Owning a convenience store requires a substantial amount of dedication. However, if you’re ready for the challenge, it can be an extremely rewarding career. As well as creating your own success, you can reap the rewards and financially benefit from your very own hard work. In fact, the convenience sector was valued at £43 billion nationally each year.
There are many ways to open your own convenience store. According to the Local Shop Report, 31% of convenience stores are owned by symbol group independents. This includes franchises, which is an independent retailer in partnership with an established brand. In exchange for a service fee, the franchisee will receive advice and knowledge of the market and the array of benefits that come with being associated with an established brand.
This is an attractive proposition, but how do you know if this is the right choice for you? To answer this question, we will explore the emerging nature of franchising, as well as the benefits to be enjoyed by choosing to open a franchised convenience store. In discussing these options, you may decide to start a new chapter in your career.
Creating a space for female franchisees
The demographic of business owners choosing to open a franchise has changed. In recent years, there has been a greater number of diverse franchisees, including women. In fact, research from the British Franchise Association found that there has been a 20% increase in women deciding to open a franchise of their own.
However, the number of female convenience store owners seems to be stagnant in revent years. The Local Shop Report 2020 shows that female entrepreneurs owned 33% of corner shops between 2020. Although the number stayed the same in 2021, there is still support for women who choose this career in the future. This includes the Association of Convenience Stores, which has recently created a community group to support female shop owners.
Therefore, there has never been a better time for women to invest in a franchise. Whether you’re a current store owner or an aspiring entrepreneur, take advantage of the support around you to break into the market and change a male-dominated field.
Maximising profit for franchisees
We all appreciate the value of money. If you’re already a shop owner, you may be looking for profitable products to sell, such as slushies. There are lots of slush machines for sale which can boost your ROI. A single slush can earn 84% gross profit – and who doesn’t want that?
In addition to including female demographics, franchising can also maximise profit for business owners. There is one fact every aspiring franchisee should know: franchising is an investment. To open a franchised corner shop, owners will need to make a minimum investment. Co-op, for example, requires a minimum investment of £250,000. This may seem like a significant sum of money at first glance. However, considering the amount of profit you stand to gain, franchising is an option worth exploring.
If business owners decide to franchise their store, they can begin to see the benefits straight away. As a reputable brand is sharing its marketing strategies with a lesser-known business, these corner shops are likely to see more traffic. This lucrative benefit can be seen in One Step franchises. In fact, a convenience store that chooses to work alongside One Step can maximise its weekly sales by an average of 14% in just 13 weeks.
These are two reasons why you should consider franchising a convenience store. It doesn’t matter if you’re starting fresh or looking for ways to improve your current store, you can benefit from a franchising model. Of course, don’t just take our word for it. Research, franchise, and see the financial rewards for yourself.