Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
Any way you cut it the dollar store merchandise carried in your store will determine the eventual dollar store sale levels and the dollar store profits for your business. When starting a dollar store there is no way to overstate just how important solid merchandise buying practices are to your success. With such high dollar store sale volumes and the tight margins tied to those sales, everything possible must be done to curb costs. Yet at the same time it is important to continually grow your dollar store sales. The bottom line is the very success of your business depends on the products you carry and the job you do at reducing the costs associated with those products.
1) Carry the right merchandise for your shoppers. Most dollar stores will need to carry a core set of consumables that everyone must purchase on a routine basis. Things like household cleaners, paper products, as well as health and beauty items fall into this category. Your shoppers will have other needs they must fill as well. Be sure you understand those needs and then be sure you carry exactly the products required to fill them.
2) Don’t become just another dollar store. When starting a dollar store it is important to stand above the crowd. That means the dollar store merchandise you carry must be of high quality. You must mix in a few brand name products. You must also periodically bring in items shoppers just don’t see in the typical dollar store.
3) Locate reputable dollar store suppliers. If you are starting a dollar store start locating and building relationships with suppliers even before your store opens. Attend trade shows, conduct online searches, purchase supplier directories, and speak with industry insiders. Obtain as many prospective dollar store suppliers as possible. Contact every dollar supplier on your list. Screen them. Check their references. Then determine the right suppliers to meet your needs.
4) Long term success depends first and foremost on your dollar store merchandise buying. With the huge volume of dollar store sales you will make, it is critical to do everything possible to continually shave excess money from the prices you pay. Continually look for cost savings. Take advantage of merchandise closeouts, sale items, and liquidations on the best selling items you carry. When starting a dollar store you will soon discover saving even one-penny on high volume core items can mean more dollar store profits for your business.
To your dollar store success!
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