Create a business plan by listing the name and business structure (sole proprietorship, limited partnership, etc. ) of your store. You can then continue by listing the items and services you plan to offer and the estimated startup costs for those items and services. For more information, see how to write a business plan and how to write a business plan for a small business. Develop your marketing plan by first analyzing your local competition and customer base. You can use sources like the US Bureau of Labor Statistics and U. S. Census for this information or contact your local branch of the US Small Business Association for assistance. Continue your marketing plan by analyzing the overall convenience store industry and then providing a plan for advertising, signage, and retention of customers. For more information, see how to create a marketing plan. Plan out details of when your business will be open and where it will be (if known).
If you are starting a business, you should know the costs. You should understand a variable cost and a fixed cost. Fixed costs do not change every month. For example, the rent, utilities, and payroll. Variable costs change monthly, such as marketing expenses.
At the very least, you will need a sales and use license from the state department of taxation in order to collect sales tax on items sold. If you sell any other regulated products at your store, like alcohol, cigarettes, lottery tickets, or gasoline, you will need additional licenses, as required by law in your state. Requirements for permits and insurance also vary by state. Check with the Small Business Administration in your state for more information.
Ideally, a convenience store is highly visible and must have either convenient parking options or a large amount of outside foot traffic like in a transportation terminal, mall, or office complex. [5] X Research source To find the best locations for convenience stores, large corporations use Geographic Information Systems (GIS) reports to map local competition and demographics. These reports are generally too expensive for small business owners. [6] X Research source However, you can get the same information for free from the small business development center (SBDC). Go to their website, http://www. sbdcnet. org, and search for “convenience store tips” for more information.
Another option, especially if you run a small store, is to get your supplies from a price club store, like Costco or Sam’s Club. You will be responsible for picking up and shipping the items yourself, but you may save money this way. [7] X Research source
Consider who your primary customers will be and adjust your offerings accordingly. For example, if you are in a residential area, it would be beneficial to stock necessities like milk and bread so that locals will not need to go all the way to the grocery store. Alternately, a store surrounded by business will likely need to focus more on providing good coffee and breakfast. [8] X Research source
Consider who your primary customers will be and adjust your offerings accordingly. For example, if you are in a residential area, it would be beneficial to stock necessities like milk and bread so that locals will not need to go all the way to the grocery store. Alternately, a store surrounded by business will likely need to focus more on providing good coffee and breakfast. [8] X Research source
