Opening a convenience store can be a fantastic investment. After all, who doesn’t need a local shop that sells everything from shampoo to shoe polish! However, running a successful convenience store is easier said than done. That’s why this article outlines some top tips for successfully opening your own convenience store.
Do your research
It’s essential to have a good idea of your target market before opening a convenience store. You need to know who you are going to be selling to and how they will be able to get hold of the products that you sell. For example, if you open a petrol station, people will naturally come from all over the neighborhood just for a fill-up. Once you know your customers and what they need, it’s a lot easier to choose products that will sell well in your store.
Know your competition
On a similar note, it’s important to know your competition. Savvy consumers will always shop around for the best prices and this means that you need to be able to match or beat your competitors’ offers if you want to stay in business. However, don’t get too caught up with competing on price alone. If you can offer extra services, like loyalty cards or free WiFi, you may be able to draw customers away from the competition.
Get your licenses and permits
Before you can open a convenience store, you need to make sure that any licenses and permits are sorted. For instance, taking an online personal licence course is absolutely essential if you plan on selling products like liquor. If you’re planning on running your business as a private limited company, check with an accountant to see what paperwork is required. Make sure that you don’t miss any deadlines or fees; otherwise, your application could be rejected.
Get your stock together
Once you’ve got your licenses and permits sorted, it’s time to get your stock together. Make a list of everything that you want to sell and then decide where you can source it from – whether that be local suppliers or online retailers. Once this is done, work out what prices you need to charge in order to make a profit. It’s also worth thinking about how you are going to display your products, as this can draw customers in or push them away.
Once you are ready to open your store, it’s time to advertise. Even if your convenience store is only a little corner shop, try doing some window displays to attract customers. Likewise, make sure that you have an attractive Facebook page so people can learn more about what is on offer at your business before they set foot in the store.
Make the customer experience a good one
Once you’ve got customers in your store, it’s important to make sure they have a good experience. This means being helpful and attentive – even going so far as helping them find what they are looking for if you don’t have it in stock. A friendly welcome and a smile can go a long way, even if you’re having a busy day.