Buy an existing convenience store

The same everyday neighborhood shoppers: residents, commuters and workers who buy snacks, drinks, groceries and household basics.

Sales of goods at a markup over wholesale cost. Because the store already trades, you can see past sales and costs, and you can grow through longer hours, better stock, fresh food or local products.

• Reading simple financial statements
• Negotiating a purchase
• Customer service
• Managing staff and inventory

• Check whether licenses and permits for tobacco, alcohol, lottery and food transfer to you or must be applied for again, rules differ by state and city
• Check the lease terms, remaining length and any landlord approval needed for a new owner
• Check what the price includes: inventory, equipment, goodwill, and any debts or liens
• Owner-reported sales may not match tax records, so verify them independently
• Insurance, workers' compensation for employees and a plan for retaining existing staff
• Thin margins and long hours, especially in the first months while you learn the store

Startup costs are typically around $150,000 to $600,000, depending on the store's price, inventory, equipment and goodwill. This is an estimate, so check what the price includes, including any debts or liens.

Monthly revenue is typically around $50,000 to $250,000, depending on the store and its location. It is an estimate, and owner-reported sales may not match tax records, so verify them independently.

Check whether tobacco, alcohol, lottery and food licenses transfer to you or need reapplying, as rules differ by state and city. Also check the lease length, landlord approval and what the price includes.