Items you will need
- Market research
- Business plan
- Ideal location
- Reliable suppliers
- Nest egg
Thanks to celebrities like Dr. Oz and Oprah who promote a healthy lifestyle on TV, more consumers are turning to health stores for the latest super foods, organic produce, natural remedies and nutritional supplements. If you're an ambitious entrepreneur with good business sense and a passion for helping customers choose healthier alternatives, now is the ideal time to open a health store. Whether you start up a new store or invest in an established franchise, here are a few things you need to ensure the financial health of your business.
How to start a health store
Do extensive market research to determine what kind of people shop at health stores, and if there is a demand for one in your area.
Create a business plan that states the reason for establishing your business, the competitive advantages of your health store over similar stores in the area, the type of products you will carry, the kind of customers you will attract, and your pricing policy.
Scout ideal locations for your health store, taking into consideration health-food demand in the area, convenience, parking, and proximity to potential competitors, such as a nearby supermarket that stocks health-food items.
Thoroughly check supplier credentials so that you have a reliable supplier base in place for providing high-quality goods.
Set aside at least one-year's salary to live on while you are waiting for your sales to turn a profit.
If you have little experience dealing with marketing, advertising and suppliers, consider investing in a franchise that offers you the advantage of an already-existing brand name with established supplier connections and a built-in customer base.
Owning and managing any kind of retail store is a demanding job for self-motivated individuals who are willing to put in long hours to keep the business running successfully.