By rbhamil on Jul 31, 2009 in Sales/Profits | 0 Comments
One of the easiest ways to build dollar store sale levels is to make the right moves to motivate these shoppers to take action and actually make purchases while in the store. In this article I present 3 tips to help you accomplish just that goal.
By rbhamil on Jul 31, 2009 in Choosing Locations | 0 Comments
With so much of your business success placed on the location, a mistake cannot be made. There must be some criteria for making your choice. To help get you get started developing your own criteria, I present 7 keys to selecting the right location when opening a dollar store.
By rbhamil on Jul 31, 2009 in Sales/Profits | 0 Comments
Those who own a dollar store know how difficult it can be to continually build dollar store sale levels. Yet significantly growing store sales from year to year is one of the keys to achieving true business success. In this article I provide 4 powerful tactics to increase the average sale size in your dollar store.
By rbhamil on Jul 30, 2009 in Management | 0 Comments
If you are about to open a dollar store one of the biggest decisions you will be faced with is the right size of store to open. After all, no matter what the size, your dollar store profits sit in the balance.
By rbhamil on Jul 30, 2009 in Management | 0 Comments
It is amazing how many people decide on opening a dollar store, yet they really don’t even have a guess how much they might be able to make in dollar store profits. Worse yet, they don’t know what it takes in sales and what cost controls will be required to even achieve breakeven for their store. Don’t join that group.
By rbhamil on Jul 30, 2009 in Management | 0 Comments
Starting a new business costs so much money. It seems like everywhere you look there is someone else standing there with their hands extended awaiting your payment for still one more unexpected item. There comes a point where some new store owners just decide to stop. They ignore what is being offered and decide they will worry about those items later. Don’t allow yourself to fall into that trap. There is a better way to go through the start-up and grand opening process for your store. It is to investigate, understand and then make solid business decisions about what you will and will not have at the time your store opens.
If you are opening a dollar store be sure to develop a comprehensive list of everything you need to purchase prior to opening your store. This start-up list can become the checklist you use to investigate, make decisions and actually take action to purchase the must-have items for your store. One of the items to add to your list for investigation is a point of sale system, also called a POS system.
What is a point of sale system? A POS is used to record sales transactions in your store. But why go to the trouble and expense of adding this system? Why not stick with the good old cash register? The answer is simple; a good, well designed system can do so much more for you and your business.
• It can improve the speed and efficiency of your employees.
• It can provide inventory control.
• Some systems can automatically generated dollar store merchandise orders?
• Employee errors can be significantly reduced.
The bottom line is a good POS system can create a level of control over your business you never imagined possible. You can know what is and is not selling. You can soon know the right levels of safety stock to maintain for all products you routinely carry.
Imagine opening a dollar store for the first time and having all the inventory data entered and available to you because you have a POS. You probably took your best guess at what to order initially. Imagine the power of being able to examine what’s actually selling and knowing exactly when a reorder is required without being required to spend hours walking the sales floor and counting items and then having to look up where they came from.
Be sure the point of sale system you purchase is designed for retailing. Even better, look for system that has been customized for the unique needs of the dollar store industry.
To your success opening a dollar store!
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By rbhamil on Jul 29, 2009 in Promotions | 0 Comments
If you are about to open a dollar store, one of the critical tasks to add to your start-up checklist is developing and then executing a grand opening event for your store. While most new owners are totally focused on achieving dollar store sale levels in excess of their goal from their grand opening, this is a time to build momentum for the future as well. It is easy to accomplish both goals when you plan and execute an event that exceeds prospective shopper expectations. Make sure your event is not a typical run of the mill opening. Make sure your event is fun for all who attend. Make sure you take the right steps to make your grand opening the kick-off for a store that excels into the future.
Tip #1) It doesn’t need to break the bank. When you open a dollar store be sure to solicit vendors to participate by providing merchandise for the event. Many will be happy to donate items at no charge. Some may ask for recognition, but most won’t even go that far. They are happy to help you start your new business with a bang. Use the items they donate as door prizes and giveaways to those who attend.
Tip #2) Prep-plan your advertising and promotion. If you are doing advertising – try to coordinate all the media. For example, if you are doing newspaper advertising as well as radio, be sure the messages are close enough for listeners and readers to tie them together and know the ads are about one business. Don’t underestimate the impact that a small grand opening ad in the local newspaper can have on attendance. The extra traffic you generate from your advertising will help to build excitement and dollar store sale levels during the event. Getting your name in front of as many potential customers as possible will also help build traffic for future sales. Consider doing some almost free advertising by asking other local businesses to pass out flyers with grand opening information.
Tip #3) If you are planning radio advertising, negotiate for a remote broadcast. The excitement of a radio station setting up and broadcasting in front of your store will draw even more attendees. Often the radio station will provide a well-known personality to announce during the event as well. Many people will attend just for the opportunity to see the personality in-person and possibly obtain an autograph. Of course while there they will also come in and explore your store and make a few purchases. Of course this all adds to your dollar store sale levels during the grand opening event.
Tip #4) Offer something for almost everyone. Conduct a coloring contest for the kids. Even better; pass out coloring contest flyers to attendees and hold the actual event following the grand opening. Wait one or two weeks for kids to return their entries. That simple action will bring children and their parents back for a second visit to your store. Offer free gifts to the first few attendees who come. For example, you might give away a shiny $1 coin to the first fifty people through the front door. Hold drawings periodically throughout the day for valuable prizes. Mix up the activities, but make it exciting from opening to closing.
Tip #5) When open a dollar store grand opening event one sure bet is food, snacks and beverages will be popular. Offer snacks such as fresh popcorn to everyone. Add food and drinks for (For example – Hot Dogs and a soft drink for $1.00.) for nominal fees to increase the traffic. While $1 for a hot dog and beverage will hardly increase your dollar store sale levels during the event, it will help offset your costs, and your attendance will be higher when food options are available.
To your dollar store success!
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By rbhamil on Jul 29, 2009 in Sales/Profits | 1 Comment
If you select the right business opportunity and then take the right steps during the start-up, the odds of success are greatly improved. In fact you position your business on a much stronger path. While no-one can guarantee you success or even dollar store profits for that matter, taking the right steps sure helps. Read on as I present 6 keys to opening a dollar store done right.
By rbhamil on Jul 29, 2009 in Dollar Store Experts | 0 Comments
Many turn to a dollar store expert as a means of reducing the risk of making mistakes or missing critical tasks. Yet all experts are not equal in what they provide for the fees they charge. It is important that you carefully weigh the qualifications, the deliverables being offered and the costs before making your final decision. In this article I provide 4 tips to help you with the decision making process.
By rbhamil on Jul 28, 2009 in Suppliers | 0 Comments
In this article I present 6 expectations of closeout suppliers when you own a dollar store. Be sure you don’t ever settle for less than these expectations in your dealings!
