One of the challenges faced by those seeking success with dollar stores is finding the right deals to keep shoppers excited and always buying more and more from your store. On the other hand it is important to also make a profit. And of course the lower the price you pay for dollar store items, the more potential you have for higher profits. You must be a bargain hunter to find those extra savings that will make you extra profit margins. In this article I reveal some of the best sources to help reduce your cost of goods for the merchandise you carry for resale.

* Buy sale deals

Success with dollar stores hinges on finding the best pricing on the items your shoppers must have. What better way to find these bargains than to take advantage of the periodic sale deals offered by major suppliers? Whether it is weekly deals, monthly deals, or closeout deals, look to your primary suppliers for their best pricing.

* Coop with others for quantity purchases

Other discount retailers in your area may be open to the idea of sharing orders of the products that are most in-demand. They will do this to shave cost from these products. Start meeting others and search out those who are serious and can come up with cash to invest for their products.

* Attend industry events to take advantage of exclusive event deals

One of the actions leading to success with dollar stores is to stay close to the industry. One of the best ways to do that is by attending industry events and shows. Often there are opportunities to learn more about existing operational methods as well as new methods. Quite often there will also be major suppliers from around the world in attendance. They offer event special pricing on many of the items they sell.

The list of options for finding great prices also includes buying existing business inventories, buying dollar store items at auction, and buy liquidations and closeout. It is really only limited by your imagination. The point is in almost every case you will save money on the dollar store items you purchase for resale in your store. Just think; if you save money on the items you purchase for resale in your store, that savings equates to added profits for your business. How’s that for moving one step closer to success with dollar stores? There is a caution however! It is to be sure all products you purchase are hot sellers that move quickly.

Be a Bargain Buyer to Sell to Dollar Store Bargain Buyers is a post from: Opening a Dollar Store

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Those starting a dollar store often worry about how they will locate just the right dollar store suppliers for their new venture. They realize that success on their business in many ways comes down to having the right suppliers on their side. These suppliers must have the right products. The products must be of acceptable quality and they must be readily available to meet the demands of store customers. These store suppliers must provide excellent customer service, and quick turnaround on questions, orders, and problems. Finally the price for merchandise must be right to allow for a reasonable profit.

But where are these acceptable suppliers that will help achieve success with dollar stores to be found? Read on for help getting started in your search. In this article I present proven places to start looking for the right dollar store suppliers to support your business.

#1) Dollar store trade shows

These types of trade shows are an excellent source of potential suppliers. You can meet the suppliers, view their products and gain an understanding of their operational processes. It is important to remember that all trade shows are not created equal. Make sure to investigate and plan to attend trade shows with suppliers close to your store location. Make sure to also examine the number of suppliers scheduled and make sure they can meet your product needs.

#2) Supplier catalogs and directories

There are number of catalogs and directories filled with potential suppliers. Some cost money. Others are free. Make sure to investigate each potential supplier carefully before turning over any money to them.

#3) Introductions from existing suppliers

Better suppliers realize their success depends on your success with dollar stores. As a result they will often be willing to help make introductions to non-competing suppliers. They know your store must be properly stocked with a wide range of items. If they don’t carry an item, why not help a good customer out with a recommendation?

#4) Introductions from industry merchandise sales representatives

Many dollar merchandise sales representatives represent multiple wholesale merchandise companies. They will be happy to introduce you to any/all of the companies they represent. It is just a matter of asking.

#5) Internet searches

Here is an inexpensive, fast and often very productive way to locate potential new suppliers. Complete 3-4 searches using different terms. You will be amazed at the pages and pages of prospective suppliers sitting before you. Screen carefully and you may just have your next supplier.

To your success with dollar stores!

Where to Meet New Dollar Store Suppliers is a post from: Opening a Dollar Store

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If you are getting ready to start a dollar store there is one product avenue beyond your typical wholesale dollar store merchandise suppliers to consider. When properly managed this avenue can open the door to brand names and products you never believed you would offer in your store. It is closeout and liquidation companies. This process does take patience, investigation and experience to yield the best results. It is not a market to dive in without learning the basics and making a few test purchases. Yet when done properly this is a real win/win for both you and your shoppers when you start a dollar store.

Purchase merchandise you would never be able to offer if you buy through regular wholesale dollar store merchandise channels. Just make sure you know the actual types of merchandise you are purchasing. For example, is it part of an insurance claim for a flood and thus all of the items were submerged in water for weeks? Or is it salvage from a major fire and thus shows major fire and smoke damage as well as water damage? Fortunately there are volumes of great merchandise that is in good as new shape. Here are two examples of the types of items you might consider.

