Those seeking success with dollar stores know the frustration and even fear of having a major player in the industry decide to move close by. Some may decide their time is limited and they had better close shop and run. Others realize this is the perfect time to ratchet up the performance of their business. You can be competitive in most cases. You must realize the true nature of the situation and then take action to leverage the strengths of your business and to add in strengths where your big-time competitors cannot compete.

The following steps are merely the beginning of the efforts you must take to be successful in the long run while going head to head against the big players.

* Develop and execute a battle plan

This not the time to sit back and see what happens. Success with dollar stores when the competition moves in requires a carefully thought out and executed plan of action. Examine your current strengths and weakness and then repeat the same exercise with your competitor. Leverage your strengths to capture and retain shoppers. Then match the strengths of the competition. Finally, build strength where your competition is weakest.

* Mix your prices

If you are currently a $1 or 99¢ only store, then consider strategically adding some dollar plus items to the offerings available to your customers. Make sure these are items the competition does not already carry. Use the dollar plus items to attract and impress shoppers. Define your strategy for this move and then carefully execute it to stand apart from the competition.

* Carry the same core products as the big competitors carry

There’s no need to match them item for item. Rather, select a subset of the main products your shoppers purchase that are being carried by your competition and add them to the products you always have in-stock. Be sure to match their pricing as well.

* Add unique products

While it is important to have the products shoppers need and products your competitors carry, go one step further. Add in some of the most in-demand products which are not being carried by the competition.

* Exceed customer expectations

Achieving success with dollar stores requires you to know your competitors well. Look for their weaknesses in customer care and then build a customer service plan that leaves no doubt your store excels in this arena. Once shoppers have a great shopping experience in your store they will remember. Even when they test the major competition, they will be inclined to return to your store for the environment and customer care you provide.

Steps for the Little Guy to Take When Competing Against the Big Players is a post from: Opening a Dollar Store

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It is that time of year once again. It is time to reflect on the year that has just ended. In your recap you are looking for the highlights as well as the lowlights. With this information you can begin to look ahead at the coming year. You can prepare to make next year even better than the year that is just ending. You can set your plans and priorities. In this article I present 8 steps to prepare your dollar store business for the future. Each step helps you provide a better foundation for improved performance. Make business reviews an annual event for your business and watch as the results roll in.

1. Start by collecting data about overall dollar store business performance during the past year. Use all you normal metrics such as store sales, sales transactions, refunds, payroll, etc. Then move on to examine department performance using the metrics you have defined. Don’t forget to also examine sales data by-day of the week and month of the year.

2. The next step is to conduct a thorough business plan review. With all of your business performance data collected, you can examine results against the plan you established. Then appropriately update your entire business plan so it supports your efforts in the coming year.

3. Look for the pieces of your business which have been the biggest success. One of the best ways to maximize business performance is by fully utilizing those areas which are performing well. Make plans to focus even more resources to leverage these into even bigger contributors to profit for your dollar store business in the year ahead.

4. During the past year there have undoubtedly been some great ideas collected for potential new ways to generate sales and profits. Pick the one or two top ideas and test them. If they work, add them to you business plans. If they don’t, go to the next one or two ideas and test them.

5. Get more involved in your community. Join a local business group. Look for other networking opportunities. Becoming actively involved is a great way to get the word out about you and your business. It is also a way for your business to give support to the local community.

6. Locate and leverage the knowledge of experts to help your business continue to grow. As your business grows you will face unexpected challenges. Often the best way to handle these is by turning to a seasoned expert for help. Make sure you locate someone who has hands-on dollar store experience.

7. Find solutions to problems which curtailed your business performance during the past year. Turn your problems such as weak performing departments into sales contributors. Examine why the problem exists, develop potential solutions, test and find the solution which best solves the problem for you.

8. Eliminate non-selling items. It is time to turn those non-selling, dust-collecting products into cash for your dollar store business. Reduce prices and prominently display the non-sellers in your store. Turn them into cash and use that cash to purchase items which do sell.

8 Steps to Prepare Your Dollar Store Business for the Future is a post from: Opening a Dollar Store

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Virtually all who open a dollar store worry to some degree about whether they will actually achieve success with dollar stores. Most worry about the question of success right up until the time the store opens for business the very first time. Then as more and more shoppers parade through the entry, most breathe a sigh of relief and move on to worry about the day to day challenges before them. Often it is as if they are lulled into the assumption all will be fine with their business.

And things seem to be going okay. Customers continue to come back. Sales are slowly marching upward most days. Wholesale suppliers are shipping merchandise to their commitment. But there still seems to be something missing. For some that something is called profit. Sure sales are inching upward, but the mountain to be climbed is looming. To achieve profitability sales need to grow dramatically, and costs must decline just as dramatically.

