subject: 4 Characteristics for Success with Dollar Stores [print this page] 4 Characteristics for Success with Dollar Stores
Success with dollar stores is not as easy as it might appear. With cost pressures mounting, and more competition entering the arena, it takes someone who is up to the challenge. In this article I provide 4 of the characteristics of those who are able to face this new world of dollar/discount stores.
1. You Must Be Willing to Learn The Dollar/Discount Business
You must learn everything possible about the operation of your new business, the industry, and where to access everything you need for your business venture. If you are not willing to learn all of this upfront and then grow your knowledge on an ongoing basis, rethink whether this is the right opportunity for you. You can of course hire an expert to handle your business, but be prepared to pay for this service.
2. You Must Correctly Compute and then Possess Adequate Funding
You must first know exactly how much funding is required to plan and prepare, then open your new store, and finally grow your business venture. Do not forget to add in reserve funding to cover those unexpected emergencies as well. Once you know the funding requirements you need to have that amount in-hand before actually starting the planning and preparation process.
3. You Must be a Marketer
This is a critical piece of the formula for success. You must be creative, willing to get out there and network, and capable of designing and then actually undertaking marketing programs to build sales ever-higher. This will be one of the most important responsibilities you face as a dollar store owner. If this is not something you wish to handle, then set aside proper funding and hire an expert to handle this critical set of tasks.
4. You must be a Cost Cutter
With prices for almost everything associated with your dollar store business creeping ever higher, you must be a strong cost cutter. Just the tasks associated with continually reducing wholesale merchandise costs will take many hour of your time each week. However in an environment of rapid price increases, this work is absolutely mission critical for your business.
Success with dollar stores is not a walk in the park. It requires careful planning, adequate funding and a hands-on management mentality. You can hire someone to handle each and every one of these. However, be sure to properly budget for the added costs. Always remember; thinking like every other dollar store owner, whether it is a single store owner/operator, or a well-established major dollar/discount chain, will make success with dollar stores even more difficult for many. Be fully informed before making the move forward into the dollar store business world. Make a sound decision and if you decide to move forward, learn everything you can about all aspects of the dollar store business world before taking that first step.
