Want the best ideas to earn from your dollar store business? Check out "Tactics to Add Streams of Income to Your Dollar Store Business" at www.OpeningADollarStore.com.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
Those who own a dollar store know how it is when suddenly you have an unexpected big run on dollar store merchandise or possibly only 50% of a planned shipment comes in because of a mix up with your dollar store supplier. All of a sudden your once fully stocked store looks like it is on its last leg. There are gaping holes with little or no merchandise along almost every aisle. Many end caps are only partially filled. The result of this hits you on two fronts. First, dollar store sales will decrease. This is due to a lack of merchandise for your customers to buy. Second, and actually worse, shoppers begin to question whether you have decided to cease operations.
If you own a dollar store don’t ever allow the dollar store merchandise in your store to run so low that these types of issues arise. Maintain solid relationships with your primary dollar store suppliers. Have plans in place should there be an order mix-up. One of the best solutions is to know the dollar store suppliers located close to your store. While they may not carry all the in-demand items for your store they will offer a good variety of items to get the shelves partially refilled.
But don’t stop there. Take advantage of super low prices on dollar store merchandise whenever there is an opportunity. If you own a dollar store that means you must be in contact with all your normal dollar store suppliers on a routine basis. Ask about special pricing on closeouts, package changes, and broken cases as well as any other low priced merchandise they might have available.
There’s still more work. Always be on the lookout for dollar store merchandise from unique sources. It might be buying all the merchandise from a store that is closing. Possibly it is pallets or totes of deeply discounted liquidation or closeout merchandise. In all cases be sure you don’t over-pay for this merchandise. Extra labor will be required to inspect, sort and display the items. The discounts must be significant, or walk away.
Deeply discounted merchandise should go directly to the floor just like all other newly arrived merchandise. However this is a buying opportunity where you should consider adding an extra pallet or two as backup inventory. Then whenever the need arrives you can fill the end caps and aisle displays with this merchandise. Once everything is on the floor contact your dollar store suppliers and start the search for new, extremely low cost merchandise all over again.
To your success when you own a dollar store!
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