Member since: Aug 15
Location: permanently banned
Originally posted by mrpandya
How to calculate the income of convenience store from data given by agent??
Any experienced store owner, please help.
Don't buy a convenience store, most of them are struggling thesedays or going under. Someone is just trying to sell his money losing business to you & pass on the problem to you. If its so good, why is he selling it to you ? The agent is just giving you a sales pitch based on his commission.
If only you & your family members are going to work there 7 days a week, you can just about eeke out a living, but mostly it will be minimum wage per person after you see all the time, efforts & energy you have put into it.
If you are going to hire an employee, forget it, after paying him, you won't have much left over.
Most big box grocery stores are open longer hours now & some are also 24/7 & are much cheaper & now carry ethnic food too. Plus they sell stuff online now as well. Due to all this business of convenience stores has gone down BIG time.
Also due to recession, people are watching every dollar & don't bother to go to these convenience stores anymore for a quick run, they just go to proper grocery stores now, which are almost 24/7 now.
The lease, rent, taxes, maintenance, utilities, repairs, insurance et al are ridiculous on these places. Too many hidden costs & overheads.
Also lot of shoplifting & robberies take place at such places.
You will lose lot of your money in this..plus its not an easy job, its lot of hard work..& you will get peanuts at the end of it.