Starting a US Dollar Store 99 retail business can be lucrative, as many people enjoy shopping in stores that offer rock-bottom prices. Opening a US Dollar Store with less than Rs. 500,000 can be a challenge, however, as dollar store inventory, rent and fixtures can quickly add up to more than you might expect. By being cautious with your start-up spending, however, seeking out a low-rent location for your business and starting with a small inventory, you can open your own us dollar store on a strict budget.
Follow the steps to opening of US Dollar Store 99……
- Search for a good high footfall middle class oriented location for your dollar store business. Ideally, this location should have good visibility be it in the basement, ground floor or first floor, get a good deal of foot traffic and be close to public transportation. In addition, you’ll need rent that is low enough to amount to only a small portion of your start-up expenses. THUMB RULE – Keep your rent to 7 percent or less of your start-up budget.
- Opt for US Dollar Store Franchise Models (UNIT MODEL which is greater than 400 sq. ft or EXPRESS Model which is less than 400 Sq.ft). Arrange for a meet with the franchise development managers at Nanson Overseas Pvt Ltd and understand both the business models, needless to say do visit there Display centre to see the entire range of products. After understanding the Business models, take the one which suits your requirement the BEST.
- Negotiate with the property owner for a low security deposit, such as one month’s rent…. Still 3 months is not a bad bargain!!! Once you’ve paid the rent and security deposit, put one month’s additional rent in your business bank account. Doing so will keep you out of financial trouble long enough to launch your business and generate cash flow.
- Estimate your monthly expenditure such as electricity, wages of store staff and Misc. Make sure you have at least a month of this expenditure in your account.
- Apply for VAT / CST registration by calling your chartered accountant or even the same can be registered online these days on State government websites.
- Buy / Place fixtures / fittings / display boards etc. This is easy which can be done through local vendors or vendors as suggested by the company Nanson Overseas / US Dollar Store. It is your wish to opt for either case with no compulsions. TIP: Purchase shopping baskets for your dollar store. They can be cheaper than shopping carts.
- HIRING … Hire minimum and trustworthy staff……
TIP: Work in your dollar store yourself instead of hiring employees. This way, you can avoid payroll costs until you start to earn money.
- Now is the time to place order to dollar stores for good deal of toys, health and beauty aids, snacks, household cleaners and tools etc. Spend 40 percent or less of your start-up budget on inventory for your dollar store
- Make deals in your store, with purchased inventory.
- Promote your store for the D day…..
TIP: Create advertisements in the vicinity. Ask friends & family to help spread the word about your upcoming US Dollar Store. Hang balloons and a grand-opening sign outside your store on the day you open it. For details reach us at our hotline number 97178-99733