Starting a Dollar Store – Sample Business Plan Template
1. Research Is Needful
You would be required to carry out a thorough and exhaustive research on the dollar store. You need to look at existing stores, as well as countries where these type of stores thrive in high rates, Look at what makes them tick, how they are able to raise startup funds, the major consumers and what have you. You can easily get this information from the internet or you may consider asking those who are already in this line of business.
2. Determine the Area to Locate Your Business
It is important that you first go on a survey mission so as to determine the number of dollar stores in existence there, as well as know where a new one can be situated. If there are some in your area already, then you can tinker with starting one in a nearby city or town so as to avoid the great competition there.
3. Locate Franchisers
If you decide to purchase a franchise for your dollar store, then you can hunt for the websites for franchisers. Why is this profiting? It is profiting because stand to gain a whole lot when you are trained and when your brand is already recognized in the market. Conversely, if you do not want to go the path of purchasing a franchise, then you can look to building your dollar store from the scratch.
4. Locate Wholesale Suppliers
One of the ways that you can cut cost is by purchasing at a reasonably low price and this is through the wholesale suppliers. You should find a wholesale supplier for your dollar store business. You can do this by asking people who are in the business, look through the internet and what have you.
5. Find Space for Your Business
Next up, would be to find a location for your business. Find a location for your dollar store. You need to look out for the target market before you site your dollar store there. You would need an area that is prone to plenty of traffic.
6. Furnish Store
Set up your store fixtures. You would need to build cabinets, in- store signage to direct consumers in and around the store, and shelving units. You would also need some office computers, printers, telephones, et al.
7. Hire Employees
There is a great secret about hiring employees in this line of business. The big secret is that you can ask your family members or partner to help run things at the store. On the other hand, if you do not have anyone like that, then you can look to hire a manager, and attendants. As the business grows, then you can look to hire more people.
8. Advertise Your Business
This is one of the most important steps that would determine how profitable your business would be. You may consider printing and distributing fliers for your dollar store. You can also run adverts on the internet through the various social media platforms. Banners, as well as a grand opening would be one of the best ways to making a lasting marketing impression.
9. Seek New Ways
You would also be required to continue to seek new ways to run your dollar store better. It is for that reason that you keep tabs with trends and new products that could possibly catch the fancy of most consumers.
Do note that those who have successful business like the dollar store have continued to work hard and smart. You have got to also look for ways to do this effectively so that there would be positive results.
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