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Create Change by Reformatting Your Dollar Store Business – Part 1

davidguide — Sun, 04 Oct 2009 13:17:02 +0000

In today’s tough economic climate every retailer is faced with many challenges. First there are the ever-rising costs associated with owning and operating a business. Utilities, advertising, and labor costs are just a few examples. Then there are the costs associated with purchasing and shipping merchandise for resale. If you own a dollar store business and cannot seem to locate enough merchandise to keep your store fully stocked, now is the right time to take a step back and really analyze your business and the best options available for your store. In fact for the true one-dollar price-point business, maybe now is the time to reformat to over one-dollar. This is article 1 of a 3-part series that will review some of the options a dollar store business owner has available.

Have you ever considered that now might be the perfect time to format from the one-dollar price-point to pricing at dollar increments? For example, rather than selling every item in your store for $1 each, you could establish a range from $1 through $3, $1 through $5, $1 through $10, or possibly even $1 through $20. Once you’ve made the decision to change, the range will depend on your store location and your shopper demographics among other things.

This type of change will affect your current shoppers. In fact it is fair to expect some of your existing shoppers to exit, and move on to shopping with your competitor. Many others will probably give you negative feedback, although they will likely stick with your dollar store business. Existing customer retention will also depend on your ability to keep the most desired $1 price-point merchandise in-stock and available. Keep the items that your customer counted on your store to provide whenever they were needed.

The loss of existing customers can be minimized and new customers can be acquired by implementing an aggressive advertising and marketing program. Establish a budget before the planned pricing modifications are actually initiated. Start the advertising campaign as quickly as possible following the actual changeover. You might even consider holding a ‘Grand Re-Opening’ event to generate some excitement.

It is important to remember that you will be working with much improved margins. You average sale size will also be increasing significantly. As you rebuild sales in your dollar store business, this combination will be important to establishing and then achieving new sales and profit targets.

To your dollar store business success!

Interesting in learning more about this topic? Download my free ebook on internet marketing.

Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer. http://www.OpeningADollarStore.com

Opening A Dollar Store – It Is About Priority Setting

davidguide — Fri, 02 Oct 2009 08:48:46 +0000

One of the biggest challenges that every small retailer who is opening a dollar store faces is having the time to complete the millions of little things that must be done each day. Many of the tasks include must-do items that are required just to keep the store(s) open and operating. Smaller retailers must remain involved in almost all aspects of the business. They simply cannot afford to hire employees to handle those duties.

There are bank deposits to make. Previous day receipts need to be counted and new cash register set-ups assembled. There is merchandise to receive and price. There are new orders to be written and forwarded. New displays need to be completed. Store signage needs to be updated. Sales and promotions need to be developed. Then there is the last minute phone call from an employee who will not be coming in to work!

With an often over whelming amount of work to be done, and a limited amount of time to complete that work, effective small business owners who are opening a dollar store must master the art of priority setting. Prioritization of tasks will insure that critical tasks for business operation are completed first. Less important tasks will remain incomplete and carryover to a time when they can be completed.

Retail tasks prioritization can quickly be completed when a set of criteria is identified. For example, the highest priority tasks might be those associated with daily store operations. In this group tasks such as cash register set-up, store cleanup and preparation for opening, daily scheduling of employees, actually opening the store, and others will be included.

The next level might be tasks associated with customer service. That might be followed by merchandising and stock work, and on down the line. All retailers who are opening a dollar store will have a little different perspective on what the right priorities for their store.

By prioritizing tasks in this manner the retailer who is opening a dollar store can be sure that the most important tasks always are completed first. By following this process, tasks that are left incomplete will have less impact on the successful operation of your business. Give prioritization a try.

To Your Retail Success!

