subject: Are you Ready to Start a Dollar Store? [print this page] Author: Bob B Hamilton Author: Bob B Hamilton
Many who are about to start a dollar store dont understand exactly what they are getting into. They dont realize the personal investment they must make in their business. They dont realize the investment of time, money, learning and effort required to achieve dollar store success. Dont allow yourself to make this same mistake. Make sure to thoroughly investigate before making your final decision about any new business. For example you will need to make a huge investment before dollar store profits will emerge. And while there are certainly many rewards associated with owning a dollar store make sure you are up to the task of becoming a business owner. In this article I present 4 of the most important considerations before opening a dollar store. #1) Put yourself into your business. This isnt the right time to become a backseat driver. In fact owning a dollar store requires you to insert yourself and your leadership right from the time you start a dollar store onward. Once your business is open, operating and earning reasonable dollar store profits you can begin to consider changes in your role and how to continue down the road to success should you want to take a more passive position. #2) Have the right amount of funding ready and available as needed. Invest the time to develop a business plan. Include a complete set of projected financials. These should include documentation regarding your investment for everything from dollar store merchandise to your business lease, as well as funding required to build your business to profitability. Be conservative in your projections. Include an emergency fund for unexpected expenses. #3) Learn exactly what dollar store merchandise your shoppers need. Carrying the dollar store merchandise your customers need and must have is one of the important keys to achieving dollar store profits. In fact, owning a dollar store that thrives means you must carry the right dollar store merchandise. The bottom line is that carrying the right merchandise places your business well on the way to success. #4) Expect your business success to require time and focused effort. When you start a dollar store you begin a journey. Your success is achieved one step at a time. For most owners there isnt a magic elixir that instantly results in dollar store profits. Success comes with sweat and at times tears. Yet for those who plan well and then execute to their plan, the long term rewards can well be success beyond your expectations. To your success when owning a dollar store!About the Author:
