Acquiring a Convenience Store

Discussion in 'Hip Business Network' started by Jackson Joe, Aug 9, 2018.

  1. Jackson Joe

    Jackson Joe Member

    This is something I'd really like to do. How could I do it? Could I buy one cheaply in some rural town. And how could I prepare in the meantime? I guess you're essentially selling people things they don't need, or that you're selling to dumb people... people who buy the sweets, lotto, cigarettes, scratch cards, alcohol, etc. Below are some questions I have.

    What are the typical owner habits that cause most retail shops to lose huge amounts of money?

    What ideas do most store owners fail to think of as they become set in their ways?

    In the case of franchise owners, what rules do they have to adhere to that cause them to lose money?

    What expected technology could you do away with to save expenses?

    What are some examples of unexpected expenses that owners might have to pay?

    What other leaches does the owner have to pay, apart from government tax, and mandatory insurance?

    What sort of an inconvenience do health and safety pose these days?

    What store items can you think of, that would be expected by customers, but yet that aren't worth the profit margins?

    How could you cut down on electricity?
     
  2. quark

    quark Parts Unknown

    Become an Indian guy.
     
    rollingalong likes this.
  3. rollingalong

    rollingalong Doobious Lifetime Supporter HipForums Supporter

    I can guarentee you will fail because you think dumb people are the customers lol...what a dick thing to think

    the local tuffs will rob you blind and maybe shoot you to boot....

    regarding those other questions....do your own research for your homework project
     
    GeorgeJetStoned likes this.
  4. Irminsul

    Irminsul Valkyrie

    I'd like to run a fish and chips type of store. I also have an Asian friend who is an absolutely stunning cook and I often tell her that she should open up a food business. Between her all round cooking skills and my pork I think we'd have something.
     
  5. What are the typical owner habits that cause most retail shops to lose huge amounts of money?Ignorance is bliss...

    What ideas do most store owners fail to think of as they become set in their ways?Theft.

    In the case of franchise owners, what rules do they have to adhere to that cause them to lose money?In the case of Subway, perhaps the $5 footlong may be too cheap. It may be $6 footlongs now; I haven't been eating at Subway.

    What expected technology could you do away with to save expenses?Sell reusable bags.

    What are some examples of unexpected expenses that owners might have to pay?Overhead.

    What other leaches does the owner have to pay, apart from government tax, and mandatory insurance?I don't know...

    What sort of an inconvenience do health and safety pose these days?There are health codes about wearing flip flops some places. I went to a boarding school where this was the case. You couldn't wear flip flops.

    What store items can you think of, that would be expected by customers, but yet that aren't worth the profit margins?Again with the reusable bags.

    How could you cut down on electricity?No neon.
     
  6. Noserider

    Noserider You Can Still Call Me Neo

    You've been kinda...grumpy lately.
     
    rollingalong likes this.
  7. GeorgeJetStoned

    GeorgeJetStoned Odd Member

    Big retail is suffering horribly because of the web-based sellers. But a convenience store can't be accomplished on the web. So it has a purpose that will likely outlast shopping malls. That said, if you don't like dealing with the public, don't do it. If you were going to try for an SBA loan, they would not take you seriously unless you already had a track record as a convenience store employee. They particularly want to see experienced managers who can turn a profit.

    Another thing is knowing your market. If you're next to a school or church, you might not be able to sell beer or wine (depending on the state). But also you need to know what the local market already has. If they have a massive beer cave in the grocery store a mile away, you might do better to stock brands they don't carry. Otherwise try to figure out what they're lacking. If the neighborhood moves a lot of crack, you should stock up on tiny zip lock baggies. If there's lots of hookers around, stock a variety of lubricants.

    You have to be clever if you're going to open a retail business. And consider selling fuel, a serious headache with a narrow profit margin.
     
  8. Piney

    Piney Lifetime Supporter Lifetime Supporter

    My Desi co-worker previously lost the conveniece store due to competition from Quick Check and Wawa.
    It was a family enterprise that took a lot of hours to run.
     
  9. rollingalong

    rollingalong Doobious Lifetime Supporter HipForums Supporter

    if you have been in a convenience store and bought something then buddy called you dumb...he/she is no more going to buy a store than I am.....its a homework project...probably prepping for a meeting at his job...look at those questions?...his boss or teacher asked him those questions and now he is asking us......
     
  10. Tyrsonswood

    Tyrsonswood Senior Moment


    Turn off the main breaker in the circuit panel and go home...
     
    storch likes this.
  11. Irminsul

    Irminsul Valkyrie

    I look at a convenient store as exactly that, convenient. I'm well aware everyone is more expensive than a chain store. I have a convenient store 5min walk from us which we use regularly enough for milk and bread and bits and pieces. Not sure why I'm dumb for doing that? I don't mind the extra cost to help out a local business, the owner is a nice guy and it's his livelihood. I think it's great.
     
    neonspectraltoast likes this.
  12. neonspectraltoast

    neonspectraltoast Senior Member

    Location, location, location. You don't need a place that's all on its lonesome; you just need a place people can get to. Also think about your hours. Consider being open an hour earlier or later than the other stores.
     
  13. Jackson Joe

    Jackson Joe Member

    Relax, I just put that in for the laugh
     

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