Starting a Mobile Essentials Store
You may have observed the growing need for convenience, speed, accessibility, and affordability (but maybe not so much with the latter). In fact, there is a growing demand for essential products bought from mobile stores.
If you're planning to take advantage of this demand and put up a mobile essentials store, here is a brief overview of starting up the business.
Lots of stuff is being sold on-the-go these days -- food, clothes, even personal and household products. Mobile businesses bank on profits derived from transportability, low maintenance (as compared with stationary stalls/stores), and accessibility to customers, among other things. Hence, operating a mobile essentials store is one of the means to become a player in the profitable industry of mobile selling.
Finding a Good Location
Like any other mobile business, a mobile essentials store primarily needs a vehicle -- an obvious given. And you need a good location for your store. Choose a spot where your potential customers are concentrated. Villages, residential communities, boarding houses, or dormitories are some of the best locations for your business. Observe your mobile essentials store competitors. Avoid putting up the business near supermarkets and grocery stores; these are very established rivals. Study the economics of the area and see if there is a potential level of earning and growth if you enter the market.
Obtaining Licenses and Permits
So what else are necessary to run a mobile essentials store? First, you need to run the business in line with the applicable laws and regulations. An operator of a Mobile essentials shop belongs to the general merchandise peddler in the Business Revenue Department category. Thus, you are required to pay $500 license fee that is non-transferable or refundable. You also need to acquire a Zoning Approval and pay $25 for a Solicitor's Permit from the police department. With the Solicitor's Permit, you can now apply for a business license. The Office of the Commissioner of Revenue will grant you a business license and a sticker which should be placed on your vehicle. Check for other applicable fees imposed by your respective state or city.
Managing and Handling Inventory
You will need to purchase, maintain, store, and retail inventory. Find a suitable supplier of your goods that offers good bargains. Remember that your profit is derived from the mark-up placed on top of the product’s wholesale price, plus fixed and variable costs. In maintaining and storing inventory, you need to have a warehouse or storage facility. It can be your garage or extra room in the house. Learn the necessary inventory management and handling techniques to maximize profitability. You also need to know how to price your goods. Calculate for the loss, break-even, and profitable levels for each type of product, select a good price rate, and decide on your general pricing schemes. For some, a 5% mark-up on general items already gives them a good gain, while some need a higher rate.
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