Running a supermarket business is rewarding because the demand for basic commodities is continuously growing. Like starting out with any new business venture, however, you would like to know if you are ready not only for its great rewards but also for the greater challenges ahead. Here’s a short quiz that will help give you an idea.
The Supermarket Buyer Readiness Quiz
Knowledge is Power
A businessman that knows his enterprise is most likely to succeed. In a supermarket setting, the future business owner ideally should have background knowledge on business administration and retail operations. Knowledge about the supermarket ins and outs is your first big step as you enter the industry. It will equip you with strategies and techniques not only for improving your business, but also the capacity to overcome problems that you will encounter along the way. Are you coming in from a different field of expertise? No worries! There are short-courses, certifications and trainings available to help you run the supermarket business like a pro.
How would you rate your level of knowledge?
1 – Inferior
2 – Not good
3 – Acceptable
4 – Good
5 – Superior
It’s not only about selling goods to your customers. The supermarket business involves some level of proficiency in the fields of science such as financial management, inventory and market forecasting. These technical skills will let you operate the supermarket in a smart and efficient way. Effective financial management and inventory will help reduce production cost, and help increase your profits. Don’t be frustrated if you do not readily have these technical competencies, you can always rely on the expertise of an accountant. You can also equip yourself with a high-level understanding of basic accounting and finance through free accounting webinars and other similar pursuits.
How would you rate your technical skills?
1 – Not competent
2 – Somewhat competent
3 – Uncertain
4 – Competent
5 – Highly competent
Customer Service Excellence
In the supermarket business, every customer that enters your store is your boss. You must be able to supply their needs, satisfy their wants and exceed their expectations. Having excellent customer service skills from the top management down to the last staff will help keep your customer base growing as the good word about your supermarket spreads around. There are many seminars and resources on how you can improve your customer service skills as a business owner and as a team. You can also try putting yourself on your customer’s shoes. Think like your customer and you will start delivering amazing customer experiences in no time!
How would you rate your customer service skills?
1 – Very poor
2 – Poor
3 – Average
4 – Good
5 – Excellent
Virtues and Right Attitudes
All businesses experience ups and downs. Only those with a positive outlook and the right mix of values and attitudes will last longer than the others. You must be able to handle the pressure from difficult situations and see those as opportunities to improve your management style, your processes, and your people. According to Eduard Spranger in his book “Types of Men,” there are six attitudes or world-views that shape how perceive the world and seek fulfilment in our lives. These attitudes are the drivers of behaviour towards our personal and business decisions. Definitely, positivity towards the business plays an important role in achieving your long-term business goals.
Are you happy with your virtues and attitudes?
1 – Very unhappy
2 – Unhappy
3 – Can take it or leave it
4 – Satisfied
5 – Highly satisfied
Sufficient Financial Resources
While financial capital is not the be-all and end-all of owning a supermarket or a store, having sufficient finances will definitely give you an edge when acquiring your desired business. Your financial capacity will somehow determine how small or how big you’re going to start off in industry. Financial capital will let you order stocks, pay off employee’s wages and settle utility bills. A stable financial capital will keep your supermarket business running while you’re still waiting for your ROI and it will also be particularly handy during the rainy days. If you think you’re falling short on funds, worry not! You can apply for business financing and be on your way to owning the supermarket business of your dreams.
Are you financially capable to acquire and maintain a supermarket business?
1 – Would not try
2 – Poorly capable
3 – Acceptably capable
4 – Well capable
5 – Very well capable
Time is Gold
Running a supermarket business is time-consuming. You’ll eat, sleep, breathe and talk supermarket most of the time. Spending a lot of hands-on time on your business is almost synonymous to business growth. You can solve problems immediately if you’re focused on your business, not to mention, being physically present in your store gives you opportunities to know your employees and customers better. Sometimes, time is a business owner’s nemesis. There’s too little time to share between personal duties and business responsibilities. Don’t fret if you don’t have enough time to commit to the business. You can always hire qualified and trustworthy people to co-manage your supermarket.
Will you be able to allot enough time to manage your new supermarket business?
1 – Hardly ever
2 – Occasionally
3 – Sometimes
4 – Frequently
5 – Almost always
From Master to Student
Experience is the best teacher. Some guidance from successful entrepreneurs or fellow supermarket owners could potentially save yourself from some headaches while you’re still starting out in the industry. Having access to a mentor or a support system will help you analyse problems that others might have already encountered, and they can help shed more light on these problems for you. Find a mentor and don’t be shy to gather all the support you can find, whether it’s from your business network or from your circle of family and closest friends. You can also attend small business community gatherings or industry conventions and meet potential mentors from such affairs.
How much mentorship or support is available for you to take advantage of?
1 – Very low
2 – Low
3 – Moderate
4 – High
5 – Very high
Are you ready for the results? First, add all your scores from the quiz and then find out your readiness score using the assessment below.
35 points to 28 points – Congratulations! You’re ready to own a supermarket business. Your qualifications, skills and attitude towards the supermarket business is very promising. Browse through our list of supermarket businesses for sale.
27 points to 21 points – You’re almost there! You just need a little more time to learn the tricks of the trade. ASB can help provide you with resources and sound advice on how to become a successful supermarket owner. Subscribe to our email alerts so that you are updated on new listings.
20 points to 14 points – Not bad! You can keep moving forward by enhancing your qualifications until you are finally ready. Be sure to sign up now for our free newsletter to gain access to supermarket industry resources, articles and guides.
13 and below – You’ve got unique talents and skills, that’s for sure! But running a successful supermarket may not be for you just yet. Don’t lose hope though. If you’re keen on learning the business and you’re passionate for retail and everything customer service, you are on the right track. Follow us on Facebook and on LinkedIn to be informed with the latest trends.
Supermarket business is rewarding, but there are also challenges which necessitates certain qualities from the business owner, for him to thrive and succeed in the business. Don’t be discouraged if your scores aren’t what you have hoped them to be. At the end of the day, in every endeavour, what matters most is that you have the passion and the determination to succeed. As Sr. Thomas Watson said, “To be successful, you have to have your heart in your business, and your business in your heart.”