Convenience Stores industry has been traditionally strong. Also called c-stores, the industry is continuing to experience strong growth worldwide.
If you're looking for a great opportunity, this sector represents some strong prospects.
Convenience Stores Business
If you'd like to get into this sector, consider a convenience stores business for sale. However, there is plenty of opportunity available for startups also.
If you are ready to get started, first consider whether a franchise or independent venture is best for you. Franchises have most of the systems already in place, but they help your business may get off the ground quicker.
You can also open your own independent store. However, competition will be difficult. You will have to analyze the market and see where you can compete on quality.
Next, identify a starting location. Locations with tons of car and foot traffic are the best. The one drawback is these locations have tight competition.
In either case, starting a c-store has significant up-front costs. Identify many potential sources of funding. Consider how much cash you have available.
Network with friends, family, and coworkers to see if they know any of any interested investors. Be careful about getting funding directly from friends, family, and coworkers. More often than not, this leads to ruined relationships.
Next, apply for all necessary business licenses. Consulting with a lawyer may be helpful at this point. A business registration also allows you to purchase from wholesalers.
Stock your store. If you're running a franchise, this is much easier. However, running an independent company is much more difficult. To compete with other locations, you need at least 500 products to start.
Be especially careful during the production selection phase. Product selection and price are two points of competition commonly causing independent operations to fail.
Next, hire employees that are honest, reliable, hard working, and good with people. Hiring just anyone only causes problems in the long run.
Test out different sales and discount strategies. You never know what might work, and you always want to keep ahead of the competition.
If you're looking at selling a convenience stores business, there is a high level of demand available. Buying a convenience stores business, however, may be much more challenging.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .