If you want to run a successful and profitable convenience store business, check out my detailed guide below. 

Staff

Unless you are going to be in your shop 24/7 you will need to employ some staff to help you run it. Indeed, since convenience stores are open all hours (or close to them) you’ll need some people who can help you run it so you get at least some time off. 

The skills that people will need to work in a convenience store include good numeracy, communication and customer service. There can be some heavy lifting as well when it comes to accepting and unloading deliveries so general fitness is desirable too. Oh, and make sure that anyone doing any lifting or working at heights is given the proper training before they do so. Otherwise, you could open up your business to major health and safety risks. 

Insurance

All businesses have some element of risk and running a convenience store is no different. The types of risks that are associated with this type of business include damage to your premises, break-ins and theft, as well as injury to your staff or customers.  

Unfortunately, all of these things can be disastrous if they befall your business with consequences often including large fines and compensation amounts. That is why you not only need to do everything you can to avoid any safety risks like the ones mentioned above but also ensure you have the correct insurance that will cover your costs if the worst does happen. 

Usually, this means employer liability insurance, public liability insurance and property insurance. Although business interruption insurance and commercial legal protection can also be useful in the case of convenience stores. 

Equipment

There is plenty of equipment that you will need to run a successful convenience business. The first piece is some good storage shelves as this is what you will put your products on and display them to customers. It will also be helpful to have merchandising signs and banners that will draw the attention of customers to the items you most want them to purchase. 

If you want to sell frozen foods like ice cream and ready meals then you’ll need at least one freezer if not more. While if you want to sell cold pre-packaged drinks and chilled consumables you will need at least one refrigerator. 

If you want to offer customers food and drink that you have prepared on-site you will need things like food preparation areas, cold beverage dispensers, hot beverage dispensers, ice dispensers, cup dispensers and condiment dispensers. 

Rubbish bins and cleaning equipment are also vital to the running of your business. This is because you will need to make sure that your premises remain clean and presentable at all times if you want to encourage customers to shop there. 

A Good POS System

In addition to the equipment that is mentioned above, you’ll also need to choose from one of the excellent POS systems for convenience stores that are on the market. The benefit of choosing a POS specifically designed for convenience stores is that it can provide you with fast and efficient merchant services as well as features customized to your specific type of business. In turn, this makes your business easier and more profitable to run. 

Stock-Branded Products

Another important thing you’ll need to run a successful convenience store is stock. Indeed, having the right stock to appeal to your target market is crucial if your store is going to thrive. One type of stock that is popular in the convenience store market is shelf-stable items. This means items that can sit on a shelf without refrigeration or being frozen and won’t go off. 

Another popular type of convenience store stock is alcohol and tobacco. These are often the items that people buy the most so it’s important to dedicate some significant shelf space and think carefully about the brands people will want. 

On the subject of brands, these products can be crucial for convenience store success. This is because shoppers will already have trust in a brand and know they can pick up a product and rely on its quality and consistency. To that end stocking branded products is a very smart idea for those running a convenience store. 

Accounting Software

Margins tend to be small when running a convenience store, so you must pay close attention to your accounts. This means investing in some good accounting software so you can monitor precisely what is coming in and going out. Choose accounting software that lets you visualize trends in your income and outgoings as this can make it much easier to see than if it’s purely figures on a page.