By: Bob Hamilton

We?ve all heard the doom and gloom about the tough times we are in. We read about it in almost every publication. It is difficult to find a television or radio station that isn?t breaking news about still another business failure or a new economic indicator gone bad. Well, rather than worrying about what everyone is saying and doing, there are some important actions for you to take. This should be a time to not only weather the storm, but to capture loyal new shoppers for your business. This is a time for those who own a dollar store to focus on building dollar store sale levels even higher. In this article I present 5 critical actions for you to take.

Action #1) Become actively engaged in your business. This isn?t the time to be a hands-off owner. That is especially true if you are also the manager. This is a time for those with a dollar store to step forward and lead all efforts to improve business performance. This is a time to lead by example.

#2) Know your customers. There are many shoppers in a dollar store. The question to ask yourself is if you know exactly who the paying customers are for your store. This falls in two areas of concern. First you must know your regular shoppers well. You need to know what they buy and you must know them by name. Second you must understand the demographic of the customers who are actually making purchases in your store.

#3) Get close to your customers when you own a dollar store. By knowing your regular paying customers you can easily develop a firm understanding of their specific wants and needs. Align the product mix in your store to those wants and needs. A warning; don?t ignore everyone else. In many cases shoppers aren?t buying because you don?t carry the items they seek.

#4) Remember and apply the 80/20 rule to everything you do. As the rule states, 80% of your dollar store sales are from 20% of your customers. When you have a dollar store business 80% of your focus should be on that 20% that is generating the majority of your dollar store sale levels.

#5) Customer service needs to be embedded in your business when you own a dollar store. Sure, most retailers acknowledge the need for customer service. Most can even spew out all the things they and their staff do in the name of customer service. Yet the retailers that really succeed in tough times are those who genuinely embrace customer service. They know customer service. They always provide outstanding customer service. They are continually improving their customer service.

To your dollar store success!

Article Source:

http://www.articlecity.com/articles/business_and_finance/article_11274.shtml

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By: Bob Hamilton

It is all about finding the perfect location when you start a dollar store. We?ve all heard it before. However in today?s tough environment those words couldn?t be truer. This is not the time to make compromises when it comes to making your final decision and signing the lease on a location. In fact in today?s environment there are some criteria that can no longer fall down the list as you examine potential locations. The price you pay if you do allow yourself to make the wrong concessions could be business failure.

If you are about to start a dollar store this is a time to consider some things that weren?t nearly as important in previous times. For example, cost conscious shoppers are concerned about the convenience of the location. Many will be hesitant to spend the extra money to drive to an out of the way location where your business sits alone. They prefer a location that is quick and inexpensive to get to. Even better is a location where they can take care of several errands all at the same time.

In today?s marketplace it is imperative that your store be easily seen from the street. When you first open a dollar store you will quickly discover the fact that passers-by must be able to easily see your store. There are only seconds for this to happen. Thus it is also important to have signage that is visible and easily spotted by prospective shoppers.

Costs associated with repairs and start-up can become a show stopper in today?s retail business environment. Make sure to negotiate not only the costs, but also the timing for work completion. After all, every day your grand opening is delayed after the targeted date, the greater the amount of lost sales and costs for overhead will be to you.

This is a whole new business world. While many big businesses and credit grantors are tightening up on their standards, you must find a landlord or property manager who recognizes the perils of starting a new business today. They must be willing to negotiate with you, and help you initially with smaller or deferred payments as you start a dollar store. The deal needs to be fair for both sides, but it will take some compromises to achieve the equity you seek. Fortunately there are many companies that recognize the situation and are willing to do what is required to bring a good tenant into a currently vacant space.

To your dollar store success!

Article Source:

http://www.articlecity.com/articles/business_and_finance/article_11282.shtml

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By: Bob Hamilton

With all the economic indicators continuing to suffer, businesses closing down, and negative news everywhere, many are starting to question whether this is the right time to open a dollar store. They wonder if a dollar store business is really the right operation to start. In general they have heard and seen so much downbeat information they feel almost hopeless about doing anything. While things are tough, this might just be the perfect time to seriously consider starting a dollar store. With carefully planning and sound decision making there is a real opportunity. Read on as I present 4 reasons to consider starting a dollar store.

#1) There is an abundance of high quality, low cost dollar store merchandise available for those who open a dollar store. You may need to look beyond your normal general merchandise distributors to locate the very best deals, but they are out there. One good place to examine is liquidation and closeout companies. As businesses close or at the very least reduce merchandise inventory levels, these companies are finding some products that were rarely available before at prices acceptable to dollar store business owners.

#2) Many superior retail locations are now available. Once again the economy comes to your rescue. There are top retail locations sitting vacant that once would never have come onto the market. Be sure to complete thorough due diligence before signing a lease, and make sure the location will generate the sales required to achieve success in a slower marketplace.

#3) There are more bargain hunters than ever. In good times and bad there are always shoppers who for one reason or another are interesting in locating and purchasing bargain merchandise. In today?s marketplace the number of shoppers who want to find bargains, or who must find methods to stretch their dollars is huge. People are holding onto their money, but they must purchase necessities.

#4) Start-up costs can be significantly reduced for those who plan to open a dollar store. This is still another example of the powerful impact of the economy. In this case the number of retailers downsizing or closing completely provides the opportunity for you to locate store fixtures, cash registers, storage shelving, and other equipment at distressed prices. Get creative as you look for companies going out of business. Sure it takes a little hunting and negotiating, but the savings to your dollar store business will truly be surprising. And for the owner of the closing business, there will be relief that someone actually wants their equipment and fixtures.

To your dollar store business success!

Article Source:

http://www.articlecity.com/articles/business_and_finance/article_11285.shtml

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