Starting and actually running a dollar store is a very difficult and challenging undertaking indeed. While others may see it differently, running a dollar store business, or any business for that matter, isn’t a walk in the park. It does not matter how long you have been in business. There are challenges to be faced. However, it is ten times worse when you are just starting out. That is especially true if you have no prior discount retail or business experience. There is a clear learning curve to go through. You need to master the skills required quickly or your business will suffer.
In this article I present some of the areas of concern when first starting your new dollar store business. These are just a few of the many hats you will wear. Each provides unique challenges and opportunities for your dollar store business:-
- Employee supervision – one of the most critical functions you face is properly dealing with all aspects of employee supervision. You will need to know the ins and outs of staffing, leadership, as well as performance management and development. Never lose sight of just how important your employees can be to the ultimate success of your business. Then invest the time to lead properly.
- Customer relations – everyone running a dollar store knows you cannot achieve success without a large number of loyal customers. Turning store visitors into regular customers who return to your dollar store business time and again requires a true commitment to outstanding customer service. The store looks right, employees are friendly and informed, and products meet the needs of shoppers.
- Buying – success with dollar stores is in no small way directly dependent in your ability to locate the right products at the right prices. Become a true expert at finding the best wholesale deals possible. Then provide high quality, in-demand products to your shoppers.
- Merchandising – One small part of the formula for success is store appearance. Another key is the ability to present products in creative, eye-catching ways to draw shoppers over and ultimately to make purchases. Become an expert at product merchandising. Make your sales area a showcase for the products you have to offer.
- Cost control – margins are tight in the dollar discount industry. You must be an intelligent and creative cost cutter. Look for creative ways to continually reduce all costs – but never sacrifice a must-have product or strategy just to hit a new, lower cost goal.
- Sales development – business is all about continually growing sales. Achieving this goal requires new and different strategies. Never turn your focus away from this challenge. Once you hit a sales goal, establish a new, higher goal for your business. Then go to work to meet your new goal.