Opening a dollar store is a process.Â There are different steps you need to take before you open your doors.Â It is in your best interest to take your time and do everything right in the beginning.Â Here are some of the basicsteps.
#1) The first thing you need to concern yourself with is getting all of your funding in place.Â The specific amount of money you need will depend on many different factors.Â These include how much dollar store merchandise you intend to purchase to stock the store, how much your rent will be, and employee costs.Â There are many more as well.
#2) It is also important for you to have a reserve fund setup in case something unexpected happens.Â The costs of your dollar store merchandise may climb higher over time or you may have to pay more in freight costs to actually have the dollar merchandise delivered to your location.Do not go about opening a dollar store until you have adequate funding, including actual cash requirements as well as reserve funding, in place.
#3) One of the most important things to do before you start a dollar store is to find a fitting location.Â Location is everything when it comes to business; especially retailing.Â There should be complementary businesses nearby so you can take advantage of their already established stream of customers.Â Having a residential area nearby will also provide you with potential customers.
#4) Once you have found a location, then you will need to start planning the sales floor layout of your store.Â Your customers need to navigate around the store with little trouble.Â Make sure you setup departments to add organization and a natural customer flow to your store.
#5) You will definitely need to get your hands on fixtures, cash registers, office equipment, and other tools and equipment which will be needed for your dollar store business.Â You should try to locate gently used equipment and fixtures whenever possible since this can help cut down on your startup costs dramatically.
#6) Needless to say, you will need to buy dollar store merchandise to sell in your store.Â This means finding suitable wholesale suppliers.Â Research different suppliers and choose the best of the bunch.Â These are the ones who offer not only great prices on dollar store merchandise, but quick delivery as well.Â Keep a note of other suppliers in case you need a backup at some time in the future.Â Try to find a few closeout and liquidation suppliers too so you can save even more money when buying merchandise.
These are some of the most important steps to take when opening a dollar store.Â Do not rush things in an effort to open your doors more quickly.Â You will have a better chance of doing well with your business if you take your time and make sure each step is properly performed.