Q&A for How to Start a Convenience Store

That depends on many factors, starting with whose 3,000 square feet of property you're purchasing and where it's located. They could be nice and let you off cheap or if they know you're desperate they can raise the price. Then the size and type of building will affect the cost to build, and if you need to purchase a lot of equipment that will also raise the start-up costs.

Maintain detailed logs for supplies, purchases, income, and debts. Implement robust security measures to prevent theft, and remain vigilant about everyone in the store. Always be courteous to customers, as you are the sole representative of your store's service. When facing difficulties, do not hesitate to seek assistance or consider hiring additional help.

It's possible, but starting is business is very expensive and complicated -- your parents/legal guardian will have to do most of it.

Starting, buying and running a convenience store can carry a hefty price tag. Though the cost to stock and maintain inventory in a convenience store varies widely, even the smallest convenience stores may have as much as $20,000 in inventory. Stocking a typical, even slightly larger convenience store can cost much more. Then there are other factors like rent and utilities, employee salaries and delivery costs.

Yes. Determine a budget for startup costs. This will largely depend on the cost of real estate in your area, and what service and items you plan to offer. Do your research, and consider the costs of businesses in your area to determine your budget.

You generally cannot receive direct grants from the government to start a business. However, some business expenses may qualify for tax deductions from the IRS, which can lower your tax liability.

To forecast if you will be successful, take a good look at your foot traffic and ensure you have reasonably priced items and make sure you have a competitive edge over your competitors. Also check your store is in a place without other competitors too close by, as that will dilute your profits.