Convenience Store Business Plan Template
If you want to start a convenience store business or expand your current one, you need a business plan.
Over the past 20+ years, we have helped over 7,000 entrepreneurs and business owners create business plans to start and grow their convenience stores.
Below are links to each section of your convenience store business plan template :
Next Section: Executive Summary >
Convenience Store Business Plan FAQs
What is the easiest way to complete my convenience store business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Convenience store Business Plan.
Where Can I Get a Convenience Store Business Plan PDF?
You can download our Convenience Store business plan PDF here. This is a business plan template you can use in PDF format.
What Is a Convenience Store Business Plan?
A business plan provides a snapshot of your convenience store as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why Do You Need a Business Plan?
If you’re looking to start a convenience store or grow your existing convenience store you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your convenience store in order to improve your chances of success. Your convenience store business plan is a living document that should be updated annually as your business grows and changes.
What Are the Sources of Funding for a Convenience store?
Convenience stores are usually funded through small business loans, personal savings, credit card financing and/or angel investors.
What Products Should You Include in Your Convenience Store?
Many aspects of your business plan for a convenience store hinge on the choice of products for the store to carry. Certainly, this should be based on the customers you seek to reach with your store. Here are some other considerations that should go into the choice of the product line.
Level of Variety
With a high level of product variety (a broad product line), your store may be sought out by more customers who may find what they need more often, on average, leading to increased revenues. However, this benefit carries with it increased storage costs for the additional inventory that isn’t placed directly on shelves, especially items which sell fast. The storage costs include the rent for storage space or a storage room at the store and all of the labor associated with tracking and finding items in storage. There is also a need for more shelf space which may require more display units and even a larger store and higher rent. With more items to track and constantly restock, as well as the difficulty in projecting sales for a specific item, there is a greater chance of stocking out on any specific item. In those cases, hopefully you carry similar items that a customer might buy as a substitute.
With low variety (a narrow product line), the costs associated with stock-outs, storage, and shelf space are reduced somewhat. However, you will turn away more customers who cannot find the exact item they are seeking and will not accept substitutes.
Pricing For Convenience
Convenience stores, focused on quick purchases to fill a specific customer need, whether it is to change a light bulb or solve a sugar craving, offer their convenience in the form of a smaller store by pricing at a premium to what a customer would pay in a larger store like a supermarket, chain drug store, or hardware store. Customers are willing to pay 10% more for an item (or even higher), for example, to avoid a longer wait in line and longer travel time to reach the larger store.
In choosing the products to carry, you must examine the cost of purchasing in low quantities and make sure you can price high enough to cover the higher unit cost you will incur over what a larger store might. Products that are too expensive to buy in low quantities will not be feasible for this reason, as there is a limit to the price you can charge and expect to sell the product at.
CONVENIENCE STORE BUSINESS PLAN OUTLINE
- Convenience Store Business Plan Home
- 1. Executive Summary
- 2. Company Overview
- 3. Industry Analysis
- 4. Customer Analysis
- 5. Competitive Analysis
- 6. Marketing Plan
- 7. Operations Plan
- 8. Management Team
- 9. Financial Plan
- 10. Appendix
- Convenience Store Business Plan Summary
Other Helpful Business Plan Articles & Templates
Convenience Store Business Plan Template
Convenience store business plan.
You’ve come to the right place to create your Convenience Store business plan.
We have helped over 5,000 entrepreneurs and business owners create business plans and many have used them to start or grow their convenience stores.
Below is a template to help you create each section of a business plan for your convenience store.
Speedy Pete’s Convenience Store is a new convenience store located in Lansing, Michigan. The business is a newly established convenience store set up by its founder, Pete McGee. As a longtime retailer and employee of various convenience stores throughout Lansing, Pete realized that the small suburb that he resides in has grown too quickly to meet the demand of the area residents. There is an intersection that Pete has identified to be without a convenience store within 5 miles.
For the past ten years, Pete has been the area manager for 6 convenience stores for a locally-owned brand. Through his promotion, Pete oversaw the store managers and made sure each store was profitable, well stocked, and had the proper staff in place. Through his knowledge and training, Pete is well-equipped to be able to open his own convenience store and manage it properly.
Speedy Pete’s will offer gas as well as a car wash and air machine for tires. The store itself will offer alcoholic and non-alcoholic beverages, snacks, basic groceries, and ready-made coffee, donuts, and hot food. It will be the perfect stop for the area residents to stop in and purchase their products without having to go out of their way.
The following are the products that Speedy Pete’s Convenience Store will provide:
- Air Machine
- Non-alcoholic beverages
- Beer and Wine
- Basic Groceries
- Beverage Machine
- Freshly Made Hot Coffee
- Freshly Made Donuts/Cookies
- Freshly Made Hot Food (hot dogs, burritos, sandwiches)
Speedy Pete’s Convenience Store will target all residents residing in southeastern Lansing and commuters traveling through the area. The customers will come from all demographics and ages.
Speedy Pete’s Convenience Store will be owned and operated by Pete McGee. As a former area manager that oversaw 6 convenience stores in the area, Pete is able to open, train his employees, and ensure that the convenience store will run smoothly and efficiently. He is exceptionally knowledgeable in monitoring profit margins and ensuring the store is profitable.
Pete McGee has worked in the retail industry for most of his life. He has worked in convenience stores, home improvement stores, and large retailers. For the past ten years, Pete has been the area manager for 6 convenience stores for a locally-owned brand. Through his promotion, Pete oversaw the store managers and made sure each store was profitable, well stocked, and had the proper staff in place. Pete was exceptional at his job as he was able to monitor profit margins and teach his store managers which products to keep on the shelves and which products to get rid of. Through his knowledge and training, Pete is well-equipped to be able to open his own convenience store and manage it properly.
Speedy Pete’s Convenience Store will be able to achieve success by offering the following competitive advantages:
- Ideal location – there is not a convenience store within 5 miles of the newly developed neighborhood
- Large selection of snacks, beverages, and freshly made items
- The gas to be sold is from the highest quality gas distributor
Speedy Pete’s Convenience Store is seeking $400,000 in debt financing to open the convenience store. The funding will be dedicated towards securing the land, funding the construction, and purchasing the initial inventory. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff, utilities, and marketing costs for the convenience store. The breakout of the funding is below:
- Purchase 0.5 acre of retail land located at an intersection: $100,000
- Construction and build-out of the small convenience store: $100,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $40,000
Who is speedy pete’s convenience store.
