Open a Convenience Store

How to Start a Convenience Store: Everything You Need to Know

What Is a Convenience Store?

How to start a convenience store is first answered by defining a convenience store. A convenience store is exactly what the name implies; a store of convenience in an easily accessible area where customers usually have a variety of household products, beverages, prepared fast food items, bagged ice, household products, lottery tickets, and gasoline.

Steps

How to start a convenience store begins with the planning stage, which includes business and marketing plans.

Step 1. One of the first decisions to make is what type of products your convenience store will stock.

Step 2. Another important decision is whether to start the store as a brand-new venture starting from scratch or to use your startup money to invest in a franchise.

Step 3. Create a budget that outlines the startup costs.

Step 4. Secure funding. This money is used for expenses such as leasing a retail space, decorating, signage, point-of-sale equipment, and products. The Small Business Administration is a good source for providing loan solutions. Also, check with your local bank to find out if they offer small business loans.

Step 5. Prior to opening the store, receiving all necessary licenses, insurance, permits, as well as filing any other paperwork required by your state must be completed.

Examples of licenses required include :

A business license

A sales tax and use license for items sold

Step 6. If your business will be operating from a storefront, you will need to check with your local licensing department to find out if you will be required to have a Certificate of Occupancy (CO). The certificate ensures government regulations, zoning laws, and building codes are adhered to and in effect.

Step 7. Select and secure a location for your business. The location should be highly visible, easily accessible, have convenient parking, and be located where there is a substantial amount of foot and vehicle traffic.

Step 8. Set up the store's interior.

Step 9. Prior to opening, schedule an inspection by the health department and the fire department to ensure compliance with state regulations.

Step 10. Once the store has been inspected and received approval to open, begin stocking the shelves with applicable products.

Step 11. Begin the process of interviewing potential employees. This includes doing thorough background checks, checking references, and requesting a drug test.

Step 12. Open for business using the opportunity to draw traffic with special deals or free food and drinks.