Check Out These Winning Retail Business Ideas
If you’ve ever dreamed of owning your own business, it’s important to know that in the age of online shopping, the retail industry looks drastically different. However, it’s possible for small businesses to thrive.
The key to building a thriving retail business is to separate profitable retail business ideas from those that are not. In this article, we’ll explore 8 winning retail business ideas.
Industries to Consider
The following business ideas have minimal start-up costs, as well as a flourishing market for the product/service. Now, you need to decide which one fits your personal skill-set.
Americans spend a lot of money on their pets. Statistics reveal that in 2016, 80+ million households had one or more pets and spent $60+ billion on pet care each year. If you are an animal lover, you can get your hands on some of this profit by establishing a pet boarding/grooming service.
A critical piece of this industry is convenience. Therefore, if you are the only business in town offering these services, you will easily build a clientele. If you want to, you can create additional income by offering pet toys and supplies, especially if there are no major pet store chains in the area.
If you are passionate about art and you have some knowledge about the market, an art supply store is ideal. This type of business offers a variety of income streams:
- Art supplies
- Paint-and-sip events
- Private parties
- Gallery nights
If you live in a larger area, consider targeting a specific niche.
Mobile Auto Repair
Research shows that mobile businesses are booming and at the top of the list was mobile auto repair. Whether you are an experienced hobbyist or a certified professional, you can take your services to your customers, so they don’t have to be stuck without a vehicle or sit around an auto shop waiting for their vehicle to be serviced. This can be especially profitable if you are in an area with a lot of busy professionals. If you’re not good at service and repairs, you may want to try mobile auto detailing.
Cloth Diaper Delivery Service
Cloth diapers are increasing in popularity as more parents become aware of the impact that disposables have on the environment. Therefore, if you live in a wealthy area, consider starting a diaper service. You can deliver clean cloth diapers as well as pick up and launder dirty ones. Due to the variety of cloth diapers available, you can offer guidance for parents who are interested in adopting a green lifestyle.
Additionally, you may be interested in opening a retail space with boutique baby items, playgroups, parenting seminars, and more.
Specialty Food Store
If grocery options are limited in your area, consider opening a store where you offer gourmet and imported foods, as well as gift baskets for special occasions. This idea is suited for people who are knowledgeable about food and have the ability to source unique items. You may even want to consider offering light catering or menu consultation for large events.
Also, since more people are becoming health conscious, an organic food store might be a good option. This market is one of the most underserved markets in most areas and could be a great opportunity.
More and more states are making recreational marijuana use legal, which means the industry is more profitable than ever. According to NerdWallet, profits will increase by 33%+ over the next few years. These opportunities are for growers and dispensary owners.
Consignment Shop/Thrift Store
If you open a consignment/thrift store, you can keep unwanted clothes out of the landfill and make a profit. This will also offer the members of your community the opportunity to recycle their used items, as well as get great bargains on new ones, which is especially helpful for young families with few resources.
On the other hand, you may be more interested in selling gently used formal wear or vintage clothing.
You don’t have to stick to clothes either. If you’re handy, you may want to consider purchasing and refinishing antique furniture.
If you do not have a florist in your town and you have flower-arranging skills and a knack for customer service, consider opening a flower shop. When compared to many other retail business ideas, the startup costs of opening a florist are fairly low. However, you will need a cooler to keep flowers looking fresh.
If you are interested in starting your own retail business, you must start by choosing one with high growth potential. If you need help finding funding and getting started, let Charis Commercial Capital help. We can guide you through the process of opening a retail business from start to finish.