Are you interested in opening your own dollar store? Go to http://www.openingadollarstore.com to find out how! http://www.OnlineAuctionsMadeSimple.net

Dollar Store Business Tips – Keep Your Store Clean and Tidy!

davidguide — Fri, 02 Oct 2009 08:48:45 +0000

One of the challenges that every retail store faces is keeping the store clean and fresh looking at all times. This is a particularly big issue for those who own and operate a dollar store business. Many customers seem to have the attitude that rather than taking the time to return items that have been examined for potential purchase back to their original location, it is acceptable to simply drop those items wherever the customer chooses throughout the store. That might include in other aisles, on top of other displays, or even on the floor of the store. If this is allowed to occur without cleanup, the store soon looks to be in total disarray.

Some retailers will allow this to go unaddressed. However do not allow it to happen to your dollar store business. Establish operational practices the guarantee the store always looks clean and well organized throughout the operating hours every day. That means that employees need to have established expectations regarding picking up and replacing merchandise. Those guidelines should also include spot sweeping and floor cleanup as required.

Once guidelines are defined, be sure that they are also documented and become a part of the operational guidelines for your dollar store business. New employees can then read about those guidelines as a part of their initial orientation to your business. Employees who have questions can always refer to the guidelines for clarification at any time.

If there are specific requirements that involve training, be sure to complete that training as soon as possible after an employee begins working for your dollar store business. After all, it is unfair to expect someone to perform a task until that person has been informed about it, and then trained to perform the task correctly.

Your goal should be to have a dollar store business that always looks clean and well organized. Establish operating guidelines that keep your store in that condition at all times. Train all employees to perform those tasks that are included within the guidelines. Once training has been completed include those tasks as a part of the performance expectations for your dollar store business employees. You will be glad that you did.

To your dollar store business success!

Do you want to own your own Dollar Store? Visit http://www.openingadollarstore.com for more information.

Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.

http://www.rescue-me-now.com

http://www.MarketingSuccessCenter.com

What is Your Merchandise Strategy?

davidguide — Wed, 30 Sep 2009 18:04:20 +0000

Are you about to open a dollar store? If so, it is important to invest the time and energy to develop a master merchandise layout plan for your store. It is important to know exactly where all of the merchandise will be placed and how the various departments will run throughout the store.

Start by creating a roughly drawn store layout. Be sure that you include enough room for customers to easily pass one another in every aisle. Rather than running aisles the entire length of the store, break them in the middle to allow for extra end cap displays. When you open a dollar it is important to remember that end cap displays will have higher per square-foot sales than the balance of the store fixtures in every aisle.

Once a fixture layout has been established, designate the merchandise that you will place in each aisle. After you open a dollar store you will find that the flow of merchandise from aisle to aisle will draw customers on a journey through the entire store.

When you open a dollar store it is important to place high in demand merchandise with lower margins at the back of the store. Household cleaners are an example of the type of merchandise that would be placed along either the back walls or the side walls of the store.

There is a great deal of planning and preparation associated with preparing to open a dollar store. One of the important activities is developing a layout plan for the store fixtures. Another is identifying the proper placement of merchandise in the store. Be sure to invest the time and energy to plan for these. You will be glad that you did.

To Your Dollar Store Success!

Are you interested in opening you own dollar store? Check out “A Beginner’s Guide to Opening a Dollar Store at http://www.OpeningADollarStore.com

Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer. http://www.marketingsuccesscenter.com

Open A Dollar Store – Tips For Success!

davidguide — Mon, 28 Sep 2009 02:01:31 +0000

When you open a dollar store there are many ingredients that help to lead to success. The impact of the store owner and/or manager is one of those ingredients. In fact, every store owner and manager leaves a clear mark on the store that he/she is responsible for managing. It is often found through the physical appearance of the store, the people who staff the store, the quality of the customer service that is provided, the merchandising and many other things.