1. Brand new overstock and shelf pull merchandise.

As the name implies these are new, never used items that either never made it to the sales floor or were on display and were ultimately pulled and are being sold. Make sure they have/are in original packaging. Make sure there are no recalls, or other problems with the merchandise.

2. Spend even less and purchase customer returns.

This isn’t your typical run of the mill dollar store merchandise. Shrewd buying can result in name brand products – often brands you would never be able to offer otherwise. Shrewd buying can also lead to products that originally wholesaled for many times your top retail pricing. It is the best of both worlds; name brand and outstanding products! However, with customer returns you must take the time to carefully sort and inspect to make sure everything is as good as original. Make sure to inform your shoppers as well.

When you start a dollar store it is important to shop for this type of merchandise with great care. Make sure you are dealing with a trustworthy merchant. Check into the items you are considering to make sure they are really saleable. It is also important that your new found merchandise appeal to your shoppers. No matter how great the deal and the pricing, if you can’t sell the items once they arrive at your store, you have wasted time and money. However when the products are right they provide a great compliment to your regular dollar store merchandise.

Using Closeout and Liquidation Suppliers when you Start a Dollar Store is a post from: Opening a Dollar Store

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The importance of locating reputable and reliable dollar store suppliers cannot be understated. This one step in the process to prepare for and start a dollar store influences almost everything about your dollar store business. Yet most who decide to open and operate a dollar store know nothing about where to find, or how to properly screen the very suppliers that contribute so greatly to their store’s ultimate success or failure. So exactly what does it really matter about suppliers? Isn’t success just a matter of getting some merchandise into the store and on-display? Read on as I present some of the key reasons your suppliers are vital to your long term success.

Reason #1) Dollar store merchandise is the number one ongoing cost of running your business. That’s right, cost-of-goods-sold must be controlled to achieve profitability. That means a reputable and reliable supplier that charges even one-cent less for items than competitors can create thousands of dollars in extra earnings for your dollar store business in the course of a single year.

Reason #2) One of the often overlooked options for increasing inventory turns is dealing with suppliers that quickly process your order and then get it shipped out to you right away. If you cannot depend on the quick arrival of your merchandise you are faced with running out of items and thus having lower sales. You are also facing the requirement of carrying higher inventory levels, which requires added investment of your cash and means you will have money tied up in larger quantities of merchandise much longer before it sells out.

Reason #3) Your sales will be driven in-part by the quality and perceived value of the merchandise you carry. Your suppliers are your direct link to higher quality, more appealing and functional items. If your supplier carries cheaply constructed items that fall apart, or items that come in unappealing, or even damaged packaging, your sales and especially repeat sales will suffer.

Take the time to attend industry trade shows. You can see the merchandise and meet the vendors in-person. You can also purchase directories of suppliers to help locate prospective companies. Internet searches will yield many potential merchandise suppliers. It is important that you don’t hesitate to move on when screening prospective suppliers if problems seem to be appearing or they don’t seem to fit well with your dollar store business. Make sure you screen for cost, quality, speed of delivery, and customer service. Don’t forget to check references before spending any money with prospective suppliers.

To your success when you start a dollar store!

Reliable Dollar Store Suppliers Can Make Or Break Your Dollar Store Business is a post from: Opening a Dollar Store

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If you are about to start a dollar store you are probably very concerned about where you will locate all the right products for your store. You are probably hearing about supplier directories to help get you started. Likely lots of store start up services have come to light; all with their plans to help with dollar store merchandise. Maybe you’ve located a book on starting a retail store. You are probably concerned if you don’t take advantage of one of these sources you will make some major buying mistakes. For those who do decide to move forward without help, one of the main supplier resources you should consider is general merchandise suppliers. In this article I present 4 reasons they are so critical to your success.

#1) Good general merchandise suppliers are your one stop source for a wide range of dollar store merchandise. When you start a dollar store these companies provide products across a wide range of categories. This is your chance to purchase the core products for almost every department in your store. Best of all, it’s all available to you in one place which saves time. You will also find freight costs can be reduced using general merchandise suppliers since a larger quantity is being shipped to your store from a single location.

#2) Most larger general merchandise suppliers provide seasonal and specialty items as well. While the selection of this dollar store merchandise might be limited it is one way to fill in when sales exceed expectations, or when your specialty companies fail to deliver. You can simply add these specialty items to your standard orders. For example adding two or three cases of seasonal gift bags takes little room, but can add hundreds of dollar in sales you would have otherwise lost should a specialty company fail to delivery your order.

