One thing is for sure when it comes time to start a dollar store.
There are many critical actions required before the doors can even be opened for the first time.
These actions are like laying the foundation for your business.
Each is important to supporting the whole thing.
Miss one of these actions, or even complete the actions in the wrong order and your plans to start a dollar store may be delayed.
Even worse, your entire business could end up tumbling down.
In this article I present key actions to start a dollar store business.
* Create a business plan - Boring, right? Yet the work you put into creating a solid business plan will require you to become very aware of the marketplace, your shoppers, the competition and even how you will stand apart from the crowd.
This is your roadmap.
Always come back to it when you think you have lost your bearings.
* Find the perfect location - High traffic count is important.
Examine your neighbor businesses to make sure they are complementary to your business.
Make sure there is an anchor business which generates lots of complementary traffic.
Take a wider scan to determine where your competitors are located.
Factor in costs for improvements.
Run the numbers to understand required sales and profits to support a potential location.
Spend the time to find the best possible location.
Ask your experts (commercial broker, attorney, accountant and others) to provide inputs.
Have all proposed contracts examined by your attorney.
The final decision about location is critical to your success.
* Determine exactly the dollar store items you will sell - Here is where knowing your customers comes into play.
Focus on the dollar store items they need and want, not on those you think might be right.
Fill your store with popular and in-demand dollar store items and you are on your way.
Once you know the products, register for accounts with wholesale dollar store merchandise suppliers.
Focus on carrying the most popular dollar store items.
Continually solicit and put customer feedback and ideas to work by adding and deleting items accordingly.
* Develop a marketing plan.
You must promote your business.
Use a good combination of no-cost, low-cost and paid methods.
Don't forget to routinely add in press releases to provide the latest news about changes in your business.
Eliminate marketing and promotional methods which fail to produce.
Then add in high performing new ones to keep the focus on getting the word to potential shoppers about your store.
* Establish your online presence - Today more than ever before every business needs an online presence.
You need your store name, address, phone number and other basic information as a minimum.
Then grow your online presence with product ideas including new arrivals, seasonal items and more.