A cozy Store that designed for your needs
1. Executive Summary
Buster’s is a convenience store specialized in servicing daily needs of occupants of the office building where it is located. It offers variety of products to satisfy customers’ daily needs including snacks, pre-wrapped sandwiches, bottle/canned beverages, stationery, greeting cards, newspapers, paperback books and small gift items.
The first Buster’s Store was set up in 2007, a 1,000 square feet store located in the lobby of Empire Centre in Kennedy commercial district. This store is solely owned and managed by Lydia Chan. With fully focused and correct business strategy, Buster’s been able to get break-even in the eleventh month, and reaches to an annual revenue to US$300,000 last year. It has successfully built up an image of a convenience store that is friendly and customized to the occupants of the Empire Centre and the neighborhood buildings.
With the proven success of the first Buster’s Store, Lydia is fully confident to expand the business by opening a second store with identical business strategy. The key to success is to find another perfect location. The golden opportunity is now appearing, there is a new office building, Sky Tower, will be opened by end of this year. Sky Tower is just two blocks away from Empire Centre. Besides the advantage of easy management derived from the close by location of the two stores, to make this location perfect for Buster’s is that Sky Tower is an A grade eighty-storey office building which create huge number of potential customers for Buster’s.
The Mission of Buster’s is to provide friendly service and good quality of products to occupants of the buildings. Good mix of variety product items are perfectly meet customers’ needs in their daily work lives.
1. To make Buster’s the preferred convenience store for the occupants of the building where it is situated and the neighborhood. 2. To break-even by the end of the first year.
3. To achieve a net profit of 5% by year three.
3. Keys to Success
1. Establish an image that Buster’s is “their” convenience store for the customers. 2. To turn over inventory an average of 15 – 20 times per year. 3. To provide friendly service and premium quality products.
2. Company Summary
The first Buster’s store is owned and operated by the founder, Lydia Chan, in Sole Proprietorship. The concept of this new venture is a convenience store that specially services occupants of the office building where it is situated. The first store was set up in 2007 located in Empire Centre in Jordan district. It is a 1,000 square feet store in the lobby with 2 full time employees. In 2009, annual revenue of this store is US$300,000.
With the earned capital and experiences from the first store, Lydia believes it is the mature time to expand her business by establishing a second store. In order to strengthen the financial and professional background, the second store will be in partnership set up.
The new Buster’s store is privately owned corporation in partnership basis.
Lydia Chan owns 75% of the second store. She will work full-time in the store in the first year to ensure smooth day to day operation. In the second year and onwards she will be half day in the first store and half day in the second one.
Carmen Chan owns 25% of the second store. Carmen is the elder sister of Lydia, she is a chartered accountant in Hong Kong Bank. She will provide financial advice and assistant for Buster’s.
Base on the experience of the first store, we anticipate two employees are sufficient for the daily operational need. There are two full-time shop assistants in the first Buster’s store, Christine and Mina.
Christine, high school graduated, joined Buster’s since it was launched in 2007. Her experiences in...