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4 Options for Drastically Expanding your Dollar Store Sale Levels

For those opening a dollar store there are several stages to the growth of their business. First there is the startup phase where every small increase in dollar store sale levels is seen as a new victory. Most entrepreneurs soon find sales are healthy and there are even some dollar store profits. With continued strong merchandising and marketing and the right dollar store merchandise they see their business continuing to grow. Yet there comes a time where many decide they are ready for a major jump in sales. They aren’t after a small increase over many months. They are ready to take a leap in sales. It is then that they begin to mull over their options. If you are in that position, read on. In this article I present 4 options for drastically expanding your dollar store sale levels.

Option #1) Expand your existing store rather than opening a dollar store. One of the best methods for quickly growing dollar store sale levels and dollar store profits with the least risk can be adding sales area to your existing store. One of the biggest advantages to this option is that only a small number of additional employees will be required. Rather than bringing in a whole new staff to run a different location, you can maintain your current management and add only a limited number of employees. You aren’t faced with the headaches of hiring and training many new team members. You also don’t have the need to purchase a store full of dollar store merchandise. On the downside you do need to make sure your current location can support the increased sales that will be required to cover your overhead.

Option #2) Add a new store. Probably the most common action taken by those seeking fast growth is opening a dollar store in a new location. If the right location is found and you have a strong nucleus of employees to staff the new location while maintaining the performance of your original location, this can be a solid option. However make sure you do all the required due diligence for the new location before signing any paperwork. Make sure your business is positioned with an infrastructure to support the doubling of demands.

Option #3) Purchase an existing store. In today’s economy there are many small, struggling businesses desperately seeking a means of selling or liquidating. If you locate a dollar store in a prime location with a good lease agreement, consider negotiating to purchase that business. Businesses in this situation typically sell at a discount, but you should expect extra marketing expenses to get the traffic flowing. Be sure you thoroughly understand why the business is in trouble. Make sure you can successfully grow dollar store sale levels as required to achieve dollar store profits from that location. If you cannot justify the location consider making an offer to purchase the existing dollar store merchandise rather than just walking away empty handed.

Option #4) Add a dollar store merchandise wholesaling business rather than opening a dollar store. Don’t put all your hopes for dollar store profits into one basket. While you are staying close to the industry you know, this is a means of diversifying. Consider starting with products specifically targeting the dollar/discount industry. Then add top values in closeout and liquidation products to continue building sales.

To your dollar store success!

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