Buy an existing convenience store

The same local residents, commuters and workers who already shop there.

Mark-up on items sold. You skip the slow build-up of a new shop, but you pay for the existing business up front (goodwill, stock and equipment, plus working capital and lease deposits) and take on its costs.

• Reading simple accounts and sales records
• Negotiating with sellers and suppliers
• Customer service
• Managing staff and stock

• Whether the lease can be transferred and on what terms, check with the landlord and your lawyer
• Licences and permits often don't transfer automatically, check municipal and provincial rules for tobacco, alcohol, lottery and food
• Check stock value, equipment condition and any debts or liabilities tied to the business
• Sellers' sales figures should be checked against bank records and tax filings
• Commercial general liability and property insurance from day one
• Existing staff: check provincial employment rules and WCB/WSIB obligations
• In Quebec, French-language requirements apply to signage and commercial dealings

Startup costs are estimated at typically around $250,000 to $1,000,000, depending on the store, its stock, equipment and lease. Monthly revenue is estimated at around $40,000 to $160,000 before expenses, so check the seller's figures carefully.

Check whether the lease can be transferred and on what terms. Licences and permits often don't transfer automatically, so check municipal and provincial rules. Also check stock value, equipment condition, debts, and verify sales figures against bank records and tax filings.

Plan on at least around 50 hours a week, based on the idea's estimates. Useful skills include reading simple accounts and sales records, negotiating with sellers and suppliers, customer service, and managing staff and stock.