People often assume the amount of creative freedom you have as an entrepreneur is seldom matched in any other occupation, but that is not true. It comes with its fair share of challenges. While the idea of leaving a full-time job to start a business venture might seem like a daunting task, the advent of NBFCs has certainly turned things around.
Now, you can easily acquire a collateral-free business loan to commence and expand operations. A grocery/convenience store or Kirana shop is one of the most lucrative business ideas that can help you with a moderate yet regular flow of revenue. It is easy to set up and can provide business owners stability since groceries are considered an “Essential”, especially during COVID lockdowns. In this article, we look at how you can apply business loan to fund your Kirana store.
Kirana Store: Explained
Before we understand how you can fund your kirana store, it is essential to understand what it is. Kirana stores are the local convenience stores in India that sell daily household essentials like vegetables, rice, spices, wheat, soaps, etc.
The overall size of a Kirana shop depends on the investment made in its infrastructure. Kirana stores range from small establishments catering to the daily ration needs to a mini-mart where people can themselves choose anything they wish to purchase.
You should be aware of the various benefits of having flexible capital from a business loan to grow your Kirana store.
How can You Open a Kirana Store?
Before you apply for a business loan to fund your kirana store, you should have a clear idea of how you can establish it. Here is everything you need to do:
The strategy: Every business venture starts with an idea; however, an idea cannot give you any return without a sound strategy. A solid business plan can execute your business idea and help you reap healthy returns. A solid plan for a Kirana store would start with you getting a clear idea of the customers you will be serving and their average income. You would also need to assess the total manpower that you will need to operate seamlessly on a daily basis.
The scale of operations: The next step would require you to ascertain the scale at which your kirana store would operate. Figure out if you want a small store to cater to the daily needs of your locality, or if are you envisioning a slightly bigger approach where people can walk into your store and fill their shopping carts themselves.
License and registrations: In order to commence operations as a kirana store, you would need a Shops and Establishments Certificate, Entity Registration, Food License, and GST registration (optional).
The best way to fund the establishment of your kirana store is to apply for a business loan from a reputed Non-banking Financial Company (NBFC). Kinara Capital is one of the leading names in the MSME loan space that you can rely on. They offer collateral-free business loans that you can easily leverage to open a kirana shop.
All you have to do is take their one-minute eligibility test. If you qualify, you can use their mobile application or website, both made available in vernacular languages, to proceed with the loan application process. Here is a quick look at some of the documents that you will need to sail through:
So, assess your funding requirements and expedite your business plans today!