A Young Entrepreneur Shares How He Opened Seven Convenience Stores Before Turning 30: 'It's A 24/7 Business. We Do Not Close.'

Convenience store franchisee Jaymes Lee Kim Meng started with $20,000 successful savings and opened 7 convenience stores earlier turning 30. Meng spoke with Singapore quality web CNA Insider astir his communicative and offered proposal for young entrepreneurs.

However, helium was upfront astir the challenges of moving a palmy convenience store chain. "It's a 24/7 business," helium told CNA Insider. "We bash not close."

Meng's information to unfastened convenience stores was to boost his finances and not trust connected a azygous income source. Working with 7-Eleven made that easier since it has favorable discounts for young entrepreneurs who are getting started. Normally, franchisees person to wage $40,000 upfront positive $30,000 implicit a five-year term, but Meng lone had to wage $20,000 to unfastened that archetypal store.

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"I wanted to commencement thing connected my ain and person occupation security," helium told CNA Insider.

Meng besides got a favorable woody for his 2nd 7-Eleven, but helium had to wage the afloat terms for his 3rd store. He opened 3 stores successful his archetypal twelvemonth and has 4 further locations.

The costs ramped up the infinitesimal Meng opened his 3rd store, and each 7-Eleven determination has ongoing costs. Meng watched his wealth cautiously and lived good beneath his means to standard quicker.

“I did not spell connected holidays," helium told CNA Insider. "I did not clasp expansive day parties. I did not bargain costly gifts for my partner. I wasn’t joined then. I truly conscionable survived bare minimally. It was conscionable 3 meals a day, going home, and nationalist transport.”

Taking the autobus alternatively of driving a car importantly trimmed Meng's expenses. These short-term sacrifices acceptable the signifier for semipermanent wealthiness accumulation. He present has respective commercialized locations that make currency flow, positive the skills to unfastened further 7-Eleven locations if helium desires.

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When Meng launched his archetypal stores, helium actively worked successful them. If an worker was sick, helium had to amusement up since 7-Eleven stores indispensable beryllium unfastened 24/7. However, arsenic helium opened much locations, helium hired much unit and worked connected the concern alternatively of successful the business.