Mall kiosks can generate more monthly profit than many restaurants. Yes, I know what your thinking. No way! I’ve seen financial statements from restaurants, and I’ve also been involved in conducting business in mall common areas since 2009. There are not many opportunities where less than $15,000 invested can turn a solid profit immediately. This is a tremendous opportunity for entrepreneurial minded sales professionals of all ages.
Mall carts and kiosks have long been considered unsophisticated small-business’s on the “bottom of the retail food chain”. Often not taken seriously by shoppers, due to poor customer service.
Why being a self-employed mall kiosk owner or partner is ideal:
- Rents are between 50% – 80% cheaper than traditional stores in malls.
- You leverage the malls location, marketing, and advertising efforts of bigger companies. For example, it happens everyday that someone goes to the mall to buy the new apple product and has to walk by our locations.
- Low cost. Deposit, Rent, Inventory, POS and display are typically your only startup costs.
- Rewarded directly for your sales ability, work ethic, and discipline.
- Learn from mistakes. Mistakes are part of the learning process and it is much more forgiving to make mistakes when risk/investment is small, than larger business deals down the road due to lack of experience.
What to look for in a specialty retail product:
- High margin product – 700% to 1000% mark ups
- Support – Never go down this journey without an experienced partner or supplier that will offer next level support or training.
- Regional Mall locations
Some cliff notes on how to dominate in this industry:
- Be professional. Look and act like a million dollar company, even if your business has less than $3,000.00 in it. Your fighting the stigma of a “fly by night operation” that means looking and acting legitimate is more important than ever.
- Powerful signage to encourage walk up curiosity of “lookers”.
- Care about your customers. 90% of the people in the industry care about the quick sale. Show that you care and referrals will come.
The funny thing is that I have managers and partners that make over six figures while being a “Mall kiosk guy”. It’s ok, we enjoy this industry because of how we are underestimated.
I am sure you can agree being underestimated is a good thing when looking at an 11 billion dollar industry.
Looking for information? I have contacts of people behind reputable products and shopping center leasing managers that you would want to work with. Message me on Facebook or tweet me.
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