Dollar Higher
Posted in Uncategorized on 03/19/2008 04:12 am by admin
Dollar Higher
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US $3,750.00
Are The Extra Costs Of Going Bigger Worth The Risk When Opening A Dollar Store?
It is fair to say that just like the dime stores of old, 1,000 or 1,500 square foot dollar stores are no longer recommended. The simple truth is the overhead associated with these small stores is just too large. It is difficult if not impossible to cover the dollar store costs and still have dollar store profits left over. Does that mean you must open a 15,000 or 20,000 square foot store to succeed? That is absolutely not the case. In fact, owning a large store often means greater complexity and difficulty of operational management. Read on as I disclose some of the considerations associated with opening and operating larger stores.
· Opening a dollar store that has more square feet of retail sales space will involve a significantly higher initial investment. Lease payments and deposits for a bigger space will be higher. Store fixtures will require a higher initial investment. Even the dollar store costs associated with the starting inventory of products will be much greater. As store size grows the need for more aggressive marketing and promotion must also be considered.
· Larger stores require larger staffs to support every part of the business. That adds a much heavier load on all of the staffing, management and supervisory processes and personal. It also leads to higher dollar store costs associated with payroll. It is important to carefully examine these requirements and to factor them into all final decisions.
· Dollar store merchandise management increases significantly as store size grows. Much more time is involved in purchasing. Just the coordination of replenishment merchandise purchasing and stocking requires an ongoing focused effort.
· Cash flow management becomes more challenging as size grows. Cash flow management is also exponentially more difficult. In fact with the higher dollar store costs and sales levels associated with a larger store cash flow management can become a major challenge. That is especially true during periods of rapid sales growth, during slower selling seasons, before major holidays or when sales unexpectedly drop off.
· Mistakes are amplified as store size grows.
When opening a dollar store decisions about the right store size are critical. Too small and it is difficult or even impossible to cover all of the ongoing costs and expenses. Too large and strong prior management experience becomes a necessity. As store size increases the need to quickly identify problems also grows. Where a problem or issue may cost a small store only a few dollars per day, that same issue could be costing hundreds of dollars per day in a larger store. Recognizing and quickly addressing problems becomes an absolute must.
To your success when opening a dollar store!
About the Author
Find out how you can open your own <a href="http://www.openingadollarstore.com/">dollar store business</a>.<br> Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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