It is then that these new store owners realize action must be taken if they are ever to achieve success with this type of business. After all, while there is a reserve to keep things going, it is not endless and will run out at some point. And ever though sales are moving in the right direction, the pace of sales growth is not meeting plan. On the other end, many of the costs are running higher than projected.

The cost of goods sold seems to be almost out of control. The products are great, and shoppers love them, but in the end wholesale pricing is not affording a reasonable profit.

So what should these new store owners do if they want to achieve success? Maybe it is time to admit it was a mistake and cut the losses. Or maybe there is another way. Possibly there is someone out there who can provide some great ideas about how to turn things around.

Fortunately there are many who can help. There are a variety of options to learn how to grow sales faster and how to cut costs to the right levels.

* Proven business experts - often well-known business experts offer training programs, seminars and other opportunities to learn. Don’t forget to read about them as well.

* Dollar store experts - there are a remarkable number of proven dollar store experts available to help. Some are consultants, others have written about the ‘how to of dollar stores’ and others provide training programs.

* Training programs - training opportunities abound. While not all are specific to dollar stores, many offer great general business and retail business training. These are available at colleges, trade shows, and through seminars.

* Previous dollar store owners - locate a previous store owner and you may have a goldmine of expertise. Make sure they were successful, and their values align with your own. Then, if they are willing, start asking your questions.

* Existing dollar store owners - many store owners are concerned that all dollar stores succeed. Find those with that philosophy and you will have someone who can provide an almost limitless supply of knowledge and experience.

If you are working to achieve success with dollar stores, don’t feel you must suffer through the ups and downs of learning as you go. There are knowledgeable experts to help. All you need to do is to recognize you need help, ask for the help, and then listen, learn and apply what you discover to your business.

Copy Successful People to Become a Success With Dollar Stores is a post from: Opening a Dollar Store

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If you are about to start a dollar store one of the biggest challenges facing you is to continually grow sales and dollar store profits for your dollar store business. This is a never ending requirement that must be taken seriously. With all of the expenses associated with being in business continually growing, some level of increase is required just to maintain the status quo. One of the fastest and easiest ways to grow sales is by increasing the number of shoppers who enter your store every day. All other things remaining equal, an increase in traffic means an increase in sales. In this article I present 5 low-cost tactics to build traffic for your store.

#1) Advertise your business. If you are in a smaller community a small advertisement in the local newspaper will have a big impact on traffic. You don’t need to create huge full-page ads or inserts that open into multiple pages. Just create small well-designed ads highlighting something about your business. It might be items for a specific season or holiday, or even just a reminder about some of the in-demand products you routinely carry. Keep these small ads running every week. You will see a steady increase in traffic, sales and dollar store profits.

#2) Add a sign holder. When you first start a dollar store you will discover how powerful this simple idea can be in instantly generating traffic for your business. Just have a simple hand-held banner created with your store name and an arrow pointing toward your store. Have an employee stand on a busy corner and watch the traffic start flowing into your store. A word of caution; make sure you are conforming to all regulations and guidelines.

#3) Contribute to and participate in community events. Become an active part of your community. If there are local parades, participate. If there are other local celebrations or events participate or donate to the cause. These are all great times to get the name of your business in front of prospective shoppers. Many will be shocked and not even aware you were the one to start a dollar store. They will reward your efforts by visiting and making purchases. Of course that means added profits.

#4) Become a giver to become a receiver. There are many rewards associated with giving. Some are personal and some are business. Your gift can be as simple and inexpensive as providing the treats for a classroom party at the local grade school. They can be discounts provided to local teachers or churches. They can be spearheading a food drive for your community. When you start a dollar store you will discover that a reward for giving is the word of mouth advertising that results for your business.

#5) Give existing shoppers a reason to tell their friends. The very best advertising and promotion you can receive when you start a dollar store is word of mouth. When existing customers tell family and friends about your store you are receiving a testimonial to the business you have created. Make sure your store is worthy of receiving this irreplaceable advertising.

While it’s fine to bring new shoppers into your store, don’t forget it is important to create a warm, welcoming environment that makes them happy they did take the time and effort to visit. WOW them with outstanding customer service and products they never thought they’d see in a dollar store. Then watch as the sales and dollar store profits soar for your business.

To your dollar store business success!

