Do you want to know how to start a mini supermarket in Nigeria?. Then keep on reading because you are at the right place.
Supermarkets are best known to deliver the most consumables of different kinds and categories, ranging from drinks to food, snacks, fruits, etc.
Some supermarkets in Nigeria sell other products such as domestic wares like cosmetics, beauty creams, and a few to mention.
Most elites patronize supermarkets more often. Still, the middle-class like my humble self runs into these supermarkets once in a while, either whenever I have a visitor or guest to impress or with sufficient money for luxury. Lol
Aside from this, a supermarket is a beautiful and well-organized facility; it is also a very profitable venture when you have an active and large customer base and professional management.
When being managed rightfully, strategically, and wisely, the supermarket is considered one of the most successful businesses in cities.
If you are interested in starting up a mini-supermarket in Nigeria, let’s talk more about it. Most people do not understand the practical difference between a supermarket and a mini-mart.
As the name entails, a supermarket is regarded as a retail shop running on a self-service with the availability of consumables and household items.
While a mini-mart is a smaller unit of a supermarket that is not fully equipped as a supermarket but also has the same service format as a supermarket.
How to start a mini-supermarket in Nigeria
Let me walk you through the 5 necessary steps you need to take while starting a mini supermarket in Nigeria.
1. Prepare your business plan.
With this document being well prepared, you are sure to know how to operate the supermarket business and know more about it.
A good business plan should contain the following;
– Executive Summary
-A description of the business
– SWOT Analysis
-Organization and Management
-Products or Services
If you do not have the expertise to write a business plan, you can contact a professional business plan writer. If you need this service, kindly reach out to me.
2. Raise capital
My research shows that between 2018 and 2021, a minimum of 3 million Naira is enough to start a good supermarket if you plan to start on a small scale.
With the current economic crisis and the increase in costs of items and services on the National chart, you should be looking towards adding some funds to the capital mentioned above or 3.5 million Naira to launch it as a system that would generate income as soon as possible.
Making more inquiries from people already in this business would be a good idea; my estimate may slightly differ because it is based on exaggeration. Still, to be on the safer side, I think you should go with that.
Ask around from dealers and take the average starting business capital you learned from your own survey.
This step shouldn’t be neglected if you show interest in starting a mini supermarket in Nigeria.
3. Outline a practical budget
With that idea of the supposed capital you might need, creating a personal budget that may not necessarily be the same as someone else’s past budget; is why your budget should be more realistic. It should also be a budget that is directly applicable to you.
Perhaps you could have something like this for planning a starting capital of 3.5 million Naira.
Shop Rent- N300, 000 (2 years renting depending on your location, though)
Deep Freezer-N80, 000
Cash at Hand-N 240,000
This is an efficient budget list you can still work with
4. Choose a good location.
The proposed location for your supermarket will determine if your business will experience exponential growth or not. Choosing the wrong place is most likely making your efforts not being ineffective.
An ideal location to situate your business is a place with high-traffic footage. Many human activities are going on there but not the one that has too much establishment of an already existing supermarket because competition would be relatively very high and almost unbearable.
No one loves an environment that is considered uncomfortable or shops that is of a far distant place from the nearest busy avenue.
For the growth of your business, do ensure to locate a comfortable and easily accessible place; this alone is more important than finances.
5. Decide on the specific commodity, or is it general merchandise?
This is a crucial decision to make, what to trade on.
It is essential and beneficial to deal on general merchandise, with almost all the necessary and wanted stock. Ethically, most people prefer to shop in a single place where they can quickly purchase all their wanted items in large quantities without moving around in and out of multiple supermarkets.
However, if you have low capital, you might still choose to build on a particular category of goods. It can be packaged food, meat, consumables, yogurt, ice cream, etc.
Some commodities of a specific type are always wanted, which is apparent to you and me. So it is advisable to carry out a little market research for those hidden items in high and consistent demand since you are your business resident and do not have much knowledge already.
Still, do not also forget to get the best and quality stock from your intending suppliers if you cannot visit the market yourself.
With these steps above summarized, you already have an idea of starting a mini supermarket in Nigeria.