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There is no hiding the fact that when opening a dollar store your store’s location can literally make or break your business. Yet there are so many considerations entering into the decision about the right location. While you must examine every aspect of each location under consideration, how can a location ever be considered to be perfect? Which of the criteria can you sacrifice but still achieve dollar store profits? How can you make up for shortcomings when they do exist? The list goes on and on. Some would-be entrepreneurs may actually opt-out from starting their business just because location is so important and they feel there isn’t a perfect location in existence. Read on as I review some of the most important location considerations. · Size of the space under consideration Make sure the space provides required square footage for not only the sales floor, but also an office area, employee areas if needed, and receiving and back stock storage space. Inadequate sales floor space likely means lower sales and dollar store profits. If there are plans for a quick expansion make sure the required extra area is available without requiring all the costs, labor and business rebuilding associated with a complete store relocation. · Amount of fix-up required Not only do upgrades, refurbishing, and other fix-ups cost money, but this work can often significantly delay your store grand opening plans. If repairs are required clearly negotiate who does what and a timeline for completion with your landlord. · Traffic counts and visibility Traffic is one of the basic, core considerations when opening a dollar store. You are entering a high volume business and traffic is required. High traffic counts with clear, easy visibility brings you closer to a true prospective site that will provide dollar store profits and success. · Neighboring businesses and nearby competition. When opening a dollar store it is important to examine the businesses in the surrounding area. Having other established, success retailers who cater to your target demographic provides a positive signal about sales, dollar store profits and your business prospects. Gaining early traffic for your store will be much easier as well. · Number of targeted shoppers in the immediate area Check the population and demographics for the surrounding area as a part of your fact-finding and due diligence. Having a good sized population of targeted customers in the immediate area is just one more hint that this is a location to seriously consider. · Signage Examine the current space allowed for business signage. If it is inadequate negotiate signage allotment as a part of your lease. Remember to obtain required approvals and permits early-on as well. Signs add to the visibility and name recognition of your business. · Parking lot entrance and egress It seems like such a small factor, yet ease of parking lot entrance and egress is a big deal for those opening a dollar store. Your shoppers will make quick trips to your store. They need fast entrance and exit so they can resume their day. · Number of parking spaces and even their relative proximity to your store Your dollar store profits and success depend on drawing huge crowds of shoppers. Make sure you are set for success by having an adequate number of parking spaces. Just as your shoppers look for easy entrance and exit from the parking lot, so too they look for parking that allows quick, easy movement to and from your store. As a result those parking spaces need to be right in front of your store. To your success when opening a dollar store! Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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