Many who start a dollar store reach a point where they are faced with the choice of how to continuously expand their business.
They find sales and profits are moving along as planned, and they need to take action to keep things moving in the right direction.
Then they look around and realize they have the financing to make a big move forward and start a dollar store or two new stores to their operation.
But determining if this is the right direction to take isn't as easy as it sounds.
There are many other options to consider before making the final decision.
In this article I present some of those options.
* Add a new store - Most retail business owners immediately make the assumption that the best option for expansion is to start a dollar store following in the footsteps of their already established business.
After all, they know what to do, how to do it, and even better, they have a solid trained workforce to help make the next operation a success.
Just be sure you do have everything (For example; trained staff, documented procedures and financing.
) in-place to make this a viable option * Purchase an existing store - Periodically a real deal comes available in the form of an existing store with an owner who must sell for one reason or another.
Proceed with caution.
Perform thorough due diligence.
Get your accountant and attorney involved before a decision is made.
Understand exactly how the business is doing and why the owner is selling before making a decision.
* Expand your existing store - Many business owners decide the best expansion strategy is to leverage their good current location, solid customer base and trained staff and simply expand their current location.
If additional space is available make sure there is a large enough customer base to make the newly expanded business a success.
Don't lose the very business attributes that made your business a success already.
* Open a new, different business - Possibly you want to keep your dollar store cruising along, and add a discount store with no maximum price limits.
You just offer great products at deeply discounted prices.
* Invest your money - Let someone else help manage your wealth.
Just be sure you know you have a reliable and trustworthy person involved.
Investigate thoroughly before investing.
There are many other creative options.
It is all a matter of examining the marketplace and coming up with an even better way to meet the critical needs of your targeted shoppers.
Bring in your experts as a part of the decision process.
Check everything carefully before making a final decision.