Speedy Pete’s Convenience Store is a new convenience store located in Lansing, Michigan. The business is a newly established convenience store set up by its founder, Pete McGee. As a longtime retailer and employee of various convenience stores throughout Lansing, Pete realized that the small suburb that he resides in has grown too quickly to meet the demand of the area residents. There is an intersection that Pete has identified to be without a convenience store within 5 miles. The city just put up a traffic light because the traffic has increased significantly within the past two years. The intersection is at the bottom of a newly developed neighborhood so the convenience store will be passed by its residents multiple times throughout the day and will be accessible through two points of entry.
Speedy Pete’s Convenience Store History
Speedy Pete’s Convenience Store is owned and operated by Pete McGee. Pete is a former convenience store employee, manager, and area manager. He has experience in monitoring profit margins, managing employees, and managing inventories.
Since incorporation, Speedy Pete’s Convenience Store has achieved the following milestones:
- Registered Speedy Pete’s Convenience Store, LLC to transact business in the state of Michigan.
- Has contracts in place for his gas, grocery, and drink suppliers.
- Contacted an architectural and construction firm to begin the design and construction of the convenience store.
- Began recruiting a staff of employees to help him with the day to day operations.
Speedy Pete’s Convenience Store Products
The following will be the products Speedy Pete’s Convenience Store will provide:
Customer analysis, demographic profile of target market.
Speedy Pete’s Convenience Store will target all residents of Lansing Michigan. The target market will consist of area residents, students, and employees working in the area.
The precise demographics for Lansing, Michigan are:
- 1,006,032 residents
- 560,000 households
- 584 schools
- 300,084 area businesses
- 3 major highways within 20 miles
Speedy Pete’s Convenience Store will primarily target the following customer profiles:
- Residents living in the area
- Employees working in the area
- Travelers driving through Lansing
Direct and indirect competitors.
Speedy Pete’s Convenience Store will face competition from other companies with similar business profiles. A description of each competitor company is below.
Speed Demon Convenience Stores
Speed Demon is a gasoline-convenience store brand that has over 3,500 stores across the country. They service over 2 million customers everyday and offer a robust rewards program where customers are able to earn discounts on gas and products by being a frequent shopper. The stores include a Speedy Cafe that is a fast-casual dining option and is on track to open another 100 stores by the end of next year. The company is headquartered in Ohio and is a sub-organization with Marathon Petroleum.
9-29 Convenience Stores
9-29 Convenience Stores is a large name in the convenience-retailing industry. Based in Irving, Texas, 9-29 operates, franchises, and/or licenses more than 13,000 stores in the U.S. and Canada. The company offers cold drinks, candy, pizzas, groceries, tobacco items, lottery tickets, coffee, juices, sandwiches, ice creams, snacks, and other related items. The chain was founded in 1927.
A couple of the most popular items 9-29 offers are their large Slurpee drinks and large soft drink cups for its soda fountain machine. The cups offered are the largest on the market at 128 ounces.
Fast Time Convenience Stores
Fast Time Convenience Stores is an operator of a network of convenience stores and gas stations in the northeastern part of the United States. The company’s stores offer groceries, beverages, fresh food, car wash services, road transportation fuel, stationeries and other retail products. Fast Time was founded in 1958 and continues to operate from the original family that established it.
Most recently, Fast Time has attempted to grow its footprint to the midwestern states of the US. The company is currently conducting market research to see if the investment would be viable as those states tend to be saturated with a multitude of convenience store chains.
Speedy Pete’s Convenience Store will be able to offer the following advantages over their competition:
Brand & value proposition.
Speedy Pete’s Convenience Store will offer the unique value proposition to its clientele:
- The location is strategically located in a convenience store desert where there is no other convenience store within 5 miles.
- Large selection of snacks, beverages, and freshly made hot food items.
- The store will contract with the highest quality fuel distributor.
- Pricing will be competitive and on par with other convenience store chains.
The promotions strategy for Speedy Pete’s Convenience Store is as follows:
Speedy Pete’s will be located in a newly developed neighborhood where there are no other convenience stores in the area yet. The owner has identified a parcel of land in a highly trafficked area where a traffic light was just put up. The intersection sees thousands of residents and cars pass by on a daily basis.
Speedy Pete’s Convenience Store will invest in professionally designed print ads to display in newspapers, paper programs, or flyers to be handed out at local events.
Speedy Pete’s Convenience Store will hire a third-party marketing company to design their print ads and design their website. The website will be well organized, informative, and list all the convenience store products they plan to offer. The website will also list their contact information and directions to the convenience store. The marketing company will also include SEO tactics so that anytime someone types in the Google or Bing search engine “Lansing convenience store” or “convenience store near me”, Speedy Pete’s Convenience Store will be listed at the top of the search results.
The owner will also hire the marketing company to design eye-catching billboard designs to be displayed in different parts of the city. The billboards will target the drivers and/or tourists that will be heading in the direction of the convenience store.
The pricing of Speedy Pete’s Convenience Store will be moderate and on par with competitors so customers feel they receive value when purchasing their convenience store products.
The following will be the operations plan for Speedy Pete’s Convenience Store.
- Pete McGee will be the Owner and Operator of the company. He will oversee all staff, hire, train, and manage store inventory, and supplier contracts and relationships.
- Bob Jones – will be the Head Manager to be in charge of the convenience store when Pete is not there. He will also work closely with Pete to learn all aspects of managing a convenience store.
- Bookkeeper – Will be in charge of payroll, accounts receivable and payable, and tax payments.
- Staff of 3 – 4 employees to assist with customer service and cleaning.
Speedy Pete’s Convenience Store will have the following milestones complete in the next six months.
1/1/202X – Finalize purchase of retail land
2/15/202X – Begin construction on the convenience store
3/1/202X – Finalize contracts for gas and grocery supplier
4/15/202X – Purchase all store inventory and supplies
5/1/202X – Final walk through of convenience store
5/15/202X – Hire and train convenience store staff
6/1/202X – Speedy Pete’s Convenience Store opens for business
Speedy Pete’s Convenience Store will be owned and operated by Pete McGee, a lifelong Lansing resident who has extensive experience in the convenience store industry, having worked as an hourly employee and up to an area manager overseeing 6 stores.
Key revenue & costs.
The revenue drivers for Speedy Pete’s Convenience Store are the revenues it will receive from the sales of gas, car washes, grocery, snacks, beverages, alcoholic beverages, and hot ready made food.
The cost drivers will be the overhead costs required in order to staff and maintain a profitable and successful convenience store. The expenses will be the payroll cost, land payment, utilities, store supplies and inventory, car wash maintenance, and marketing materials.
Funding Requirements and Use of Funds
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Products Sold per Month: 10,300
- Average Price per Product: $5
- Number of Convenience Store Products Sold Per Year: 123,600
Income statement, balance sheet, cash flow statement, convenience store business plan faqs, what is a convenience store business plan.
