How Can I Start a Dollar Store Business?

Dollar stores are popular and can be a profitable business.

A dollar store typically sells items such as kitchen products, toys, household products and party supplies for one dollar or less. Since most shoppers enjoy a bargain, these stores are quite popular. They can be a profitable business to own if the proper steps are followed at the start.

Instructions

1. Create a business plan or have an experienced marketing agency create one for you. This will be beneficial when you seek financing and will act as a blueprint to help keep you on track as your business grows.

2. Find a supplier from which to buy your merchandise in bulk. Negotiate deals with manufacturers who have a surplus of goods. Agree to accept bulk shipments or assume some of the shipping costs, if necessary.

3. Choose a location for your store. A heavy traffic area isn't essential, but it would still be ideal. Ensure the building you choose has ample parking. Obtain any permits and licenses you may need from your municipality to run a dollar store in your city or town.

4. Cross-train employees in cash, stock, inventory and cleaning to better utilize them on a daily basis. Pay them slightly above minimum wage to lower turnover rates.

5. Promote your dollar store. Distribute fliers in your area. Put your sign up as early as possible to generate interest. With a dollar store, the sign and opening date may be all you need in a busy area.

Tips & Warnings

• Carry niche products, such as party supplies, small toys and seasonal items.

• Be wary of the work it could take to maintain a website for your store. With so many different products changing frequently, it would be a full-time job to keep it updated.

References

• Entrepreneur.com: Business Ideas - Dollar Store
• WiseGeek.com: How Do Dollar Stores Stay In Business

Resources

• Elements of a Business Plan