18 Shop Business Ideas – Physical shops bring business closer to the people, helps cut extra costs of delivery, delay, and are sometimes more reliable than most online businesses.
More so, not all businesses are done online, and the only meaningful way to go about them is a physical shop or store.
Therefore, if you have been interested in owning a shop or are thinking of starting one, here is the A-List of Shop Business Ideas for you.
The various business ideas for shops you should explore.
1. Water, Wine, And Beverage
Water, wine, and beverage business are some of the lucrative retail business ideas you can start anywhere in Nigeria. It is a vast business area that can be independently done.
The business involves buying as a wholesaler from distributors, importers, or producers and selling to the final consumer at a profit after considering the transportation and logistics cost.
Depending on how you sell, you can be patronized when ceremonies like birthdays, weddings, child dedications, anniversaries, and graduation ceremonies are held in your vicinity.
2. Cosmetics Store
The cosmetics and make-up industry has witnessed steady growth over the years. Demand for makeup artists spans both individuals and organizations, which has increased the need for cosmetic products.
Furthermore, opening a cosmetic store is a plus for individuals who have been in the beauty industry, as you can leverage past networks to create a customer base for your products.
Beauty products such as lipsticks, eye shadows, powders, and beauty blender sponges can be purchased from cosmetic producers and sold in units at a higher price for profit. Also, you may choose to operate as a wholesaler or a retailer, depending on your capital.
Lastly, to keep your customers’ trust in you, always ensure your products are high quality.
Pharmacy business is one of the sensitive retail business ideas that can be done on a large or small scale. Often called a chemist or drug store, it provides prescription drugs and other small health-related products.
A pharmaceutical store is sensitive such that it is usually operated by a certified pharmacist or expert in the health-related industry. This will enable them to advise, prescribe appropriately, and counsel patients on health promotion, disease prevention, and proper medication use.
4. Coffee Store
This is one of the most in-demand ideas for shops. If done right, you may get overwhelmed with servicing a bulk of customers daily.
An unbelievable amount of adults drink specialty coffee every day, including mocha, cappuccino, latte, espresso, frozen/iced coffee beverages, and café mocha. They need it to jump-start their body off to a great day, improve metabolism or even burn some fat.
First, seek a location with a high amount of pedestrian traffic to establish your business. Furthermore, you should note that people see coffee shops as a major social interaction center beyond taking coffee.
Therefore, more priority should be given to the interior and exterior outlook of your coffee shop as well as the quality of the coffee you serve.
5. Bread, Snacks, And Confectioneries
This is a retail business of making and selling food items rich in sugar and carbohydrates to consumers. The items include cakes, bread, pastries, sweets, chocolate, candies, nut, and other flour and chocolate-made products.
It is a business that can begin on a small or large scale. More so, it can be made or ordered in a large quantity from suppliers and sold out in bits to the final consumer within a time frame.
6. Small Furniture Store
Do not let the lack of space deter you from starting your furniture store. Why not convert the little space you have to a small furniture store.
Sales of chairs, stools, shelves, small tables, and cabinets are a good way to start. You will be amazed at how much demand is for such products from schools, offices, and individuals.
7. Tailoring Materials
Tailoring material business is a low-cost retail business idea. It is profitable and sells everywhere in Nigeria. Tailoring material sellers are sorted after by tailors, schools, fashion institute students, and random persons who need fabrics, needles, etc.
The business can sell thread, needles, fabrics, scissors, and tape rules. They make the fashion business easier by selling important things that matter in sewing.
8. Grocery Store
Operating a grocery store is one of the most profitable business ideas for shop owners. Grocery stores are a necessity globally; hence running one is highly profitable.
Also, less skill is required, and minimal capital can be invested. Moreover, synchronizing your physical store with an online store will give room for more yield.
However, being strategic when considering this business idea is key. For instance, the chosen location should be residential. Also, ensure there is no supermarket nearby to minimize competition.
9. Books and Stationery Store
Hard copy books are not going out of vogue as long as readers prefer to interact with ebooks. Hence, the demand for hard copy books is unlikely to end, and the guarantee on investment returns is huge.
