Make sure you have the right location selected and you have a lease before ordering store fixtures, dollar store merchandise, or anything else. Make sure you have an attorney review everything before you sign.
One task which must be completed early-on as you prepare for opening a dollar store is finding the right location. Most consider this to be the single most important of all actions taken. Yet for many the struggle between price, amount of space, traffic, and other considerations make it difficult to make a final decision. Often the amount paid is the factor which drives them to make their final decision. After all, isn't it better to have more space for the same price? So what if only the tip-top of the roof is visible if the price is a bit lower - right? No.
Make sure you have the right location selected and you have a lease before ordering store fixtures, dollar store merchandise, or anything else. Make sure you have an attorney review everything before you sign – and do not be afraid to ask your attorney to explain any/all questions you might have associated with the proposed lease agreement. Read on for more on this important topic.
Too Much Space – Hold for the Future?
Unless you have the reserve funding in-place and available to hold unused square footage, this is an expense you do not need. Opening a dollar store can be a cash management nightmare without adding the pressures associated with paying for empty space you hope to one day be able to use. If you cannot afford to finish and then fill excess space with dollar store merchandise, it is likely wise to trim this area from your negotiations.
Second-Tier Location – Or Worse!
There are times when a second-tier location might make sense. However there are costs associated with overcoming whatever problems make the location less than perfect. Carefully examine the small details such as parking access and egress, total traffic numbers, types of business nearby and how they either compliment or do not compliment your dollar store, ease of parking. Be sure to examine the little details such as how semi-tractors and trailers will be able to bring new deliveries of dollar store merchandise to your store and more. Build in and use the required budget to overcome the lower traffic your business will see if you decide to go this route.
Slow Landlord
What could be worse than signing a lease, being ready to start ordering fixtures and dollar store merchandise, and seeing the bills and payments starting to flow and then finding your landlord cannot complete the agreed improvements for 90-days or so? You have bills and no sales revenues coming in.
When opening a dollar store the space you lease must start paying for itself quickly. Do not burden your business with huge, ongoing lease expense with thoughts of the future. Do not find a hidden location and think it represents a top-tier presence for your business. Make sure you and your landlord have a signed agreement regarding dates for completion of improvements and other deliverables to be completed.
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