Are you interested in starting a retail business in your city, small town or village? Are you looking for profitable retail business ideas? If yes, read this post and explore the most popular retail business ideas listed here.
The retail industry worldwide is one of the major revenue earners for the economy. Actually, the retail business is one of the most low-cost and profitable startup operations. A report from Forbes suggests the retail market is expected to grow in the coming days. The reasons primarily are income growth, urbanization, and attitudinal shifts.
Availability of better quality products, an improved supply chain, a one-stop shop for varied choices of brands and products are some of the benefits that accrue to the consumer through a retailer. At least one-third of the new enterprises launched each year worldwide are retail operations.
In general retailing involves buying products or a service from a manufacturer, wholesaler, agent, importer or other big retailer and selling it to consumers. The retailer charges for the goods or services covering the expenses and profit. Individuals in present days can start both online retail store and physical store.
List of 40 Most Profitable Retail Business Ideas
If you want to start a retail business and looking for retail store business ideas, read below the 40 most profitable retail shop business ideas according to the current market trend worldwide.
1. Dollar Store
Basically, dollar stores or discount stores are very popular throughout the globe. However, there is stiff competition and the business demands huge startup investment. Additionally, you will need to procure quality product from the manufacturers to get the decent profit.
2. Art Supplies Store
Art supplies store is a profitable and lucrative retail opportunity for any individual who is passionate about art and has knowledge about the equipment that is essential for the artists. You can establish an art supplies store by having a small retail location with a flair stock of popular art supplies essentials.
3. Automobile Service Station
One can start automobile service station business in the urban or semi-urban city with also a stock of spare parts. Also, the business is highly lucrative for automobile engineers.
4. Barber Shop
Generally, opening a barbershop is a lucrative and self-rewarding business for any individual. However, the business demands specific skill, knowledge, and experience. If you are an experienced barber, then only you can think about initiating your own store.
5. Beauty Salon
A beauty salon or beauty parlors provide products and services that enhance the client’s physical appearances and mental relaxation. Selecting the right location, efficient manpower, and proper sales promotional activity is required in starting this business.
6. Boutique Store
The boutique is one of the most popular retail business ideas, especially for women. Generally, boutique stores sell personalized designer clothing.
To be successful in Brewpub business, one must have adequate knowledge and years of experience about microbreweries. Actually, brewpub business is a restaurant and microbrewery combination that normally offers craft beer with different customized tastes and flavors to their clients on-premise. Studies have shown that drinking beer in different customized taste is a trend of today’s phenomena.
8. Cake Shop
Initiating a cake shop business is a perfect opportunity for the entrepreneurs who want to start a venture in the food retail industry. The business is easy to start and manage. Additionally, the cake retailing business is perfect for women entrepreneurs. Any individual can start this business by taking a minimum risk (finance).
9. Coffee Shop
Over the past decade, the coffee shop industry is increasing rapidly. An entrepreneur passionate and talented about coffee can initiate a coffee shop business with moderate capital investment. The coffee shop actually treated as a third place outside of work and home to relax. Coffee shop business is one of the best ways to turn your love for coffee into a profit-making business.
10. Cosmetics Store
The demand for cosmetic items is a never decreasing one. If you have a good retail space, starting a cosmetic store can fetch you a good return on your investment.
11. Diagnostic Center
An individual having experience in laboratory science can initiate diagnostic center business with substantial capital investment. Diagnostic center with pathology is one of the most profitable businesses in the medical and pharma industry. Heightened physician awareness and increasing patient requirement to avail of high-quality care have increased the demand for the good quality diagnostic center.
12. Fitness Center
Are you interested in starting fitness center business of your own? Fitness center business opportunity demands careful planning and research. It is an industry continues to be a lucrative market opportunity for small businesses and entrepreneurs globally. Fitness center industry considered a largely recession-proof industry.
Florist business opportunity demands a lot of dedication, hard work, a flair for creativity and a true love for flowers. Any individual can initiate florist business in two ways. You can initiate it as a home-based and part-time basis. Giving services to local customers at any kind of function’s floral needs including planning, design, delivery, setup and removing waste.
14. Food Truck
Mobile food truck business opportunity is different from a normal restaurant in two major ways. One is you are moving and you don’t have a retail location. Second is you yourself are going to the customers. A person having minimum experience in the foodservice industry can initiate this venture in the city area.
15. Home-based Garment Store
If you are searching for online retail business ideas, then you can consider this opportunity. With a small capital investment, you can initiate a home-based garment store online. There are several eCommerce platforms that provide an online storage facility for small business owners. With a niche product line, you can set up the store with the software.
16. Hookah Bar Lounge
Profitable hookah bar lounge business opportunity demands to learn the operational aspects related to the business. A truly passionate entrepreneur can initiate hookah bar lounge business with strategic planning and substantial capital investment.
17. Hydroponic Retail Store
A person having a passion for plantation technology can start the hydroponic retail store business to turn his hobby into a profit-making venture. Hydroponics is a new plantation technology that has been increasing in demands over the past decades as a soil-free way of plantation both for commercial and home use.
18. Internet Cafe
Nowadays, the internet is one of the most needed things globally. Even a person living in a remote village and doesn’t have any laptop, have got the need of using internet daily basis. Hence, the demand for the internet cafe is huge.
19. Juice Bar
Juice bar business is a million dollar industry worldwide and projected to grow. Nowadays, a lot of people look for healthy food like fresh juice. The fresh fruit juice is a resource of minerals, vitamins, and energy.
