Check out my full course on how to write a business plan (discount included).
In this video tutorial I explain how to write a business plan and eventually open a corner store, deli or a local sandwich shop. I group these slightly different businesses together because often they have overlapping components of one another.
This is a fascinating business to plan because depending on a specific block or street that this business is on, the dynamics of this business can be very different. For example, if your deli or corner store is located in an affluent area, you will be able to sell high end products and some groceries. Groceries, and organic foods have a higher profit margin than low end items do. Stores located in poor areas tend to sell less organic, natural or healthy products. Instead, they sell more alcohol and cigarettes. In United States, it is nearly impossible to make a good profit from selling low end alcohol and cigarettes. The cigarette price is mostly bloated from tax which goes to the government. And low end liquor or beer tends to also have a very low profit margin.
Another interesting nuance of starting a deli or a corner store is the calculation of the target market. Your target market will be people who live in an area within a certain radius. The trick is that the radius will be different in every direction.
If you have a competing deli, sandwich shop or a convenience store in any direction from your business, the radius of your target market is cut down by the radius of the competing convenience store. While your total potential will be the same, the competing store will cut down your market share in the areas within which you will compete. So you must open your deli or convenience store in an area where there are not many competing businesses that are similar to yours.
Learn to write a business plan
Here is a tutorial that will teach you some of the essentials of correctly planning your business.
Here is a video on how to start your business. It gives a step by step process that you can follow once you have planned your business.
Here is my book on how to go from business ideas to starting a business. It was based on research of 300,000 entrepreneurs.
Business And Entrepreneurship Psychology
To start and successfully run a business, you must have a strong mindset, be determined to succeed, and never give up. There will be many challenges along the way, and some of those challenges will be psychological. You will have to deal with issues like anxiety, fear, trust and mistrust, learning to let go of things like your ego, and learning to be humble. To prepare you for that experience, here is an article on business psychology.
And here is a tutorial on how to become a good and successful entrepreneur.by