One store that never goes out of business is convenience store as it offers conveniences to customers. Even in recent recession, these stores remained pretty much immune to the downturn. If you are planning to start a convenience store then let me remind you that like any other entrepreneurial venture, it also needs to a thorough research. Before taking the plunge, take following things into consideration.Competition from Other Stores
Business Plan and Other Legalities
Hire an experienced lawyer who specializes in this field to prepare a professional business plan and contact government agencies for vendor permits. It is highly unlikely that any financial institutions will grant you a business loan without an approved business plan that makes any sense to them.
The success of your venture will depend on the location you get. Make sure that it is located at a very convenient place where people can drop in on their way to work or home when they have little time or when their favourite super market is closed. Best locations are in the vicinity of highway exits, main streets and even in large residential areas with ample parking space.
Your major competitors will be other convenience stores and larger grocery stores in the vicinity close by. You may have to offer better service or longer working hours to attract customers.
Equipment & Supplies
Make a thorough research before deciding what kind shelving, counters and deli cases you are going to need to run an efficient and safe operation. Make sure that you buy best quality electrical equipment like deli case, whether it’s used or new. Establishing connections with food and beverage suppliers may take time as they have their own application process. But once this line of supply is established, they will deliver orders regularly.Publicity and Promotion
You can advertise through flyers and newspaper announcements or else register a website or place an ad in the community website. But word of mouth is the surest way of building a business which comes when you provide quality, affordable prices and great service to your customers.
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