Don? Forget The Little Dollar Store Startup Costs

Don’t Forget the Little Dollar Store Startup Costs

by

Bob Hamilton

Those involved in opening a dollar store are always worried about the many details associated with getting their new business off the ground. One of the biggest concerns is the dollar store startup costs. In most cases the focus is on the biggest costs. On the list of costs are things like lease payments, the store build out and the fixturing, the location, and purchasing an entire store worth of dollar store merchandise inventory. Yet if your dollar store startup costs are based on only the biggest of costs, you many significantly underestimate the actual amount of cash required.

Then as the date for opening a dollar store arrives, you may end up unable to complete all of the essentials to make your business startup a success. The following are a few of the smaller costs. Many of these can fall below the radar. Yet these are all critical to successfully opening and operating a dollar store. New employee staffing and training If you are opening a dollar store you will soon discover your very success is dependent on the performance of your employees. While it doesn’t take many thousands of dollars to go through the staffing process and then to provide adequate training to those you hire, this is an important investment. Stockroom equipment and tools As the trucks start rolling in to deliver your startup merchandise you will discover the true value of the stockroom equipment. Some items such as sorting tables, hand trucks and stocking carts are very inexpensive. Other items such as pallet jacks and forklifts (If required) cost more. Checkout supplies The challenge is to make the work of your cashiers quick and easy to perform. Simple tools and equipment can include pens, paper, paper clips and rubber bands. Other items include tissue paper for wrapping breakables and assorted bags. Inside temporary signage While the permanent inside and outside signage is often properly budgeted, an overlooked, yet critically important set of signage are the temporary signs created and posted throughout your dollar store business. These small temporary signs attract attention, communicate prices, and help create sales. Employee badges You probably budgeted for smocks, aprons and other uniform items. Yet many overlook the importance of employee badges. These inexpensive badges are not major dollar store startup costs, but they are important to success. Basic office supplies When opening a dollar store be sure to obtain the required office supplies to equip your employees on the sales floor, in the stock room and the office area where cash is counted and reconciled, bank deposits are created, orders are generated, and other important business is conducted. Opening a dollar store is a very involved process. Many do a good job of identifying their projected dollar store startup costs for all of the major expenses. However, when it comes to the many smaller costs, there is a gap. Then as you add each of the small, underestimated or forgotten costs, the amount soon becomes quite large. Do not allow this to happen to you. Carefully develop a list of all required actions and costs into your store opening plans. The surprises go away, and even better, you have the finances in-place to handle your store preparation and opening.

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opening a dollar store

? Visit

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and ultimately be ready to start your own dollar store business.

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