Tips to Buying a Convenience Store

As many customer-present businesses, convenience stores rely heavily on location, and as the name suggests it, convenience. Convenience stores have a great demand and versatile expansion possibilities, whether the store is located in a shopping center, along with a gas station, or is a standalone business. Although financials and other factors are always important in the process of buying a business, here are some tips to make sure you correctly choose the most important factor for convenience stores: location.

4 Tips to Determine If A Convenience Store Location Is Good

Check Location At Multiple Times of Day

While looking for a convenience store, you may want to stop by during operating hours to get a perspective on the traffic and ease of access to customers. However, it is important to keep in mind that different stores’ rush hours may vary depending on various factors, so it is important to get a full picture by visiting the store at different hours in the day, and even a few different days.

Shop Anonymously

When being shown a convenience store by the seller, you may only be shown the better selling points of the store. This is not necessarily a bad thing, as you want to understand and embrace the strong points, but as a buyer, you want to understand every aspect of the customer’s experience at the store. The best and only way to do this effectively is to become your own mystery shopper. Visit the store, shop around, use the bathrooms, try looking for items that are common to shoppers or to you as a customer, and see how your experience may translate to every day customers.

Compare With Other Nearby Competitors

Again, with no perspective, it’s hard to form an accurate opinion. make sure you visit nearby locations after following the first two tips and compare traffic, experience, ease of use and access, and other factors that may be important and may affect customers.

Stick To Safe Neighborhoods

When buying a convenience store, safe neighborhoods are your safest bet for the longevity and productiveness of your store. Having lower crime rates decreases the chances of robberies, altercations, and potential dangerous situations that may put you or  your customers in danger. Crime rates per city are usually available, but if not, you can scout the are and ask local owners.

Why Jan Wild?

Jan Wild has over 35 years of experience in buying, selling and advising businesses. Jan’s experience, plus the support of Transworld’s unique business techniques will be crucial in making sure you make the smartest investment possible. Contact Jan Wild to setup a free consultation today!

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