There’s really nothing quite like a corner convenience store, which often becomes the true heart and soul of a given community.
Everyone in the neighborhood eventually filters through the doors, and it’s a place where real connections and friendships are forged and maintained; this is especially true in chilly Canada, where indoor meeting spaces like this are much appreciated during the freezing cold winter months.
If you’ve been thinking that you, too, would like to become a friendly proprietor of a corner store in British Columbia, you might have heard about the possibility of buying a pre-established business through a real estate marketplace.
Today, we’ll discuss how to be successful in taking ownership of a pre-established convenience store in British Columbia, from finding a great real estate marketplace to actually getting the keys to your very own business.
Marketplaces Are The Best Way To Find Great Businesses, And They’re Easy To Use
A marketplace is a company, usually online, that helps you find business available in your area or industry.
They are incredibly easy to use, but you should still do your research to learn whether this company is legitimate; check its reputation on other websites, including forums for business owners, to see how others have discussed their experience using this marketplace.
When you’ve decided that this company will be trustworthy and reliable, it’s time to get to work.
Open a profile and begin a search for your desired type of business; for example, you might input “convenience store for sale in BC,” then examine all of the listings available.
Once you find several that you like, you can contact the broker and express your interest, and they’ll contact the current owner on your behalf.
Now that you’ve found businesses that you’re interested in, it’s time for the most difficult part of purchasing a convenience store: the due diligence.
It’s Essential That You Have A Full Understanding Of This Business’s History Of Prospects
To ensure that you get the best deal, and that you wouldn’t be the sad owner of a floundering business several years from now, it’s crucial that you review every aspect of this business, from its finances to its current personnel.
First, take a look at the company’s performance over the years. If possible, you might wish to have an accountant assist you with this component, so you have a good idea of how profitable this company has been and potentially will be over the years.
Be sure to discuss with the owner why exactly they are choosing to sell the business.
This can give you great insights into what specifically is going on with this business and whether it might be a warning sign of impending failure.
You’ll also want to examine this store’s competitors, the economic trends in the specific area of British Columbia, and industry growth as a whole.
This will help you better appreciate how much you can actually expect to make back on your investment – and therefore decide whether it’s worth it to buy.
If you decide after reviewing this information that the store is something you’re interested in taking over, it’s time to negotiate.
Never accept the initial offer of the current owner; instead, utilize the information you have found so far to explain what you feel would be a fair and reasonable price based on its current situation.
Keep going until you’re both satisfied and have found a price point that each of you agree is just.
Now comes the part you’ve been waiting for with bated breath: actually becoming a business owner!
Let’s examine some of the key factors to keep in mind as you get ready to take control of your new convenience store.
Focus On Customer Service And Improvement
Your customers are the ones that will keep you in business, so ensure that you keep their best interests in mind as you assume leadership.
You may consider talking to some loyal customers and asking them what they like best about the store so that you can ensure that you keep these elements in place even as you change others.
Take changes slowly: unless your business or employees will be endangered if you don’t do something, don’t be tempted to revamp the entire store immediately.
Think carefully about what makes your business special and work to preserve that as you update old equipment or begin adding new merchandise.
Finally, rely on your best employees to help guide you. It’s easy to assume that because you’re the owner, you understand everything better than your employees, but some of them may have been there longer than you, and they will have a good idea of what has worked over the years.
By asking for their opinions and listening to them, you will also start to forge loyalty with your employees, ensuring you have a steady workforce over time.
Becoming a convenience store owner is a thrilling prospect, and it’s made all the easier if you utilize a real estate marketplace.
By performing your due diligence and thinking carefully about how to improve, you can have a profitable, bustling business in British Columbia, which will serve you and your customers for years to come.