Are you starting a dollar store? If so, you are about to discover just how many costs are involved in preparing for the grand opening of your store. Costs faced early on include those associated with locating the right place to open your store and then negotiating your store lease. Next comes all the costs associated with your portion of site repair and upgrades. The list goes on to include merchandise displays and store fixtures, merchandise, assorted store equipment and supplies and much, much more. In this article I focus on 5 of the most important upfront costs to control.
· Negotiate hard for a favorable lease.
Once you’ve found the right location for your store the negotiations start. Be sure you are well prepared. Don’t be afraid to rely on the support of dollar store experts, real estate experts as well as your attorney and accountant. When starting a dollar store the few dollars invested in good advice and counseling could end up being the best possible use for your investment dollars.
· Control your store site improvement costs carefully.
Make sure the responsibilities of both you and your landlord are clearly called out in all documentation before you sign. When opening a dollar store it is important that you understand not only what you are responsible for completing, but also the costs associated with the work. Don’t forget to include deadlines on work being performed by your landlord and others.
· Think used when purchasing store fixtures, equipment and supplies.
One of the best ways to reduce costs associated with preparing and opening a dollar store is to locate and purchase gently used store fixtures, equipment and supplies. In today’s marketplace there are many opportunities to purchase just the right used items at deeply discount prices.
· Hold tight until you locate the right merchandise suppliers for your business. Don’t gamble with any potential suppliers until you have thoroughly investigated. Check references before spending a dime. Then closely monitor your first order. Make sure you know exactly what items are shipping and when they will arrive.
· Set goals for merchandise costs. The costs associated with merchandise will make up the majority of your initial investment. Here is one place where a little extra work searching for and negotiating with suppliers can yield big reductions in total cost.
To your success when starting a dollar store!
Post time: 08-13-2017