4 Quick Start Tips when Opening a Dollar Store

For many, once they have finally made their final decision to go into business for themselves, and they know that business is a dollar-discount store, they can't get the actually opening off their mind. They spend every waking moment eagerly anticipating the thrill and rewards of owning their own business. They do everything possible to move the start-up process quickly forward. All they want is to have their dollar store merchandise in-hand and their store open and operating. Yet there seem to be obstacles at every step. As they complete one step in preparation for starting their store another, new, more challenging issue comes to light. In this article I present 4 quick start tips when opening a dollar store.

Tip #1) Develop a start-up checklist. Include all of the details associated with actually preparing and opening a dollar store. If this is your first business opening refer to books, eBooks and other resources to begin developing your list. Expect new tasks to emerge almost daily. Establish a priority order. For example, don't list order dollar store merchandise as the last task before actually holding the grand opening of your store. That's a task that needs to be completed only after you have a signed lease. However expect as long as 4 weeks, or even more for some suppliers to deliver. Monitor the progress of all major tasks on a daily and weekly basis. If something falls behind, focus efforts to bring it up to speed.

Tip #2) Finding the perfect location is job #1. Go ahead and start developing your start-up checklist as soon as possible. However do not make commitments or spend money until you have a location with a signed lease in-hand. There's nothing worse than trucks and trailers showing up at your home filled with all the shelving, displays, merchandise, shopping carts and other equipment for your store because you still don't have a final lease. Use the lease signing as the trigger to start all of the tasks associated with actually getting your business up and running.

Tip #3) Fill in the details once you have the location and size defined. Once you know the size and targeted completion date for the store improvements all of the details for most tasks will become clearer. By knowing the size of the projected store sales and costs, projects can be developed. Initial dollar store merchandise orders can be generated. You will know exactly the amount of gondola fixturing to purchase. You'll even know approximately how many shopping carts and hand baskets to order. Finally, with the store size and sales projections in-hand you can develop initial staffing requirements.

Tip #4) Don't forget to complete sales and cost projections, staffing needs projections, dollar store merchandise inventory requirements and other critical information as a part of your business plan and start-up checklist when opening a dollar store. Use all the information that can be developed once you have a store location to complete the details and to fine tune your business plan. When opening a dollar store your business plan is critically important to your success. It will likely be required by your banker if financing is involved, some landlords will request a copy for review, and most of all, it lays the map for your business today and in the future.

To your dollar store success!

Want the best ideas to earn from your dollar store business? Check out "Tactics to Add Streams of Income to Your Dollar Store Business" at www.OpeningADollarStore.com.

Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.