Convenience Stores

Get in the business of retail convenience stores
By Natalie Kimball Convenience stores can be profitable retail businesses. A successful convenience store business is typically located in an easily accessible area and stays open for extended hours. Retail convenience stores make money by selling gasoline, cigarettes, beverages and food products to their customers. Many convenience stores offer hot food that is prepared on site, as well as hot and cold customer-dispensed beverages.

Starting a convenience store offers you a couple of options. You can open an independently owned convenience store or you can purchase a convenience store franchise.

Many convenience store chains offer franchises for purchase. They require you to invest more money up front but help you get your business started and teach all you need to know about convenience store operations. They also give your business instant name recognition, which brings you customers.

Whether you decide to open your own convenience store or purchase a convenience store franchise, keep the following things in mind when you start your business:

1. Convenience store chains will teach you the business when you purchase a franchise.

2. Convenience stores typically stock at least 500 different products.

3. The business of retail convenience stores is constantly changing.

Find a convenience store business

Purchase a convenience store business that is already up and running or buy into a franchise and learn convenience store operations.
Try:  Look for an independently owned convenience store at Business Nation and BizBuySell.com. Shop for an established convenience store business at Franchise Advantage. Locate franchises available for purchase at Franchise Opportunities LLC.

Supply your convenience store business with the right products

Fill your convenience store shelves with the products your customers want to buy. This includes cigarettes, beer, sodas and sports drinks, as well as many snack foods. Convenience food retailers typically sell candy, gum, salty snacks, packaged meats, packaged sweet snacks and milk products.
Try:  Locate convenience food distributors at BD Metrics Inc. and connect with beer distributors at Micro Matic Inc.

Attend a convenience store industry trade show

Stay current with the latest trends in the convenience store industry to keep your business competitive. Connect with convenience store suppliers and learn about new products. Attend workshops to expand your industry knowledge and serve your business needs.
Try:  Register to attend the National Association of Convenience Stores "SHOW," at NACS. Sign up for SNAXPO, a national trade show for the snack food industry sponsored by the Snack Food Association.

• Make your convenience store business more profitable with appropriate convenience store point of sale (POS) software. This allows you to track your inventory and keep your shelves stocked with the products your customers prefer.
• Choose the best location for your convenience store business. Convenience stores must be easily accessible to pedestrians and have a parking lot. They are also typically located in buildings that are less than 5,000 square feet.