Before venturing out, it pays to study the market segment you want to explore. For example, what is the competition like? You should also consider the location you want to set up the business to capture a proper customer base.
Let‘s have a look at three businesses you can explore with little startup capital and expand with time.
Before setting out, do a market analysis and see what will sell. Are there many vendors of the same in your place of operation? What are they dealing in?
Do you think you can make a difference with different kinds of fruits and vegetables? Buy a few crates, say three, a huge umbrella, and a display stand, or make one.
Explore dealing with fruits such as pawpaws, tree tomatoes, passion fruits, and others that no one is retailing. Beware many are seasonal, so know which season will fit well.
Prioritise what sells fast after doing market analysis. If the usual vegetables around are cabbages, kale, and spinach, go a notch far by dealing in other varieties like cauliflower, dhania, etc. Ensure you develop marketing skills as in investing in good interpersonal or communication skills to keep that customer coming.
Many people lead a harried life and have no time for activities like cooking because, at the end of a working day, they‘re tired. How about food business that they can order ready to eat at home? What type of ready-to-eat meals are selling around? Distinguish yourself by exploring alternative food to deal in. Maintain a great level of hygiene as a key selling point.
In conclusion, the business you go for must be in a strategic place with ample foot traffic. Make sure you have permits, advance rental payment, and other levies but you can make it with time. Always start small as you test the market and grow with time. You may end up creating a franchise or string of similar businesses. Did you know KFC began by selling chicken parts by the roadside before morphing into a franchise?