• Convenience Store Business Plan

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Convenience Business Plan

Convenience Store Business Plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Beginning a convenience store, just like opening any other business, takes money, planning, and time. Convenience stores are in vogue all across the world, conferring them a good business to get into. With the right location, items in stock, and pricing structure, you can start turning a gain quickly after starting your convenience store.

Few steps to start Convenience Store Business Plan are as follows: planning your store, estimating startup costs, secure your location, etc. The convenience store has a sales turnover of over $100 million in nonpetroleum commodities and is a dominant player in the markets in which it serves. The value of convenience stores has grown in recent years; with growing energy prices and eroding fuel margins, energy firms have come to recognize that convenience stores have the potential to produce greater profitability by exciting refueling traffic to their premises. Together with International Management’s scenario, the current situation led the company to a proposal to construct a marketing strategy for the entire convenience store.

The main objective of formulating a marketing strategy was to maximize the firm performance of the convenience store Business. The main goal was: to build business share, to increase the part of wallet and to change the product mix. The key factor was to adapt the marketing strategy to salient business trends, and to their expected impact on the Business Plan's development.

Some of the key diagnostics in the convenience store includes: internal analysis of the organization, Analysis of the consumer, etc.

A systematic and thorough diagnostic examination is the essential foundation for building a convenience store business plan strategy which has a meaningful impact and is geared to the business environment and the organization itself. Once a decision on the differentiating marketing idea for the Business plan and the main marketing values had been made, it was time to establish the core strategy of the business plan.

A clear Convenience Store Business Plan helps us to compile a coherent and future-oriented business plan which is ultimately implemented by the Convenience Store. In our example, the purpose was to modify the service stores into a target in their own right. As a conclusion of the work taken, the number of customers entering the stores, the product portfolio purchased, and the product mix revenue all increased, leading directly to a significant rise in store profitability.

The last phase in the Convenience Store Business Plan is implementation and monitoring of the marketing business plan. This requires clear, qualitative and quantitative objectives in order to measure company performance, identify the reasons for any gaps, and select the corrective action to close these gaps. Examples of quantitative objectives might be growth in revenues, profits, and market share.

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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a convenience store business plan are given below:

People

A typical convenience store is headed by a Chief Executive Officer or an Owner. The other important roles are Manager, supervisor, Cashier, Barber, pack boy/girl, stock handler, Cleaner, grocery clerk, Security Man etc.

Process

Billing Mechanism, Parking System, Packing process, Placing & Arrangements Goods, etc.

Systems

Owned or leased office space, computers, billing machine, Security Camera, barcode scanner, etc.

Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:

American Bankers Association
1120, Connecticut Ave NW Washington, DC 20036

Association of Convenience Store
Federation House, 17 Farnborough St, Farnborough GU14 8AG, UK

Australian Food & Grocery Council
Level 2, Salvation Army Building, 2-4 Brisbane Ave, Barton ACT 2600 Australia

Singapore Retailers Association
Coleman Street, The Adelphi, # 05-11B, Singapore - 179803.

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