A convenience store business plan is a plan to start and/or grow your convenience store business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Convenience Store business plan using our Convenience Store Business Plan Template here .
What are the Main Types of Convenience Stores?
There are a number of different kinds of convenience stores , some examples include: Traditional Convenience Store, Mini Convenience Store, Limited Selection Convenience Store, Expanded Convenience Store, Hyper Convenience Store, and Kiosk.
How Do You Get Funding for Your Convenience Store Business Plan?
Convenience Stores are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start a Convenience Store Business?
Starting a convenience store business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop A Convenience Store Business Plan - The first step in starting a business is to create a detailed convenience store start up business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your convenience store business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your convenience store business is in compliance with local laws.
3. Register Your Convenience Store Business - Once you have chosen a legal structure, the next step is to register your convenience store business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your convenience store business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Convenience Store Equipment & Supplies - In order to start your convenience store business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your convenience store business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.
Learn more about how to start a successful convenience store business:
- How to Start a Convenience Store Business
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Convenience Store Business Plan
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Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, sample plan information.
[This sample business plan is based on one from several years ago, valid then, and still useful as an illustration of what a business plan contains and what issues it covers. It is not valid for information purposes today.]
Grocery shopping has become commonplace, as simple and expected as getting gas or needing to feed yourself and your family members. People want to come in, grab things, and get out and move on with their day. Having to be polite or ask for things will only hinder their progress
MillenniumMart is the convenience store of the 21st Century future, fulfilling a need that will continue to exist into the future – the need for speed. MillenniumMart will be the first fully automated, 24 hour convenience store that is more like an enormous dispensing machine than the traditional store.
Convenience store industry sales rose 8.6% to $86.3 billion. Overall U.S. retail sales grew by only 6.3%, and grocery sales followed with 2.4% growth, proving once again that the convenience store industry has become a powerful force in U.S. retailing.
Pre-tax profit margin in the convenience store industry was the highest in 15 years (1.8%). The results confirm that a new, upward trend is emerging. This upward trend is based on several factors, and occurred along with a slow rebound in the general economy.
Merchandise sales per customer increased 7.4% in last year suggesting that convenience stores are placing higher priority in filling the customers’ needs. Companies that align themselves properly to fill those needs will be successful in the future.
7-11 holds approximately 30% of the industry market, and in 20xx their net income was $160 million. Other competitors include Circle K, Fastrip, and any of the 85 chain grocery establishments on the east coast.
MillenniumMart’s primary objective is to create a new and revolutionary distribution outlet that will significantly reduce prices for its customers and provide greater services with an equal level of quality. The company seeks to be first to market with this daring new idea so as to capture market share and create greater than average profits.
We are an automated market which lowers our cost of operations. We will be able to sustain our cost after yr 1. We can pay back our investors as well as own our equipment in year 2. Starting in year 3 employees and owners will get dividends
Financial Highlights by Year
We will be getting $260000:
Private Investors $150,000
Martin-Bower management $110,000
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Convenience Store Business Plan Template
Getting your own convenience store business off the ground requires a business plan. here is a corner store business plan template that includes the important elements you need to include in your business plan., fill the form to download business plan templates.
To ensure your convenience store business success in this highly competitive market, you need a properly structured business plan. With over 12 years of experience, we have helped over 5,000 entrepreneurs create business plans to start and grow their convenience store business. If this is your first time writing a business plan , we’ll walk you through these sections and give you some key things to consider.
Convenience Store Industry Overview
The Convenience Stores industry sells basic food, beverage, and tobacco merchandise in convenient locations that are generally open late.
Convenience stores have withstood fierce competition by offering fresh and healthy products, value, and convenience.
Food industry operators are increasingly focusing on quick and easy meals as opposed to cigarettes and have shifted product mixes to include food service products that are more profitable.
According to IBISWorld, cigarette unit sales will decline over the next five years due to health concerns and higher prices.
While the sales of cigarette products are expected to decline, convenience and fresh food will boost revenue and profit. Over the five years to 2027, revenue is projected to increase by 1.1% annually to $39.3 billion.
Key Success Factors for Convenience Store Business
There are 6 factors that can help you boost profitability, efficiency, and ultimately success in the convenience store industry despite the challenges.
Key markets nearby: To provide ease of access, convenience stores should be located near residential areas. The location should also be far from other food stores, such as supermarkets and fast food chains.
Stock control ability: The operator must ensure that popular products are never out of stock while minimizing unnecessary stock buildup.
Attractive product presentation: A store’s layout must make it easy for shoppers to find products. Convenience stores also attract shoppers through their design and cleanliness, as well as product selection.
Maintaining excellent customer relations: To ensure repeat purchases, convenience store operators need to offer friendly and helpful service. Furthermore, establishing a reputation for quick service is crucial.
Customer loyalty: A well-established presence and good relationship with local consumers are particularly important for single-store operators due to growing competition from chain stores.
Competitive environment: As convenience stores compete with different retail channels, proximity to different types of stores can hinder growth.
Free: Business Plan Examples
Do you need help creating a business plan? Check out these six free, proven business plan examples from different industries to help you write your own.
What is a Convenience Store Business Plan?
A convenience store business plan is a written document that sets your company’s financial goals and discusses how you’ll reach them.
A solid, comprehensive strategy will serve as a road map for the next three to five years of the convenience store business. Any bank or investor you approach will require a business plan for convenience store business, so putting one together will be critical to securing funding.
In short, writing a business plan can help you succeed if you’re thinking of starting a convenience store business or pitching to investors or venture capitalists.
Why Write a Convenience Store Business Plan?
If you want to start a convenience store business or expand an existing one, the first thing you need to do is to write a business plan. A business plan is also necessary for attracting investors who want to know if your convenience store business is on the right track and worth investing in.
A solid, detailed convenience store business plan gives you a clear path to follow, forces you to examine the viability of a business idea, and may help you better understand your company’s finances and competition.
Convenience store business owners who have a business plan grow 35% faster than those who don’t, and 78% of fast-growing businesses have one.
Funding Sources for Convenience Store Business
Financing comes in many forms. There are several types of business funding available to convenience store owners, including:
- Friends and family: Start by asking family and friends to invest in your convenience store business. Set a budget and identify what you need to start your store, and then enlist the help of your family and friends. To assure the willing ones that they will make a profit, you might need to present them with a solid business plan.
- Term loans: A term loan is the most suitable option if you want a set repayment schedule and amount.
