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 in savings and opened seven convenience stores before turning 30. Meng spoke with Singapore news network CNA Insider about his story and offered advice for young entrepreneurs.

However, he was upfront about the challenges of running a successful convenience store chain. "It's a 24/7 business," he told CNA Insider. "We do not close."

Franchising Gave Meng Financial Security

Meng's motivation to open convenience stores was to boost his finances and not rely on a single income source. Working with 7-Eleven made that easier since it has favorable discounts for young entrepreneurs who are getting started. Normally, franchisees have to pay $40,000 upfront plus $30,000 over a five-year term, but Meng only had to pay $20,000 to open that first store.

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"I wanted to start something on my own and have job security," he told CNA Insider.

Meng also got a favorable deal for his second 7-Eleven, but he had to pay the full price for his third store. He opened three stores in his first year and has four additional locations.

A Frugal Lifestyle Helped Meng Scale Quickly

The costs ramped up the moment Meng opened his third store, and each 7-Eleven location has ongoing costs. Meng watched his money carefully and lived well below his means to scale quicker.

“I did not go on holidays," he told CNA Insider. "I did not hold grand birthday parties. I did not buy expensive gifts for my partner. I wasn’t married then. I really just survived bare minimally. It was just three meals a day, going home, and public transport.”

Taking the bus instead of driving a car significantly trimmed Meng's expenses. These short-term sacrifices set the stage for long-term wealth accumulation. He now has several commercial locations that generate cash flow, plus the skills to open additional 7-Eleven locations if he desires.

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From Working In The Business To Working On The Business

When Meng launched his first stores, he actively worked in them. If an employee was sick, he had to show up since 7-Eleven stores must be open 24/7. However, as he opened more locations, he hired more staff and worked on the business instead of in the business.

Working on the business refers to big-picture thinking, while working in the business involves the little details that a founder should hand to employees, if possible. This concept originally came up in Michael Gerber's book "The E-Myth," and Meng took that concept to heart.

“Previously, when it was one store, two stores, I would see myself as managing the store itself," he said. "I was in the store. I was doing orders myself. I was manning the counter myself. Now I do more of a backend role where I manage the business, people, and HQ.”

Meng also offered some advice to ambitious individuals who want to follow in his footsteps.

"The commitment really has to be there," he told CNA Insider. "It’s about a mindset thing, where you have to see it as your own business, and when you’re committed enough, you’re determined enough, you can do anything.”

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This article A Young Entrepreneur Shares How He Opened Seven Convenience Stores Before Turning 30: 'It's A 24/7 Business. We Do Not Close.' originally appeared on Benzinga.com

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