What are the most profitable retail businesses you can start? Insider Monkey has given you the answers in their lately published article. You may be tired of working for someone else and you are wondering what kind business would be the perfect you. There is always a certain degree of risk when starting a business, and I guess that’s the reason why so many people give up on their dreams. They’re too afraid of failure as they have a lot to lose. But it’s not always about fear.
A significant number of young creative minds never start their own businesses due to lack of money. It’s devastating because so many great, profitable ideas never get realized. People believe it takes tons of money to start a small business but it’s not always true. In fact, there is a great delusion involved here. One of them is to start a retail business. How and what? Now you will see!
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked three ideas from their list.
The first idea is to open a Pet Shop. People love their pets and are carefully choosing products for them. Pet equipment and food market are one of the fastest growing retail niches. If you decide to open a pet store in your neighborhood, try to find a location close to a popular park, where locals take out their pets every day. The store should provide goods for different types of pets from standard cats and dog walking equipment to fish food, aquariums, and terrariums. The second business you can choose is a Mobile Phone Store. Although you can find dozens of mobile phone stores in every neighborhood, this niche is so big that there’s enough demand for everyone. Your best bet would be to open a mobile phone store in a smaller town or a desolated or rural area. If you are a skillful repairman or an engineer, you can also offer phone repair services to your customers. The last idea for today is an Art Supplies Store. A few years ago these stores were very hard to find. With the emergence of Pinterest, the handcrafted pieces and the DIY home décor have become incredibly popular. This way you will have a much bigger audience. You can attract customers to your website or a store by promoting and selling your own artwork and running accounts on Pinterest, Etsy, and eBay.
For any further interesting information read Insider Monkey’s article about 11 most profitable retail businesses you can start