subject: 1st Steps 1st when Opening a Dollar Store by:Bob Hamilton [print this page] When opening a dollar store it is important to make sure all of the critical business requirements have been documented. For example, the total amount of funding must be calculated. Knowing this one piece of information allows you to move forward and actually take the necessary steps to locate and collect the funds required to successfully open and operate your store. Skipping any of the critical steps, or miscalculating the correct requirements can prove to be fatal to your business after it opens. In this article I help you get started in your preparation as I present 1st steps 1st when opening your store.
Step #1) Create a store opening requirements checklist. Thats right, develop your own checklist. You will know many of the initial requirements such as finding a location, negotiating and signing a lease, registering for a business license, and ordering merchandise. However as you continue to prepare to start your search for the perfect location you will find new and important things to add. Conduct a little online research for ideas and support. Make it a living document so it grows as you make those discoveries.
Step #2) Develop a first-pass funding plan for your business. Once youve developed you initial store opening requirements checklist, start to work on the business plan for your store. As you work through the development of your business plan you will be able to create a comprehensive list of funding requirements. Double check your business plan funding requirements against your store opening requirements checklist to validate the numbers.
Step #3) If you are opening a dollar store be sure to be conservative in developing your cash requirements. Judge your funding numbers so they include a margin for error. Error to the side of having too much financing rather than not enough. It is better to have a little cash left over as your business starts generating profit rather than being unable to continue the sales growth required to achieve profitability because you lack funding.
Step #4) Check and double check your list. While this list doesnt include all of the critical steps you will need to take for successfully opening a dollar store, it will help you take the right initial steps. Continually add to the checklist as new requirements emerge. Dont be afraid to ask other store owners or experts for ideas. Dont forget to consider costs during the first full year of operation. It is better to have cash allocated for your store opening left over rather than to run short and jeopardize your entire business.
To your dollar store success!
About the author
Learn how you can Start your own Dollar Store Business at http://www.openingadollarstore.com. Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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