RICE RETAILING BUSINESS PLAN GUIDE
Rice is one of the most popular and highly consumed food in most countries of the world. Because of this, it is always in high demand. If you are looking for a lucrative business that you can start with low capital, you can consider the rice retailing business.
This article is going to provide all the essential information you need on starting a rice retailing business.
- Carry Out a Market Research
Don’t just assume that because rice is always in high demand, you will automatically make good sales and profits. Though it is undisputed that rice is a highly demanded food commodity but this does not mean that it sells well in every location. Many factors influence the demand for rice and how well it will sell.
While there are many places where rice is regularly eaten on a daily and there are also environments where rice is a luxury that is eaten occasionally. This is why you need to carry out market research to determine where to locate your rice retailing business. Market research will also help you to identify and understand your potential customers and even your competitors.
So, before users start anything as regards the rice retailing business, the first thing you should do is to write a rice retailing business feasibility study report and develop comprehensive market research. Doing this will arm you with all the necessary information you need for the business. And this will help you make the right decisions and also save you from making unnecessary mistakes.
- Learn About the Business
“What do I need to learn about starting a rice retailing business for God’s sake? Is it not to go and buy rice from wholesalers and resell?” I know those are some of the questions running through your mind.
Well, let me tell you the truth, if you don’t want to take avoidable risks that can make your business run at loss, then you need to go and learn about the business from someone who is already doing it. I mean, do you know how to distinguish a bowl of good rice from a bad one? Do you know the right place to purchase quality rice at cheap prices?
You don’t have to waste time trying to figure this out all by yourself when you can always learn how to it right. My advice to you is that you should look for one or two highly successful rice retailers and go and learn the nitty-gritty of the business from them.
- Find a Good Business Location
Like I mentioned earlier, it is the location of your rice retailing business that will determine whether you will sell very well or not. So, when you are finding a location for your business, make sure that location is where there is a high demand for rice. Also, make sure it is not too far from where you will be getting your rice supplies.
As soon as you get a location that is suitable for your rice retailing business, start promoting your business to people around. Intimate people about what you intend to sell so that they can become familiar with it.
- Write a Rice Retailing Business Plan
If you want your rice retailing business to go far, then you will need a business plan for it. A business plan will not only help you preempt the future and plan for it by setting clear goals, but it will also make it easy for you to pitch investors for your business and even apply for bank loans in case the need arises.
If you want to write your business plan by yourself, there are business plan samples and templates online that users can use as a guide on how to go about it.
- Register the Business
If you want your rice retailing business to be taken seriously, then you need to register the business. Registering your business will make it looks professional and people will not be reluctant to transact business without because they know your business has legal standing.
Also, it will make it easy for you to get contracts from corporate organizations and government agencies.
- Start the Business
If you do not have the required capital to start a rice retailing business, the first thing you should do is to source from capital either from your friends and family members or from the bank. After you have raised capital, you can then make a bulk purchase of rice of different varieties that your customers will like either from a wholesaler or directly from a rice farm.
You should also get all the other basic things you will need like storage facilities, measuring tools, etc. If you cannot handle the business single-handedly, then you can hire a few people to work with you.
- Promote the Business
Remember, your business cannot thrive if you are not making sales and you can’t make good sales if you don’t market your business. So, don’t sit still and assume that consumers will just start rushing to you. You need to do aggressive marketing and look for irresistible offers that will make people buy from you and become your loyal customers.
RICE RETAILING BUSINESS PLAN EXAMPLE
Here is a sample business plan for starting a rice retailer business.
A rice retail store business is a business that can be started by virtually anyone. You do not need any form of experience, good business or educational background to start and run a rice retail store.
One basic requirement for setting up a rice retail business is the regular supply of rice and a good site for your business.
This article serves as a guide to how a rice retail store business plan sample looks like. You will need it to effectively start your rice retail store business.
Business Name: George Grey Rice Retail Store
- Executive Summary
- Our Products and Services
- Vision Statement
- Mission Statement
- Business Structure
- Market Analysis
- Sales and Marketing Strategy
- Financial Plan
- Competitive Advantage
George Grey rice retail store is a rice retail store owned by a 45-year-old high school dropout, George Grey. It is a registered store and will be situated in downtown Los Angeles, California. We are looking to become one of the biggest rice retail stores in the United States. To make this happen, we have secured a facility that is large enough to help us achieve this.
At George Grey rice retail store, we are aware of the existing competition in the rice retail store business. As a result of the competition that exists in this business, we have carried out massive research to help us know what our customers need. With this, we will be able to give our customers exactly what they want.
We will also make sure that our customers get the best services whenever they come to purchase our goods. We intend to have a personal relationship with all our customers. This, we will achieve with the use of CRM software.
Our Products and Services
George Grey rice retail store is not in the rice retail business for fun. We are in this business to make a lot of profit.
We know that to make a lot of profit, we need to be able to please our customers. As a result of this, we will provide our customers with the best price from the most trusted rice production firms that are in the world.
The products that we will offer our clients include long-grain rice, short-grain rice, and medium grain rice.
All these will be available both in non-organic as well as organic form.
Our vision at George Grey rice retail store is to dominate the rice retail store industry. We have the vision to become one of the most sought after as well as successful rice retail stores in Los-Angeles California and the United States.
At George Grey rice retail store, our mission is to set-up a standard rice retail store business that will be able to meet the ever-increasing needs of our numerous potential customers. We intend to ensure that properly bagged rice and will be obtainable to our prospective customers for a price that they will easily afford.
We are also looking to grow from just having a single rice retail store in Los Angeles, California to having a chain of rice retail stores scattered across the United States.
We are looking to just set up a store that will be considered average. Our intention at George Grey rice retail store is to set up a business that will be a standard for other rice retail store business that will be set up after we get established. We know that becoming a force to reckon with in this business will not happen overnight. We are very intentional.
As a result of this, we will employ the services of only those that we are certain can function at the level we want to operate. We will ensure that our staff are qualified to work in rice retail stores and are also very customer-friendly.
The rice retail store industry is not new. However, it is constantly changing. At the moment, this industry is moving very rapidly from a manually powered industry to a technology-driven industry.
As a result of the advantages that technology has made available, home delivery, as well as online ordering, are now a major part of the rice retail store business.
Sales and Marketing Strategy
We are new in the industry and we intend to get a foothold fast. To achieve this, we will carry out the following;
- Give discounts to our first set of customers as well as our regular customers
- We intend to have a strong online presence
- We will also place our handbills in public places
Our Target Market
Virtually everyone feeds on rice. This makes the market for the rice retail store business a very large one. We are not the only rice retail store in Los Angeles, California. Therefore, we do not intend to offer everyone our services.
After carrying out our research, we have come up with a target market that we know will suit our business. Those in our target market include;
Source of Startup Capital
To get our rice retail store business started on the level that we intend, we will need $100,000. As it stands, we do not have all the money we need. We have been able to come up with 60% of the amount that is needed to set-up this business. The remaining amount will be gotten as a loan from the bank.
We are not ignorant of the high-level competition that exists in the rice retail store business. To stand out, we have chosen a location that will constantly keep us because of our customers. We are also looking to get the best rice brands from top rice packaging firms.
This is a rice retail store business plan sample. This business is owned by George Grey and will be located in downtown Los Angeles, California.