How to Start a Convenience Store


Authored by Kristian Keefer in Small Business 
Published on 01-22-2010

If you are thinking about starting your own convenience store, you will need to have some idea where to start. It will take a significant amount of money to start a convenience store business. You will need money for a storefront as well as for merchandise to stock the shelves. If this will not be a family run business, you will need to have starting wages for employees as well.

Unless you have money to invest, you will need help funding your new convenience store. You can search for a partner to help you foot the bill. You might want to consider searching for investors so that you can start your new business. In some cases, you might be able to obtain small business loans to help you get started.

You might purchase a convenience store that is already in business if the owner is selling. Of course, you can search for commercial space for a convenience store location. Take your time when selecting a location for your convenience store. You will want a spot in a heavy traffic area so that you can have a large pool of customers. You probably will not want to locate your convenience store too close to a grocery store or superstore.

When you want to start a convenience store, you will need to decide what type of items you will offer. Most convenience stores will sell gas, basic groceries, cigarettes, basic household supplies and even lottery tickets. You can think of some merchandise to offer in addition to the basics to attract even more customers. For instance, you could offer a small display of t-shirts and hats or special trinkets based on your local area.

You can usually charge a little more for products in a convenience store than you can at a grocery store or superstore. Of course, you want to make sure that you do not go overboard when pricing items so that you do not turn customers off to your store. You should try to price competitively as compared to other convenience stores without cutting into your profits.

Compare prices for the merchandise you will need to purchase with several different vendors. You will want to find the best prices in order to increase your profit margin. You will often be able to work with wholesale suppliers for many of the items that you will need to stock your shelves. There are some vendors who will extend you a line of credit. This will be especially helpful when you are first starting out.

You will want to advertise your new convenience store. Hold a grand opening where you offer special prices and even prizes to customers. Contact the local newspapers and even news stations. Some might be willing to cover your grand opening. PR is always good for any new business. Invest some money in advertisements on the radio and in the newspaper.

It will take a good investment and a good deal of time to start a successful convenience store. Give careful thought to this type of business as it is not the easiest or most affordable type to start.


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