Creating a Mall Kiosk Business Plan

Posted by Lydia Pine on Dec 9, 2019 2:25:13 PM

Do you find yourself asking questions such as how do I start a kiosk business, how much does it cost to own or rent a mall kiosk, where can I obtain funding, or what type of merchandise should I stock my cart with, maybe, it’s time to take control of your future and start your own retail kiosk business. If so, you will need to create a business plan, mapping out why this new business endeavor will be profitable. If you have already researched owning a kiosk cart than you know the benefits. The most popular benefit being that you can try out various products with minimal risks. Learn about the many benefits of owning a kiosk cart in detail here: https://www.novapointofsale.com/innovate/inside-the-mall-january-2018

 Financial: Estimate your profit and compare against your monthly expenses to get an idea of your ROI and then decide if you will need an investor. If you need financing, who will provide your financial backing? An individual investor or a bank? Remember, if you must borrow money or get an independent investor, that money is an added expense.

  Product: Decide on merchandise that is trending and not offered at a current kiosk at your chosen location. What makes your product different? How will it bring in more customers? You may want to offer a variety of products at one location in the beginning to get some idea of what and who you are marketing to in a given area. Then decide if your kiosk will specialize in one product or offer more choices to your customers.

Target Market: Detail your target market. Men, women, young or old. Who will enjoy the product you have to offer? The larger the target audience the more potential sales you will have. You will want to also decide on the size of your kiosk and location. High-traffic areas in the mall will be great for business but may also have a higher fee.

Acting on your dreams and staying focused on your goals will help you succeed. Once you have created your business plan and researched local areas that are ideal for your kiosk, you will need to contact your investors (if you have any) and let them know your plans and be sure they agree with the actions moving forward. If you haven’t contacted the owner of the rental space, you will need to do that rather quickly as well. Sales space can be limited and many times there is stiff competition for the best traffic areas to set up businesses.

Once you are to this point the hard part is over. Now you just need to provide your new customers with an exceptional experience. Just remember, “A satisfied customer is the best business strategy of all.” – Miceal LeBoeuf

 

 


 

 

 

Topics: Uncategorized