Many entrepreneurs who start a new business, including some who are opening a dollar store, allow themselves to get into the mindset that they are the ‘victims’ when it comes to the final results their business achieves. Yet a closer examination reveals many of the critical actions that combine to determine the final dollar store sale levels and ultimate success, including dollar store profits, are truly the responsibility of the owner. Those who focus on doing the right thinks correctly are the ones who end up achieving the success they seek. Just what are some of those actions? Read on for 6 powerful steps you can take to move your business in the right direction.
1) When opening a dollar store the key to dollar store profits is the environment you create for your shoppers. The store layout must be conducive to smooth traffic flow. Products must be in the right locations to increase sales. The lighting must be good. Pleasant music needs to be playing in the background. Your store must look appealing with fresh paint, attention grabbing signage and a friendly environment.
2) One of the keys to growing dollar store profits is to continually build sales. This comes through growing the number of shoppers, increasing the average sale size, and converting more and more of those who enter your store into buyers. Positively impacting all three of these key components requires a strong marketing and merchandising plan of action. Create specific actions for each and measure your results. Keep doing the things that create increased dollar store sale levels for your store. Replace those actions that fail with new and different actions. You will soon have a powerful set of actions that are building sales and profits for your business.
3) Your store must be exciting and different to keep shoppers excited and coming back more frequently. Don’t expect shoppers to continually return to your store if it looks the same and if you carry the sale old items. Motivate them to return more often and to make more purchases by continually making changes. Bring in new products that will amaze your shoppers. Celebrate key holidays and events every month throughout the year.
4) When opening a dollar store providing outstanding customer service must be the cornerstone of your business practices. It all starts with a simple ‘hello’ when shoppers enter your store. Be sure to politely offer service as they are shopping. Eliminate lines and waiting to pay for purchases. Always thank each and every person who takes the time to come into your store. Make sure you and your employees always smile; a genuine smile will often make the day for someone.
5) You must carry the exact products your shoppers want and need. You must get close to your shoppers and then understand exactly what it is that they want and need. Determine the products they will routinely purchase and always have them in-stock. Make it easy for shoppers to find items, and don’t make it a major achievement for someone to be able to reach into an awkward corner to retrieval the item they wanted to purchase.
6) Finally, but likely the one thing that determines your ultimate level of success is the location you select when opening a dollar store. While it is possible to grow dollar store sale levels in almost any location, there is a limit to what each location can generate in both sales and dollar store profits. Find the best possible location. Make sure there is easy entrance and egress to your store. Make sure the storefront and your signage are easily seen by passersby. It is important to have lots of convenient parking close to the front of your store. Look at the anchor businesses for compatibility and investigate previous businesses in the space you are considering. Don’t forget to examine demographics and traffic counts as well.
By John Hester