BusinessHABSmall Chops Packaging kiosk: Starting a small chops packaging business is a lucrative business idea in Nigeria.
Nigerians desire for light meals like small chops has greatly increased in the past years.
Aside from big events like weddings, funeral and birthday parties.
Small chops are also the preferred choice when gathering friends for a get-together, boat cruise and time on the beach.
The great thing about small chops is that even though there are a lot of people offering this service.
There certainly won’t be a shortage of demand.
The key to being a successful small chops business owner is creativity and packaging.
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Small Chops Packaging kiosk
1. Business Briefing
A kiosk business can offer fantastic business opportunities.
Whether you rent or buy, you should start with a small cart and work your way up to a larger, more permanent kiosk.
Whatever you choose, ensure your location is in a high-traffic area and has adequate space.
Shop around before deciding exactly where to locate your kiosk.
If necessary, apply for business loans at your bank or credit union.
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2. Decide what you want to sell.
Kiosks can accommodate almost any kind of business. Apparel, food, and electronics.
Especially mobile phones — are some of the most common kiosk businesses.
Whatever you choose, try to be versatile and offer variety.
- For instance, if you’re a food kiosk, don’t just offer hot dogs. Offer chili dogs, French fries, soda, etc.
- A phone kiosk might offer phone cases, chargers, and other paraphernalia in addition to selling phones.
- Brainstorm some innovative ideas either alone or with a friend. Look for opportunities that would lend themselves well to the small scale that carts and kiosks offer.
3. Figure out how much space you need.
The product you’re selling will determine not only whether you want a cart or a kiosk.
But also the size of the cart or kiosk you need.
Check other cart and kiosk businesses either online or in person to get an idea of their sizes.
Think about what style is most appropriate for your business.
- If you plan on selling food, determine whether you need refrigeration, a grill, an oven or some other feature that accommodates your product.
- When selecting a cart or kiosk, you should also consider whether you’ll need storage space.
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4. Start small.
Try starting out with just a small display cart.
If your business meets with success, graduate up to a larger kiosk.
This way, you’ll be able to negotiate the learning curve that comes with any new business on a smaller scale.
This will save you time and money and help you learn how to operate most efficiently.
Use this period to iron out any potential problems and streamline your business processes.
Small Chops Packaging kiosk
5. Scout out potential locations.
Take a walk around your local downtown or shopping mall for areas that could accommodate a cart or kiosk.
Keep an eye out for empty kiosks in shopping centers or unused space near sports arenas, parking lots, and public parks.
Try to envision how your kiosk or cart might look in each space.
Talk to other kiosk and cart owners to get a sense of what they’re paying each month in rent.
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6. Calculate how much money you’ll need.
Check with the mall or shopping center your kiosk is located in to find out exactly how much money you’ll need.
Rates often vary depend on your location and type of business you’re running.
- If you’re just renting a small cart, you probably have the necessary startup capital.
- Which usually hovers around $600 per week.
- Rental costs might also be 15% of your monthly gross, whichever is greater.
- Cart rental fees often vary seasonally.
- Buying a cart might be a good idea if, after renting for a while, you think you don’t need to scale up to a full kiosk. Be sure to go over the kiosk carefully before buying, though, to avoid purchasing something inadequate for your needs.
- If you’re renting a larger kiosk, you might need a loan to cover your expenses over the first few months. Kiosk rental can be $9,000-$10,000 per month.
- If you’re buying a kiosk you might need $25,000-$30,000.
7. Obtain the necessary license and registration for your kiosk start-up business.
Regulations governing what paperwork needs to be filled out vary depending on your location and what kind of kiosk you’re running.
A mall kiosk will probably help you with the necessary licensing and permits.
- If you lease or buy a portable kiosk, you may need a special vehicle license for hauling it.
- If you will be working with food, you will need an additional permit.
- Contact your state or county’s board of health for more information.
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Small Chops Packaging kiosk
8. Develop a business plan.
Your business plan is the roadmap for your kiosk business.
Your business plan should describe your business’ vision and mission.
Your organizational structure, your legal framework, your financial data, and your business’ history.
With a strong business plan in hand, you will have more success in securing a loan.
For the purposes of getting financed, the most important sections of the business plan include:
- A market analysis describing your target market.
- Your competition, and any potential roadblocks to your business’ success
- How much money you expect to bring in
- How you intend to repay the loan
- How long it will take to repay the loan
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9. Provide the necessary information.
Financial institutions and loan programs need to see more than just a strong business plan.
You’ll also need to submit personal financial information — tax returns.
Financial statements, and bank statements — to demonstrate that you’re financially responsible.
- Provide a statement about what kind of collateral you can offer against the loan, if necessary.
