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Those who open a dollar store soon come to the realization that this is a business with costs. It takes start-up funds. And then there are even more funds required to grow your dollar store business growth. And of course there are cash reserves required to handle the unexpected emergency faced by most new businesses. Fortunately there are some start-up costs that can be reduced. It just takes focused effort and a little time to make them happen. In this article I present 4 great tips for reducing your store start-up costs. Tip #1) Do it yourself. If money is tight or you want to save on start-up costs, don’t make the mistake of paying a start-up company thousands of dollars that could have gone toward store equipment, merchandise inventory and cash reserves when you open a dollar store. This is especially true if you have the skills and training to handle these tasks yourself. Ask friends and family to donate a little time to help with painting, assembling store fixtures, and stocking the shelves prior to opening. Tip #2) Buy used store fixtures. Your dollar store business deserves the very best. However will anyone really notice a big difference between gondola fixtures that are brand new or those that have been lightly used for a few months by some other retailer? In most cases the answer is ‘no’ and it just takes a little elbow grease to make them look clean as new. This is an especially good tactic in today’s retail business environment with so many businesses reducing their size or even closing down entirely. Tip #3) Buy used equipment when you open a dollar store business. Once again there is the opportunity to save big time money by locating and purchasing used equipment for your dollar store business. Pallet jacks and forklifts are two great examples of places to start your saving. Look for companies closing down, or to closeout and liquidation companies for some great buys. Tip #4) Intelligently defer start-up expenses. This doesn’t mean to use your credit and delay making payments on everything required to start your business. It does mean delaying some actions until your store is open, operating and making a profit. For example, why not defer purchasing the extra cash registers you planned to add in anticipation of future growth? You can always add them as store sales require. To your success when you open a dollar store! Find out how you can open your own dollar store business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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