#3) General suppliers are often a great resource for purchasing closeout or special priced merchandise. When you start a dollar store you will quickly discover many general suppliers offer weekly or monthly specials. Often these specials are on core everyday products that sell well. They also periodically decide to reduce inventory on items that haven’t sold as planned. In both cases these lower prices provide a chance to add to your profits.

#4) Established general suppliers can provide names of other companies when you need products they don’t carry. Once you’ve found one or two reliable general dollar store merchandise suppliers stick with them. You’ll find they are often more than willing to help you grow your business. After all that means more sales to them in the future. One example is their willingness to provide contact information about specialty companies when they don’t provide the items you need.

To your success when you start a dollar store!

4 Reasons General Suppliers are Critical to Dollar Store Success is a post from: Opening a Dollar Store

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One of the assumptions many who are opening a dollar store make is that it takes only four or five good suppliers to provide all of the dollar store merchandise required to open and grow a successful store. Little do these new entrepreneurs know how many merchandise suppliers are really required to support a thriving store. Contrary to what most general suppliers will tell you, you will likely never reach the full potential of your store if you don’t continually add and replace suppliers as new, more reliable suppliers that provide high quality merchandise at very competitive prices are located.

Tip #1) Hang on to your core suppliers once they have proven themselves to you. You need these companies to achieve the success you seek. Be sure to routinely order merchandise from them to keep them focused on your business. This will also serve to build and strengthen your relationship with your sales representative.

Tip #2) Many suppliers will treat you as if you owe them something. Don’t ever forget that you are the customer in the relationship. Not only do your suppliers need to have the right dollar store merchandise, but they also need to recognize the relationship with you. While some companies may be difficult to replace, there is always a company out there that really wants your business and will treat you properly. Keep looking until you find that company.

Tip #3) General merchandise dollar store suppliers are very important. These companies can be the one-stop provider for much of the day to day merchandise your customers really want. Be sure you identify and use two or three of these companies for the majority of your buying.

Tip #4) While general suppliers may carry a little of everything, it is often better to focus buying for key departments in companies specializing in those items. You can always use the general suppliers to fill in for gaps and to add some depth in areas of those departments.

Tip #5) Don’t ever stop looking for better suppliers. In fact after opening a dollar store make it your practice to invest an hour or so each week in searching for the next great suppliers for your business. This is also one of the most important reasons to attend one or two dollar store merchandise trade shows each year.

To your dollar store success!

How Many Suppliers does it Take When Opening a Dollar Store is a post from: Opening a Dollar Store

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6 Expectations of Closeout Suppliers When You Own a Dollar Store is a post from: Opening a Dollar Store

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If you are opening a dollar store you are probably very concerned about where you will find the right dollar store merchandise for your store.  You are probably concerned about where to find dollar store suppliers you can depend on.  You need a supplier that cares about you and your business success.  They need to provide quality products, but the price can’t be too high.  They need to do exactly what they commit to do every time.  That’s a tall order of expectations, and you don’t know even one supplier.  Then let’s get started.  In this article I present 5 dollar store merchandise supplier tips to help you get started screening down to the perfect suppliers for your business.

Tip #1) Don’t put all your eggs in one basket when it comes to dollar store suppliers.  When opening a dollar store it is important to deal with a primary set of suppliers, but to also have a set of back-up suppliers waiting in the wings should they be needed.  Circumstances change in the industry quite frequently.  You never know when you will need to begin using a pre-screened back-up supplier.

Tip #2) Never commit to any dollar store supplier without investigating first.  Make sure a supplier meets your expectations before ever beginning with them.  Who wants to deal with a company that is high-priced, ships only about half of the order, doesn’t ever answer your telephone calls, and then delivers poor quality merchandise after weeks of waiting?

Tip #3) Meet dollar store suppliers face-to-face whenever possible.  This won’t be practical in many situations.  Yet if you can speak with a representative and see the merchandise it is much easier to make your decision.  Trade shows, and trips to major distribution locations are a great way to make this happen.  Some companies also have representatives who can come to you.

Tip #4) When opening a dollar store it is best to start with a smaller, test order.  This allows you to verify the entire process with a prospective supplier without tying up too much money.

Tip #5) When you are about to start a dollar store it is important that you never be afraid to reject a dollar store merchandise supplier from consideration.  Don’t tolerate poor customer service, low quality merchandise or high prices.  Move on to the next supplier carrying similar merchandise.  While some companies don’t seem to care about you and your business, others genuinely want a partnership with you.

To your dollar store success!

