Venturing into this project of retailing has always been their dream and passion. Also as the country is going through a very tough economic environment, businesses may sometimes be flooded by competition making it difficult to stand on one project hence venturing into greener pastures. They are looking forward to a big boost in terms of business turnover helping each other in all areas.
So far $3 500 has been invested in the project by the owner, with the funds having been invested for stocking, and purchase of a display fridge and point of sale machines. High space Supermarket is seeking donations to raise $5,000 through loan financing in order to purchase more stock, fixture and fittings. Advertising, marketing and promotion of the products will be done mainly through direct marketing and selling and the offering of specials on selected items.
This plan is to apply for funds to finance the purchase of stock and equipment for a new branch of High space Supermarket. The business will operate as a sole trader under the name, High space Supermarket.
The supermarket offers a wide range of products to choose from which will cater for everyone within their sphere of influence. With time, we plan to open a butchery section as there is room for expansion within the premises thus increasing our revenue inflow. The shop has also another department which could be used as a mini hardware in the near future.
Prices of products vary widely, the price difference being influenced by the product quality and size. Other influencing factors also include the intended target market segment, demand level and supply level. The competition has an average mark-up of 10-15% on limited basic goods which we plan to counter by focusing on products which they have a higher margin for instance, cosmetics where their margin is above 35% and also other products which they do not have in stock which are on high demand like small packaged detergents for those who do not afford regular sizes.
September 10, 2018