How to write a business plan for a deli & how to open a deli or corner store or sandwich shop

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https://www.udemy.com/course/how-to-write-a-business-plan/?referralCode=D66A2AFD0CC9CFC4278F

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In this video tutorial I explain how to write a business plan and eventually open a corner store, deli or a local sandwich shop. I group these slightly different businesses together because often they have overlapping components of one another.

This is a fascinating business to plan because depending on a specific block the dynamics of this business can be very different. For example, if your deli or corner store is located in an affluent area, then you will be able to sell high end products and some groceries. Groceries, and organic foods have a higher profit margin than low end items do. Stores located in poor areas tend to sell less organic, natural or healthy products. Instead, they sell more alcohol and cigarettes. In United States, it is nearly impossible to make a good profit from selling low end alcohol and cigarettes. The cigarette price is mostly bloated from tax. And low end liquor or beer tends to also have a very low profit margin.

Another interesting nuance of starting a deli or a corner store is the calculation of the target market. Your target market will be people who live in an area within a certain radius. The trick is that the radius will be different in every direction.

If you have a competing deli, sandwich shop or a convenience store in any direction from your business, the radius of your target market is cut down by the radius of the competing convenience store. While your total potential will be the same, the competing store will cut down your market share in the areas within which you will compete. So you must open your deli or convenience store in an area where there are not many competing businesses that are similar to yours.