- Merchant cash advances: Does your convenience store accept credit cards frequently? The merchant funding might be a good option for you. Typically, business owners prefer this form of financing because it focuses primarily on your credit card sales rather than your credit history.
- SBA loans: It is possible to receive a business loan from the SBA if you don’t qualify for traditional funding sources.
- Business lines of credit: Business owners sometimes seek credit lines so they can borrow against them when needed. You will only be charged interest on the money you use with most lines of credit lenders.
- Business credit cards: It is often useful for business owners to have access to a credit card so that they can charge expenses as needed. This may not be the best financing option for you if you are prone to overspending.
Pro Tip: Check out our comprehensive guide on credit cards if you are looking for the best business credit cards .
Looking to Build Your Convenience Store Business's Credit?
Build your business credit quickly with an easy approval net 30 account from Wise Business Plans . Or check out the top 10 net 30 vendors to find the best one for you to help build your business credit .
How to Write a Convenience Store Business Plan
To write a convenience store business plan, you don’t need to be an expert. Our step-by-step guide will show you how to write a business plan for convenience store business, or you can just download our To gain a better idea, consult an example business plan for a successful convenience store.
Convenience Store Business Plan PDF and Word
Download our convenience store business plan in PDF and Word here.
The executive summary is the most important part of the document since it outlines the whole convenience store business plan. Despite the fact that it appears first in the plan, write the executive summary last so you may condense key concepts from the other nine parts.
It’s a part that catches the investor’s eye and provides key information about your company’s overview and upcoming short- and long-term goals.
Tell them what kind of convenience store business you have and what stage you’re in; for example, are you a startup, do you have a established store that you want to expand, or do you have a lot of convenience store business?
Finally, an executive summary should provide investors with a preview of what they may expect from the rest of your document.
- Provide a high-level overview of the convenience store business plan
- The name, location, and mission of your convenience store
- A description of your convenience store business including management, advisors, and a brief history
- Discuss the type of convenience store business you are operating, Give an overview of your target customers, and how your product differs from competitors in the industry
- Create a marketing plan that describes your company’s marketing strategies, sales, and partnership plans.
- And give an overview of your financial plan
Check out these business plan executive summary examples to help you write a perfect one for your business plan.
Free: Executive Summary Examples
An executive summary is the most important part of your business plan, and it need not be challenging to write. This is why we have put together some awesome free Executive Summary examples for you.
The business overview follows the executive summary as the second section of a business plan. Your company analysis will be short and clear, similar to the executive summary.
Even if they just have a few minutes, your reader has to understand what your company does and who your customers are.
The following sections will be included in your business plan’s Company Analysis:
- Company overview: Your company analysis will describe the type of convenience store business you are operating and its future goals. The type of convenience store business you might be focused on are: Mini Convenience Store, Traditional Convenience Store, Limited Selection Convenience Store, Expanded Convenience Store, Hyper Convenience Store, or Kiosk.
- Company history: When and why did you start your convenience store business?
- Management team: Who runs the company, and other key positions.
- What milestones have you achieved so far? Your milestones could include sales goals achieved, new store openings, etc.
- Legal structure and ownership: Your reader will want to know what business entity your company is: a sole proprietorship , LLC , partnership, or corporation .
- Locations and facilities: Information about your workspaces or plans to acquire them.
- Mission statement: An overview of your company’s guiding principles. Learn how to write a perfect mission statement .
You need to include an overview of the convenience store business in the industry analysis you performed before sitting down to write your convenience store business plan.
While this research may appear to be unnecessary, it helps you to build strategies that maximize business opportunities while lowering or avoiding the identified risk.
Market research can help you improve your strategy, especially if it identifies market trends. For example, electric vehicles are becoming more popular. You should install an electric vehicle charging station outside your convenience store in order to attract consumers while their cars are parked.
The third justification for conducting market research is to demonstrate to readers that you are an authority in your field. You accomplish this by conducting the study and presenting the findings in your strategy.
Industry analysis can be presented as a 8-step process when written as part of a company’s business plan.
- Give a quick overview of convenience store business industry. Define the convenience store business in terms of size (in dollars), historical background, service region, and products.
- Examine previous trends and growth patterns in the convenience store business.
- Identify the market’s major competitors.
- Age, gender, and general lifestyle of the targeted market
- Who are the market’s main suppliers?
- Determine the factors that have an impact on the convenience store business. These might include government regulatory rules and other businesses’ competitive activities.
- Using research data, the industry forecast expected growth. Predictions should be made for both the long and short term.
- Describe how your convenience store business intends to position itself in the industry. Concentrate on how your convenience store business can benefit from opportunities highlighted in the industry.
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The customer analysis section is an important part of any business plan for convenience store since it evaluates the consumer segments that your company serves. It identifies target customers, determines what those customers want, and then explains how the product will meet those requirements.
Here are some examples of customer segments: commuting workers, truck drivers, families, elderly people, etc.
Customer analysis may be divided into two parts: Psycho-social profiles (why your convenience store products suit a customer’s lifestyle) and Demographic profiles (descriptions of a customer’s demographic qualities).
In terms of demographics , you should include information on the ages, genders, locations, and income levels of the consumers you want to serve.
The psychological profiles of your target clients reveal their wants and needs. The better you understand and identify these demands, the better your chances of attracting and retaining customers will be.
It is necessary to do a competitor analysis You may use their data to define your goals, marketing plans, tactics, new product lines, pricing, and more. Use competitor analysis to:
- Identify the strength and weaknesses of your convenience store competitors.
- Search for opportunities to distinguish your convenience store business from competitor.
- Set your product’s price.
The first step is to determine who your direct and indirect rivals are.
The direct competitors consist of other convenience store businesses that offer essentially the same products to the same people as you do.
Indirect competitors are other options that customers have besides direct competitors. These include supermarkets, grocery stores, pharmacies, and drug stores.
Once you’ve identified the competitors, concentrate on the direct, head-to-head competitors, since they are the most threatening to your convenience store business business — but keep an eye on the indirect competitors as well, just in case.
Provide an overview of each direct competitor’s business and detail their strengths and weaknesses.
You will be able to position yourself competitively in the market if you perform proper competitors research. Perform a SWOT Analysis to learn your competitors’ strengths, weaknesses, and competitive advantages in the following areas:
- Prices – Are they offering products on cheaper price than you, what value do buyers get for that price, and does shipping significantly raise the price?
- Quality – The quality products they provide, the perceived worth in the eyes of the customers
- Customer service – How they respond to their consumers, whether they treat them poorly or well, and the degrees of satisfaction customers show
- Reputation — The sum of everything mentioned above: their credibility, how loved the brand is, and the loyalty of their customers
The final section of your competitive analysis should include a list of your areas of competitive advantage. for example: Are you going to offer premium products? Will you offer unique products that your competitors don’t offer? Will you offer better pricing or will you offer greater customer support?
