Small Business Interview

SunnyCONVIENENCE[pic 1]

Name of the Business

On 14/01/2016, an interview was conducted on the small business “Sunny Convenience.”

The reason for naming their business:

• An already common name for small shops like theirs
• The community should most likely recognize it
• Simple and clean

Their Target Market

Their target market is the neighborhood that surrounds it, but focuses on customers who need to purchase small items outside of normal working hours, and quick shoppers looking for small snacks or cigarettes.

• The average time spent in a convenience store is a little under five minutes for quick shoppers
• Customers are shopping during travel to or from work or while running errands  
• According to their history about 30% of sales are confections, 40% of sales are chips and drinks and 30% of sales come from Tobacco and Lottery products.
• Many regular customer’s day to day, a part of their routine whether it’s a snack, a pack of cigarettes or a lotto ticket.
• First name basis with the community                                                                                  

Start of the Business

Sunny Convenience began four years ago at their current location. They bought all required supplies and leased the space with their own money when they came from South Korea. Their son help set up relations with suppliers early on. The reason for starting the business was to ensure that they could stay in Canada with an acquired Visa.

• When: 2012
• Where: 581 Sheppard Ave

Form of Ownership

The form of ownership of Sunny Convenience is a sole proprietorship. She chose to go with this route due to its simplicity, ease of setup and low cost.

Advantages

• Owners can establish a sole proprietorship instantly, easily and inexpensively
• Owners may freely mix business or personal assets.
• Sole proprietors don’t need to pay unemployment tax on themselves.

Disadvantages

• Owners are subject to unlimited personal liability for their debts, losses and liabilities of the business.
• Owners can’t raise capital by selling an interest in the business
• Sole proprietorships rarely survive the death of incapacity of their owners and so do not retain value.

Recent Business

Business has slowed down over the years due to the neighboring plaza. Main revenue comes from regular tobacco and lotto sales weekly. Other sales revolve around confections, or other edible products / drinks.

They sell:

• Eggs and Dairy
• OTC Medication (Lip Balm, Lozenges, Cough Medicine)
• Dry and Canned Goods
• Drinks
• Sweets
• Snacks
• Tobacco Products
• Lotto Tickets
• Miscillanicious

International Business

International business is defined as commercial transactions that occur across country borders. Generally, convenience stores get their items from distributors. Most of the businesses items are bought from wholesale merchants in Ontario, but some of their specialized products are imported from South Korea and America.