What are some of the most visible sign of sound management that you can make when you open a dollar store? The following list includes some of the most important things to be aware of:

STORE APPEARANCE is critical. That includes cleanliness; windows are clean, floors are vacuumed and swept, items are not seen on the floor to create a trip hazard, and walls are clean and appear as if freshly painted. Signage is also neat and easy to read, with window signs highlighting the store’s pricing strategy, price and special prices highlighted throughout the store, and new merchandise arrivals, special purchases, limited quantities, etc. all well highlighted by signage.

EMPLOYEES are customer oriented. Sales floor employees are present and approachable, with those employees being very friendly and informed. Cashiers are also customer oriented, with back-up cashiers quickly responding whenever lines formed at the checkout area. All cashiers say ‘Thank You’ and “Have a Good Day’ after the sale was finished.

MERCHANDISE is well-displayed. Everyday items are in-stock and on display with the stocking being striped. End cap displays are well-stocked with large quantities of new merchandise and excellent signage. Cash register areas are well-stocked with impulse items, seasonal items and popular and timely (Ice cream, soft drinks, for example) items as well. The store is also stocked with seasonal items that are appropriate for the current season. Rolling dump bins are full of eye-catching merchandise, and are on display in front of the store.

When you open a dollar store maintain your focus on the appearance of the store, the customer service provided by employees and merchandising. Leave your stamp of success on your store!

To Your Dollar Store Success!

Bob Hamilton is an entrepreneur, writer and consultant. Bob sold his brick and mortor store to sell on eBay and has been helping others to get started on eBay ever since. http://www.openingadollarstore.com

Where and How to Find Angel Investors

davidguide — Wed, 24 Dec 2008 07:06:18 +0000

photo credit: Kevin N. Murphy

If you have heard of angel investors, you would know that they are those individual investors that can make your business succeed. However, you must understand that these investors are looking for companies that can exhibit high growth, synergy and success with the business they will involve themselves with.

For a starting up company, it is essential to get individual investors like the angel investors. This is the best way in acquiring venture capital to develop and strengthen the company immediately. On the other hand, you must be willing to welcome outsiders in your company as well as provide them with some control they can be in command. It will be wise though to provide a way of exit such as buyout from other larger firms or public offering for the angel investors. With such eventual exits provided, you can easily attract angel investors into getting involved in your company.

As a start up company, you must also be aware that there are many potential angel investors for your company. However, they will be costly and will require a lot of negotiation to acquire them as investors in your company. They commonly require different terms in their investments.
Finding angel investors can be a hard task if you do not know where to find them. Nevertheless, once you discover where to find them, the hard work will surely be worth it. Here are some places for you to look for your angel investors:

• Some universities with business programs are a good place to start. This is where angel investors usually hang out since there are high levels of start up business activities the university produce. It will be a good step to contact the people running the entrepreneur program of the universities in your area. They can surely point you to a prospective angel investor easily.

• Business incubators offer access to the angel investors to companies that may have a need for them. Contact association of business incubators in your area and you will find a big vine of angel investors to choose from.

• Groups, clubs and confederacies of angel investors have been around since 1990s. All the members of such associations are all looking for business deals available for them.

Now that you know where to find angel investors you need, it is time to take action:

1. Get information from your chamber of commerce and find out if a venture capital group is being hosted in your area.

2. Ask your accountant, lawyer and some professional venture capitalists for information where to find partners that handle entrepreneurial services and investors you need.

3. Communicate with any small businesses’ development center’s directors about groups of angel investors that may be interested to take part in your start up company.

4. Regional and state economic development agency can also provide you with information on angel investor groups.

5. Check out the initial public offerings or IPO sections for prospectuses for those companies in your area. The bank is also a good place to inquire for angel investors.

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Government Grants to Start Small Business

davidguide — Wed, 24 Dec 2008 06:45:44 +0000

photo credit: kimberlyfaye

You can get the assistance of the Government grants that are available in US. The entrepreneurs who have the plans to start up a business can ask for the Government grants. You will find some government agencies who work with the government bodies to supply funds so that a new business can be started. There are different types of controversies that arise about the government financing the startup of a business.

