Cost of Starting a Corner Store
Startup costs vary from $10,000 to $1 million. Inventory, rent, and equipment are major expenses.
Increasing Corner Store Profit
Offer products that meet community needs, keep overhead costs low, and price competitively but profitably.
Profitability of Convenience Stores
On average, convenience stores have gross profit margins upwards of $450,000. Owners can make $50,000 to $75,000.
- Convenience stores stock everyday items like coffee, snacks, drinks, tobacco, drugs, toiletries, newspapers, and magazines.
- How to sell products in a convenience store: Stock everyday items and operate long hours.
Operating a Bodega
Bodega non-vice items deliver higher profit margins compared to lotto, smokes, and e-cigs.
- Startup costs range from $10,000 to over $1 million.
- Operating costs include inventory, rent, and staff wages ranging from $20,000 to $40,000 yearly.
Franchising a 7-Eleven Store
7-Eleven franchise costs range from $37,200 to $1,635,200 with additional financial requirements.
Considerations for Running a Corner Store
Stores can be profitable in high-traffic areas with low overhead costs. However, competition from larger retailers may impact profitability.
Strategies to Increase Profit
Expand services like check cashing or bill pay to augment revenue streams.