The challenge which is faced by most of the people who want to start a dollar store is reducing all of the costs associated with first starting and opening their new store, and then operating and growing their business. In fact, since this problem occurs even before the business is started it takes careful planning and cost-control right from the preplanning stages. This problem is evident when a person wants to start the business in that the costs of setting up the store can be very high. From the store's fixtures to the startup dollar store merchandise you will buy to set the shop up the funds required often surprise new store owners.
That is just the cost of setting up the business! One thing that should be clear is every day is a challenge because you will need to continually look for methods of cost reduction in your dollar store business.
The first thing a person should figure out is which merchandise items sell very fast, which ones sell slow and which products do not sell at all. Once you have an idea on how well each product sells, you will know which products to always have on your shelves. The days where you had to let non-selling products stay on your shelves are long gone. Today there is no capital and room to keep such products on the shelves of your dollar store.
The second step that a business person should take is reducing or even eliminating the non-selling products from the shelves of your business. The dollar store merchandise that does not sell should be eliminated from your shelves without hesitation. These non-selling items add nothing, and they cost money to keep. The bottom line is you will suffer a loss by letting such products stay in the store.
After the non-selling products are off the shelves, you should now start working on getting rid of all the slow selling merchandise. You should create a strategy focused on selling off these slow selling products. A good way of doing this is by creating a good display for the products and if that does not work well, you can also reduce their prices further so as to attract more buyers.
It is advisable to not experiment with huge quantities of new products when first starting a dollar business. Always be careful about the amount of money you tie up in new, unknown items. Try small experimental orders on of one or two items at a time. Be sure they sell and contribute to your successful before buying more.