Many say that grant money is not available for the business and many say that the government provides many opportunities. It is better to get detailed information about the services that are available from the websites before applying for the grants.

The US government provides financial assistance so that the business sectors get a boost and the economical development takes place. If the financial support is not received some business may suffer in the way that the continuation may not take place if they are going through mid business crisis. Government sets aside grants so that many needs for the business can be fulfilled as the economical development depends on it.

The money that is provided is actually a grant and not any loan because they are free money and not required to be paid back. Generally business houses that have lesser than hundred employees get grant money.

In fact the government tries to allocate around twenty-five percent of the funds for business grant purpose. The grants can help to change the way of the business environment. Many businesses can get the ground with the help of the grants. If the business gets a better standing then the economy will also grow. The government grants and its types to support the business environment are constantly improving. The government is also truing to improve the business world and so want to invest there.

You can get lots of information in the websites but you have to find the right information. There are large numbers of choices that are available for the grants. There is large opportunity for the women to start a new business. If the business is owned by any woman then special grants from the government are available. And all of these grant money will not be required to be repaid. But the process of application is very important.

So read the application letters and if required get the help of some professional people. Since the advantages of the Government grants to start a business are mentioned it is up to the readers to take the due benefit for the reason that the grants can help you to develop the new business and make it successful and give the economy a well deserved boost.

Is it Possible to get Grant Money from Government Agencies?

Answer is Yes. There is legitimate kit that will provide you with Step by Step Instruction and Forms to receive free government grant money. Learn How to Apply Government Grants and Download Government Grant Kits

Five Things You Should Know About Small Start Up Business Loans

davidguide — Wed, 24 Dec 2008 06:35:42 +0000

photo credit: karpov the wrecked train

More people are creating start up businesses every day. Even with that, they find out that they need more money than they thought to get things rolling. In order for them to more forward, they need to look into small start-up business loans. In order to get the right one for you, you should consult a loan consultant.

A loan consultant can help you get what you need in order for you to qualify for this kind of business loan. A loan consultant should have plenty of knowledge of how the small start-up business loans work.

Here are five things you should know about small start-up business loans:

1. For the most part, small business start-up loans can start at $10,000 and go to $250,000. The amount of the loan can even be more than that. You need to know that you should not go overboard with trying to get a lot of money at first. Just get what you need and take it from there.

2. Make sure the loan consultant has a list of lenders that they feel would be able to help you to qualify for start-up business loans. They should not waste their time with those that they feel or know would not be able to help you.

3. As you fill out your loan application, make sure it is filled out correctly. You need to fill out everything and don’t leave anything blank. This will make the lenders think that you’re hiding something. Also, make sure that you have everything in place for you to qualify for the loan.

4. Ask the loan consultant plenty of questions prior to filling out a loan application. You don’t want this to be a waste of your time and theirs.

5. Make your first inquiry your best one. If you screw up, you may not get another chance to rectify yourself. Lenders don’t want to waste their time with people that don’t have their financial situation together.

A loan consultant usually has thousands of contacts to choose from for small start-up business loans. They have to be prudent as to who they choose for a potential lender. Otherwise, it could spell disaster for the applicant as well as the loan consultant.

Lenders are wary of who they approve for a loan. So it’s important that you have all of your ducks in a row. If they feel that you are worth of a loan from them, then they may reward you with a lower interest rate. If they do not feel as though your qualifications are up to par, they will either charge you a higher rate or deny your application altogether.

You must have your information together to present to the loan consultant and the lender. A good loan consultant will go over the information your presented as well as the application. If they feel you have missed anything, they will let you know. There are some loan consultants that have embraced technology and submit applications online. This will help you to get a quicker response.

You want to be able to get that small start-up business loan so you can get your business up and running. Having your stuff in tact will help you get there.

Anthony Griswold creates articles about unsecured personal loans, start up business loans and unsecured business loans. All of his articles can be used as tools when seeking unsecured financing.

