Convenience stores have been around for a long time, and it will likely stay that way. Over the last year due to the pandemic, convenience stores have been essential for many communities and their popularity has in fact increased.
If you’re a young entrepreneur looking for a new business venture (or your first business venture), then buying and running a convenience store may be perfect for you. Here, we discuss five reasons why you should consider running your own store.
1. Location will bring custom.
A convenience store is perfect for people who live within the local area – hence the name! The fact that you are within walking distance means people can quickly pop out for those cupboard essentials like milk, bread and eggs. This will suit everyone in the local area, from busy families to elderly people who can’t always travel further afield.
2. Buying local is the next big thing.
It is predicted that quickly nipping to your corner shop, as opposed to going to a major supermarket is becoming increasingly popular. During April 2020, many people were going to convenience stores to pick up essentials like toilet paper because the larger stores had sold out.
There is also a really big push and incentive to shop locally instead of going to chain stores. The incentives range from saving the environment to supporting the local economy. The benefits for consumers include:
- Stock is often locally sourced and therefore boosts the local economy.
- There is less waste because stock is ordered accordingly.
- It is environmentally friendly because customers are likely to walk or cycle.
Not to mention the potential savings you can make by not being lured into the BOGOFF offers and deals from the larger supermarket chainsIt creates more job opportunities for the community!
3. Loyal customer base.
Convenience stores are a place to create conversations and nurture strong relationships making them perfect for attracting dedicated customers. Removed from the hustle and bustle of the supermarket, you are able to really connect with your customers and get to know them which increases their likelihood of returning.
Supermarkets often have a lot of deals to make them attractive but by offering a friendly service and quality products, many people are willing to drop the cheaper basket for a better service.
When buying a convenience store, it is really helpful and important to put yourself in the customer’s shoes and imagine what they want. Ask yourself questions like, how can I make this a more attractive option to the supermarket? What is my unique selling point? This will enable you to really push on what makes your convenience store attractive.
4. You can live there.
Convenience stores normally come with a self-contained flat. There are two opportunities here that will benefit buyers. The first is to live in it yourself and save money on rent and the second is to rent it out to other people and make more money this way. Either way, both options enable you to save money.
5. It’s quite easy to get started.
As long as you are not selling dangerous items, you will only need a basic licence to get started. This will likely include: a food hygiene certificate, a food seller’s licence, retail licence and a health and safety inspection. It will likely take a few days to fill in and send off the necessary paperwork.
If you are a young entrepreneur looking to buy a convenience store and hoping to make your dreams a reality, why not check out Hilton Smythe’s business listings of Convenience stores available to buy now? Hilton Smythe can help you with the steps to finding your dream store and get you well on the way to becoming a shopkeeper.