A convenience store can become a brilliant source of primary or secondary income if you do it right.
Also, the main benefit of a convenience store over a supermarket is that it is located around the corner of residential areas and faces lesser competition from retail giants.
And if you bring your unique touch to the business, who knows you might have a chain as big as seven-eleven. But for that, you’ll need a convenience store business plan.
A business plan helps you stand apart from your competitors and prepares you for challenges and opportunities alike.
The convenience store industry generated a whopping amount of 532.9 billion dollars in 2020 and continues to grow at a rapid pace moving forward too.
As convenience stores provide access to a variety of things including packaged food, fresh groceries, and on-the-go meals, they are highly preferred amongst the office-going audience who are always running short of time.
Convenience stores are also a great option for people who have less time to shop and want to avoid spending long hours looking for stuff in a supermarket.
All these factors would contribute majorly towards the growth and expansion of convenience stores in the future.
But as the market is competitive, you’ll have to do something that makes your store stand out.
Things to Consider Before Writing Your Convenience Store Business Plan
Pick a legal structure
The legal structure for your business not only decides the amount you’ll pay in taxes, but it also decides how much paperwork you’ll have to go through, if you’ll require legal help or not, what would be the liability on your personal assets, and so on.
Hence, you should take your time and pick a legal structure that fits your business.
Get the necessary permits
There are several legal documents that can help you avoid unnecessary legal hassles and carry out your business with ease. Several such documents can also help you avail of tax and government benefits.
Hence, it is always a good practice to make a list of all the permits you’ll need and to get all them before getting started.
Choose the right location
The location can make or break a convenience store business. The accessibility and convenience your store provide to your target audience help your business thrive and succeed.
Hence, you should make sure that you choose a good location for your business.
Offer something that helps your store stand out
As the convenience store business is quite competitive, it is necessary for your business to offer something that helps you stand apart from others who offer a similar product.
From taking inspiration from East Asian 7-elevens that offer microwaves and tables to eat food to offering vegan alternatives of snacks you can choose from a wide variety of things to help your business stand out.
But make sure that it is something that your target audience prefers.
Chalking out Your Business Plan
If you are planning to start a new grocery or convenience store, the first thing you will need is a business plan. Use our sample SafeMart Grocery - Convenience Store Business Plan created using Upmetrics business plan software to start writing your business plan in no time.
Before you start writing a business plan for your new convenience store, spend as much time as you can reading through some samples of the grocery or convenience store business plans.
Reading some sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample SafeMart Grocery - Convenience Store Business Plan for you to get a good idea about how perfect a convenience business plan should look like and what details you will need to include in your stunning business plan.
Convenience Store Business Plan Outline
This is the standard convenience store business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Keys to Success
- Financial Summary
- Net Income
- Business Overview
- Company Ownership
- John Doe
- Company History
- Past Performance
- Products and Services
- Products and services
- Company Ownership
- Market Analysis
- Industry Analysis
- Market Segmentation
- Market Analysis
- Target Market Segment Strategy
- Service Business Analysis
- Competition and Buying Patterns
- Web Plan
- Website Marketing Strategy
- Development Requirements
- Strategy and Implementation
- SWOT Analysis
- Competitive Edge
- Marketing Strategy
- Sales Strategy
- Sales Forecast
- Personnel Plan
- Financial Plan
- Important Assumptions
- Break-even Analysis
- Projected Profit and Loss
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
- Sales Forecast
- Profit and Loss
- Cash Flow
- Balance Sheet
After getting started with Upmetrics, you can copy this sample convenience store business plan into your business plan and modify the required information and download your convenience store business plan pdf or doc file. It's the fastest and easiest way to start writing your business plan.
Ready to Start Your Planning?
Now that you know how to write a business plan, it's time to create one for you.
Remember that problem and market analysis are essential, but implementation is what counts. Go through the process explained in this guide to start planning for your business.
We have created Upmetrics — business plan software to simplify the process of business planning.
Our business plan builder allows you to write and customize your business plan. Our sample business plans and inbuilt help tips will help you to get started with your writing even if you are no expert. Our business plan sections and charts will make your document visually attractive.
Our financial forecasting module will create all the essential reports automatically. You need to enter numbers, and the application will do all the math to generate all your financial statements. Later you can embed those reports into your business plan.
After completing your business plan, you can download your business plan in PDF or DOC file with Upmetrics. You can also share it online with investors just by a quick link.
Customize your Business Plan
All businesses are different. So, don't hesitate to customize your business plan according to your requirements.
Even though our sample business plans are to help you create the perfect presentation for your clients and investors, it is finally up to you to decide how you're going to present your ideas in the best light.
Business Planning Resources
We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.