subject: Look to Existing Businesses As a Source of Dollar Store Merchandise [print this page] Those starting a dollar store soon discover the need to be in constant search for the merchandise they sell. They need to continually negotiate for better merchandise and freight pricing from their core set of suppliers. They must also continually investigate new, potential suppliers. This is a never ending effort. There isn't time to sit back and relax just because all went according to plan for a week or even a month.
But in today's marketplace those starting a dollar store also need to step beyond the traditional supplier option and examine liquidation, closeout and overstock suppliers for merchandise as well. They also need to invest time to examine all potential buying options in their immediate area. In this article I focus on merchandise buying options and how to find them in your local market.
Start by letting all other dollar store owners in your area know that you are looking for buying opportunities. In some cases they will know about buying options they did not pursue. In these cases they are generally happy to immediately let you know the details. Be sure to understand why they decided to pass up the opportunity before moving forward. In other cases they will be glad to let you know about newly discovered opportunities. Here's where a little negotiating or an inexpensive 'thank you' might be required. Maybe it's a gift card for dinner at local restaurant. In other cases it might be the chance for them to buy the excess inventory once you get it sorted. Just be sure you leave them happy they made the decision to help you.
The next step is to let every supplier in your local area know you are a buyer of closeout or excess inventories. Many of these suppliers are the first call those liquidating merchandise will make. Yet there are times when the merchandise doesn't match up with the items they sell. Once again show your appreciation with a gift card or some other token.
Existing businesses will often run into excess inventory situations. It is more challenging to know about these unless you are in the industry. Yet periodically attending local business and networking groups can link you up with others who may be able to act as your ears and eyes for these buying opportunities.
Closing businesses present another great local buying opportunity. When starting a dollar store continually deliver the word that you are a buyer with cash when it comes to excess and liquidation opportunities. Whether you find the closing business or someone else refers them, get started early. Don't allow all the best items to be sold out before you can come and bid. After all even at very low prices slow-selling and non-selling items are not the products you want for your store.
To your success when starting a dollar store!
Look to Existing Businesses As a Source of Dollar Store Merchandise
By: Bob Hamilton
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