Consider how you will outperform your competitors and include them in this portion of your convenience store business plan.
Free: SWOT Analysis Examples
Take advantage of our free SWOT analysis examples. Make your business future-proof by identifying your strengths, weaknesses, opportunities, and threats using this free SWOT Analysis Template.
Creating a marketing plan for a convenience store business involves identifying the target demographic and finding products that suit their preferences. Convenience store owners need to constantly seek out convenience businesses that their competitors do not carry.
As part of your marketing plan for a convenience store business, you should include:
Pricing and Product Strategy
Your corner business plan must offer services and products that are unique, need in public, and different from those of your competitors. Research what your competitors carry and how they price their products. Unique convenience store item identifies your store as the place to go for a unique convenience store business and differentiates it from others.
Placing and Promotions
The location of your convenience store business is referred to as place. Make a note of where you’re going and how it’ll affect your success. Your convenience should be located somewhere with a lot of foot or car traffic to attract first-time customers. The more people who walk past your convenience, the more likely you are to attract new customers.
Promoting your convenience is the final part of your marketing plan. In this step, you document how you will drive customers to purchase your convenience. A few marketing methods you could consider are:
- Marketing in local newspapers and magazines
- Approaching bloggers and websites
- Adding extra appeal to your convenience store to attract passing customers
- Partnerships with local organizations (e.g., gym members receive a free cup of coffee with every protein bar they purchase)
- Billboards and Flyers
- Marketing on social media
- Unique Selling Point (USP)
- Produce special premium memberships and offers
While the previous sections of your convenience store business plan described your goals, your operations plan discusses how you will achieve them.
An operations plan is helpful for investors, but it’s also helpful for you and employees because it pushes you to think about tactics and deadlines.
Your operations plan should be divided into two individual parts, as seen below.
All the daily tasks involved in running your convenience store business, such as serving customers, cleaning store, procuring supplies, etc., are short-term processes.
Long-term goals are milestones that you aim to reach. These may include the dates when finalizing the lease agreement for the convenience store space or Reaching break-evens. It might also be when you plan to launch a new convenience or to serve the 1000th customer.
When writing a business plan , the management section of a business plan outlines your management team, staff, resources, and how your business ownership is structured.
A strong management team is necessary to demonstrate your convenience store ability to succeed as a business. Highlight the backgrounds of your key players, emphasizing the skills and experiences that demonstrate their ability to grow a business.
You and/or your team members should ideally have prior experience working in a convenience store company. If so, emphasize your knowledge and experience. However, you should emphasize any experience that you believe will help your convenience store business succeed.
Consider forming an advisory board if your team is lacking. An advisory board would consist of 2 to 8 people who would act as mentors to your company. They would assist in answering questions and providing strategic direction. If necessary, seek out advisory board members with experience running convenience store and small businesses.
In financial plan section of business plan , you should present a 5-year financial statement broken down monthly or quarterly for the first year, and then annually. Business financial statements include your income statement, balance sheet, and cash flow statement.
A profit and loss statement is more commonly called an income statement. It shows your revenue and subtracts your expenses to determine whether you were profitable or not.
As you develop your income statement, you need to develop assumptions. For example, will you serve 20 clients per day or 50? Will sales increase by 2% or 12% per year? As you can imagine, your assumptions have a significant impact on your financial forecast. Do your best to verify your assumptions by conducting research.
Free: Income Statement Template
Create a financial statement for your business by downloading our free income statement templates.
While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities.
The balance sheet shows your convenience store net value at a specific point in time. It categorizes all of your convenience store’s financial data into three categories:
- Assets: Tangible goods with the monetary worth that the company owns.
- Liabilities: Debt owing to a company’s creditor.
- Equity: The net difference when the total liabilities are subtracted from the total assets.
The equation that expresses the relationship between these financial data elements is Assets = Liabilities + Equity.
Create a proforma balance sheet for your convenience store business plan that highlights the information in the income statement and cash flow projections. A balance sheet is normally prepared once a year by a company.
Balance sheets indicate your assets and liabilities, and while they contain a lot of information, they are simplified to highlight the most important things you need to know.
For example, spending $140,000 to build out your convenience business will not result in instant revenues. Rather, it is an asset that should help you earn money for many years to come.
Similarly, if a bank sends you a check for $600,000, you do not have to pay it back right now. Rather, that is a liability that you will repay over time.
Cash Flow Statement:
Your cash flow statement will help you determine how much money you need to start or grow your convenience store business. In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a convenience store business:
- The cost of forming a business
- Permits and licenses legal expenses
- Insurance costs
- Costs associated with renting, equipping, and furnishing a store
- The cost of installing signs and promoting the business
- Start-up inventory costs (stocking with a variety of goods)
- Launching a website costs
- Payroll or salaries paid to employees
- Miscellaneous expenses et al
Free: Balance Sheet Template
Create a financial statement for your business by downloading our free balance sheet templates.
List any additional material you cannot include elsewhere, such as resumes from key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts, and personal and business credit histories.
Attach your full financial projections along with any supporting documents that make your convenient store business plan more compelling in the appendix. You may, for instance, include some of your apparel designs.
Bonus Tip: Learn how to write a business plan appendix for your convenience store business.
Summary of the Convenience Store Business Plan
A business plan for convenience store is a worthwhile investment. As long as you follow the template above, you will become an expert in no time. By following the template, you will understand the convenience store business, your competitors, and your customers. The plan will help you understand the steps necessary to launch and grow your convenience store.
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Convenience Store Business Plan
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 7-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.
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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 assets, and so on.
Get the necessary permits
Several legal documents can help you avoid unnecessary legal hassles and carry out your business with ease. Several such documents can also help you avail yourself of tax and government benefits.
Choose the right location
The location can make or break a convenience store business. The accessibility and convenience your store provides to your target audience help your business thrive and succeed.
Offer something that helps your store stand out
As the convenience store business is quite competitive, your business must 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.
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 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. 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 business plan for you to get a good idea about how perfect a convenience store business plan should look 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.
- Keys to Success
- Past Performance
- Products and services
- Industry Analysis
- Market Analysis
- Target Market Segment Strategy
- Competition and Buying Patterns
- Website Marketing Strategy
- Development Requirements
- SWOT Analysis
- Competitive Edge
- Marketing Strategy
- Sales Forecast
- Personnel Plan
- Important Assumptions
- Break-even Analysis
- Projected Profit and Loss
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
- Profit and Loss
- 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.
