario than any course of study.

Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals. …… Jim Rohn’s Treasury of quotes

Register Your Business

Establish a legal business entity by registering a business name or company with the Corporate Affairs Commission (CAC) and obtain the necessary licenses from states and local government to avoid harassment.

Location

This is a very important factor to consider carefully for the success of the business. This business can and should attract all genre of people, depending on the segment of kitchenware you decide to go into. Consider your target market before finalizing the location. Also find a location with minimum similar stores to avoid to much competition. Design the store in preparation to receive your goods and set-up.

It takes more wisdom to know when to break plans than it does to make them. …. Shraga Silverstein (A Candle by Day)

Business Bank Account

Ambition is a poor excuse for not having sense enough to be lazy. …Edgar Bergen, ventriloquist (1903–78)

It is important to have a separate bank account for your business to always have a track of your expense. Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Apart from bringing a professional feel to your business, It helps to separate your personal and professional expenses.

Inventory and Purchases

Some things you have to do every day. Eating seven apples on Saturday night instead of one a day just isn’t going to get the job done. …… Jim Rohn’s Treasury of quotes

There are so many options to choose from and understanding the requirements of the audience will be tough too. After your initial purchase and sales over time you will get a fine idea about the demands of your customers.

Open Your Store

It takes more wisdom to know when to break plans than it does to make them. …. Shraga Silverstein (A Candle by Day)

After stocking up, design and layout the products in the store ready to start operation. Open your business to the public and invite your intended customers through an aggressive marketing strategy.

Business Promotion:

The business of the advertiser is to see that we go about our business with some magic spell or tune or slogan throbbing quietly in the background of our minds! …. Marshall McLuhan, Commonweal, September 1953

Extensive promotion of any product is bound to attract the eyes. So, don’t leave any table unturned to advertise your business. Promote your business through different forms of marketing. Network with those who make purchasing decisions for their cafeteria, restaurant or other institution that needs kitchen supplies to prepare food.

Tell who cares to hear about your store by connecting with everyday people through various avenue. Advertise your kitchenware store in

  • local newspapers,
  • on radio,
  • local TV, etc.
  • flyers,
  • billboard adverts,
  • online adverts.

Consider A Franchise

Son, you be sure to set your goals so high you can’t possibly accomplish them in one lifetime … I made the mistake of setting my goals too low and now I’m having a hard time coming up with new ones! ……. Robert Turner, father of Ted Turner, media mogul.

You may consider taking up a franchise too and probably deal with many brands together. There are so many brands in the market today; people have so much to choose from, but franchisee proves it better. Franchising can be a better start-up business option, if you have the financial muscle.

Note:

Always keep track of the expenses, income and all the financial situations of your business. To have an accurate detail of the accounts and expenses will help recognize gains, losses and also help in identifying areas to improve on in future investments and tax payments.

Good Luck!

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