Stocks Dollar Volume
Stocks Dollar Volume
6 Sure Ways to Fail when you Own a Dollar Store
Those who own a dollar store have chosen a unique business. It is an industry with many companies firmly established. Yet customer demand dictates there is room for additional well operated dollar store businesses. The first time business owner will find the sheer volume of dollar store merchandise can become overwhelming to buy, receive, display and sell. They also discover the operational challenges of first opening and then managing a quickly growing enterprise aren’t always easily handled. With the tight margins and fast pace, there is little room for error. Here are 6 of the biggest mistakes to avoid.
#1) Under capitalization. Underestimating the cash required to open and grow a dollar store business is often not completely understood by those who choose the industry. When compared to many opportunities the actually figures are really not that high. However, it is important to accurately forecast your needs for both start-up and growth. A successful dollar store can grow quickly. The more quickly your store and dollar store sales grow, the more cash you will likely need.
#2) Inventory problems. Lack of inventory at start-up can impact your dollar store sales now and in the future. Be sure to carefully determine the right dollar store merchandise to carry. Then be sure you have those items in-stock at your grand opening and beyond. Carrying the wrong dollar store merchandise can also doom your store. Be sure you clearly understand the products most in-demand with your shoppers. Those are the products that will sell well. Having a store filled with products shoppers don’t need or want is another example of inventory errors that can be made.
#3) Lack of promotion. If you own a dollar store you are in a tight margin business. As a result it is critical to manage the balance of cutting costs while building dollar store sales volume. You must invest time and money to continually build dollar store sales to new, higher levels. Advertising and promotion is something that always needs to be at the forefront. Advertise in your local newspaper. Join and participate in local business groups. Continually keep shoppers interested by holding events in your store.
#4) No plan. It is much more difficult to know what you will be doing without a plan. In fact much of the value of a business plan comes in the process of researching and investigating and then analyzing all the details required to develop your business plan. Do not shortcut this effort. You will develop a solid understanding of the marketplace, your customers, marketing, costs and sales by developing a business plan before you ever open your doors for business.
#5) No involvement or leadership. Do not assume you will be able to step back and achieve business success. As a small business owner you must assume many roles. Some are strategic and others are more tactical. On the strategic end you need to be looking at the marketplace and changes in that marketplace. You need to develop plans and execute actions to maximize the results your business achieves. On the tactical end you need to deal with all the operational challenges associated with small business ownership. Often you will be dealing with issues such as ordering, receiving and stocking dollar store merchandise.
#6) Overpaying. As previously noted, the margins are tight when you own a dollar store. As a result you must continually work to reduce your costs. This effort starts with the lease for your store. You only get one chance to get it right, so be sure you are paying the right price for (among other things) the space, traffic, location, shopper demographics and neighboring businesses. Payroll and dollar store merchandise costs are challenges that must be faced on an ongoing basis. Dollar store merchandise costs are especially important to control. With the high volume of dollar store sales, this one factor can ultimately dictate profit or loss for your dollar store business.
This certainly isn’t the complete list of potential challenges to be faced by those who own a dollar store. Yet these must be recognized and properly addressed. Every one of these risks can be overcome when you own a dollar store. It does require the right upfront planning and proper execution of that plan.
To your dollar store business success!
Market Technical Analysis – Light Volume Propping Continues As Dollar Spikes…Stocks Neutral
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