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Thinking about buying a convenience store?

Vehicles need fuel. People do, too. This is what makes the convenience store/gas station combination a viable business. Perhaps the relative assurance of customers makes it an attractive prospect for you.

Before entering into this particular business venture, you would benefit from gaining an understanding of what you could get yourself into. No business is foolproof, but in most cases, success is better measured by how much time and effort you put into it right from the start.

Some considerations

As you continue your investigation into owning a convenience store, you may want to consider the following:

  • As with any real estate venture, location is crucial. Cities have higher prices and rents, along with customers who look for name brands, but along highways and interstates, you could see more business and less overhead.
  • Do you know what type of licensing your business will require? You could quickly encounter legal issues without the proper licenses, especially for a flammable and hazardous substance such as gas.
  • Figure out what types of goods you want to carry. The types of things you offer could increase your business.
  • Finding a supplier who provides you with the best deals and goods often requires some research. Take your time and find the one that will work best for you.
  • Most people notice if your establishment is clean and well maintained. Be sure to put procedures in place to keep it that way, especially the bathrooms.

Owning a convenience store is a customer-focused business. If you provide your customers with what they want and need, you could gain repeat customers. People just passing through could be swayed to spend more money if you have quality items as well.

Some assistance

After you make the decisions you need to regarding the setup of your business, you need to turn your attention to the legalities of it. Not only will you need to handle licensing issues, but you also need to handle other business formation tasks such as forming an entity, creating a business plan and hiring employees. Most of these issues require adherence to certain laws, rules and regulations.

You will probably find it easier to enlist some assistance in your endeavor. An Arizona attorney with experience not only in business law, but also in convenience store operations, could prove invaluable and increase your chances at success.

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