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

Core Insights - The article highlights the entrepreneurial journey of Jaymes Lee Kim Meng, who successfully opened seven convenience stores by the age of 30, emphasizing the challenges and strategies involved in running a 24/7 business [1][2]. Financial Strategy - Meng's initial motivation for opening convenience stores was to achieve financial security and diversify income sources, benefiting from favorable franchise terms with 7-Eleven, which allowed him to start with only $20,000 instead of the typical $40,000 upfront fee [1][2]. - The financial model of franchising provided Meng with a pathway to scale his business, as he was able to secure favorable deals for his first two stores, although he had to pay the full price for his third store [2]. Lifestyle Choices - A frugal lifestyle played a crucial role in Meng's ability to scale quickly, as he minimized personal expenses by avoiding holidays, extravagant celebrations, and luxury purchases, focusing instead on basic living [3]. - By utilizing public transport instead of owning a car, Meng significantly reduced his costs, which contributed to long-term wealth accumulation and the ability to generate cash flow from multiple commercial locations [3]. Business Operations - Initially, Meng worked directly in his stores to ensure operations ran smoothly, especially during staff shortages, but as he expanded, he transitioned to a managerial role, hiring staff to operate the stores while he focused on business development [4].