How to Start a Convenience Store Business
A convenience store can be a very lucrative business to run. In order to get your convenience store business started, you will need to register your business, choose a centralized location, obtain financing for your business and then hire employees.
- Determine whether or not you want to own your own store or a franchise. There are pros and cons to both options. A franchise will require very high start-up fees and you will have to follow their guidelines for the store. You also can receive high traffic since the franchise is a proven company. Owning your own store will allow you to set your own pricing and give you more freedom. Decide which option is best for you.
- Find a location. This is one of the most important decisions that you will need to make for your business. The location that you choose needs to be centralized and receive lots of traffic.
- Obtain financing for your store. If you do not have enough capital to get started, you need to seek out investors for your store or try to get a business loan. The Small Business Association, or SBA, is a great place to start.
- Get your business registered. You must register your business on both the state and federal level of the government. You also need to obtain a liquor license if you plan to sell alcohol in your convenience store.
- Buy the items for your store. These items include foods, snacks, toiletries and magazines. The more items that you are able to buy from wholesalers, the more of a profit you will be able to make.
- Buy additional items needed for your store. You will need refrigerators for cold and frozen foods, a cash register, as well as shelving to stock your items. Decide if you want a coffee and soda machine for your convenience store.
- Hire workers for the store. Depending on your budget, you may want to just start out with one other person to cover the times when you can't run the store. If you do not plan to work in your store, then you will need to hire enough workers to cover the shift times that your store will be open for business. You will also need to hire a manager.
- Have a grand opening for your store. Generate a buzz by placing flyers at the nearby businesses that surround your store announcing your opening.