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While owning a dollar store can be very rewarding and absolutely enjoyable, there is another side to the picture which is mentioned far less. That side of the business is associated with the risks and potential problems which you may experience. Just as every new business includes a set of very real risks, so too do dollar stores. The first step in understanding some of those risks is investigating the industry thoroughly. The next is to ask yourself some serious questions before venturing forward. In this article I provide 5 important considerations for those who are thinking about owning a dollar store. Each of these should be carefully considered. #1) What will this do to your future retirement plans? Think long and hard before removing all or even a portion of the funds you have set aside for your retirement. Are you really ready to gamble those funds on starting and operating a dollar store? Is the risk involved justified? Are you sure you will succeed? #2) What will this do to your credit rating? Are you borrowing the funds to open your store? What are the results if things don’t go as planned? How will you repay the borrowed funding? #3) Do you have a clearly thought out and documented business plan? While some see this as an unneeded time waster, the value of a plan to someone who is new to this type of business or even business ownership in general can be immense. #4) Are you getting good advice? There is nothing worse than blindly accepting the ideas of someone who is unqualified to give that advice. Always look at the credentials of those you are trusting to help. Also look to the motive of those providing advice – is their motive for you to be a success, or is it for them to make as much money as possible from you? #5) Do you really understand the impact if this venture doesn’t follow your plan? There are risks associated with every business venture. Be sure you comprehend the risks you are facing when running a dollar store. Be sure you fully recognize the impact of failing to achieve success. If you are considering owning a dollar store as the direction for you, take the time to carefully make an informed decision. Be confident you understand the challenges ahead. By understanding those challenges and then properly getting ready for them, you can move forward and build your new business with confidence. Are you interested in owning a dollar store? Visit http://www.openingadollarstore.com and be ready to have your whole view of dollar stores changed forever.
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