Opening your own convenience store franchise is certainly a lucrative endeavor. Look at 7-11. It is already an empire. There’s one almost in every neighborhood. But, of course, like any other business, you have to take into account a number of factors to ensure success in running it. Read more:
- Location is critical. Finding a good spot for your convenience store franchise should top your list of things to do. You should scour a place in some commercial areas, generally accessible to street intersections. Your goal is to target everybody in the areas, most especially the pedestrians and the commuters. But, be warned. Being in a commercial area has a downside. Prepare for the competition. Obviously, you are not the only who wish to be there. If you are going to decide to be there, make sure to reinvent your business style. You should be able to attract customers to patronize your store. Offer products and services that are one-of-a-kind. You can also launch some promotions so you can create noise in your convenience store franchise. It is also ideal to set up right in front of school areas. Just don’t position yourself near, beside, or across a major supermarket.
- Money talks. Determine how much investment can you put together. Estimate your preliminary expenses. You may work closely with an accountant if you want things to be in proper order. If your resources are limited, figure out how you can maximize them. You may also ask for some financial assistance. You can borrow money from your family, friends, or colleagues. You can also apply for a business loan from a bank. Your initial investment should allow you to operate for a particular period. Estimate how far you can go. Of course, once you have opened your convenience store franchise, you can start rolling your cash. So, learn how manage your funds well.
- Contract spells a big difference. After finding the right location and setting up your finances, your next task is to look for a viable franchise retail company. You should go for a company that offers the best contract. Check out the package contract package. Does it contain specific supply and distribution procedures? How long does it last? Is for just for a year, five years, or a decade? Business experts suggest pushing for a short time contract in the beginning. A short time contract permits you to renegotiate periodically. You can realign your renegotiation points according to your profit margins.
- Image is important. Proceed by planning your store design. Think of how you can assemble your counters, shelves, and freezers. You should brainstorm with a design team. You have to match the design with the items that you plan to carry when you open. Normally, the franchise retail company gets to recommend the initial list of items that you can sell. The list is normally based on research and geared towards maximizing your profit.
- Team matters. Organize your people. Initially, you need to hire a cashier and a few stock boys. Place a want ad on the local paper. You can also ask referrals from your family, friends, and colleagues. Or, while you are constructing your store, you can already post a sign.
When everything is ready, calendar your opening. Happy selling!