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The birth of convenience stores owes its credit to the Southland Ice Company in the 1920s. These ubiquitous 24-hour open stores are very common all over the US. In fact, there are more than 150,274 convenience stores in the country, according to statistics.
As the name implies, convenience stores redefine the meaning of convenience because you can get anything you want at any time of the day or night. Besides, most convenience stores are also swiftly adopting delivery or store pickup services, making them even more flexible than ever.
What is a Convenience Store Business and What is a Convenience Store Brand?
A convenience store business is an all-in-one store that remains open throughout the day and night. A convenience store business carries all types of essentials like food, drinks, beverages, groceries, toiletries, magazines, and newspapers. In some jurisdictions, you can also find alcohol in convenience stores.
Convenience store businesses sometimes function as standalone or as part of a gas station. In terms of location, convenience stores are either on a busy road, at a railway station, or at any transport hub. Convenience stores are different from general stores, mainly because they are not located in rural areas. In some cases, convenience stores can also be a branch or a supplement to larger stores.
How Profitable Convenience Store Businesses Are?
Statistics show that the overall sales of convenience stores in the US were $532.9 billion in 2020. Globally, the overall sales from convenience stores in 2017 were $3.3 trillion and are projected to reach $4.9 trillion by 2022. This is more than a 45% increase, which is an outstanding figure irrespective of the industry and type of business.
It takes an average of $50,000 to open and run a convenience store business from scratch. Although this might seem like a huge amount, the average gross profit from convenience stores is about $450,000, which is a very profitable amount.
Therefore, statistics reveal that convenience store businesses are as profitable as they come.
How to Start a Convenience Store Brand Business?
To start a convenience store business brand, below we share a step-by-step guide.
Step 1: Create a Business Plan
To start a convenience store brand business, writing a business plan is the first step. Banks or financial institutions will give you quicker funding if you have a good business plan and increase your chances of succeeding with your plans.
Step 2: Decide on a Business Entity
Limited Liability Company, LLC, is the most common entity for most businesses. But there are other options such as sole proprietorship, corporation, and partnership options you might want to consider.
Step 3: Pick a Name and Location
An ideal name for your convenience store should be an available entity and resonate with your customers. The name of your convenience store business ties very closely with the brand’s logo, so you need to consider these two components side by side.
Besides, the location of your convenience store is important. Ideally, you want your convenience store where there is minimal competition and maximum traffic to increase your sales.
Step 4: Consider Your Budget and Funding Source
Decide how much you want to invest in your convenience store and/or if you need funding from financial institutions. You should also get an account separate from your savings account.
Step 5: Begin Advertising
Advertising to get attention for your convenience store can be done on print or digital platforms. Regardless of the platform, advertising is an essential component as it gets people to know about your convenience store brand. Advertising on the digital platform is more cost-effective than print media, but it is totally up to you. We will take an in-depth look at convenience brand promotion strategies in the next section.
Step 6: Open Your Convenience Store for Business and Manage It Well
You can now open the doors of your convenience store to customers. After that, you have to follow up with good management techniques and watch your store grow. However, despite your efforts, revenue can be slow in the beginning, so keep your expectations reasonable to avoid disappointment.
Convenience Store Brand Promotion Strategies
The top benefits of having brand promotion strategies in convenience store businesses include:
- There are opportunities for more people to know about your convenience store.
- This piqued my interest in visiting your store.
- Brand promotion strategies help segment identification.
- It increases the number of customers that will visit your store on location.
- Bring in sales and generate revenue.
Convenience Store Brand Content Strategy
Part of the convenience store’s brand content strategy is to make it easily identifiable from the rest of the stores already in business. Therefore, you need to carefully design and give special attention to your content strategy and branding development.
Branding development includes:
- Logo creation for Convenience Store Brand – The logo for your convenience store brand can be a symbol, a word, term or anything you think is best that reflects the store and what you have to offer. You can take the help of a creative team or design and create your own if you have the skills.
- Stationary creation for Convenience Store Brand – Stationary creation involves getting the right typography and style; color and design are also components you want to cover.
- Promotional tools creations for Convenience Store Brand – Online tools such as Placeit and BrandCrowd can help you create professional-quality logos without spending any amount of money.
How Convenience Store Businesses Adapt with Digitalization?
The convenience store business runs on a physical location without question. However, taking your store to a digital platform is inevitable since everything is digitized in today’s age. Digitization of convenience store business comes with several advantages, such as quicker growth and better customer satisfaction. Here are the top ways in which digitization can help your convenience store business.
The web design for your convenience store can effectively help your business in the following ways:
- The attractive design of the website draws attention from your customers.
