Everywhere in the United States, there are convenience stores, from mom-and-pop corner shops to the 7-Eleven chain. The real revenue of convenience store owners might vary greatly depending on location, franchise fees, and other factors, even if it may first look like a lucrative business idea.
Approximately $30,000 to $40,000 is the typical annual profit for 7-Eleven franchise owners, according to a survey by Franchise Direct. Depending on the area, the level of competition, and the overall profitability of the store, this number may change. While some prosperous 7-Eleven franchise owners claim to make six figures every year, others struggle to make ends meet.
Owners of bodega chains and corner shops may earn dramatically different amounts of money. The average annual income for a bodega owner in New York City, according to a Business Insider report, is between $35,000 and $40,000. However, this number might vary significantly based on the store’s location, the kinds of goods it sells, and the level of local competition.
A petrol station might be substantially more expensive to open than a convenience shop. Depending on the location and size of the station, the starting cost can range from $50,000 to $1 million or more. But petrol stations can occasionally turn a bigger profit than convenience stores. The typical gas station owner may make a profit of between $100,000 and $200,000 annually, according to Chron.
Overall, for those who are prepared to put in the time and effort, operating a convenience store, corner shop, or gas station can be a lucrative business enterprise. Before deciding to invest in a convenience store franchise or another type of business, potential store owners should carefully analyze their options because the earning potential might vary significantly depending on a wide range of variables.
In conclusion, a business owner may go by several names, including convenience store, corner, bodega, or petrol station owner. Depending on the region, the level of competition, and other elements, the income potential for these firms might differ greatly. While some business owners make six figures, others could find it difficult to break even. Before making an investment in a convenience store or other business, prospective store owners should carefully weigh their options and conduct thorough research.
According to the report, the average owner of a convenience shop can earn between $30,000 and $100,000 year, depending on a number of variables like location, business size, and product selection.
People who are searching for quick and handy purchases including snacks, drinks, lottery tickets, cigarettes, and other essential home items are often the target market for convenience stores. Additionally, convenience stores frequently draw consumers who need to make purchases after regular business hours or who are in a hurry.