If you decide to open a small store, then, like any other business, you will need money, time and careful planning. Such stores are always in demand all over the world, so this is a good opportunity to start your own business. With the right location, good selection of products, and adequate prices, your store can start generating good profits immediately after opening. Here are some helpful tips on how to start your own store.
Step 1. You should decide whether you want to start your business from scratch or buy an already registered trademark
Both in the first and in the second case, you will need a lot of money, but buying a registered trademark will be easier in terms of advertising, marketing and other basic tasks. You will likely have to pay the license fee out of your own profits, but this is much easier than registering everything yourself.
Step 2. Make a good business plan whether you are opening your own store or buying a registered trademark
Despite the fact that in the second case you will not need to come up with ideas for marketing and you are already familiar with the practice of business relations in general terms, these documents will help you secure your investment. If you do not have these documents, then you may face a problem in providing the necessary capital.
Step 3. Provide the necessary funding
Franchising can be a fairly large investment, as can savings in case of ruin. The total amount will depend on many factors, in particular, whether you are buying or renting premises, re-equipping it for the needs of a store, or buying a ready-to-use premises.
Step 4. Get all the required documents
insurance, authorization and store management license. Make sure you are in compliance with local, state, and federal business law. Insurance will help protect against theft, and will also cover all costs if any of the workers are injured at work.
Step 5. Choose a suitable location
Your “convenience store” should live up to its name. Small shops on the outskirts of the city can be more popular than large supermarkets in the city, as people often don't feel like going to the very center of the city to get groceries when they can get everything they need from a convenience store along the highway.
Step 6. Take care of the necessary equipment
You will need security equipment (security cameras and alarms), a cash register, a refrigerator for drinks, shelves for goods, and more. If you are using a ready-made room, then you may not need this equipment.
Step 7. Build relationships with suppliers
You will have to deal with wholesalers who will supply you with all the groceries you need, including food and drink, cigarettes, alcohol, household goods and more.
Step 8. Equip your store well
Arrange the shelves and lay out the goods on them. Here's a quick tip: The most expensive items, or the ones that are easiest to steal, are best placed under the supervision of a retailer or in the field of view of a CCTV camera.
Step 9. Hire good people
You need employees who are trustworthy, because you run the risk of going bankrupt and losing both goods and money at any time. But before hiring someone, carefully study all the recommendations, the employee's past and check him for drug use.
Step 10. Now you can open a store and make a profit
- This is a relatively low-income business, so remember: the smaller your store, the higher the prices for wholesale products. Large gas companies do not want to cooperate with you, costs surround you from all sides. Never expect big profits immediately.
- Selling gasoline can be very profitable. But if gas stations are not initially located near your store, they can become too costly to install.
- An alternative to creating a new store can be buying one that is already working and making a profit. Everything will remain the same, only formally the store will pass from the previous owner to you.