According to the National Association of Convenience Stores (NACS) Industry Report, in the United States, the total gross sales in the c-store industry grew by 3.3% and the sales per store improved by 4.2% that is a record high of $1,619 of sales per store in 2020. Therefore, your initial decision of choosing the type of business and the niche is absolutely perfect.
Since you’ve made the right choice, how should you get started?
Just like any other business, starting a convenience store requires money (capital), proper business planning, and time. Convenience stores are more and more in demand all around the world because of the rising population and rapid urbanization. With proper planning, the right location, stock items and inventory, pricing structure, powerful convenience store back office software solutions, and efficient management, you may have a profitable convenience store business right from the start.
This guide will help you step by step start your own convenience store business from scratch and make it profitable right from the start.
How to Start a Convenience Store Business in 2021 in 10 Simple Steps
Convenience Store Business Plan
Every business needs a business plan and A clear plan is essential to be a successful entrepreneur. During the initial planning process to start your c-store business, make sure to consider a few important questions:
How much does it cost to start a convenience store?
How much does it cost to run a convenience store business?
Who will be your target market?
What will be the name of your business?
Choose a Right Location
With a solid business plan in hand, it is time to choose the ideal location. Location plays an important role in your c-store business. In order to make your convenience store successful, you have to choose a location with a good amount of traffic and minimal competition and that is very convenient for your customers to reach. Ideally, a convenience store should be highly visible, easily accessible, and must also have convenient parking options.
Stores that are on streets that are frequently traveled have a stronger local customer base. More importantly, the stores that are located near society and get frequent customers from the neighborhood are more likely to make a loyal customer base. Whereas the c-stores that are located on highways might have higher daily sales but most of the customers are one-time travelers that are most likely not visiting the stores again.
Naming and Branding
Naming and branding are important for your convenience store just like for any other business. Branding makes your business unique and helps customers remember your store by name and logo.
Finding the perfect business name for your convenience store can also be challenging. Not only does the name have to match your niche and resonate with your customers, but it must also be available to use legally.
Branding your convenience store is equally important. It portrays what your business stands for as well as how your c-store business is perceived by your customers. A strong brand will help your business stand out from competitors.
Form a Business Entity
Forming a business entity means organizing a business legally. There are four types of business entities that you can choose for your business depending upon the business structure you have.
They are the sole proprietorship, partnership, limited liability company (LLC), and corporation. Each type of entity has its own pros and cons, such as liability exposure, costs, and administrative requirements. Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your convenience store business is sued.
Register for Business Licenses, Permits, and Tax
Most notably, c-stores that are selling regulated items such as alcoholic beverages and cigarettes are required to register federally with the Alcohol and Tobacco Tax and Trade Bureau (TTB) along with securing similar licensing from the state and local municipality. To sell lottery tickets and fuel you are most likely to require some additional state licenses.
Additionally, there are generally local, state, and federal business registrations that may be needed, such as a sales tax permit, Employer Identification Number (EIN), and Occupancy Permit, among others.
Stocking Up and Store Layout
It is quite important to plan the layout of your store shelves and how to display products items. Use a method that will make ordering and restocking easy. Use certain methods to place your higher-priced or high-return items strategically to increase sales of such products. Similarly, make sure you place easy-to-steal product items within the view of the clerk or a security camera.
It is also important to understand who your primary customers are and adjust your product 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.
For complete control over your inventory, it is important to invest in a convenience store inventory management system in order to have complete control over your stocks in real-time data, automate purchase and also help you in demand forecasting.
Financial Management
A c-store earning depends on product sales and profit margins. It is important to develop a strong pricing strategy by studying individual product sales and margins and tweak your pricing accordingly.
Adapt various methods and techniques to improve profit margins on products. Such as negotiating with vendors and fixing a better price at a lower cost. Convenience stores businesses are based on high sales volume and lower profit margins. Therefore your c-store pricing strategy should focus on higher sales volume using certain offers and promotions.
Invest in Good Software Solutions
Every convenience store should rely on the perfect convenience store back-office systems with an advanced built-in inventory management system. The inventory management system should offer complete control over your inventory that enables you to forecast merchandise orders, manage shrinkage to cut down on your losses.
Hire Employees
You need trustworthy employees in this convenience store business that are trained properly to handle single stores of a chain of stores. Employee theft is quite common in the c-store business and neglecting this may lead to the loss of both money and merchandise. Be thorough in your interview, check the candidate’s references, and conduct a background check. Provide proper training to develop their skills and prepare them to manage different activities of a convenience store.
Open your C-store Business
Once you’ve followed all these basic steps, you are finally ready to open your c-store business for the public. Consider doing a grand opening with promotions and special deals to attract customers.
Always keep adopting new methods and techniques to improve your business and increase your c-store profit margins such as customer loyalty programs, theft control, automated POS, foodservice, and much more.