Guide to Small Business Loan Interest Rates

davidguide — Wed, 24 Dec 2008 06:18:29 +0000

photo credit: karpov the wrecked trainIf you are starting your own business and do not have enough start up cash to do so, a small business loan can be very useful. However, whenever we think of applying for loans we think of banks and financial institutions. It is true that loans taken from these banks have sound legal formalities. But sometimes these small business loan interest rates can be difficult to repay. Most of the time the novice entrepreneur fails to pay the regular monthly installments. This mainly happens because a business that has just started is less likely to be able to generate adequate revenue to be able to afford such high payment rates for these small business loan interest rates. When a business is unable to pay the installments due on these loans, it will results in negative publicity of the company in the market and even bankruptcy in extreme cases. Also, borrowers end up taking more loans in order to pay off these unpaid ones. This gives rise to a vicious cycle of bad debts.

Other than the high interest rates, the security that is sometimes demanded by regular banking companies is hard to meet. Unless you already have immense personal wealth it is possible to provide for collateral that is worthy of securing the business loan. In that case applying for the loan would not have been essential.

Small business loans are useful for initial capital formation of the company. Investments in physical space, infrastructure, stationery, wage payments, and other rents are also taken care of by these loans. Most of the time a new business does not have enough market experience to be able to boast off sufficient success under its name. Therefore, when banks and other financial institutions ask for profit returns and revenue details there is not much that these companies can come up with. However, these lending institutions do base their choice of borrowers based on business history. But for small businesses, this history is mostly very brief and devoid of much glory.

In such cases, you have the option of approaching the unofficial lenders in the market. They are no different from Shakespeare’s Shylock, except maybe the pound of flesh repayment medium! But seriously, these moneylenders usually have reasonable rates of interest and adjustable repayment plans. These loans also most often don’t require any collateral deposit or proof of credit history. You do not have to prove your worth by submitting your tax returns and business plans. Other than a few simple documentation procedures, these loans are much more borrower-friendly.

If you are looking for small business loan interest rates that are the lowest, beware of the terms and conditions that come with them at the same time. Banks do offer easy loans to small businesses, but most of the time they have unreasonable “conditions apply”. These short-term business loans may boast of the lowest interest rates on these loans, but the terms attached to them prove more of a liability to the borrower, which most often tends to overshadow the benefits of the loan itself.

Answers about small business loan interest rates.

Opening A Dollar Store – How Customer Oriented Employees Create Sales

davidguide — Tue, 18 Nov 2008 19:42:17 +0000

Successfully opening a dollar store requires employees who provide outstanding customer service. Those customer oriented employees will create sales in three ways.

First, customers will often spend more money while in the store. Employees who provide outstanding customer service set customers at ease. They focus attention on the customers and their needs. They make it easy for customers to spend more time examining merchandise. They suggest other potential purchases.

Second, many customers will return to the store more frequently. People oriented employees make this happen. The customers may actually start their visit in the store by looking up their favorite employee and saying hello. When opening a dollar store, what a great investment that one or two minutes becomes. Soon that customer is at the cash register with a shopping cart that is filled with purchases.

Third, the very best advertising is the recommendations that your customers make to friends and family. Customers who come from the recommendations of others become buyers very quickly. When opening a dollar store the goal is to have as many repeat customers as possible. Often those first visits will start by looking up the employee who provides great customer service.

Employees who provide outstanding customer service bring in many, many new customers through their actions and treatment of everyone who enters the store.
Training and positive reinforcement, coupled with employees who are naturally warm and caring people lead to success. When opening your dollar store create the customer oriented environment that leads to increased store sales.

To Your Dollar Store Success!

Bob Hamilton is an entrepreneur, writer, author, consultant and trainer. http://www.OpeningADollarStore.com http://www.OnlineAuctionsMadeSimple.net http://www.MarketingSuccessCenter.com