Mall Kiosk Business Idea
Kiosks are common sights in shopping malls of all sizes, which means there is ample opportunity if you want to learn how to start a mall kiosk business. Kiosk owners rent a kiosk (or space for their own kiosk display), stock it with a specific product or service-related material, then staff the kiosk during mall hours.
A mall kiosk business can be especially lucrative because the kiosks require far less rent and overhead than normal stores. Kiosks also receive a high volume of foot traffic in the mall. Think about it, potential customers don’t have to “enter” your store to see your product – everyone sees your product simply by walking through the mall.
Although learning how to start a mall kiosk business may seem simple at first, the reality of starting any business can be difficult. For this reason, it is imperative to be well prepared and do your research. Market research is especially important in the kiosk business – you want to make sure there is a demand for your products or services in the market where you intend to open shop.
Focus On How To Start A Mall Kiosk Business
When considering how to start a mall kiosk business, it is important to select the right product. Mall kiosks can be targeted to a variety of customer wants and needs. These can range from selling cell phone accessories to customized t-shirts to unique jewelry. Mall kiosks can also provide services, such as ear piercing or chair massages.
Individuals interested in how to start a mall kiosk business can utilize skills they already have to sell their own unique services or handmade products. Some kiosk entrepreneurs may also be interested in licensing existing products. Licensed options might include toys, carvings, sunglasses, purses, and more.
The Necessary Preparation
When contemplating how to start a mall kiosk business, there are several necessary steps to get started. Mall kiosks and/or associated floor space must be rented, so owners should check with malls of interest for rental rates and availability.
After finding a location, business owners need to build up enough inventory of their product to sell. The amount of time and money it will take to procure or make enough product will vary depending on the type of product. Regardless of what item is being sold, it is vital to have enough inventory on hand to keep the kiosk full.
Other practical needs include the ability to handle both cash and credit transactions. For credit cards, you’ll need a merchant account.
While no formal training is required when learning how to start a mall kiosk business, it is a good idea to have some basic business know-how in order to appropriately manage cash flow, hire employees (if needed), and manage your books.
If you lack business experience, taking a small business class or seminar is a great way to educate yourself and increase your business confidence.
The key to any successful mall kiosk is to get shoppers to stop. An eye catching display can be helpful in attracting customers, but getting out and talking to people is critical as well. Having an engaging display and a friendly disposition can be an essential factor in getting your kiosk business off the ground.
While engaging with potential customers is important, take it easy on the “in-your-face” approach. We’ve all walked through malls and have been bombarded by kiosk staff. It’s so annoying. Find a way to engage with customers in a way that invites them to learn more, not turn around and run the other way!
Customers are important, but they are not the only ones who matter. Since mall kiosk space is rented, business owners should always get to know mall management as well. This can be done by meeting in person when setting up the rental agreement. Smart business owners will take part in any mall meetings in order to stay up on what is going on at the mall and to ensure that the ownership is aware of who they are.
Taking Your Mall Kiosk Business Further
One great thing about learning how to start a mall kiosk business is that there is ample room to grow. For successful kiosk startups, there is endless possibility to expand not only to other shopping malls, but online as well. If your kiosk business really explodes, you could even consider franchising your business as a growth opportunity.
Overall, learning how to start a mall kiosk business has great small business potential. If you’re outgoing or have the means to hire outgoing staff, running a kiosk business can also be a lot of fun.
By carefully managing your product mix, your cash flow, and making important connections with customers and mall management, your mall kiosk business can thrive.