Tactics to Add Streams of Income to Your Dollar Store Business
By rbhamil on Apr 6, 2009 in Uncategorized
Consistently growing sales and profits is one of the biggest challenges for every retailer no matter the economic climate. In today’s marketplace this is even more challenging. Yet there are some very creative business growing tactics that can yield hundreds of dollars in added sales every month. Don’t make the mistake of assuming this is about adding new items and even additional departments to your already fully stocked store. It is not. The even better news is there are some added streams of income where you can have others do all the work. Like clockwork, you’ll receive a monthly check for your profits. Read on to find out more about tactics to add streams of income to your dollar store business.
Income stream tactic #1 is to add an automatic teller machine (ATM) to your business. There are a variety of agreements that can be worked out to make this happen. In all cases you receive some pre-determined fee every time someone makes use of the machine. The even better news is many of those ATM users will be customers in your store who decide to pick up a little extra cash to spend right in your store. In those cases this tactic rewards you two ways – your fee for the use of the ATM and the extra sales made in your store.
Income stream tactic #2 is to add snack and gum dispensing vending machines at the front of your dollar store business. If you have windows, place them so they can be seen from outside your store. You’ll be amazed at how many customers and passers-by will put their spare change into a gum or candy machine as they leave. That change can add up to be hundreds of dollars per month.
Income stream #3 is to add a kiddy ride in-front of your store. If there’s room and one ride proves to be popular, add a second. Agreements can be reached to have placement of the machine and routine maintenance performed on a percentage arrangement. You can also purchase these machines outright for even higher monthly cash flow. Make sure your demographics support this investment.
Income stream #4 is to add novelty item dispensing machines. Placement of the machines is once again critical. Make them as visible as possible from both inside and outside of your store. Once again there are companies that will gladly place machines they own, filled with their products, in exchange for a percentage of profits. They just need that high-traffic space you have to offer inside your dollar store business.
Income tactic #5 is to add game machines. Once again placement is important. Remember to consider the music and sounds many of these machines emit as a part of deciding whether or not to add them. As with the other tactics, there are many companies seeking prime space for their machines. These deals generally work on a percentage of sales or profits.
Build income for your dollar store business with these tactics. Investigate these options to create new streams of income for your store. Investigate the many options thoroughly before moving forward. In exchange for a little space you can receive monthly income when these tactics are wisely used.
To your dollar store business success!
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