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!

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5 Important Tips for Those who Open a Dollar Store

In today’s tough economic times it seems like we are hearing stories of doom and gloom on a daily basis.  Companies are losing money, laying off employees, and outright closing their doors.  It’s no wonder many hesitate to even consider starting a new business venture.  Yet for the entrepreneurial few there are some great business opportunities waiting.  One of those is to open a dollar store.  While this business isn’t for everyone, those with the right skills and resources might just find this business to be right up their alley.  Read on as I present 5 of the important traits for those who enter the dollarstore business world to possess.

Tip #1) It takes a good business person to successfully open a dollar store.  While this doesn’t mean you need years and years of prior business experience, it does mean you must know the right steps and follow those steps.  It means you need to study the industry to gain a clear understanding of what the right steps are.  It means you will develop and use a business plan.  Above all it means you are a leader.

Tip #2) You must have adequate financing.  There was a time when you could start a dollar store on a shoestring and with a little luck and a lot of hard work you could achieve success.  Those days are gone; today’s environment isn’t about luck.  It is important to project your dollarstore start-up costs as well as the costs to keep the store operating during the growth period until consistent profits are being made.  It is important to have the cash reserves to cover those projected costs.

Tip #3) Check your demographics carefully before starting your dollar store.  While shoppers are looking for a great bargain every time they enter your store, in many locations they are no longer demanding a dollar-only format.  In many cases shoppers are open to over-a-dollar pricing as long as their core needs are being met, and as long as they see the prices you set as being a bargain.

Tip #4) Dollarstore owners and managers must be good problem solvers.  They must also be solid in their follow through.  If you begin a dollar store you have a high volume business in a very dynamic marketplace.  You must recognize the problems and challenges faced by your business.  You must find the right solutions and then follow through to implement those solutions.

Tip #5) Those who open a dollar store must be ‘take action’ people.    There’s no time to hesitate when things need to be done.  Even the most basic of tasks such as receiving freight and then placing it on display must be done immediately.  After all your dollarstore profit is driven by having the right products available for shoppers to purchase whenever they wish.

To your dollar store business success!

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