You’re stopping for gas, you need a quick snack, or you forgot something and are in a rush. That is the name of the game when it comes to convenience stores. These aptly titled businesses are always there to help us when we need something as trivial as a bag of chips or when we’re desperately in need of diapers. There are plenty of reasons why a convenience store is so convenient.
Knowing this, you can see why it could be so attractive to own one for yourself. You don’t need to go ahead and start one from the ground up, the alternative of investing in a franchised convenience store is as useful as ever. If you’re considering becoming a franchise owner, here are some of the advantages that should compel you to consider a convenience store.
Brand Power is Evident
When you hear the word convenience store, you likely get the image of logos and experiences at your local store. This is good because you should be using this as motivation for considering a convenience store as your franchise investment of choice. If you look at a 7-Eleven franchise cost, you can see that the brand power makes it one of the bigger investment opportunities, but the familiarity also equals big profits. Think about owning a franchise from the perspective of you as a consumer, and you’ll realize just how strong convenience store franchises can be.
High Profitability when Franchising
If you add up every little purchase made at a convenience store, you’d see how even one person buying a $2 bag of chips suddenly becomes big profits at the end of a month, fiscal quarter, and fiscal year. Franchising isn’t all about the money, you need to actually care about the employees, the managers, and the business as a whole, but it’s impossible to decouple the need for profitability from the equation. Owning a good franchise means seeing the potential for money-making and a convenience store represents that exact kind of opportunity.
Very Reasonable Franchise Costs
As previously stated, certain franchises are going to cost a lot more than others. The simple fact is that there is an expectation that there is an inherent value to that franchise and with solid input on the franchisees part, the profit can be increased further. Certain convenience store franchises represent this exact kind of model. They might be a bigger investment upfront than you’d expect, but the reasoning is that there is going to be a strong return on the investment, which is factored in. When done right, a good franchisee can really make an excellent profit from their store.
Assistance for a Convenience Store is Simple
The amount of help you receive from the main company is going to be crucial to running things properly. There are a lot of franchises that are going to be harder to get into and understand, but a convenience store operates in a fairly simple fashion. This makes the learning curve digestible, allowing for an owner to quickly transition into making smarter decisions. With the right guide plan and help, it’s not unusual for owners to become heavily ingrained into the business community needed to be successful.
Hiring Process Can Be Quick
It’s not a shocker that hiring for a convenience store doesn’t require much effort. This is no knock on the employees and managers themselves, they offer their skills and help make things run well, especially when the franchise owner is away. The benefit is that training them is quick which means that the franchise can be open and operational in no time, which means more time to earn profits. This is an advantage that helps a convenience store stand above other types of franchises.
Potential for Repeat Customers is High
Even if you’re a franchise owner of a convenience store, you likely use a convenience store that is close to you. The reason is in the name, it’s convenient, which plays into the potential for repeat customers. People love familiarity, and they like it when they know the staff, know the layout of a store and know that they carry their favourite snacks or products. This helps make running a franchise much easier when there is a steady flow of customers to expect.