How to Raise a Truck Stop to New Heights of Success
- Posted by admin on September 23rd, 2009 filed in Business and Management
You have a thirst for information when you are in the process of buying a gas station or a convenience store and have plenty of questions to ask. You want to be sure that when you take ownership, the business is turning a profit from day one. Don’t just settle for that scenario however – here are six strategies to turn your new purchase into a money machine, fast.
Tip one: be aggressive out of the gate and apply pressure point marketing. When a business transitions to new management, it’s an excellent time to acquire new customers and to ensure that your station and store become the absolute favorite location for a variety of new people. Think of some new ideas – for example, some large signs announcing a price reduction for a limited time, or a free cup of coffee served at the pumps during the first week. Show off your brand with uniformed and motivated employees giving out rebates or other interesting incentives to each paying customer. Put the previous owner to shame after just one week of aggressive selling.
Tip two: go out and look for new clients by copromoting with other merchants in your area. Drive around and check out the local businesses to see where people are currently shopping. For instance, consider making a deal with the local supermarket manager to distribute their coupons at your place of business - but of course, only if they’ll reciprocate. Car washers and tire vendors are absolutely excellent places to co-promote. Have fun, and be really creative!
Tip three: start talking with your vendors. Now is the time as a new owner to negotiate aggressively as you have the advantage. Every item in your store - from a piece of candy to fuel, should be renegotiated with much better terms in mind. Open up the playing arena by inviting all sorts of other vendors to tender. This will focus the attention of the previous vendors and price breaks will follow. Don’t forget, always ensure that you establish specific return privileges. In that way you can sell additional products in your store, safe in the knowledge that if they do not sell you simply return them and don’t lose a cent.
Tip four: get your family involved. If they will volunteer for you during the first critical months of operation you may be able to control payroll costs a little better. Furthermore, trained family members would be available to step in during times of vacation or sickness, etc.
Tip five: look at the records and identify under performing products. You may find that certain items outsell others by 2 to 1. Swap out slow selling items with new products and displays during your first few months to test the market. Whilst some items may be slow sellers, remember that you should not gamble too much with your products and displays as you are trying to promote a “convenience” store and people do look for all kinds of odds and ends. Whilst some items simply do not sell enough they need to be there from an overall perspective. Always test to see what sells well.
Tip six: implement proven strategies to help boost sales. For example, set a coupon display by the pumps or put hot selling products in easily accessible places, such as right inside the door. Think of what is popular on a seasonal basis – like cooling drinks, which should be placed right inside the front door. Create strategies for some of your top selling products and reap dividends in your balance sheet.
So, whether you’re looking for a gas station, a convenience Store, or a truck stop for sale, if you carefully follow these strategies then you’ll significantly improve your overall chance of establishing a successful business.
Richard Parker is the President and founder of the prestigious Diomo Corporation - The Business Buyer Resource Center. His celebrated materials, seminars and consulting have encouraged thousands of aspiring business buyers from around the World to pursue their dream of buying a business.
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