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The dollar store business is popular because it is known for good quality merchandise and great product variation available at a very low price.
Each item in such a store can be bought for just a dollar.
A dollar store business is really all about location; wherever there's heavy foot traffic, then the chances of success are higher. Dollar stores do great during peak seasons such as holidays, back-to-schools, and others.
For non-peak seasons, you can switch to offer other types of merchandise or hold special promos to attract attention.
Handbills, flyers, local paper releases, and word of mouth advertising are among the most widely known and effective strategies of marketing.
Skills Needed:
A basic background in merchandising or finance study would be a plus. Skills in buying and selling and dealing with wholesalers are great as the goal is to acquire good products (in bulk) at a very low price (and pass it on for a dollar each).
Skills in store layout and design are also required.
Experience Needed:
Experience in managing a store is a good way to start your dollar store business. If you don't have any, and if the dollar store business you're interested in is a franchise, don't worry about your lack of general experience.
Dollar store franchisers offer extensive training on how to put up your own dollar stores and how to maintain it. Some of them even provide the initial staff you need, who will then train your new staff. They also offer support on where to buy the merchandise for your dollar store.
Startup Requirements:
Apart from the necessary local and business permits, you would need funds for rental space, which may be slightly on high side as you would want to place your dollar store business in a high foot traffic area. You also need to set a side a budget for store layout and design, initial inventory and advertising.
Resources:
Dollar Discount Stores of America
Dollar Store
Be Sure to visit our Business Start Up Guide for information on starting your business
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