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Download a sample convenience store business plan
Need help writing your business plan from scratch? Here you go; download our free convenience store business plan pdf to start.
It’s a modern business plan template specifically designed for your convenience store business. Use the example business plan as a guide for writing your own.
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Convenience Store Business Plan Sample
Do you want to start your own convenience store?
Are you planning to start a convenience store ? Well, the yearly sales of the US convenience store industry exceed $680 billion so it is undoubtedly one of the most profitable businesses out there. As of December 31, 2016, there were more than 154,000 convenience stores in the US and their numbers are still increasing steadily.
The biggest reason of the popularity of this business is that the convenience stores offer various products which allow the consumers to obtain all their needs from a single roof thus keeping the traffic flowing day and night throughout the year. They are undoubtedly the need of the hour in today’s time where everyone is busier than ever. That is why this business starts yielding a profit as soon as it is launched as compared to most of the businesses which need months or even years to yield the desired rate of return.
Another important aspect is that, unlike other businesses, a convenience store business has the least amount of risk associated with it provided that you plan it successfully. So before you move on to open a convenience store, you will have to prepare a convenience store business plan which will establish the basis of your company’s future operations and decisions. It will help you determine everything; the types of products you will be selling, who your target customers will be and how you will allocate your resources for the required equipment, inventory, and payroll.
So, if you are wondering how to write an effective business plan then here we are providing you the business plan for a convenience store business startup named ‘EasyShop’.
2.1 the business.
EasyShop will be a bonded, insured and licensed convenience store business, located in the Manhattan borough of the New York City. We aim to serve the nearby residential community and working class of Manhattan by proving them all they need under a single roof. We have strategically selected a furniture showroom, located in the main commercial center of downtown Manhattan, to be converted into our store. The location is ideal for opening convenience store since it is amidst all commercial and business activities and at a 10 minutes’ drive from the residential zone.
The business will be owned by Doug Spencer of Spencer family, one of the richest families in the United States. Mr. Spencer has been associated with the family business of fast-food restaurants for the last 20 years after doing his Masters in Business Administration from the Harvard University. Due to the similar family business, Mr. Spencer knows exactly how to start a convenience store and he has all the resources needed for starting a convenience store .
Although there are hundreds of already established convenience stores we have several competitive advantages over other competitors. The first one is our mobile app which can be used to make payments, order the goods for home delivery, or pre-book the goods. This app is strategically built to facilitate the ever-busy working class of the society. Our second competitive edge will be the availability of everything, every time. Unlike other stores, we will make sure that our stock never runs out and everything our customers may need is available to us. Finally, our customer service will be the best in town and will also give us an edge over other convenience stores.
The company will be managed by Mr. Spencer himself and he will be assisted by his friend Carl John. Carl is highly experienced in retail businesses and will serve as the Chief Executive Officer of the EasyShop. The store will remain open 24-7 and will be operated and managed by three shifts of workers. A law firm will be contracted for covering the legal aspects of the business and an insurance firm will be contacted for insuring the company.
The convenience store industry is one of the few industries which have seen a constant increase in revenue along with the increase in business locations with time. The total sales from the US convenience store industry increased by approximately $80 billion within the course of one year from 2015 to 2016. The number of convenience stores has increased by 63% during the last three decades and is still on the rise. The main reason behind this increase is that it is very easy to open a convenience store as you can see from the hundreds of convenience store examples present in every city of the United States. The actual challenge is to successfully manage that convenience store to yield profits from the start.
The company aims to serve the community living in the residential zones of the Manhattan borough and the people working in the commercial and business centers located near us. The community living in our vicinity is financially established so we hope to have a lot of sales as soon as we are launched. There are also a lot of working-class people who are extremely tight up with their busy routines and prefer to go to a place where they can find everything under a single roof. We will provide the perfect place to our busy customers where they can find a huge number of products as well as services. This diversity of products and services will be one of our primary competitive advantages over other competitors.
We will provide every basic necessity of life to our customers under a single roof so that they don’t have to visit various stores in search of their needed goods. Some categories of the products offered by us include but are not limited to fresh and packed foods, beverages, meat, dairy products, stationery, personal care, healthcare products, baby items, pet items, newspapers, magazines, batteries, greeting cards, lottery tickets etc. We will offer money transfer services and utilities bill payment services to our customers. We will also provide home delivery services for online purchases to the nearby resident community. Customers can also pre-book their goods by using our smartphone app.
2.4 Target of the Company
The target of the company is to become the best convenience store business in the New York City within next five years of our startup. Ronald Spencer aims to become one of the biggest convenience store chains in the New York City within the next ten years of our launch. This target can only be achieved by growing the sales at the forecasted rate. We also aim to balance the initial cost of the startup with earned profits by the end of the first year and open multiple stores by the end of five years in the New York City.
- Comprehensive planning of ‘everything’
- Hiring the best staff for operations
- Respecting our customers and making sure that they get what they want in the least time
3.1 company owner.
EasyShop will be owned by the Spencers, one of the richest families in the United States. Spencers are already operating a chain of fast food restaurants in North America but it was until this year that they have decided to enter the retail industry as well. The venture will be completely financed by the family while it will be led and operated by Doug Spencer.
Mr. Spencer is the eldest son of Ronald Spencer, the head of the family, and has been associated with the family business for the last 20 years after doing his Masters in Business Administration from the Harvard University. Mr. Spencer will be the General Manager of the business and will be assisted by his friend Carl John. John has served in multiple executive positions in various retail giants such as Wal-Mart, 7-Eleven, and Costco. For the last 6 years, John was serving in 7-Eleven as the Director Operations of the New York City.
3.2 Why the Business is being started
This business will basically provide a gateway for the Spencer family to enter the massive retail industry of the United States. Ronald had been planning this venture for a long time as it was undoubtedly the best way to invest the family’s wealth and profit earned via restaurants.
3.3 How the Business will be started
EasyShop will be initially launched as an open convenience store in the Manhattan borough of the New York City. A 15,000 square feet place has already been acquired on lease in the center of the main commercial district of downtown Manhattan. The place was formerly used as a furniture display showroom so a contracting firm has been hired to turn the place into a convenience store. A law firm, Wigdor LLP, has also been contracted for getting the permits and licenses from the city’s administration.
Spencer’s convenience store startup will be unique in many ways. It will remain open 24-7 and will be operated and managed by three shifts of workers with each shift working a standard eight hours a day. Mr. Spencer has planned everything about his business including the required equipment and inventory, and has hired experts from various fields to help him craft a detailed map about it. The financial experts have forecasted following costs for expenses, assets, investment, and loans for the Start-up.
