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3 more Powerful Tactics to Cut Dollar Store Merchandise Costs
Those who are starting a dollar store are often shocked and amazed as they discover the dollar-store costs associated with preparing and then opening their new dollar store business. One of the biggest shocks is associated with the wholesale pricing of the dollar store merchandise required to provide a selection of the very products their customers want. Many even begin to wonder whether they made the right decision to open a dollar store business. They don’t realize the huge volume and the number of inventory turns a good store will do in a year. They also don’t realize there are options to reduce merchandise cost significantly if only they are willing to get creative and invest the time to take advantage of them. Read on as I present to you three more powerful tactics to cut merchandise costs.
#1) Buying an existing dollar store business and moving in. When starting a dollar store, look for existing dollar stores that are for sale in your target market. There will be situations where the location is definitely worth operating. Look at these as opportunities to purchase a going business that has all the merchandise, personnel, and name-recognition built in. Complete thorough due diligence and research before signing leases and assuming any other obligations for the business. This is a time to rely on your attorney and accountant for advice before signing anything.
#2) Buy your dollar store merchandise from a liquidation company. Pay pennies on the dollar store your initial merchandise by purchasing through a liquidation company. Understand exactly the condition of the merchandise you are purchasing. While these deals can look great for cutting dollar store costs for your dollar store business, receiving a truckload of merchandise and finding about 50% of the items have smoke damage, fire damage, or water damage turns this into a real mistake. Also, focus attention on the product mix you will be receiving. While the price might be right, receiving a mix that includes 50,000 roll of sewing thread probably isn’t exactly what you want for your grand opening. Know reputable companies will work to provide exactly what they promise. They want you as a long-term customer.
#3) Coordinate attending a dollar-store trade show with starting a dollar store. Many outstanding dollar-store trade shows held throughout the year. These shows bring together some of the very best dollar store suppliers. Even better, most offer trade show specials involving deep discounts on the very dollar store merchandise you are seeking for your new store. So, stock up and pay less by attending one or two shows prior to opening your store.
To your success when starting a dollar store!
About the Author
Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.