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Author Topic: What are the pitfalls of owning a variety store?  (Read 10130 times)

Cortina

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What are the pitfalls of owning a variety store?
« on: May 11, 2008, 08:12:47 pm »
What are the pitfalls of owning a variety store?

I've been looking to buy a house. Anyway I found this really nice house with a variety store attached. The variety store is in a nice, clean and safe area. I would clear about 5-7 a month before taxes. less if I had 1 extra staff and I'd be my own boss. Plus if I did get sick of owning the variety store I could sell the bizz and rent the store and live in the nice house.  ;)

So I'm wondering what are the pitfalls apart from the hours. :)
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Offline jcon

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Re: What are the pitfalls of owning a variety store?
« Reply #1 on: May 11, 2008, 08:15:03 pm »
Long hours, no vacations. Unless you have staff, but if you have staff, much less profit.



Are you seriously considering this business? Have you looked at the books?
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Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #2 on: May 11, 2008, 08:17:31 pm »
yes. :)
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Offline jcon

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Re: What are the pitfalls of owning a variety store?
« Reply #3 on: May 11, 2008, 08:26:42 pm »
What are the hours of this variety store? Is this a local convenience store or what will you be selling?

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Offline dr_spock

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Re: What are the pitfalls of owning a variety store?
« Reply #4 on: May 11, 2008, 08:37:48 pm »
Perhaps shoplifters and armed robbers. 
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Offline tpl

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Re: What are the pitfalls of owning a variety store?
« Reply #5 on: May 11, 2008, 09:18:21 pm »
Too much work for too little pay
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Offline mmret

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Re: What are the pitfalls of owning a variety store?
« Reply #6 on: May 11, 2008, 09:27:24 pm »
Think about the hours....
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #7 on: May 11, 2008, 09:54:39 pm »
I would consider lease the store out, and use the monthly rent towards paying off the property.

Convenience store hours are too much for one person to consider. Besides the store hours, there is also a considerable amount of time for inventory control, ordering, stock shelves, cleaning, ... one man show means you can even afford to get sick.

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Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #8 on: May 11, 2008, 10:14:50 pm »
Quote from: jcon on May 11, 2008, 08:26:42 pm
What are the hours of this variety store? Is this a local convenience store or what will you be selling?



7am - 11pm. 7 days. Everthing but the kitchen sink. So a wide range of products. :-\

Quote from: initial_D on May 11, 2008, 09:54:39 pm
I would consider lease the store out, and use the monthly rent towards paying off the property.

Convenience store hours are too much for one person to consider. Besides the store hours, there is also a considerable amount of time for inventory control, ordering, stock shelves, cleaning, ... one man show means you can even afford to get sick.



I'll be running the store with 2 others as well.  :)
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Offline ArticSteve

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Re: What are the pitfalls of owning a variety store?
« Reply #9 on: May 11, 2008, 10:19:21 pm »
On top of what others have said shoplifting is going to be a challenge if you find being a security guard/cop distressing.
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Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #10 on: May 11, 2008, 10:25:53 pm »
Quote from: articsteve on May 11, 2008, 10:19:21 pm
On top of what others have said shoplifting is going to be a challenge if you find being a security guard/cop distressing.

I have no issue with that. Also a big sign and security cameras might help a bit.  :-\
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #11 on: May 11, 2008, 11:15:18 pm »
$5~7K net profit after all expenses, (incl. 2 employees), is a profitable small business.

Running retail outlets after a while seem to change the view of other people.  :-\ :P
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Offline Arthur Dent

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Re: What are the pitfalls of owning a variety store?
« Reply #12 on: May 11, 2008, 11:18:17 pm »
Hard to get a vacation ...
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Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #13 on: May 11, 2008, 11:24:00 pm »
Quote from: initial_D on May 11, 2008, 11:15:18 pm
$5~7K net profit after all expenses, (incl. 2 employees), is a profitable small business.

Running retail outlets after a while seem to change the view of other people.  :-\ :P

I don't what you mean. :-\


Quote from: Arthur Dent on May 11, 2008, 11:18:17 pm
Hard to get a vacation ...

Whats that. To be honest i have never been on vacation. ???
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Offline Arthur Dent

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Re: What are the pitfalls of owning a variety store?
« Reply #14 on: May 11, 2008, 11:49:08 pm »
never take a day off? Even to just sit around the house?
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #15 on: May 12, 2008, 01:48:45 am »
I wouldn't say that. Have to learn how to get away, both physically and mentally.
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Offline safristi

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Re: What are the pitfalls of owning a variety store?
« Reply #16 on: May 12, 2008, 10:02:58 am »
..I'd be eating my own chips & Chockies while watching my own Videos.......and now ya can't even fiddle the LOTTERY TICKETS..... :P
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Offline mrthompson

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Re: What are the pitfalls of owning a variety store?
« Reply #17 on: May 12, 2008, 10:08:51 am »
Ask this man:



 ;D
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Gwendly

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Re: What are the pitfalls of owning a variety store?
« Reply #18 on: May 12, 2008, 01:56:10 pm »
Quote from: tpl on May 11, 2008, 09:18:21 pm
Too much work for too little pay

qft. My parents owned a small grocery store for ~17 or so years and I don't think my parents worked less than 100 hrs a week except for one week a year (that would be the annual vacation). For the amount of money they cleared they would have been better off to work for a random store at minimum wage and make more. My father now for instance works 40 hrs a week and makes about 10% more, has 4 weeks vacation and a better lifestyle in general
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #19 on: May 12, 2008, 05:24:17 pm »
Give it a miss? UK English?

So on the books, was $5~7K net profit before or after payroll?
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