20. Kids Store
If you live in a city with a high population density with a young crowd, a retail kids store business is perfect to start. An entrepreneur having knowledge about the retail industry can initiate retail kids store business by focusing target niche. The size of kid’s population is growing and there is no shortage of potential consumers in this industry ever.
21. Medical Store
Medical Store business opportunity is perfect for those who are a chemist or has years of experience as a pharmacist. In this business there are so many types of commercial options are available apart from only medicine selling. It is only for increasing the demand for medicine and related health care products and supplements.
22. Mobile Store
Mobile store with allied accessories is one of the most trending and profitable retail business ideas in India. The smartphone market is growing very fast worldwide. Additionally, the companies are also providing more upgraded phones in every model launch.
23. Pet Store
Are you a pet lover? Pet store business is perfect for pet lovers. People who have knowledge and experience in retail merchandising. A one-stop pet store with allied services is a profitable and self-rewarding business. You have two options here. One is you can initiate o your own store. Otherwise, you can start the business buying a franchisee of a reputed brand. In y own business the entire retail management, sourcing and marketing are your responsibility.
24. Photography Studio
Photography is actually catching beautiful moments or events for your clients. And people love to get beautiful photos of the memorable incidents of their life. Therefore, photography is a multi-million dollar industry worldwide. Any individual can open a photography studio business with or without any experience.
Restaurant is one of the most profitable retail business ideas in India. Write a brief summary of your restaurant business plan. This is the introduction part of your restaurant business plan. Introduce it, in brief, describing its target audience and business environment. Write a brief explanation the unique selling propositions of your restaurant in attracting customers and how it is different to other neighboring restaurants.
26. Retail Distribution
Actually, retail distribution is one of the most lucrative opportunities in both the developed and developing countries. Also, the business is easy to start. However, it demands proper planning and moderate capital investment.
27. Organic Food Store
In starting an organic food store business most important consideration is the store location. Like any other retail business, right location is the main parameter to get success in the business.
With the increasing awareness of healthy living, people are more interested in taking organic food though they are more expensive than non-organic food. The retail organic food market is an emerging trend and it is growing by 20% every year.
28. Shoe Shine Store
If you want to start a retails business with small capital investment, you can consider starting a shoe shine stand or shop. However, this business is perfect for the metro city areas where the population density is very high.
29. Tattoo Parlor
Tattoo parlor business opportunity is perfect for those who are the aspiring tattoo artist and passionate about the tattoo. Basically, tattoo parlor business demands a certain level of professionalism. Additionally, to make the tattoo parlor business a successful venture tattoo artists of your shop are the key factor.30. Tyre Store
Tyre store business opportunity demands full control of inventory and some adequate knowledge about different types of tyre that comes with the different unique number. One can start this business in the metropolitan city or in small towns. Only need to evaluate the car density of that particular location. This is one of the most lucrative retail business ideas in India in the automobile segment.
31. Used Car Dealer
Used car dealership business is a profitable business worldwide. In the United States, less than 30% of car purchases are for new vehicles. More than 70% people prefer to buy used cars. The reason for selling a used car is primarily because of the too high purchase cost of new vehicles.
32. Vending Machine
Nowadays, upgraded vending machines are eligible to take not only money but also credit and debit cards. You can operate this business as part-time also with your current job. The vending machine business is simply procuring vending machine, making stocks available and putting the machine in a perfect location.
33. Home Appliances Store
This is one of the most trending business in the large retail segment. Definitely, the business demands large capital investment for procuring stocks, manpower, and space. Basically, home appliances stores sell, TV, Refrigerator, oven, kitchen appliances etc.
34. Home Furnishing Store
These days, home furnishing is a multi-million dollar industry. And if you have the knowledge about different fabrics, colors, and patterns, you can start a home furnishing store of your own. Basically, home furnishing stores sell different types of bed sheets, bed covers, curtains, pillows, cushions, mats, carpets etc.
35. Laundry with Dry Clean
basically, laundry with dry clean is a recession-proof business. And if you want to start the business as small-scale, concentrate on marketing and promotion. Even, you can outsource the cleaning work. Also, you can consider starting the business as a dry clean franchise of a reputed brand.
36. Live Bakery
Basically, the live bakery is a new concept of the traditional bakery. Here, you will operate the entire operation live in front of the customers. The customer can see the cake baking and packaging system live. However, the business demands adequate retail space and substantial capital investment.
37. Maternity Clothing Store
This is also a great retail business that attracts a specific niche audience. Additionally, if you want to tap into an existing brand name and a proven system, you can consider a franchise. It is advisable that you conduct a market research and craft a detailed business plan before commencing the business.
38. Thrift Store
Basically, thrift store sells second hand and used materials. The location is a very crucial aspect of starting a thrift store business. You must select a location that enjoys huge footfalls. Additionally, the procurement of the right product in the right price is highly important.
39. Vape Shop
If you stay in a tourist location or metro cities, you can open a vape shop there. However, the business demands licenses and permissions from the Govt. authority. Before you start a vapor shop, there are two things you absolutely must know about your local market. First, you need an intimate understanding of what people pay for tobacco cigarettes. Second, you need to know whether any dedicated vapor shops already exist in your area.
40. Sports Shop
If you are passionate about games and sports, you can start a sports shop business with moderate capital investment. However, identifying the specific niche is one of the most crucial aspects when you are starting small. It is better to conduct a market research prior to understanding the specific demand in your locality.
We hope the above list of 40 retail business ideas will help you in initiating your own retail venture.