Convenient Store Business Plan Examples

24 Hour Convenience for You (Business Plan)
- Company Description
24 Hour Convenience for You is a convenience store located near a block of newly developed gated community residential area that is designed mainly for young urban professionals with young families. Near it there are also offices for various companies and there is also a sub way station next to the offices.
This is a startup venture which is co-owned by a couple Mary and Patrick Adamson, Mary was a manager a large department store who brings into the venture a wealth of planning and managerial skills while Patrick is a Certified Public Accountant who has worked in various companies as an accountant. Mary will run the store’s day to day activities and management while Patrick is going to manage the finances of the store.
- Product/ Service Description
24 Hour Convenience for You aims to sell a wide range of products including food stuffs such as sugar, rice, flour, cooking oil among others, an assortment of various snacks such as crisps, soda, ice-cream, personal hygiene products such as soap, tissue, sanitary towels, tooth paste among others, groceries such as tomatoes, vegetables, onions and others, alcoholic and non-alcoholic drinks, tobacco products, newspapers, magazines, health and beauty items, contraceptives and pet food.
The store will have a small Cafeteria which will serve breakfast, lunch and dinner; the cafeteria will also sell a few pastries such as sandwiches and cakes. There will be wire transfer and money order services and a small drugstore that will sell the common medication and also sell first aid equipment. A self-service gas station will be available coupled with a carwash machine; the gas station will also sell auto products such as car oil, brake fluids and coolants.
- Competitive Differentiation
24 Hour Convenience for You is the only store around the residential area, commercial buildings and the train station within 3 miles, it therefore offers a wide range of essential goods and services at affordable prices and near the customers as they don’t have to travel long distances. The store is within walking distance from the residential areas, the commercial buildings and the sub way station making it a very convenient convenience store. We are open 24 hours catering to our customer’s need whenever they arise, this will be very important for the sub way users and also when emergencies arise be they medical or otherwise.
We offer our customers a wide range of fresh groceries from a nearby town which grows their food organically at affordable prices. The store has automated most of its services increasing the speed of our services; our staff is highly qualified and trained thus giving our customers the best customer service around. The store offers its customers a wide range of services apart from store items such as a cafeteria, a car wash, a gas station and a drug store making it a one stop shop for all our customers needs.
- Customer and Market Analysis Including Market size
Our customer demographic is as follows, these are mainly highly educated young urban professionals with well-paying jobs and small families meaning that they have a lot of disposable income. Their main drivers to purchasing a product or service are price, quality, convenience and prestige. 24 Hour Convenience for you store aims to fulfill these needs by locating the store at an easily accessible place, ensuring that our goods and services are of the highest quality, pricing our good affordably and building an ultra-modern store with excellent facilities so as to provide the much needed prestigious status. The sub way will bring about customers from all walks of life whose need for quality and affordable goods and services will be catered for.
The market size for now is about 500 homes, 400 workers from the commercial area and about 100 customers from the subway station. This market has a huge potential for growth as more commercial and residential areas are being put up, the sub way company plans to increase the number of stops in this area due to an increased demand for sub way services mostly from the workers in the offices this will bring in more potential customers.
- Competitor Analysis
The competition for this store is almost non-existent as there are no other convenience stores in the area. However there is a big town about 5 miles from the area that has department stores, large mall and supermarkets. This is a threat to the convenience store as they offer a wide variety of goods and services at cheaper prices. Their main disadvantage is that they are far away from the area which is an advantage to the convenience store.
- Financial Projections and Startup Capital Requirements
The store will make losses for the first 4-6 months; this will be mainly due to startup costs, advertising and paying goodwill for the building. The company expects to break even and start making profit after about 6-8 months and the profits are expected to increase as the company gains more customer recognition.
The funding for the store will come from the savings of MR and MRS Adamson plus a loan from the bank. The main expenses will be inventory amounting to about $120,000 and an additional $20,000 for fixtures and fittings before moving into the store.