Retail Store Business

Type: Retail (Duka)

Key Products for Sale:
Snacks and Beverages
Household essentials
Personal care items
Stationery
Phone Accessories
Cosmetics
Kitchenware
School supplies
Small electronic gadgets
Toys and Games

Technology Considerations:
Point of Sale (POS) system for efficient transactions
Online presence through WhatsApp Business for customer engagement
Social Media business via Facebook and Instagram.
Mobile phone for communication and order management

Market for the Product:
Local residents
Students from nearby schools and universities
Commuters passing by the shop

Key Inputs:
Inventory from reliable wholesale suppliers
Branded retail shop banner and signage
Efficient POS system
Well-organized and appealing store appearance

Product Preparation Process:
Regularly restock inventory
Implement occasional promotions and discounts
Maintain a clean and organized store environment

Quality Considerations:
Ensure the freshness and quality of snacks and beverages
Stock well-known and trusted brands for personal care items and household essentials
Provide a variety of options to cater to different customer preferences

Cost of Investment:
Capital requirement: Ksh 200,000 This is the breakdown for this:

1. Rent:
   Amount: Ksh 20,000 per month
   Duration: 3 months
   Total Expenditure: Ksh 60,000
2. Licenses:
   Cost: Ksh 10,000
3. Inventory:
   Allocation: Ksh 100,000
4. Complements of the Retail Shop:
   Includes: Shelves, retail counter, etc.
   Cost: Ksh 25,000
5. Branding and Marketing:
   Cost: Ksh 5,000
   Total Investment Required: Ksh 200,000

Required Operational Infrastructure:
Strategically located business premises
Adequate shelves, storage, and seating arrangements
Hygienic facilities and practices

Most Suitable Location of the Business:
High-traffic areas in residential zones
Proximity to schools, colleges, and universities
Accessibility to commuters and passersby

Potential Sources of Investment Capital:
Personal savings
Small business loans
Support from family and friends

Requirements for Effective Management:
Efficient inventory management
Well-trained and customer-focused staff
Regular analysis of market trends and customer preferences

Role of Mobile Phone and ICT:
WhatsApp Business for customer engagement and orders
Regular communication with suppliers and customers

Statutory Regulations and Licenses:
Business registration on the e-citizen website
Single business permit from the county government
Tax records on the official KRA website

Pricing:
Competitive pricing based on market trends and customer preferences
Occasional promotions and discounts for customer loyalty

Profitability:

1. Potential for profitability through efficient operations and customer satisfaction
2. Expansion opportunities through product diversification and store enhancements

Next Steps to Take:

1. Implement effective marketing strategies, including word of mouth and social media
2. Continuously monitor and adapt to changing market conditions
3. Explore opportunities for business expansion and community engagement