To the untrained observer it seems so easy to start a dollar store and quickly start making dollar store profits.
Yet for those in the industry the reality is much different.
Achieving success requires sound business management and decision making.
It also requires a true marketer who knows how to properly promote and merchandise.
It requires someone who maintains a steady hand, never wavering from establishing plans and then executing the appropriate actions to build a solid business.
Those who build sales and profits know there are many components to properly manage in order to maximize the results of their labor.
In this article I present actions to quickly grow sales and profits for your business.
It all starts by understanding all of the components that go into growing sales.
Rather than recognizing only one and working to build it at the expense of growing all possible actions, those who excel recognize all of the possible ways to grow their dollar store business.
They then develop a plan that results in a balanced attack on all fronts.
They work to grow all of the key components as a way to maximize sales and dollar store profits quickly.
So if you are about to start a dollar store what are those options for growing sales and profits? The big three are: •Growing the number of shoppers who enter your dollar store business.
This the piece of the pie that most who are starting a retail store focus on.
While it is likely the easiest component to impact, it does not stand alone as a means of quickly and significantly growing sales.
Actions including radio, television and newspaper advertising can have a significant impact on the number of shoppers coming into your store.
•Increasing the average sale size across all sales made in your store.
This piece of the pie is focused on maximizing the sales made to all buyers in your store.
While everything possible should be done to accomplish this sales growth, it once again cannot stand alone if your goal is to quickly and significantly grow sales.
Adding hot selling impulse items, filling end cap displays with in-demand products and using attention grabbing signage can all positively impact the average sale size in your store.
•Converting more of those who come into your store into buyers.
Those who start a dollar store will soon be amazed at the number of shoppers who enter your store and then leave without making a purchase.
These prospective customers offer a potential gold mine of added sales.
Creating a warm, inviting atmosphere, providing outstanding customer service and carrying in-demand products shoppers need and want will all help convert these shoppers into buyers in your store.
However it is important to once again note this single action will not supercharge the growth of sales and profits for your business.
It is extremely critical to positively impact all three of these components in order to quickly grow your sales and dollar store profits when you start a dollar store.
You will learn quickly after your dollar store business is open and operating that there is some overlap in the results achieved from all promotion and merchandising actions you take.
However each of these pieces of the pie require a relatively unique set of actions to maximize the total results you achieve.
If you want to supercharge your results don't focus on only one; focus on all three.
To your dollar store success!