What are you going to sell?

When buying a retail business you will want to decide what to sell. Just because it has been a convenience store, ctn or gift shop for many years doesn’t mean it should continue along the same path.

Before buying the business and deciding what to sell we would highly recommend visiting your local area to see what the other retailers are selling. Consider how they present their goods and also market themselves. Don’t just restrict this to your immediate location, visit the towns and villages near to you as well to see if there is a gap in the market that you could fill. It would also be wise to go onto the local council website or visit their offices to see what other developments are taking place. It could be a financial disaster if you invest your money in a convenience store and then a few weeks or months later a competitor opened around the corner.                                                                                                                                                It is also key that you understand what your customers want to buy so you can see if there is a big enough need to stock certain products. Whilst the purchase of the business is progressing you could be at the premises with a questionnaire to see what the customers would like to see from their local store, this could cover product, opening hours, services, etc.

Always know how much you will need to take and the profit required to pay for all of your outgoings to make you into a profitable business.

Also think about what you enjoy doing and how committed you are to doing it, if you don’t want to work late in the evening and if it isn’t profitable to employ people who can then a convenience store probably isn’t for you. If you do decide to be a convenience store then would joining a symbol group with their buying power, promotional activity, merchandising and store layout experience be beneficial to you. As of September 2017 they included Londis, Budgens, Premier, Best Buy, Costcutter, Nisa, Bargain Booze, Simply Fresh, Spar, Mace, Family Shopper, Go Local, Lifestyle Express. There is also the franchise route with the likes of One Stop.

Keep up to date with the latest trends and future product launches by reading trade magazines and going to trade shows.