Ever thought of starting a retail business? Here’s how

When you think of starting your own retail business, think of selling consumer goods or services to customers through multiple channels of distribution, for the purpose of profit making.

A process where demand and supply meet you.

However, in other to make progress with this, it is important that we know the meaning of supply chain.

What is supply chain?

The supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to consumer.

How to start a retail business?

1. Write a business plan

Try to map out a plan that will guide your business. Not just any plan though, but a well logical build up.

It’s worth thinking about. If you don’t have family or friends who can help with reasonable contributions, a business partner can help. They can also help share the risk.

2. Determine the right business for you.

It is quite funny that a lot of people venture into businesses because they think they have what it takes to do it. And often, the reverse is always the case.

Once you’ve succeeded in developing a business plan and have a clear idea of what it is you wish to retail, you will need to decide which type of retail model is right for you.

Traditional choices include store retailing, online retailing, non-store retailing (such as door-to-door sales, mail order, etc.) or a combination of any of these three.

3. Find the right location

No matter how hard and well they try to make it work, a ™ Lewin store will not function in my village. And this is because petty village earners cannot afford the fortune of a ™ Lewin shirt.

As a new retail business you definitely need to be where your customers are, and you can do this by simply finding out where the demands of your products are high.

Above all, when it comes to location, you’ll want to ensure you combine visibility, accessibility, affordability and commercial lease terms that you can live with, through the good times and the bad.

4. Brand your retail business

In a country like Nigeria where packaging is everything, the importance of using a well packaged name, logo, or time line cannot be over emphasize.

A dumb logo or an awkward name will only birth a negative result.

In a country like Nigeria where packaging is everything, the importance of using a well packaged name, logo, or time line cannot be over emphasize.

A dumb logo or an awkward name will only birth a negative result.

5. Use the right suppliers

If there’s one thing you must not forget when it comes to supplying customers demand, is that authenticity attracts customers.

And this is because when people trust your product, they help advertise you.

Africa is a porous region filled with all sort of fake products. Find the registered dealers or licensed wholesalers for your retail business. Link up with the manufacturers if you can and make use of them.

6. Advertisement

Advertise, advertise and advertise.

The importance of advertising your business through the media or  mouth to mouth can not be over emphasize. And this is because advertisement create awareness for your brand and business.

In a retail business, brand awareness is as important as meeting with demand.

7. Feasibility study

This is the summary of the whole list. Find out everything you need to know about your business, because this knowledge will surely pay off in the long run.

What are the types of Retailing?

1. Store retailing

In other to sell a particular product, the location of a store is taken into consideration.

Retail stores can be in different formats like a department store, supermarkets, convenience stores, discount store, off price retailers, and super stores.

2. Non-store retailing

Non-store retailing involve the use of electronic media or direct selling medium to sell a product to customers.

Naira Crumbles To Dollars Again

Naira notes

Nigeria’s naira slid pass N400 on the black market on Friday amid tight dollar supply, despite a series of currency forwards sold by the central bank this month to clear demand for the U.S. currency on the official market, traders said.

The naira was quoted at 405 per dollar on the black market on Friday. It traded at 306.15 on the official market.

The central bank has sold more than $1 billion on the forward market since February. It auctioned $250 million in forward sales this week to boost liquidity and also intervened on the spot market.

Traders said the forward sales have improved liquidity but left the spot market inactive, leaving importers that want hard currency for immediate use reliant on the black market.

Africa’s biggest economy is facing a currency crisis brought on by low oil prices, which has hammered its foreign reserves and created chronic dollar shortages, frustrating businesses and individuals.

The central bank has been intervening on the official market this year to try to narrow the currency gap with the black market rate, which hit 520 to the dollar in February, prompting the bank to devalue the naira for consumers to 375.

Reuters reports that February’s partial devaluation created multiple exchange rates, making it difficult to attract inflows as investors struggle to price naira assets, analysts say.

On Wednesday the International Monetary Fund (IMF) said the naira was over-valued by around 10 to 20 percent, and called for changes to exchange rate policy.

Sponsorship in Osun State as Goldberg empowers young entrepreneurs in their Business

Goldberg lager beer, a culture-centric beer brand, recently empowered some entrepreneurs who emerged as the first set of beneficiaries of Isedowo, its youth empowerment initiative in the South West region of Nigeria.The initiative, which is aimed at supporting young Yoruba men and women to grow their businesses, was launched at the palace of the revered monarch, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II last week Thursday in Ile-Ife, Osun State. A total of 10 artisans from different skilled crafts were empowered during the occasion, with N300,000 each to support their businesses.
The beneficiaries included Adeola Olajide, Akanbi Musibau, Lateef Muibi, Ojudale Akinola and Oluwanifemi Abiodun. Others were Makinde Tolulope, Owojori Temitayo, Akinyanran Oluwaseun, Adetola Agbeniyi and Jaiyeoba Olufemi.
An elated Olufemi, who specialises in clutch and brake reconditioning in all types of motor vehicles, expressed joy at the occasion and commended the brand for having the plight of Yoruba youth in its agenda. “It is a day of joy for me and I am grateful to Goldberg for deeming it fit to uplift Yoruba youth with ‘Isedowo’, he said. He said that his grant will be channelled into his business to boost efficiency.
Agbeniyi, a cobbler from Ilesa, Osun State, who resides and works in Ile-Ife, said that Isedowo had empowered her with the resources to expand her business from a production angle. “With my N300,000 business grant, I intend to buy more materials to increase my output. Before now, I have been producing smaller quantities of shoes which do not meet the demands of my clients. But with this grant, I will be able to acquire more materials to boost my output and ensure that supply meets demand,” she said.
She commended Nigerian Breweries for the partnership with artisans through Isedowo and promised to utilise her grant judiciously.
Other beneficiaries included artisans who are skilled in panel beating, fashion designing, catering, decorating and repairing of mobile phones. They expressed their excitement and commended Goldberg for the initiative which they said would put a smile in the faces of young Yoruba business men and women in the Southwest region.
Emmanuel Agu, Portfolio Manager, Mainstream Lager and Stout brands, Nigerian Breweries Plc, said that, in addition to Goldberg’s commitment to culture and tradition of the Yoruba people, it would use Isedowo to inspire entrepreneurship in the region thus impacting on employment and income generation.
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“Through Isedowo, Goldberg will extend its links with the Southwest beyond culture and tradition to the entrepreneurial passion of the people,” he said.
Commenting on the modalities of the scheme, Agu said: “Interested participants who wish to benefit from the initiative are required to showcase their business ideas and how they impact the society at any of the Isedowo centres across the Southwest region. There will be screening of these participants and their business ideas after which the top 100 participants will be rewarded with a grant of N300,000 each to the tune of N30million for all successful artisans in the region.”
The first five artisans were rewarded at the unveiling of the campaign at the Ooni’s palace, while the last five were rewarded during the concert in the evening where artistes like Taiye Currency and Leye Williams entertained the crowd.
The train moves to Ekiti State on September 13 to begin registration and collation of business proposals submitted by interested artisans in the state. Then there will be screening and selection of artisans who will undergo a live audition and reward on September 22 in Ado-Ekiti.
Goldberg is known across the South West region as a leading supporter of culture and tradition and through Isedowo, it has deepened its connections with the people by supporting their economic aspirations.