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Just as most other business owners periodically face challenges and problems, so too do those who own a dollar store. Fortunately most of these problems are easily resolved. Even the majority of the bigger problems can be quickly understood and resolved with a little focused time and effort. However for some unlucky owners there are major problems that if left unresolved threaten the very existence of their business. In most cases these are recognized only after sales and profits have plummeted downward. If you are among those unfortunate owners with dropping sales and profits, read on for 4 tips on troubleshooting big time problems when you own a dollar store.

TIP #1) Understand the problem. If your sales are diving downward, your profits are also at risk. For many the easiest thing to do is to look the other way rather than facing the problem head on. Don’t join them. This needs to be treated as a top priority. You must understand exactly what is happening and what is causing the problem. Is the total number of sales transactions down? Is the size of the average sale down? With this information you can dig deeper to understand why. Continue reading ‘Troubleshooting Big Time Problems When You Own a Dollar Store’ »

Those who own a dollar store know the concern that sudden drops in sales can produce. While these drops are frequently temporary and can be explained by inclement weather or a local community event, in other cases this isn’t the case. The sales drop stays, or even gets worse. And there certainly isn’t anything about the weather or some temporary event to explain away the decline. In those cases quick, decisive action must be taken to understand and then remedy the situation.

Examine the merchandise in your store. Make sure everything to meet the core needs of your shoppers is in-stock and on display. If you find this is the case look a little deeper. Did you relocate the items within your store? Did you change brands? Have routinely carried complementary items been dropped from the selections? Continue reading ‘Are Your Dollar Store Sales Dropping?’ »

If you are starting a dollar store the days of only having a one-dollar-price-point format option are long gone. Today there are more format options than many can imagine. In fact, for the new entrepreneur who is about to undertake a dollar store startup, understanding the options and then clearly defining the format for their store have become critical steps in the preplanning process. Making this decision is required before a final business plan can be complete. Even more important to you as a leader is the fact that without a clearly understood store format you will find some decisions difficult to make. If you are unclear about the format, image the confusion for your employees and your customers.

Start by examining the format options available. In today’s marketplace the dollar format has stretched to include dollar-price-point, dollar-plus (Dollar-plus now includes a variety of one-dollar and over, as well as various single higher price points such as five-dollar only, ten-dollar only, and many other variations.), and even just bargain centers, and closeout stores. The list goes on from there. Your challenge when starting a dollar store is to Continue reading ‘You Must Have Format Clarity When Starting a Dollar Store’ »

You hear the finance gurus on television often refer to the GDP as an indicator of how the economy is doing. It is a number used by investors. It refers to the “Gross Domestic Product”. Economists are talking about any recovery of the economy in terms of jobs, consumer spending, and our exports. All this time it is how and where we are spending money. The real indication of how the economy is doing is in what we produce that we can export, how much we spend and invest, and what we sell as opposed to what we buy. This is what is what makes up the gross domestic product.

The problem is that the way the GDP number is calculated is deceiving. The GDP = Consumption + Business investment + Government spending + Exports – Imports. You may hear economists on TV say that the GDP has grown lately, and that is a good sign that the economy is recovering. Next time you hear that you need to pause and think about how the GDP is calculated and what this means when we use it as an indicator of economic growth. Look at what is really happening in the economy and compare it to the growth in this number. It might explain a lot about why the current administration in Washington is convinced that government spending is the solution, and why it is deceiving everyone into believing them. Continue reading ‘How the Great GDP Hoax is Stealing Your Wealth’ »

Talk about frustration! Who wants shoppers in their store who routinely break open packages, thrown candy bar and gum wrappers on the floor, and are often loud? Logic says these are the shoppers you don’t want in your store. Yet there is one group that fits this description to a ‘T’ and you do want in your store. That group is children; when accompanied by an adult. When starting a dollar store build sales by creating an environment that welcomes children with open arms. Make your store a fun place for them to come and find that perfect toy, craft or treat. Carry the merchandise that motivates them to ask Mom and Dad for return trips year around.

Carry the right merchandise. When starting a dollar store don’t just display a few toys and assume you have met the need. To really meet the needs of your younger shoppers and their parents will require more. Carry a good selection of toys for all ages. Add puzzles and games to the mix. Don’t forget about craft items as well. Continue reading ‘The Secret Visitor to Build Dollar Store Sales’ »

In these uncertain times when people are increasingly being forced to dip into their long term savings to make ends meet, saving for the future has become more crucial than ever before. Effective household budgeting along with differentiating between needs and wants can go a long way in accumulating savings for retirement and emergencies. Here are some smart money saving tips to stretch your dollar to its maximum worth:

Continue reading ‘Stretch Your Dollar Saving Money The Smart Way’ »