3 Tips For Starting A Convenience Store On A Budget

Owning a convenience store can be a great way to be your own boss and bring in a nice income. However, getting started can be challenging, especially if you're on a tight budget. Luckily, there are steps that you can take that can make it more affordable.

1. Look for Affordable Loan Options

First of all, since you probably want to make sure that you have enough to start up your new store the right way and ensure that it's fully stocked, you may want to look into loan options so that you will have more capital to work with. Working with the Small Business Administration and looking online can help you find out about loan options for new business owners. If you look for a low-interest loan from a SBA lending bank, you might find that it's easier to stock your store and that you have a little more capital to work with in the store's first days.

2. Buy Used When You Can

Even though you might not have thought about buying anything used, this can be a good way to save money when starting up your convenience store. For example, you might be able to buy used shelves to put in your store from a business that is closing its doors. Additionally, if you're going to be serving foods and drinks, you might be able to purchase food preparation equipment that is gently used and that will be perfect for your needs. Checking your local classifieds and shopping online can help you find used items that might work well for your convenience store, at least when you are first starting out.

3. Start a Relationship with Vendors

If you're going to be running a store, you'll probably want to work directly with food and drink vendors rather than buying items at stores yourself and turning around and selling them. By starting up a relationship with vendors in your area, you can often score much lower prices on the things that you will be selling in your store, allowing you to sell these items for lower prices while still making a nice profit. Additionally, many vendors will allow you to borrow refrigeration systems, fountain drink machines, and more in exchange for using them to sell their products. This can be something for you to look into so that you can avoid having to buy these things.

If you dream of owning a convenience store of your own but aren't sure if you have the cash to get started, you should know that you have options. If you follow these three tips, you might find that starting and stocking your first convenience store can be a lot more affordable than you thought it would be.