Those who Open a Dollar Store must be Nimble and Quick
It’s no secret that the overall condition of the economy today is pretty poor. We see it on television. We hear about it on radio. We read about it in newspapers and magazines. Yet while the media focuses on the stories of layoffs and store closings, there are many businesses doing extremely well. Many of the successful businesses are smaller stores where owners and manager have recognized the changing marketplace. They’ve then made the right business changes to weather the storm. For those who open a dollar store there are opportunities. Success will require listening to your customers, adjusting the dollar store merchandise carried and intelligently cutting dollar store costs whenever possible.
The customer comes first. If you are about to open a dollar store, start listening to your customers from day one of operation. If you are already open and in-business, then now is the time to make big changes. Shoppers are guarding their money. You must provide exactly the dollar store merchandise they want if you hope to succeed. Make sure customers receive outstanding customer service throughout their shopping experience. You and your employees need to speak with shoppers every day to better understand what they do and do not want. Take surveys. Do everything possible to gain the information you need to make your store the exact picture of what your customers want. Change your store accordingly.
Dollar store merchandise must change to accommodate the marketplace. If you are going to open a dollar store add the items shoppers seek. Sell off items they no longer wish to buy in today’s economic times. Expect sales of consumable products to increase. Know shoppers will be bargain hunting and provide great buying opportunities.
Intelligent management of dollar store costs is the new watch-word for success. This isn’t the time to blindly cut dollar store costs. It is a time to intelligently cut costs. Examine all costs and look for ways to trim the fat. Look at the benefits of the specific costs you are examining. If the benefits exceed the cost, then don’t cut the cost so deeply that you lose the important benefits you are receiving from that cost item. A better approach is to examine ways to gain even more benefit for the investment being made.
If you are about to open a dollar store in today’s marketplace, remember to get as close to you customers as possible. In fact customer service needs to become the very cornerstone of your business. Examine your dollar store costs to see if there isn’t an opportunity to make intelligent cuts. Finally examine your dollar store merchandise. Reduce slow selling items. Eliminate items that just plain aren’t selling. Add merchandise that is in-demand by your shoppers. You’ll be glad you did.
To your dollar store success!
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.