Moreover, you can include the sales of stationery items to increase your customer base. Stationeries are required in city centers, near office spaces and universities.
In addition, specializing in a book niche is also a welcome idea. Yours could either be a law bookstore or a medical bookstore.
A good way to determine your specialized book store niche is by considering your expert knowledge or the most prominent institutions around. For example, a law bookstore would be located close to a university for law students.
10. Kitchen Items
Kitchen items are also one of the profitable products you can sell. It is a wide business area that involves selling bowls, cups, spoons, plates, knives, grater, etc., used for cooking and serving meals. Kitchen items are in high demand at home, bars, hotels, catering schools, and everywhere cooking activities are carried out.
11. Electronics And Appliances
This retail business centers on selling equipment intended for everyday use in homes. It is a lucrative business that thrives both online and offline, with everyone being a potential customer. Electronics and appliances can be used at home, offices, factories, etc.
Some of the high demands electronics and appliances include; washing machines, television, refrigerators, vacuums, microwaves, computers and laptops, gas cookers, mixers, blenders, e.t.c.
12. Mobile Device Store
Mobile devices have become a big necessity in our society. Our days revolve around these devices; hence opening a mobile store is one of the best ideas for shop owners.
The starting stages of this business require careful investing, as this is a very dynamic niche. Also, the profit margin is a big motivation; however, ensure you pay attention to the quality of products you display.
A typical mobile store is the Apple store, which is reported to be one of the most profitable store chains In the USA.
In addition, you may include the sales of mobile accessories such as charging cables, wireless headphones, phone cases, and protective glasses as they are in high demand.
13. Jewelry Shop
Merchandising in jewelry sales is reported to be characterized by huge profit margins. If this line of business tickles your fancy, give it some consideration.
A good way to kick-start is to partner with good metalsmiths who will make quality jewelry pieces while you sell. You can also choose to purchase jewelry at an affordable rate online on sites like Aliexpress. Such jewelry purchased online can sell at incredibly greater amounts than the cost price.
Lastly, strategic locations to establish jewelry shops include five-star hotels, event centers, and boutiques.
14. Garments Store
A garment store where quality clothes are sold is one of the most approachable business ideas for a shop owner.
Clothes are necessities, and people are willing to spend a huge amount of money to purchase nice clothes. Therefore, your chance of success is not debatable if you put in the right effort.
Furthermore, you could choose to focus on garments for kids, women or men, or any other special garment niche you want. What is most important is that you sell quality and trendy wears that people would love.
15. Gift Shop
A gift shop is a unique and interesting idea for shop owners. Gifts are always required to make celebrants feel special, be it at an anniversary, birthday celebration, or another occasion.
Therefore, making your shop a gift shop is a business idea worth considering. Gift shops contain items everyone would find attractive. Some of such items include figurines, gadgets, and decorations.
Also, your scope of service could include customizing gifts to give them a personal touch. There is little competition in this line of business; hence profit-making is guaranteed.
16. Medical Store
The role medicine plays in our daily lives cannot be underestimated. Hence, if you find this an area of concern, you should consider opening a medical store.
Pharmaceutical stores not only make a profit from the sales of medical products but also help save lives. This is a tremendous source of motivation for anyone looking to venture into this line of business.
You should pay attention to where the medical store is to be located. First, proximity to a hospital will guarantee regular patronage. Secondly, communities with little medical presence would also be a good place to establish a medical store.
Lastly, the presence of trained medical personnel in your store would go a long way in influencing societal acceptance of such stores.
17. Auto Spare Parts Store
Are you knowledgeable about automobiles and engineering, then you should consider this shop business idea. The good thing about this business is that the competition is minimal as a decent knowledge of automobiles is required.
However, sales of automobile spare parts are capital intensive but highly lucrative. Also, where the store is located in a major determinant of the success of the business.
Therefore, you should consider setting up your automobile spare parts stores at city centers and near garages.
18. Building Materials
This involves selling building materials such as roofing sheets, iron rods, pipes, doors, electrical materials, windows, ceiling materials, etc. It is a very lucrative business that sells more around new construction sites.