Opening a Dollar Store - Carry the Right Products
Add comment July 5th, 2007
When opening a dollar store one of the most important steps that the entrepreneur can take is to clearly understand what customers want and need from the store. Dont make the mistake of assuming that as the owner it is your decision. Customers wont always want the products that you blindly purchase. While you may be lucky and a have a few that really hit a home run with the customers, there will be others that will completely miss the mark.
If you do make a buying mistake it costs you money. When opening a dollar store it is important to remember that unpopular products represent money that is invested in inventory that may sit unsold for extra weeks, months or even years. In fact that inventory may sit until the store finally closes with shelves that are fully stocked with non-selling items.
Stay in touch with your shoppers to insure that you carry the right products. If you are opening a dollar store be sure to request feedback and ideas as a part of your daily conversations with customers. Establish a process for cashiers to follow in soliciting that same information during checkout. Consider adding a feedback and comments box for customers to provide that information as well.
After opening a dollar store take the time to get to know the sales representatives that call on your store. Often sales reps who call on similar businesses will be aware of the latest products and trends. Ask for their ideas whenever they call on your store.
It is not normally a good practice to use a product idea the first time you hear it. However after opening a dollar store it may be a good practice to thoroughly examine any idea that comes to you repeatedly, especially when it comes to you through many sources. Give it a try!
To Your Dollar Store Success!
