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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?’ »

It is a very probable reality that in these times of economic uncertainty, your financial capability is strong enough to face the many pressures of daily life. One of those pressures is the likely chance of losing your house. This is where a compelling loan modification hardship letter comes into play. It is a legal letter in which you describe your current financial hardships to your lender and state the steps that you have are taking in order to solve your financial problems.

A poorly written hardship letter can result in the rejection of a loan modification and can also cause the immediate foreclosure of your house. It must be borne in mind that lenders are very busy and back logged, especially during the current economic crisis. A strong persuasive hardship letter allows you to stand out from the rest of the crowd and turns your desire to keep your house into a reality. You have to keep your letter concise and as honest as possible. Most importantly, you have to convince your lender that you will not default on your modified loan payments. Continue reading ‘Writing a Persuasive Loan Modification Hardship Letter’ »

Business ideas are as varied as their cost to start up. If you are starting with a low budget in mind good for you. you will find it easier get financing or to bootstrap finance for your business. Bootstrap financing is…using your own money. I highly recommend that in any case, unless it is prohibitively expensive.

With bootstrap financing you will get some important advantages over your competition. Some of the advantages are high business worth, since not money was borrowed to hurt equity, freedom from lenders, solid financial position for future investors, and less payments on the interest for the loans.

If your business has high projected income, and very little overhead expenses, then borrowing is not so bad specially if you pay the debt within a month, some credit companies give cash back and credits when payments are made in less than a month. It is important to note that most of your suppliers will not extend you any credit at the beginning, that as everything in business, takes time. Once you have established a relationship with them, credit will be given to you. Continue reading ‘Low Cost Small Businesses Are an Ideal Way to Get Started’ »

If you run a small business, you will often have to do things that you really don’t want to do. After all, in a little company the proprietor wears many hats, and there are things that you simply can’t delegate. Most people that have the entrepreneurial spirit for instance are not very good at accounting and they hate to do paperwork, unfortunately these are two of the things that business people often have to do. These are not things that you can procrastinate with or put off.

So the question you need to ask yourself and your mirror is; “Do I have the Self Discipline to run my own company?” Now it’s true that if you are going to be making a profit you might get a little more excited about doing those chores Continue reading ‘Do You Have the Self Discipline to Run a Small Business? No Really, Do You?’ »

As funny as this may sound, it is not uncommon to have fun and still do some business to make lots of profit this Christmas season. All you have to do is organize yourself, take good look at your environment and fill in the needs that come up. Just because it is Christmas does not mean it should be fun all the way without some business, who says you ca not eat your cake and have it?

Find A Need.

There are certain things you need to put in place to really get you started. Like I said in my introduction, you have to look at your environment, find a need or needs as the case may be and fill it or fill them. Has it ever occurred to you that some people who are on essential services will be on duty on Continue reading ‘How to Have Fun and Make Money This Christmas’ »