You can start toy store with little capital.
Starting a toy store is a small business idea anybody that has passion for children can consider. Selling of toys is actually a big business but it can be started at any scale depending on the amount of capital that you have available to you. There are different types of toys out there. Except you have a very huge amount to buy varieties of kid toys, I will advise that you focus on a particular line that you know there is enough market for. If you are totally new in this business and you don’t know how to start your own toy store, I will suggest that you visit a toy store first. Look around the store. You will find different toddler toys. If it is a considerable a large toy store, you will find varieties of toys for kids. Some of the may be outdoor toys. Some toy stores have separate sections for toys for boys and another section for toys for girls. A visit to the toy store more than one time may help you to notice which of the joys seem to be selling fast.
Generally, there is market for children products and joys are not exceptions. However, toys will sell more in densely populated areas with children taking good percentage of the population. If you like to start selling toys, I will suggest you follow the following steps:
Have a plan
Every enterprise is built on good plan. Plan becomes more effective when it is documented. It does not matter the scale at which you plan to start your toys business. You plan will include the types to toys you want to be selling. You may not have enough money to buy varieties of children toys at a start. That is why you need to plan so that you will know which toys will help you maximize returns on your investment. Part of your plan will involve the sourcing of the toys. Almost all the toys in our country are imported. You need to decide whether you want to import the toys directly from overseas by yourself or you want to be buying from other importers. Whatever may be the source of your supplies, you should endeavour to negotiate well. If the cost price is too high, you may not be able to sell at a good margin.
Another vital aspect of your planning is the choice of location. Your toy store should be located where you can enjoy patronage. Locating your toy store close to an existing bigger toy store may not be a good decision. This has pros and cons. If you locate your toy store close to an existing one, it may help draft traffic to your store, especially if you sell what the other store doesn’t sell. But the danger is that, if the other bigger store notices that people tend to patronize you, the owner may decide to introduce the same products into its own toy store. And you may not be able to compete favourable in term of pricing.
The type of toys that you sell will determine your marketing strategies. For examples, if you educational toys for toddlers, you will do well if you take your products to children day care and crèche. You can also talk with mothers in your communities and local assemblies. You can display your baby toys at fairs and expos. It does not matter whether you are starting your toy business at home or in a standard toy store, I will recommend that you have a website for your toy store. A website will not only make your toy store appear professionally; it is a veritable marketing tool. I can’t imagine any business of this age not to have a website. The cost of developing and hosting a website is far much cheaper than how much people pay for a shop. No matter how popular a street may be, the marketing potential is limited to the people around the place. With a website, you will be able to reach wider potential customers per time. It is a gateway through which you can gain traffic to your shop.