Most neighborhoods have at least one convenience store, and many people hope to one day own one. But everyone wants to know: Is it challenging to run a convenience store? The pros and cons of running a convenience store, the top selling items, and the profitability of having a franchise will all be covered in this article.
Although convenience stores carry a wide range of goods, some are more well-liked than others. The top-selling items in convenience stores, according to a report by the National Association of Convenience Stores (NACS), are packaged beverages, candy, snacks, and beer. Lottery tickets, periodicals, and toiletries are among additional popular things. Is It a Good Idea to Open a Convenience Store?
Being a convenience shop owner may be lucrative and difficult. On the one hand, it gives you the chance to work for yourself, set your own hours, and turn a profit. On the other side, it demands a lot of effort, long hours, and money.
One benefit of running a convenience store is that it can survive economic downturns. Regardless of the economy, people will always require necessities like food, drink, and toiletries. Convenience stores are also frequently found in busy places, which makes them a convenient stop for customers.
Owning a convenience store, however, is not without its share of difficulties. For instance, if there are numerous convenience stores nearby, the rivalry may be fierce. In addition, it can be difficult to manage the rigorous rules that control the sale of alcohol and tobacco.
A well-known Filipino fast-food chain that has spread across the world is Jollibee. The location and size of the restaurant affect the cost of owning a Jollibee franchise. A Jollibee franchise, meanwhile, is thought to cost between $450,000 and $800,000. The franchise fee, building expenses, equipment expenditures, and inventory prices are included in this price.
The American fast food chain Chick-fil-A is well-known for its chicken sandwiches. The business is well-known for its demanding franchise criteria, which call for an exhaustive application process and a large financial outlay.
The average annual income of a Chick-fil-A franchise owner is roughly $200,000, according to a Business Insider analysis from 2019. However, this sum may change based on elements including location, sales volume, and running costs.
Being a convenience shop owner may be lucrative and difficult. It calls for commitment, diligence, and a substantial investment. However, it is a recession-proof company that offers customers necessities. In convenience stores, packaged beverages, candies, snacks, and beer are the top-selling items.
If you’re thinking about buying a franchise, you should know that a Jollibee franchise costs between $450,000 and $800,000, whereas a Chick-fil-A franchise owner typically makes around $200,000 annually. In the end, whether you decide to open your own convenience store or franchise relies on your objectives, financial situation, and work ethic.
Owners of 7/11 stores earn different amounts of money depending on the store’s location, size, and selection of goods and services. According to a Franchise Business Review survey, 7/11 business owners typically earn between $30,000 and $40,000 a year. This sum, however, is subject to change based on a number of variables.