5 Low Cost Tactics For Growing the Number of Shoppers Entering Your Store is a post from: Opening a Dollar Store

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Even in the best of economic times a new business needs to be nimble and quick to adjust to changes in the marketplace. After all, you are opening a dollar store that is totally unknown to your shoppers. You are without a customer base to support your sales and dollar store profits. You don’t even know if the merchandise you are offering for sale meets the specific needs of your shoppers. It is important that you quickly come up to speed and ensure your store is meeting the demands of the marketplace. In fact this is a responsibility that never goes away. No matter how long you are in business, growing and prospecting require awareness to the environment around you. Read on as I present 4 tips for your success.

Tip #1) Always stay current with the market environment. When opening a dollar store it is important to keep your business healthy and growing no matter what is happening all around you. Use the information you collect about the economy and the marketplace to make the appropriate changes to your marketing plans. Then take action to promote your business and grow your profits.

Tip #2) Create a store that attracts customers. No matter where your store is located there is competition for every shopper. You must be focused on creating a shopping experience that brings shoppers back to your store time and again. Your store must stand above the crowd. It must be warm and welcoming. It must be fun to shop in your store. Never allow yourself to lose a customer. Always be working to gain even more customers because of the service they receive and the shopping experience you have created.

Tip #3) Buy your dollar store merchandise for the right prices. Never be willing to assume you have located the perfect dollar store merchandise suppliers for your business. Your profits hang in the balance and buying right is one of the highest impact actions you can take to grow your profits.

Tip #4) Know the competition and the changes they make to their business. Visit competitor stores often. Watch their advertising and listen when your customers bring up changes or improvements your competitors have made. While your decision might not be to mirror their changes exactly, you may need to make adjustments to maintain your competitive edge. Make it your mission to grow sales and dollar store profits by creating a store that always stands above the pack. Always have exactly the dollar store merchandise your customers desire on hand when they come to make their purchases.

To your success when opening a dollar store!

4 Tips to Success when Opening a Dollar Store is a post from: Opening a Dollar Store

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The Internet world has brought an almost endless variety of business opportunities to entrepreneurs around the world. It’s possible to bring your new idea and build an online business around it. There are also many online business opportunities available and just waiting for the right person to step forward. One of the real advantages many entrepreneurs find when starting an online business is it can be done fairly quickly, easily and for lower costs than starting a brick and mortar business. One such business opportunity is opening a dollar store online. In this article I present 4 online dollar store success tips.

Tip #1) Start by learning the basics of operating a sound Internet marketing business. That’s right; this isn’t only about opening a dollar store. It also involves using the best online practices to generate traffic, sales and profits. Maximize your business success by learning everything from article marketing to traffic generation and search engine optimization. Apply the very best techniques to boost your opportunity for success.

Tip #2) Invest the time to create and register the very best domain name possible. The importance of your domain name can not be understated. It needs to match your business name if possible. It needs to clearly communicate what your business is about. It needs to be easy to search for online. Long complicated names with lots of hyphens, unique abbreviations, etc will significantly impact the number of searchers who can actually find you business.

Tip #3) Set your business up for success. Get the help and support you need to build, grow and maintain your business. On one hand you may seek help in opening a dollar store. On the other hand you may seek help about internet marketing. Remember – the most expensive resources aren’t necessarily always the best. Investigate before you sign a contract. Make sure you are dealing with reputable and knowledgeable experts. Don’t jeopardize your online reputation because of the actions of those you hire and trust to help you.

Tip #4) Don’t break the bank with your online start-up costs. Starting an online business doesn’t need to cost an arm and a leg. In fact opening a dollar store online can actually be relatively low cost. Consider using drop ship companies to provide products for your online dollar store. Shop for Internet marketers who have experience, but are still growing their own businesses. They can generally provide much lower costs, and still deliver good websites, articles, and they can provide your other support needs.

To your online dollar store success!

4 Online Dollar Store Success Tips is a post from: Opening a Dollar Store

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The Internet world has brought an almost endless variety of business opportunities to entrepreneurs around the world.  It’s possible to bring your new idea and build an online business around it.  There are also many online business opportunities available and just waiting for the right person to step forward.  One of the real advantages many entrepreneurs find when starting an online business is it can be done fairly quickly, easily and for lower costs than starting a brick and mortar business. One such business opportunity is opening a dollar store online. In this article I present 4 online dollar store success tips.

Tip #1) Start by learning the basics of operating a sound Internet marketing business.  That’s right; this isn’t only about opening a dollar store.  It also involves using the best online practices to generate traffic, sales and profits.  Maximize your business success by learning everything from article marketing to traffic generation and search engine optimization.  Apply the very best techniques to boost your opportunity for success.