5 Dollar Store Merchandise Suppliers Tips when Opening a Dollar Store is a post from: Opening a Dollar Store

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Those in the dollar store business know locating the best merchandise involves dealing with several vendors.  While some suppliers are focused on providing general merchandise, others are specialists on specific items.  Another group of suppliers who are gaining more attention are closeout and liquidation companies.  These suppliers have recognized the positive impact that dollar stores can have on their total annual sales.  As a result they are working to locate more of the items that meet the needs of their new found customers.  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!

#1) They must be reliable.  When you own a dollar store there’s just plain too much at stake to deal with suppliers who don’t put you and your business first.  Don’t work with suppliers who make you wait days for returned phone calls or that leave loaded pallets sitting on their dock for days or weeks at a time before finally shipping.

#2) The products they sell must fit your needs.  It doesn’t matter how great the deal, if the products are not perfectly suited to you shoppers, keep looking.  You have not found the right closeout or liquidation supplier for your business.

#3) They must offer competitive pricing on all the products they sell. A store merchandise supplier fails to meet your needs if they don’t offer low pricing on the products they sell.

#4) This is a time when supplier location does matter to you.  Be sure they are located close enough that freight costs won’t ruin what would otherwise be an outstanding deal.  Since many of your purchases will be by the pallet, and often multiple pallets, this is a very important consideration when examining every potential supplier.

#5) Stable product availability. The nature of the liquidation and closeout business is one of great variation in product availability.  One day the perfect dollar store merchandise will be available, and the next morning they will be sold out.  Some of these suppliers are positioned to provide additional product within a reasonable timeframe.  It may come from the companies they work with, or they may be part of a network that allows them to search and locate similar items quickly.

#6) Easy to deal with.  The last thing you want or need is a dollar store merchandise supplier who doesn’t provide outstanding customer service.  Make sure the suppliers you work with appreciate the importance of you and your business.  Make sure they work to remove barriers – and that they do everything possible to make dealing with them a pleasant and profitable experience.

To your dollar store success!

6 Expectations of Closeout Suppliers when you Own a Dollar Store is a post from: Opening a Dollar Store

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If you own a dollar store you are likely feeling the tightening of profits as prices for replenishment merchandise continue to increase. In some cases it’s almost as if you are going up on an elevator, but there just isn’t a top floor! Every time you think you’ve got cost-of-goods-sold or freight hauling costs under control, another change occurs. Yet one of the things you have not done is to examine closeout and liquidation companies as an options. That is exactly the move to make. Why not buy products for pennies on the dollar? Why not provide products selling for well over $1.00 for only a dollar? Read on as I present 3 powerful strategies to use closeout suppliers when you own a dollar store.

1. Closeout and liquidation companies provide an excellent source for new, overstock or shelf-pull dollar store merchandise. With the economic times we are in, suppliers are eager to reduce their warehouse inventory. As a result closeout and liquidation companies step in and resell this merchandise to you for just pennies on the dollar. Your best strategy for locating this merchandise when it’s needed is to invest the time upfront to locate several suppliers who carry dollar store merchandise periodically. Then search all of those suppliers when you are ready and locate the deal you seek. Be forewarned – this merchandise goes fast. If you find the right deal for you, make your purchase while there are items available.

2. Another strategy when you own a dollar store is to pay pennies on the dollar for new, overstock or shelf-pull merchandise selling for much more than $1.00. This strategy will help stock your store full of great merchandise that isn’t normally available in dollar stores. It’s just a matter of locating items that will appeal to your routine shoppers. The prices will amaze you. You’ll make a profit and you’ll have customers who can’t believe their eyes when they see the items you are selling!

3. Buy seasonal merchandise off-season for unbelievable savings. Carrying the right seasonal merchandise is often the difference between a so-so year and a very profitable year for your store. If you have storage available, shop closeout and liquidation companies for seasonal merchandise 6 months or more early. For example, purchase Easter merchandise during the summer and fall, Thanksgiving and Christmas in the spring and summer. Once again you’ll discover unbelievable pricing on merchandise you’d normally never be able to sell in your store. Sure you’ll still need to fill in with seasonal merchandise from your normal sources, but make great profits and offer great buys to your shoppers to keep them coming back time and again during the holidays. Watch the sales grow using this strategy.

Using closeout and liquidation suppliers as a resource for merchandise is an important strategy to consider when you own a dollar store. Be sure to start cautiously and learn the ins and outs. As you become more confident start looking for the great deals where you can pay pennies on the dollar for merchandise. Your customers will be thrilled.

To your dollar store business success!

3 Powerful Strategies to Use Closeout Suppliers When You Own a Dollar Store is a post from: Opening a Dollar Store

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