Which is beneficial Opening of a store,restaurant or business
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Choosing a business requires a lot of consideration and putting into place several factors that can bring about a successful and profitable business. It's no longer like before when you can rise up and venture into some type of businesses, these days the rise in inflation has brought about instability in the cost of goods and services. Today I went to the market and wanted to buy fresh fish from my customer who I regularly buy from, but she just sat down there idle with no goods in her shade, then I asked why is there no fish to sell, she said it was too expensive and couldn't afford it. People are really finding it hard to restock their businessess as the cost of a $1 against the naira is so high that people have put a halt to importation.
If I were to consider between opening a store (a small retail establishment that I could sell clothes like a boutique, gadgets, electronics and so on)restaurant ( to sell food) or starting a business (where I would sell in wholesale prices for distributors) then I will opt for a store. Opening a store for me would be with the sole aim of making successful profits on sales made, hence I would want to put in mind the best way to tackle competition and also be aware of market demand. I believe these two factors are necessary to move my business forward, be it a clothing line, jewelries, gadgets, foodstuffs, electronics and so on.
Speaking of market demands, I would ensure to stock up goods that are available and are in high demand by the people, this would mean that I stay up to date with fellow business owners so as to stay updated in terms of price change or preferences of a particular market. I have experienced a drop in market demand one time, there is something about the Nigerian market when it comes to women's fashion, there is always a high demand of stuffs that go viral especially on the internet. Then this hair bonnet made in Ankara fabrics was reigning and everyone joined in the sales because that what everyone wanted. So also, when bone straight became popular, every girl hustled to buy one. So you have to consider what is going to sell fast and make gains rather than stock up the shop with what will expire and not get sold out. Direct interaction with customers comes in handy to understand their needs.
Another reason why opening of a store is the best fit for me is because it will allow me as a salesperson to build my brand to the level I want it, I will be the sole proprietor of the business with no third parties or shareholders saga.
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