1- Business Plan:
Contact a lawyer who specializes in this field to draw up a professional business plan. Most financial institutions will not grant you a business loan unless you have a lawyer approved business plan that makes sense to them.
2- Legalities:
Contact your local government agency that deals with vendor permits and incorporations for detailed zoning and building requirements. Find out what kind of requirements that your perspective retail store will need to comply to such as:
Commercial and residential zones
Square footage
Number of customers that your estimated square footage can handle safely at any given time
Food and water safety regulations
Fire extinguishers and other safety supplies like first aid kits
Number of exits in case of fire or other emergencies
3- Location:
This type of business offers customers a convenience of supplying a need mainly for impulse buying. People tend to drop into convenience stores on the way to work or home. They usually buy from this type of business when they are short on time or when their super market of choice is closed. The best location would be near highway exits, main streets and even in large residential areas. Most grocer associations will require that a store must be located one mile away from between 500 to 1000 potential customers. Make sure that there is enough parking to accommodate perspective customers. The more convenient your location is, the better your business will do.
4- Competition:
Do a market and residential zoning research to determine if your perspective area can accommodate another business of this type. Find out if there are any local expansion plans to build additional homes in this area. Your main competition will be from other convenience stores and even larger grocery stores close by. If there are large grocers near by then your peak business time will be outside of their normal operating hours of business. If you are planning on running 24 hours, then you will still need some kind of expectation of customers between the hours of 8 pm at night to 10 am in the morning (when larger grocery stores in your area are most likely closed).
5- Equipment:
Find out what kind of shelving, counters and fridges ETC, that you will need to get in order to run a clean and safe operation. Figure out if you are going to purchase new or used equipment.
6- Supplies:
You will have to establish connections with food and beverage suppliers. These suppliers have their own application process that you will have to go through in order to qualify to purchase products through them. Once you have established suppliers, they will be responsible for keeping up with your regular orders by delivery truck. You can also purchase supplies like tobacco, food and beverages directly from bulk cash and carry suppliers. These types of suppliers are sometimes cheaper than others since you will be required to provide your own pick up and deliveries. Most convenience store owners have a balance between the two types of suppliers in order to stock their stores and keep costs down.
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