- Convenience stores with great website designs integrate multiple channels for sales.
- Websites with a great design are user-friendly and give your clients a good experience.
- Compatibility across multiple platforms is not an issue when your business has a good website design.
- It provides a secure and safe payment gateway if your convenience store has delivery or in-store pickup and your customers order the products online.
Undeniably, the best way to promote your company is to use the internet. These days, it’s the most effective marketing tactic. Our web development team has your back to get you through today’s competitive business environment, whether it’s a simple WordPress website to start your enterprise online or a more complex eCommerce website.
Social Media Advertising
Irrespective of the type of business and industry, every business establishment owns a social media account or a handle. This new form of advertising for your convenience store can be beneficial for your brand in the following ways:
- Keep your potential customers informed about the latest updates and instances of your store closing due to unforeseen circumstances.
- Relay important and relative information to your customers.
- Tell your customers what items are available in your store.
- It allows you to engage with your patrons on a personal level, so you can understand what they expect and need.
- It encourages customers to trust your brand.
In today’s world, digital marketing is a critical component of any company’s success. If you want to keep up, you’ll need to adapt to the ever-changing world of online marketing strategy, made possible by our team of experts.
Viral giveaways are not limited to transactions between influencers and their followers. Convenience store brand owners can also use this engagement tactic to reel in customers and increase their sales.
Furthermore, collaborating with a reputable digital marketing firm is one of the best ways to ensure the maximum social media presence we all desire and deserve. At Inquivix, we will achieve this by implementing a viral marketing giveaway campaign that focuses on visual content and enables brands to promote their products and services in order to generate more leads and sales.
Paid advertising has proven to be the best and most effective form of advertising over the years. As the name implies, you need a certain number of fees to execute paid advertising. However, the benefits of paid advertising far outweigh the small fee you pay for it. Paid advertising helps you target your customers more effectively and quickly than other forms of advertising.
Below are the most popular channels of paid advertising you can consider:
- Facebook Ads
- Google Ads
- Instagram Ads
- Twitter Ads
- YouTube Ads
- Pinterest Ads
- LinkedIn Ads
- Search Ads
- TikTok Ads
- Display Ads
- Bing Ads
Nowadays, many people have become reliant on the internet. If you are looking for something, you’ll probably start by looking for information on the internet. Everything now is just one click away. Inquivix experts are honed to provide you with the most effective method for sending your message to your target audience. We will work directly with you and your organization to ensure you get the best return on your investment.
Convenience Store Brand Names in the World
Convenience store brands have taken the world by storm and have become an even bigger industry overall. As a matter of fact, these brands are recognized all over the world in different countries within their own country.
Convenience store brands have become a worldwide favorite and it has indeed become popularized in so many parts of the world to ensure that all your favorite brands are brought to your doorstep. Here are a few of the top convenience store brands across the world.
Slogans for the Most Popular Convenience Store Brands
Here are some of the best convenience store brands that you might be familiar with. Convenience store brands have an impact that drives the audience to your business, eventually leading it to become recognized through their slogans. Again, remember that having a tagline means your customers will think of you wherever they go. So, make it unique, friendly, and memorable.
7-Eleven’s iconic products are a huge part of America, and the brand is recognized and loved all over the globe. Even though we’ve expanded significantly over the years, our goal remains the same: to make customers’ lives simpler.
Spar Express manufactures high-quality items at extremely reasonable costs by using only the finest and freshest ingredients. They get goods tested by an independent laboratory on a regular basis to guarantee we stay ahead of brand requirements.
In Indonesia, the Indomaret franchise business model was the first and is considered a pioneer in the sector of minimarkets. With the rising number of Indomaret Terwaralaba from time to time, the public reaction was overwhelmingly favorable.
The FamilyMart Company is a convenience store franchise network based in Japan. After 7-Eleven, FamilyMart is Japan’s second-largest convenience store chain. In Japan, Taiwan, China, the Philippines, Thailand, Vietnam, Indonesia, and Malaysia.
The Extra Mile chain, which has over 1000 franchised locations, makes use of expertise and size to provide value. Merchandising expertise, low cost of products, refunds, stock management, and marketing and operations help are all available.
As the statistics above have revealed, the convenience store business is an ever-growing business that is worth trillions of dollars. And according to predictions, these stores are not going away anytime soon. Therefore, if you have a good plan to start a convenience store business, you can do so with great success. The key to establishing a successful convenience store business is identifying a strategic location and having great management skills.
The tips and recommendations in this post should hopefully give you a kick-start in launching your convenience store business with resounding success. We welcome you to share your invaluable thoughts with us and any queries you might have.