Identifying the perfect office space for your business can be both exciting and overwhelming. No matter whether you are starting a new venture, or shifting your operations to a more posh business location like Gurgaon or Noida, you must maintain a well-planned approach towards identifying the ideal place space to set up your office.
Setting up an office in Gurgaon
Over the years, a host of feature-packed commercial buildings have been developed where you can find spacious office space for lease in Gurgaon. Being among the prime corporate centers of North India, this city magnetizes several well-established brands and start-ups. Consequently, to effectively meet the requirements of these businesses, a host of office complexes have been developed in the city. However, not all of these office buildings have a good location or are equipped with features needed by contemporary corporate centers.
Even if you are setting up your business operations in the flourishing city Gurgaon, you need to select the ideal office space to attract and retain the best talent, and facilitate the optimal growth of your company. Selecting the wrong office to lease can stop your growing business in its tracks, and hinder you from expanding your company prospects.
Identifying the perfect office space
Finding an office space that fits your business goals, features the needed amenities, and has a location that allows your company to thrive can be tricky. A lot of people don’t understand the impact office location and amenities may have on their business, and end up leasing out the first office space they find spacious enough to house their staff. But doing so can hamper your chances of retaining good employees and even clients. You should never rush into the process of finding the perfect office space for lease in Gurgaon, and make sure to carefully take into account certain key considerations before signing on the dotted line of a lease agreement. Here are the two major ones:
Location: Your chosen office space must be located in an area that is convenient for your employees and clients. If they have to struggle too hard to commute to the office space every day, then the employees might eventually end up looking for other options. This will make it harder for you to retain skilled employees. On the other hand, if your office is located too far from the city, or in a dingy neighbourhood, it shall create a negative impression about your brand in the mind of your clients, and they might have second thoughts about doing business with you again. Finding an office space in a well-connected and posh area like the Gold Course Extension Road neighbourhood of Gurgaon shall be the smartest option for you to increase your chances of retaining both employees and clients, who would have a role in boosting your business growth.
Facilities: There are a couple of important facilities required at a modern office space, sufficient parking being one of the major ones. Before zeroing in on an office, you must see to it that the building has adequate parking space for both your employees and clients. A lift facility, food court/canteen/mess and need a boardroom to conduct your meetings are some of the other amenities that you might need.
By keeping these two elements in mind, you can surely find the ideal office space in Gurgaon where you can set up your operations for the long-term, without facing any hassle.
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In all of my previous articles I have honed in on one important gift-giving technique: tailoring your gift to the recipient’s interests. This is an excellent means of finding an appropriate gift, as it utilizes their existing interests and hobbies and helps you choose a gift that you know they’ll love. It also lets them know that you’ve noticed what they enjoy and have bothered to buy them something meaningful to them.
While this is a helpful tip, there are certainly no rules when it comes to gift giving. Sometimes considering the individual’s interests can actually serve to put your mind in a box regarding their upcoming birthday and leave you without too many options!
For the guy who has everything and who really doesn’t seem to have many interests, what are the options? You don’t even have to know the guy particularly well for the category of gifts we’ll be discussing in this article.
Gizmos and gadgets make fantastic gifts, and there are plenty of benefits, as we’ll soon discover.
1. Gizmos and Gadgets Break the Ice
If you’re taking birthday gifts to a party, you can either choose to go the “serious gift giving route”, or you can give something light and fun. Especially if he opens it at the party, if it’s something a little wacky and out there everyone will want to try the new gadget and it will give everyone a great laugh. To give you an example of some popular gadgets on the market at the moment, some of the great party gifts are the flying monkey, the self-stirring coffee mug, and the BBQ branding iron. These will all arouse the curiosity of fellow party goers and make a great atmosphere.
2. Gizmos and Gadgets Occupy and Entertain
So you open the presents, have a birthday dinner, and blow out the candles on the cake. But after the party is over, what does one do to celebrate the rest of the day? It’s always nice to have at least one gift be something he can do, particularly in a group setting. Some of the best memories of birthdays for me are just hanging around with the family, chatting and enjoying each others’ company. This time can be enhanced if someone has given him a gadget that people can fiddle with throughout the day and play around with. Whether it’s the antics of the repeat parrot, or the pranks that the echo bot plays on an unsuspecting friend, gizmos and gadgets are a great way to stimulate conversation and laughter.
3. Gizmos and Gadgets Stimulate the Mind
Gadgets in the form of mind challenge puzzles can be very educational while still being a lot of fun! Group games, mind challenge puzzles, and logic problems (for example Sudoku and crossword puzzles) are all excellent ways to develop one’s mind and have a great time to boot!
So are you convinced yet that gizmos and gadgets can make great birthday gifts? Not only are they stacks of fun, but they enhance the fun of the entire group, providing social interaction and good laughs. And if you choose carefully, you can also provide them with a brain workout in the form of a fun puzzle!
So for your next birthday gifts, consider what place gizmos and gadgets could have in your gift giving, and have fun!