Opening a convenience store in 2024 isn’t same as opening and operating a decade ago. Currently, there are 152,396 convenience stores operating in the United States, as per NACS.
After 4 years of decline, the industry has seen an increase of 1.5% in the number of store count from 2023. The c-store business has become more competitive than ever.
Just like any other business, starting a convenience store would require funding, planning, licenses, and time. To successfully operate, you would need to choose the right location, inventory, and pricing. However, with so many stores lurking around every corner it is critical to know how to open a convenience store in 2024 that would assure guaranteed success.
In this blog post, we will go above and beyond the standard tips and tricks on how to run a successful convenience store. And provide some specific strategies to use to grow a small convenience store.
Let’s first recap the basics on how to start a convenience store.
How To Open a Convenience Store in 2024?
Owning a convenience store can be a fruitful venture, however you need to conduct research to ensure you’ve made the right choice. Here are a few steps to increase your chances of success in your c-store.
Step 1: Create a Business Plan
Your business plan should enlist your target audience, product line, and the medium through which you wish to sell goods. Outlining your USPs in your business plan keeps you organized and helps you secure funding.
Step 2: Choosing Right Location
Location is a vital aspect playing a critical role in the success of your c-store. It is wise to select a site that is widely accessible, has increased footfall, and a good amount of parking space.
Step 3: Secure Licenses
Apply for the retail licenses and permits early on, as it might take time. You might also need additional permits if you are planning to sell age-restricted products like alcohol, cigarettes, lottery, etc.
Step 4: Set Prices, Business Relations
Start building vendor relations to source products at discounted rates so that you can set the prices by analyzing the nearby stores and keep your business profitable.
Step 5: Scale with Technology
Ensure the right tech-stack for your shop such as convenience store POS system, scanners, printers, screens, registers, security and alarm system, etc.
Step 6: Embrace Community Shopping
Look around the neighborhood and keep the community’s favored products to help you grow your business. A specially designed service menu and product catalog can go a long way in keeping your store up and running.
Step 7: Hire Right Staff
A team of trustworthy employees is a must in this business as there are optimal chances of money and inventory theft. Ensure that you are thorough with the interview and employee screening steps to avoid unnecessary setbacks.
Before we move on to the next section, here is a quick resource for entrepreneurs looking to gather small business resources, industry links, or even market research reports. Kindly check Small Business Development Center for more info.
How To Run a Successful Convenience Store in 2024?
Wondering how to open a convenience store and run it successfully?
With just one simple piece of tech system, you can maximize the profits of your convenience store.
A convenience store POS system. But not just any POS software. A POS system specifically built for small business owners, entrepreneurs, independent convenience store owners, and mini-mart chains.
A POS system for convenience stores that goes above and beyond the normal list of functions such as managing inventory or simply just being a cash register.
To excel, you need a convenience store POS system that helps you with marketing, sales, and tracking.
For example, if you are selling restricted items such as lottery, tobacco, etc., the POS systems should help you track lottery sales, or even earn tobacco incentives right from the point of sale.
Check for POS software for convenience stores that offers scan data reporting to earn manufacture incentives. A few other handy features for a small convenience store can be helping to monitor real-time inventory levels, prompting low-stock notifications, automated reordering and updating price changes and cash discounting wherever applicable.
Most importantly, one of the critical aspects for small convenience stores is to save as much as they can on processing fees. As they are just beginning their journey, they must opt for a point-of-sale system that offers less card processing fees with no hidden costs.
A few other ideas are to build a loyal customer base by offering an advanced loyalty program and benefits for their valued business. Such strategies will prompt customers to keep coming back and buy more goods from your convenience store.
Today’s shoppers are quick buyers and don’t want to spend much time in the stores. Amid such trend, as an owner you can grow your sales with digital signage and simultaneously promote customer satisfaction.
You can enlist all the promotions and offers on the digital screens, saving time for your buyers. This POS feature allows you to manage and schedule content right from your POS control center. You can use various templates and designs as per your branding to create eye-catching ads that capture the attention of the shoppers. If you are offering breakfast, bakery, or deli items, you could also create a digital menu to interest customers in impromptu buying.