These days most people prefer shopping malls for any type of shopping. There can be several reasons behind this, we will discuss the reason below. In a few words, the need for the shopping mall is increasing. As a result, there is a huge opportunity in the business. In this post, we will discuss on right ways to start a shopping mall business.
Hope you know there is huge profit in the shopping mall business. Nowadays there is a huge opportunity in shopping malls because there are a lot of small cities where are no shopping malls.
In a shopping mall, you need to invest a lot of money depending on the shopping mall size. We have also shared some businesses where you do not need a lot of money to invest for example how to start a milk business, start a gym business, start a photography business, etc.
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Why Start Shopping Mall Business?
Here we will share a few reasons to start a shopping mall business. The reasons we shared below only apply to the city or place which is growing and there are no or a few shopping malls. So, these reasons are not actionable in every place or city.
- A lot of people prefer shopping malls because they can buy desired items at the same price
- All items can be found in a shopping mall. As a result, thousands of people choose shopping malls
- In shopping malls, item quality is better
- In shopping malls, item prices are fixed
- A lot of options available for any item
- Great discount on any festival
- Availability of the latest design and brands
- Brands Items
- There are also several reasons for choosing a shopping mall for shopping
Above are the reasons behind visiting a shopping mall. Imagine, how profitable this business can be. In this business, you don’t need high manpower to manage the business than a shop.
Things Need to Start the Business
There are several things you need to start the shopping mall business in your city or any place. The things we mentioned below are common so, when you decided to open a shopping mall then collect information by yourself because most of the rules and requirements of the place can be different.
The land is the first thing you need for your shopping mall business. The area or size of the land depends on the size of the mall you want to open. You can take some idea of the land size by visiting other shopping malls. Your mall should have some space in front of the mall for parking.
Location matters a lot in almost every business, if you started your business at the right location then most probably your business will be very successful. The location of your shopping mall should be near on in the main market, where a lot of people visit or live, etc.
You need a license to run any type of business, without a license you will face a lot of problems. Check govt websites for whole information about license and GST also.
You need a lot of money to invest in the shopping mall business for its growth. In this business, you need to invest in land (if don’t have it), construction of malls, interior design, etc.
The investment amount depends upon the location of the mall, size, type of interior design, number of items you are going to put in your shopping mall, etc. So, it is hard to calculate the investment when we don’t know much about mentioned things.
You need to hire some people to manage and run your shopping mall business. 3-5 people can not handle the whole business easily. You need people for shopping mall maintenance, helping people to locate items, managers, and much more.
Your shopping mall must have a unique name that can attract people. Most importantly, you don’t have to copy any brand name. If you are struggling with the name then you can take the help of the Business Name Generator tools. These tools will generate names of your choice for free.
Nowadays almost every mall have own website for marketing as well as to show new fashion items of their shopping mall. Hire any developer to create a website for your shopping mall to which items are available on your shopping mall.
Using marketing you can boost your business growth very rapidly. We recommend you to go with online marketing because it is cheap, fast, and working at every place. Through online marketing, you can target a specific location, gender, etc.
In marketing, give offers, new fashion designs, new updates, etc. Give offers on the festival, a festival + offer can give you a huge profit in a few days. Offers attract almost everyone and this is a great strategy of marketing also.
Start Shopping Mall Business
Above we mentioned the things you need to start a shopping mall business. We also shared a few reasons to start the business and we also strongly recommend you do not invest in any business just by getting a little knowledge about it.
Below we will guide you step by step on how to start a shopping mall business from scratch. The steps will be a little bit similar to the above-mentioned things but below you’ll get steps to use the things properly.
Step 1: Find a Location
The success of any new shopping mall business majorly depends on two things i.e. a good location and marketing. In this section, we will talk only about the location. You should select the location by remembering the investment in the business, except for location you will have to invest in many things to start the business. Below are some good location ideas to start the shopping mall business.
- Near the main market in your city.
- The mall should be in an open location like on the main road.
- Place where a lot of people visit or cross the place.
- Near the place where a lot of people live.
- The popular market of the city.
To open a shopping mall, you must have the land. You can take the land or the area for rent when you don’t have a lot of money. In the market, most of the land owners prefer to give land for rent until they get huge money for selling the land. The cost of land in a good location is usually very high.
Step 2: Construction & Interior
A good layout of any shopping mall helps a lot in shifting items, locating items, etc. The layout of the shopping mall is usually very simple and it depends on the size of the shopping mall also. Take some ideas for the shopping mall layout.
Interior is the thing that attracts nearby people crossing the mall. The shopping mall should be very clean at attractive. In short, work on the interior properly.
Step 3: Shopping Mall Name
The shopping mall’s name should be attractive and unique. In the future, you have to use the name for marketing your shopping mall. A shopping mall name should be short, simple, and easy to remember. Yes, it is not easy to find a good name easily.
There are a lot of tools known as “Business Name Generator”. You can take the help of these tools to choose a name for your shopping mall. These tools are free and very fast.
Step 4: License
Once everything is done, you need to get a license for your shopping mall. Do not ignore the license at any cost because if you are running your business without any permission and license. You’ll face a lot of problems and fine in the future.
Visit the government website or use the internet to collect all the information about the shopping mall license.
Step 5: Items
Now you have to get the items for your shopping mall. Do not blindly fill your shopping mall with any type of items. Collect the information related to the items like which type of items people want, which type of items are not available in your city, which items rarely sell, etc.
We can not share much information related to this because we only guide on starting business and business ideas.
Step 6: Hire People
Hire some people who can manage the business. You need to hire sales associates, cashiers, customer service representatives, store managers, assistant store managers, inventory control specialists, etc.
Without the above-mentioned common retail positions, it will be impossible to manage the business. You can also take some ideas from other shopping malls in your city.
Step 7: Website
A website plays a very important role while adverting or marketing the shopping mall online. You can show all the items in your mall and upcoming items in your mall on the website. So, people can easily know what is available in your shopping mall. While advertising, show the best items to attract people.
Step 8: Marketing or Advertising
Once everything is done you have to do marketing for the shopping mall. Without shopping mall marketing, only a limited number of people will visit the shopping mall. You can take the help of online advertising because it is cheap and doesn’t need manpower.
With the help of online marketing, you can target a specific area or location, people, gender, etc.
The procedure or steps and required things to start a shopping mall business are mentioned above. We also mentioned a lot of things that you should know before starting a mall. We strongly recommend you read the post carefully.
Yes, the shopping mall business is a very profitable business only when your mall is in a good location and has everything in the mall.
The investment or money need to start a shopping mall depends on the location, size of malls, etc. So, it is a little bit impossible to calculate the investment.
We hope this post will help you a lot in the journey to start a shopping mall business. In this article, we mentioned almost everything except the budget because the budget depends upon the location, size of the mall, brand & type of items, etc. Know profitable business ideas in city and state on moviden.com.