If you’re interested in buying a convenience or gas station, there are many questions you need to ask. It is important to have confidence that the business will turn a profit when you take over the ownership. It’s not a good idea, however, to settle for this scenario. Here are six proven strategies that will turn your new business into a money-making machine.
Tip number one: Don’t be afraid to get aggressive and don’t hesitate to use pressure marketing. It is a great opportunity to attract new customers when a business is under new leadership. You can also make your store and station the preferred location for many new people. You can think of new ideas, such as large signs advertising a price cut or free coffee at the pumps for the first week. Your brand will be established by uniformed, energetic employees who give out coupons and other incentives at every pump. After just one week of aggressive sales, you will be able to put the previous owner in shame.
Tip 2: Go out and promote your business with other merchants in the area. Visit the neighborhood to find out where people shop. You could make a deal to distribute coupons from the supermarket manager if they agree to reciprocate. Co-promote with tire sellers or car washers. Use your imagination!
Tip 3: Start talking to your vendors. This is the right time for a new owner. All aspects of your store, including coffee, snacks and magazines, should be renegotiated. Inviting other vendors to tender will open up the market. This will attract the attention of previous vendors, and they will be able to offer price breaks. You should also establish return privileges. This will allow you to sell more products in your store. You can also return the items if they don’t sell and you won’t lose any cent.
Tip four: Get your family involved. You might be able get a better handle of future payroll expenses if your family is willing to help during the initial months. Family members with training would also be available to help during sickness or vacation.
Tip five: Look over the records and find any products that aren’t performing well. Some items might outsell the others by up to 2 to 1. To test the market, you might swap out slow-selling products with new products and displays within your first few months. Although some items are slow sellers, it is important to not gamble too much on your products and displays. This is because you want to promote convenience stores and that people can look for all sorts and odds and ends. While some items are not selling enough, they still need to be present from an overall perspective. To see which items sell well, always test.
Tip six – Use proven strategies that increase sales. Place a coupon display near the pumps or place hot products in easy-to-reach locations like the front doors. You should think about what is most in demand on a seasonal basis, such as cool drinks that can be placed right next to the front door. You will see a return on your investment if you create strategies for your top-selling products.