Tip #2) Invest the time to create and register the very best domain name possible.  The importance of your domain name can not be understated.  It needs to match your business name if possible.  It needs to clearly communicate what your business is about.  It needs to be easy to search for online.  Long complicated names with lots of hyphens, unique abbreviations, etc will significantly impact the number of searchers who can actually find you business.

Tip #3) Set your business up for success.  Get the help and support you need to build, grow and maintain your business.  On one hand you may seek help in opening a dollar store.  On the other hand you may seek help about internet marketing.  Remember – the most expensive resources aren’t necessarily always the best.  Investigate before you sign a contract.  Make sure you are dealing with reputable and knowledgeable experts.  Don’t jeopardize your online reputation because of the actions of those you hire and trust to help you.

Tip #4) Don’t break the bank with your online start-up costs.  Starting an online business doesn’t need to cost an arm and a leg.  In fact opening a dollar store online can actually be relatively low cost.  Consider using drop ship companies to provide products for your online dollar store.  Shop for Internet marketers who have experience, but are still growing their own businesses.  They can generally provide much lower costs, and still deliver good websites, articles, and they can provide your other support needs.

To your online dollar store success!

4 Online Dollar Store Success Tips is a post from: Opening a Dollar Store

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Some dollar store shoppers are fickle in their shopping habits. They will begin wandering around your store. They’ll pick up an item to purchase as they go down an aisle only to change their mind. Rather than returning the item to its rightful home they’ll drop it where they stand. Sometimes that means it is placed on a display shelf. In other cases it might mean the item now sits on the floor in the middle of the aisle awaiting another shopper to step on it or worse yet, trip on the item. Not only does this create an appearance that makes your store unkempt and poorly organized, but it actually creates safety hazards for your shoppers, employees, and others who come into your store. Don’t allow this to go unattended when you are opening a dollar store. In this article I present 5 store walk-through tactics for success when opening a dollar store.

1) Develop and document a store walk-through procedure for your store. Let’s define a store walk-through. It is simply a process where an employee moves from one corner of your store to the other. They walk aisle-by-aisle picking up misplaced items and returning them to their rightful location. You may also want to have employees sweep or vacuum areas where excess dirty has accumulated at the same time. When opening a dollar store expect there to be a need to periodically walk through your store to replace items that are not in their designated location and to spot sweep or vacuum. Document a process to be followed by employees who are assigned store walk-through duties. Hold employees responsible to complete the process you have developed and documented.

2) Train every employee on walk-throughs as a part of their initial orientation. Once you’ve documented your procedure, then train all existing employees about the process you want followed. Be sure they understand the importance of the job and the potential consequences to sales and safety when walk-throughs are not done properly. Once all existing employees are trained, make this training a part of the initial orientation for all new employees.

3) Schedule regular, routine times for store walk-throughs. Make it easier to manage this process by designating regular times and owners for walk-throughs throughout the business day. Be sure to have back-up plans where appropriate to prevent sales and customer service from suffering during walk-through times. Please note; cashiers often appreciate being scheduled for walk-throughs as a means of getting a break from their cashier duties. Also, don’t forget to adjust the frequency during the busier holidays.

4) Use store walk-throughs as a means of returning left-over, un-purchased merchandise back where it belongs. Just as some customers will change their mind and drop products throughout the store, they will change their mind at the cash register. When opening a dollar store one of your goals is to maintain a clean and clutter-free cash register area. Use store walk-throughs as a time to replace items that have been left at the cash registers.

5) Reward employees for keeping your store looking at its best at all times. If you are serious about store cleanliness, then reward employees who adhere to store walk-through guidelines. Recognize their diligence by acknowledging it on their performance reviews. Consider implementing an employee of the month recognition program that includes store walk-throughs as one of the criteria. Your recognition will be rewarded with more focus on maintaining a clean store.

Maintaining a clean, clutter-free environment can contribute to overall store safety. A warm, welcoming store environment will also often help persuade shoppers to stay in your store longer. The longer they stay, the more they are likely to spend. If you are opening a dollar store invest the time and effort to keep your store in top shape at all times.

To your dollar store business success!

5 Store Walk-Through Tactics For Success When Opening a Dollar Store is a post from: Opening a Dollar Store

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Well here we are. The economy is spiraling downward. No-one seems to know when we will hit bottom. Less people are going shopping. Customers aren’t spending money even when they do come into your store. Things are looking bleak indeed. Is that the picture you are painting for yourself? Well, that doesn’t necessarily need to be the case for your business. When opening a dollar store you had a marketing plan. Now is the time to dust off that plan, and move into overdrive. Now is the time to do everything possible to cut costs while increasing traffic and sales for your store. In this article I will cover 4 tips to grow sales in a down economy when opening a dollar store.

