Take over a local general store

The same local shoppers the store already serves: residents, workers and passing traffic buying everyday essentials.

Margin on goods sold, as with any general store. Because customers and suppliers already exist, you can earn from the first week and then add products or services over time.

• Reading basic financial records
• Negotiating with sellers and suppliers
• Customer service
• Managing inventory and staff

• Check whether licenses and permits (food, alcohol, tobacco, lottery, EBT) transfer or need new applications in your state
• Have a lawyer review the sale contract, the lease and any outstanding debts or liens
• Check the condition of coolers, shelving and other equipment before you buy
• Sales may drop when ownership changes, so keep cash in reserve
• General liability and property insurance, and workers' compensation if you keep existing staff

Startup costs are typically estimated at around $80,000 to $300,000, depending on the store's size, stock, equipment and the price the seller asks. Keep cash in reserve, as sales may drop when ownership changes.

Monthly revenue is typically estimated at around $25,000 to $100,000, depending on the store's location, customer base and range. These are revenue figures, not profit, and the estimates assume at least about 40 hours a week.

Check whether licenses and permits for food, alcohol, tobacco, lottery and EBT transfer or need new applications in your state. Have a lawyer review the sale contract, lease, and any debts or liens, and check the condition of coolers and equipment.