Your assessment of the market should be accurate and to achieve success in this business you must have an effective business plan.
Spend some time in analyzing your customer base which will help determine your market size and their buying preferences.
With the boom in the economy and increasing spending power, people prefer to shop at those new age shiny grocery retail stores, where they are treated to large shopping aisles with products stacked neatly on the shelves in a complete AC comfort.
The products for daily needs like dairy, cereals, pulses, meat, cleaning items, and more are arranged orderly with their price tags and salespeople on their toes.
Setting up your grocery shop would also involve buying furniture like racks, which are needed to display different products, a table with drawers, etc.
You can set up a very basic grocery store in a local area with an investment of Rs 50,000.
Having a good network with vendors is a huge asset and make sure that you don’t have a packed inventory of more than 20-25 days.
A grocery store provides all the necessary requirements needed for running a household, so basically, your target market would be the entire neighborhood of the area you want to set up your grocery shop in which would be within 1 or 2 kilometers of reach.
With lots of people shopping there, you could get a good outcome.
A good location is vital as it will ensure you have a good amount of footfall every day.