1. Start by identifying your slowest selling merchandise. There are two things to do with that merchandise. The first is to identify why you thought it would sell, yet your customers decided not to buy. This is a very important lesson, as in today’s marketplace you simply cannot afford to make the same mistake again. The second thing to do with that merchandise is to turn it into cash. There are many creative ways to accomplish that feat.

The easiest method for liquidating slow selling merchandise is to place it on sale. There are two options here. First you can reduce the price, place appropriate close-out signage and then watch the sales happen. The second way is to make the close-out merchandise even more visible to your shoppers.

2. Buy for less and pass the savings on to your customers. Sure the costs of almost everything are going up, but there are also many suppliers just waiting to make a sale. Start negotiating. See if you can’t work a lower price on the items your routinely purchase. Always ask for free freight – even if you need to order a little extra merchandise to receive the concession. Start looking for close-out companies. In this environment there is always overstock, closeout, and previous model merchandise available to those who investigate. Maximizing profits when opening a dollar store requires that you be willing to search and investigate to find the best deals. Now is the time to start looking.

3. Get aggressive with your marketing. This is not the time to sit and wait for shoppers to discover your store. A few advertising dollars can make a huge difference in your sales. Look for less expensive strategies like having an employee carry a sign at a busy intersection. Be sure there’s an arrow pointing to your store. The marketing options are limited only by your creativity.

4. Celebrate the seasons. Sure it’s easy to become negative when all you hear is negative information. Turn off the television and the radio and make your own news. Opening a dollar store business should be fun. There are many holidays during the beginning of the year. Pick a holiday, or another reason to celebrate every month. Get focused on the fun, excitement and profits that can come from a well-managed event.

To your dollar store business success!

4 Tips to Grow Sales in a Down Economy When Opening a Dollar Store is a post from: Opening a Dollar Store

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Well here we are. The economy is spiraling downward. No-one seems to know when we will hit bottom. Customers aren’t spending money. Things are looking bleak indeed. That doesn’t necessarily need to be the case for your business. When opening a dollar store you had a marketing plan. Now is the time to dust off that plan, and move into overdrive. Now is the time to do everything possible to cut costs while increasing traffic and sales for your store.

Start by identifying your slowest selling merchandise. There are two things to do with that merchandise. The first is to identify why you thought it would sell, yet your customers decided not to buy. This is a very important lesson, as in today’s marketplace you simply cannot afford to make the same mistake again. The second thing to do with that merchandise is to turn it into cash. There are many creative ways to accomplish that feat. The bottom line is carrying old, outdate merchandise is not one of the options for those who seek success when opening a dollar store of their own.

The easiest method for liquidating slow selling merchandise is to place it on sale in your store. There are many options available. However three of the best are to first just reduce the price. Be sure to place appropriate close-out signage and then watch the sales occur. The second method is to make the close-out merchandise even more visible to your shoppers. Lower the price and move it to the front of the store. Even better if your lease will allow, is to place the merchandise into rolling display racks and place those bins just outside the front of your store during the hours of operation. A third easy option is to place 2 or 3 different slow selling items together in a brown paper bag and seal the bag. Sell the entire bag for $1.00 as a special in your store. You will need to set some rules such as open bags cannot be sold, but this strategy will create interest and excitement for your shoppers – and you will be able to liquidate slow selling merchandise.

If you are still overstocked with the merchandise, it’s time to examine other options. Establishing a circle of existing business owners is important when you are first opening a dollar store. By getting to know these other owners well, you can work together. Speak with other store owners. Possibly they would be willing to purchase a larger quantity of your merchandise at a discounted price. In that one transaction you may be able to totally liquidate the merchandise without losing money.

If selling outright isn’t possible examine the options for trading part of your slow selling merchandise for slow selling or better yet overstock merchandise from these other store owners. Be sure you know product values and demand in your store before finalizing a trade. However, in some cases you can end up with a product that sells well for you in exchange for a product that simply would not sell.

Closing out merchandise may mean you don’t make a profit. Even worse, you may actually lose money on those liquidation items. However, remember that investing your money in rapidly selling merchandise with a profit margin built in is a much better use of your capital. When you are opening a dollar store never lose sight of the sales that are occurring. Don’t allow poor selling merchandise to sit. Develop creative methods to liquidate and turn those products into cash. Then invest that cash in items that sell at a profit.

To your dollar store business success!

Tips to Grow Sales in a Down Economy When Opening a Dollar Store is a post from: Opening a Dollar Store

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