The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, is given below:
Services for customers
Being launched as one of the biggest convenience store business in the New York City, we plan to offer a huge number of products as well as services to our consumers. This diversity of products and services will be one of our primary competitive advantages over other competitors. We will provide every basic necessity of life to our customers under a single roof so that they don’t have to visit various stores in search of their needed goods. Some categories of the products offered by us include but are not limited to
- Meat – poultry, beef, lunch meat, pork
- Produce – fruits, vegetables
- Paper Goods – aluminum foil, sandwich bags paper towels, toilet paper
- Bread or Bakery products– sandwich loaves, tortillas, bagels, dinner rolls
- Baking Goods – cereals, pasta, mixes, flour, sugar
- Personal Care – shampoo, shaving cream, soap, hand soap
- Frozen Foods – waffles, vegetables, individual meals, ice cream
- Beverages – coffee, tea, juice, soda, drinks
- Canned or Jarred Goods – vegetables, spaghetti sauce, ketchup
- Dairy – cheese, eggs, milk, yogurt, butter
- Cleaners – all purpose, laundry detergent, dishwashing liquid and detergents
- Other – baby items, pet items, newspapers, magazines, batteries, greeting cards, lottery tickets
We will sell our products in the standard packaging sizes, quantity and quality as other as other convenience stores. We will sell the products of local as well as international brands such as Charmin, Stouffer’s, Frito-Lay, Jolly Green Coca-Cola, Giant etc. One of the biggest problems in opening a convenience store is to incorporate some innovation in your business to make it unique and better as compared to the existing and established businesses. Considering this aspect, we will also offer money transfer services and utilities bill payment services to our customers. Customers can also pre-book their goods by using our smartphone app. We will also provide home delivery services for online purchases to the nearby resident community. There will be no delivery charges for goods worth greater than or equal to $50.
Finally, we will offer ready-to-eat fast foods so that our customers can grab a bite despite their tight schedule.
Marketing Analysis of Convenience store business
The most important component of an effective convenience store business plan is its accurate marketing analysis that’s why Mr. Spencer acquired the services of marketing experts to help him through this phase. It is only after this stage that a good convenience store business plan could have been developed. After identifying the local market trends in the New York City, the marketing experts and analysts also helped him to select the best site for starting a convenience store business .
The success or failure of a convenience store totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. There are four main steps to carry out an accurate marketing analysis which are to identify the current market trends of convenience store business, identify your target audience and potential customers, set out the business targets to achieve, and finally set the prices of your products and services. Marketing analysis is a must-do thing before you even think about how to start your own convenience store . It must be considered beforehand even if you are developing a small convenience store business plan .
5.1 Market Trends
The convenience store industry is one of the few industries which have seen a constant increase in revenue along with the increase in business locations with time. The total sales from the US convenience store industry generated in 2015 amounted to more than $603 billion while the sales exceeded $680 billion by the end of 2016. The sales increase by approximately $80 billion within the course of one year. Although these stats include the sales of the fuels since most of the convenience stores in the US primarily provide gas services but still merchandise makes a major chunk of these stats. As per other services provided by the convenience stores, the weekly wire transfers in 2015 were more than 5800.
The convenience store industry is subdivided according to the major categories of products it provides with the biggest being food service. Foodservice sales are growing to become the convenience store’s most profitable category, contributing 21.4% of sales as of 2016. Similarly, fresh fruits and vegetable sales (including salads and packaged products) also increased 10.3% to $362 million in 2014. The number of convenience stores has increased by 63% during the last three decades and, currently, they make up more than 34% of all retail outlets in the United States. After identifying these market trends, it is clearly evident that convenience store industry is always blooming and can be immensely profitable.
5.2 Marketing Segmentation
Our target market is the community living nearby at the 10 minutes’ drive from our store. The community consists of all types of people from varying backgrounds. As per the financial position, nearly half of the community has monthly income ranging from $40k to $50k while nearly 10% people have incomes even around $100,000. There are also a lot of working-class people who are extremely tight up with their busy routines and prefer to go to a place where they can find everything under a single roof.
For developing a good convenience store business model it was crucial to analyze the market segmentation of the future customers of our convenience store. A successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our experts have identified the following type of target audience which can become the future consumers of our baby clothes:
The detailed marketing segmentation of our target audience is as follows:
5.1.1 Local Residents:
The first and the most numerous group of our customers will be the community living in the vicinity of our convenience store. These residents are financially stable and can become our potential customers of merchandise like food products and other accessories. These customers will also rely on us for money transfer and utilities bill payment facilities. This customer group will drive the most number of sales so our marketing strategy will be specifically built to attract this group towards us. Initially, we will also offer various promotional packages.
5.1.2 Working Class:
The second category includes the workers and employees who work in the businesses or offices located in the vicinity of our convenience store. Most of these workers have a tight routine and they prefer to get everything under a single roof as compared to visiting different stores. They want to shop as fast as they can without compromising on their busy schedule. Our convenience store is specifically designed while keeping such busy people in mind and the average time for shopping in our store will be around 3 to 4 minutes. Our ready-to-eat fast foods will always be ready for these people to pick up while on their way to their respective companies and offices.
The third category includes those people who do not live or work near our convenience store but have come to the area for any business purpose or commercial activity. Most of the time these people need to pick some stuff for their homes while on the way to their respective destinations. They will also stop by us to grab some fast food or make some wire transfer. The detailed market analysis of our potential customers is given in the following table:
5.3 Business Target
We aim to become the best convenience store business of the New York City within next five years of our startup. Ronald Spencer aims to become one of the biggest convenience store chains in the New York City within the next ten years of our launch. Our main business targets to be achieved as milestones over the course of next three years are as follows:
- To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
- To open up two more stores by the end of three years, three more stores by the end of five years
5.4 Product Pricing
Product pricing is one of the most important factors in deciding the strategy for convenience store marketing . Selecting the price for products is a difficult task, especially for the startups, because one have to attract customers while yield profit at the same time. These two things cannot be achieved at the same time and the only way out is to select a compromised trade-off or balance between the two. After considering the market demands, we have priced all our products in the similar ranges as of our competitors except for some of our food products. Our food products of Spencer brand will be nearly 10% cheaper so as to attract customers toward us. The reason behind our pricing policy is to achieve the minimum attractive rate of return which would not be possible in case of offering our other products for low prices.
Had the pleasure of working with Alex on a business plan for a new venture. The end result looks very professional. His communication is always prompt and he was very patient with my detailed requests. I would definitely work with this company in the future.
