Last Updated on Mar 11, 2020 by James W
Travel along any road within the United Kingdom, and you will almost certainly come across a supermarket owned by one of the five or so main national brands. The success of such establishments has seen the gradual decline of the traditional “corner shop” or convenience store, to give it its proper name.
However, it would seem that the tide is turning, with many Brits fed up of national chains buying up their local convenience stores and threatening the future of the small business.
Convenience stores are popular with people in the UK because it means that they don’t have to make a special trip out to the supermarket if all they want is a pint of milk or their daily newspaper, for example.
If you have an entrepreneurial spirit and you would like to make a stand against the big guys, why don’t you start up your own convenience store? In today’s blog post, I will tell you how you can do this.
Decide what you want to sell
As I’m sure you can appreciate, there is a number of things that you will need to take into consideration before you set up shop! One of the main things that you will need to think about is what you will be selling in your convenience store.
Most convenience stores usually sell the following:
- Alcohol and spirits;
- Cigarettes and tobacco;
- Newspapers and magazines;
- A selection of hot and cold foods, drinks and snacks;
- Lottery tickets.
Some of the larger convenience stores even have post offices inside of them, although this can delay the opening of your convenience store as it can be hard to set up a new franchised post office due to the cuts being made by Royal Mail.
Where to set up shop
As with any retail business, it is vital that you choose the right location for your convenience store in order to generate the most amount of revenue.
Convenience store owners usually set up shop in housing estates, densely-populated areas and even in small villages where competition from other store owners is low.
Equipment
You will need a significant amount of investment in your convenience store as you will have to purchase stock and safely (and securely) store it on-site.
For example, you will have to purchase freezers from www.alexanders-direct.co.uk or similar companies to store any frozen food that you sell, and you would also need to buy a cash register (as well as invest in a credit card terminal).
Business plan
As you can see from the previous paragraphs, there is plenty to think about when setting up a new convenience store business. The only way that you can understand how much the business is going to cost you and what revenue you are likely to make is to develop a business plan.
The other benefit of business plans is that they can help you to secure funding for the purchase of your stock and equipment, as well as paying for the lease on the commercial premises you wish to trade from.
