Starting a business is never an inexpensive undertaking, but there are ways to minimize your costs while still giving yourself the potential to turn a profit. When you start small, there’s no pressure to meet a high overhead and you can always expand your business once it begins to take off. All across the country, kiosk businesses are flourishing because kiosk business owners don’t have to lease expensive brick-and-mortar stores and they can set up their kiosk at the local mall for a fraction of the cost to lease an actual store.
Starting a kiosk business at your local mall isn’t as difficult as you might think. According to the Specialty Retail Report, published quarterly for specialty retailers, the up-front cost to open a kiosk business can be as low as $1,500, compared with a $10,000/month lease for a brick-and-mortar store. All kiosk business owners need is a cart or a table, product and a way to accept money and give change. This allows for maximum flexibility and business owners can even choose where in the mall they think their kiosk business should sit.
To start a kiosk business at your local mall, contact the property owner and find out how much it costs. They can usually give you several rates depending on the size of your kiosk and where in the mall your set-up will be located. After you’ve been quoted prices, you should actually go to the mall itself and start looking at the different openings to see where you might want to set up. Some kiosk business owners prefer locations nearest the food cart while others look for openings near entrances and exits to major department stores. If the mall has been in operation for several years, you might not have too many from which to choose, but there are bound to be at least five or six openings available.
The next step in starting a kiosk business at your local mall is to research the prices for product and the cart itself. Some malls, such as the Mall of America, will design your cart for you for a fee. Others require that you bring your own set-up, which isn’t nearly as expensive as you might think. You’ll need to choose a car that will effectively display your merchandise and that will give you or your employee(s) a place to sit while they wait for customers.
You will also have to decide what types of products you will want to sell from your kiosk business. Some kiosk business owners market their own privately-manufactured products while others commission products from other companies. The choice is yours. If you choose to make your own products, you will need to come up with a marketing plan as well as a pricing schedule. The goal is to exceed your monthly overhead from sales.
You should also take into consideration that some malls, in addition to charging a monthly rent for space and a cart (if applicable), might charge a percentage of your sales, ranging from 3% to more than 15%. Make sure that those details are disclosed in advance and that you can still afford to operate your kiosk with your monthly financial obligations.
If you don’t want to start a kiosk business at your local mall, there are other options. Craft shows, flea markets, trade shows, street vending and swap meets are all potential avenues where you can take a kiosk business. Just remember that if you are operating outside a mall, certain city and county permits might be necessary in order to start your kiosk business.