Like marketing analysis, sales strategy is also an important component of the business plan for a convenience store . After identifying the market trends, the market demand, and the potential customers of the startup, the next step is to develop an ingenious strategy to attract those customers toward us. Mr. Spencer carried out an extensive research about various marketing and advertising strategies being implemented on established grocery store business model before developing an effective sales strategy for EasyShop.
6.1 Competitive Analysis:
Convenience store industry is one of the biggest industries of the United States making up 34% of all retail stores located in the United States. There are over 150,000 convenience stores in the United States; likewise, there are hundreds of established convenience stores in the New York City that’s why we have a really tough competition ahead of us.
Considering this fact, we have already made preparations for entering the massive retail industry of the United States. Our biggest competitive edge over other competitors will be our mobile app which can be used to make payments, order the goods for home delivery, or pre-book the goods. By pre-booking the goods, you don’t have to spend time on searching for all the goods at the store as one of our salesmen will have already collected them for you to pick up on the way. We have strategically built this app to facilitate the ever-busy working class of the society.
Our second competitive edge will be the availability of everything, every time. Unlike other stores, we will make sure that our stock never runs out and everything our customers may need is available with us. We will provide all kind of goods as compared to conventional convenience stores. Finally, our customer service will be the best in town. We will treat every customer with utmost respect and make sure that our customers leave our stores with big smiles on their faces.
6.2 Sales Strategy
After carrying out a detailed grocery store industry analysis , our experts came up with the following brilliant ideas to advertise and sell ourselves.
- We will carry out a large-scale social media campaign for our advertisement.
- We will allow our customers to buy our products online through our Facebook page and mobile app. Customers can pay online, order or pre-book their required goods.
- We will offer various discounts and gifts on our products for the first month of our launch to encourage sales.
6.3 Sales Forecast
Considering our innovative app, the quality and availability of our products, and our unparalleled customer service, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts.
The detailed information about sales forecast, total unit sales, total sales is given in the following table:
The key to the success of a business is its careful planning in the initial stages. Just like the planning of other components, you must also prepare a personnel plan before you think about how to start a grocery store business . It is also an extremely important stage because success of any business significantly depends upon its employees. So you have to prepare a plan for the staff needed whether you are developing a convenience store business plan for a small shop.
It is never easy to estimate the number and type of staff needed for a company before it is even launched therefore it is always better to seek the help of HR experts to get through this phase. Mr. Spencer acquired the services of experts to help him developed the following personnel plan for his company.
7.1 Company Staff
Mr. Spencer will act as the General Manager of the company while Carl John will serve as the Chief Executive Officer of the company. The company will initially hire following people in t:
- 1 Store Manager to manage the operations of the store
- 2 Administrators / Accountants to maintain financial records
- 4 Sales Executives responsible for marketing and discovering new ventures
- 10 Employees for operating and maintaining the store
- 2 Inventory Manager to manage the merchandise present in store and storage
- 1 Supply Chain Manager to purchase goods for the store
- 5 Drivers to transport products from storage to store and for delivering products to customers
- 4 Cleaners to keep the store clean at all times
- 1 Front Desk Officer to act as a receptionist
- 2 Security Officers
To ensure the best quality service, all employees will be selected through vigorous testing and will be trained for a month before starting their jobs.
7.2 Average Salary of Employees
The following table shows the forecasted data about employees and their salaries for next three years.
After deciding the strategy and personnel plan of the company, the next step was to develop a detailed map about the financial projections covering all aspects of the company. Just like the planning of other aspects, you must also prepare a financial plan before you start thinking about how to start a convenience store business . The financial plan should craft a detailed map about the cost of startup, inventory, payroll, equipment, rent, utilities and how these costs will be covered with the earned profits. Before getting to think about how to start a convenience store, cost and profit analysis should be carried out.
Mr. Spencer hired experts to incorporate the financial aspect in the convenience store business plan . The financial plan outlines the development of the company over the next three years and is specifically developed to achieve both the company’s short-term and long-term objectives.
8.1 Important Assumptions
The company’s financial projections are forecasted on the basis of following assumptions. These assumptions are quite conservative and are also expected to show deviation but to a limited level such that the company’s major financial strategy will not be affected.
8.2 Brake-even Analysis
The following graph shows the company’s Brake-even Analysis.
8.3 Projected Profit and Loss
The following charts show the company’s expected Profit and Loss situation on the monthly and yearly basis.
8.3.1 Profit Monthly
The following graph shows the monthly profit, as forecasted by the company’s financial experts.
8.3.2 Profit Yearly
The following graph shows the yearly profit, as forecasted by the company’s financial experts.
8.3.3 Gross Margin Monthly
The following graph shows the monthly gross margin, as forecasted by the company’s financial experts.
8.3.4 Gross Margin Yearly
The following graph shows the yearly gross margin, as forecasted by the company’s financial experts.
The following table shows detailed information about profit and loss, and total cost of sales.
8.4 Projected Cash Flow
The following column diagram shows the projected cash flow.
8.5 Projected Balance Sheet
The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent. The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.
8.6 Business Ratios
The following table shows data about business ratios, ratio analysis, total assets, net worth.
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- Convenience Store Business Plan Pdf Word Document
Convenience Store Business Plan Including Market Size, Product and Service Segmentation Grocery items, Pharmacy products, Kitchen accessories, etc. , Market Trends, Major Challenges, Financial Highlights, SWOT Analysis, Target Segmentation Households, Rural residents, etc., Major Players with Attributes Comparison, Go to Marketing Strategy and Growth Forecast 2021 to 2026 PDF Word Document Report.
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What you will get?
- Company Overview
- Start-up Summary
- Industry Analysis
- Customer Analysis
- Competitive Landscape
- Industry Restraints
- SWOT Analysis
- Porter’s Five Forces
- Go-to-Market Strategy
- Financial Modeling and Valuation (With Excel)
- Exit Strategy
The Convenience Store Business Plan is a comprehensive document that outlines the strategies and considerations for establishing a successful convenience store. It emphasizes the provision of affordable and high quality products to customers in a convenient and efficient manner. The Retail industry plan covers important aspects such as an executive summary, market trends, and opportunities analysis, key success factors, mission and vision statements, start up expenses, and growth projections. It also includes a thorough assessment of the market through SWOT analysis, Porters five forces analysis, customer analysis, and market sizing. The marketing strategy encompasses both offline and online approaches to attract and retain customers. The financial summary provides an overview of projected revenue, expenses, and profitability. Additionally, the Super Mart plan highlights the importance of location, product variety, and customer service in ensuring the stores success. By accessing this Supermarket Business Plan document, entrepreneurs can gain valuable insights and guidance to navigate the competitive convenience store industry and increase their chances of achieving long term success.
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