- The loan officer might also ask for legal documents and licenses demonstrating your business is legally owned and operated.
- You might also need to provide a resume to show that you have the skill necessary to run a kiosk business.
- Check with the financial institution or loan program you’re applying to for a checklist to ensure you don’t omit anything from your application.
Small Chops Packaging kiosk
10. Get a loan.
Banks and credit unions are the most common sources for loans.
The specific process for securing a loan varies depending the financial institution you apply to.
However, you should always aim for a loan with a long repayment period.
A low interest rate, and a low minimum monthly payment.
11. Get a grant.
If you don’t want a loan, you could try for a grant.
A grant is better than a loan because you don’t have to pay the money back, but they are also harder to secure.
- You probably won’t qualify for government grants.
- But you should investigate the possibility of local grants and funding for your kiosk.
- Many municipalities have economic development funds that might be able to help you get your kiosk off the ground.
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Small Chops Packaging kiosk
12. Know your competition.
Don’t set up a cart or kiosk when you’re right next to a major storefront that deals in the same thing.
For instance, selling phones from a kiosk in the same mall as the Verizon or Boost Mobile store is probably a bad idea.
If you do end up forced to operate in close proximity to a major competitor.
Take advantage of the fact that you’re a small retailer by offering a superior customer service experience.
Small Chops Packaging kiosk
13. Identify your primary customers.
You should locate your business close to where your primary customer base is.
For example, if your target customers are motorcycle riders.
Then consider setting your cart up at a motorcycle rally or show.
- You might find new target audiences once you get your business up and running.
- Or, you might realize that your target audience is not who you thought it was.
- If that’s the case, adjust your business plan to reflect this new purchasing demographic.
- Remember, if you cannot attract people who are interested in your product you will not succeed.
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Small Chops Packaging kiosk
14. Locate a place to set up.
Most kiosks are located in malls or shopping centers.
However, cart kiosks can often set up at local fairs, farmer’s markets, or festivals.
Check with country or municipal authorities before peddling your wares in these locations.
To ensure you adhere to all the regulations and meet the requirements.
- Other locations like airports are prime real estate for kiosks.
- Contact your local airport’s business department for more information.
- The lobbies in certain office buildings might also host kiosks or carts.
- Talk to building management for details.
Small Chops Packaging kiosk
15. Shop around for the best location.
Depending on where you set up, you will pay higher or lower rates in rent, and may need different licenses.
If you’re in a an interior location.
Be sure that you’ll be able to keep your business open during normal business hours.
Before signing a lease, read it over carefully to ensure you have the best deal possible.
And can meet the expectations of the contract.
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16. Common hidden costs include:
- security fees
- a percentage of your monthly sales
- required participation in a loyalty or gift certificate program
- required participation in a community service event
Small Chops Packaging kiosk
17. Make good use of your space.
Kiosks, unlike regular stores, offer minimal space.
Maximize your use of the kiosk by investing in tablets with digital cash registers instead of clunky countertop registers.
Use the saved space to display more merchandise.
- Use Square, Shopkeep, or another digital cash register app to help you process payments and check customers out.
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18. Arrange your merchandise nicely.
The biggest strength of a kiosk — its ability to advertise and display merchandise on all sides — can also be its greatest weakness.
If you don’t present your wares in a beautiful, orderly manner, customers will not be attracted to your kiosk.
Don’t create a cluttered display in an attempt to put all your goods out for customers to see.
Pull out your featured items, and place them front and center. Exhibit a range of products.
Entice your customers with a well-designed display window.
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19. Scale up.
Many small kiosk owners begin with a few carts, then scale up to a kiosk.
Or, they start with a few local kiosks.
Then branch out and obtain more kiosks in other malls in their area, state, or region.
- Look for opportunities to grow your business by adding new locations.
- Pour profits back into your business by paying your employees a living wage and offering new products or services.
- Keep up with the latest trends in your kiosk business.
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20. Adapt quickly.
In the dog-eat-dog world of business, being quick on your toes is crucial for staying ahead of the competition.
Fortunately, small businesses tend to be better than big ones at adapting to changes.
And it doesn’t get much smaller than a kiosk business.
Stay abreast of new developments in technology, sales, and marketing that could make your job easier.
- Look for new ways to cut costs by finding similar or identical products at lower costs.
- Keep an eye out for new merchandise that your customers might want.
- Identify employees that show promise. Give them additional responsibilities and an increased salary. Rewarding intelligence and loyalty will make your business strong.
- When your kiosk business grows large enough, invest in some local advertising. Local papers and billboards are good venues for small business ads.
- Get a website up and running so that you can make sales even when your kiosk is closed, or your customer is not close to you geographically.
- Additionally, set up social media sites so people can talk about your business.
BusinessHAB