If you are thinking about starting a dollar store business you will need to find a suitable location. In fact location is one of the most important decisions you need to make.
If you are thinking about starting a dollar store business you will need to find a suitable location. In fact location is one of the most important decisions you need to make. If you choose the wrong location you could easily end up closing your doors sometime in the near future.
All locations certainly will not be the same size. Therefore, you need to determine the ideal size for your store so you can narrow down your choices. There are many factors you need to take into account when trying to determine the perfect size for today's dollar store.
One of the main factors which will help determine the ideal size is sales and profit goals. If you are trying to support a family of four or five, then an incredibly small store likely will not be good enough to do the job.Bigger stores can obviously hold more dollar store items, which in-turn gives you the potential to make more profit.
You also need to take the future into consideration when trying to decide on the perfect size for your dollar store operation. You may not want your store to stay the same size forever, especially if you are experiencing great profits and seek to make even more. You can start out small and use the profits from sales of dollar store items to expand the store in the future.
You also need to think about your competitors when starting your dollar store business. If your nearby competitors have a big store, then it may not be the best idea for you to open a small dollar store. Customers may be tempted to go to the bigger location since it will offer a more sizable selection of dollar store items.
Resist the temptation to go after the biggest location you can possibly afford. Although you would be able to stock more dollar store items it would also mean you would have more of your money tied up in inventory instead of free to spend on advertising, payroll or some other routine expense.
When it comes to finding a location, 3,500 square feet should be a good starting point. However, a 20,000 square foot location may be even better for you. It all depends on the details laid out in your business plan. If your business will have the demand to justify opting for a bigger location, and you have the funds, then you should go with it.
Choosing a great location is vital for your dollar store business. Make sure you take size into account so you do not end up with too much or too little space for your business needs.
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