Building a mall kiosk is a smart way to get into retail sales without taking on the extra expense and time that are associated with a retail store. A mall kiosk is a solid business venture for someone who is new to retail ownership. Kiosks have lower rent payments, good locations, require less merchandise and stocking time, and do not require as many employees to be hired. The process for building a mall kiosk is straight forward, but market research and business planning prior to opening the kiosk are essential to start the business with a solid foundation.
Things You Will Need
kiosk location and cart lease
Develop a detailed business plan that will control the building of the kiosk as well as the direction in which the business will go. The Home Business Center website explains that a thorough business plan estimates all of the start-up costs, determines the marketing that will be required, and lists a summary of the necessary financing. Also, acquire the necessary business licenses to ensure that the kiosk meets all government regulations.
Research the kiosk market and visit malls to determine the correct location for the upcoming kiosk business. Meet with the mall managers in order to discuss cart rental fees, locations, and lease options. The Entrepreneur website explains that monthly cart rental fees are usually a set amount of money or a certain percentage of the kiosks monthly sales, whichever is higher.
Sign the lease and confirm the length and flexibility of the agreement. The Entrepreneur website mentions that most kiosk leases are renewable monthly or yearly. Also, determine what if any equipment is included in the lease like a cash register or computer with business tracking software.
Order all of the merchandise that will be sold by the kiosk. Determine if any additional equipment is required to run the kiosk like a computer and a cash register. The A Touch of Business website estimates that opening a kiosk generally costs between $1,500 to $10,000 depending on the size of the kiosk and the merchandise that is selected.
Stock all of the acquired merchandise and determine how often additional merchandise will need to be ordered. Due to the size of a kiosk, merchandise must be received at an even rate because there is no room to store excess products. The A Touch of Business website states that individual kiosk merchandise should be within the price range of $10 to $150 dollars to sell effectively.
Interview and hire employees before officially opening the kiosk. The Entrepreneur website explains that most kiosks hire two to four employees to divide the business day into reasonable shifts.
Mall kiosks are in competition with large retail stores that may sell similar products. To establish a successful kiosk business, the kiosk should try to focus on niche or specialty items that are not available in some of the larger stores to decrease the competition.