Negotiate on Everything! While those who open a dollar store focus their buying effort on the merchandise offered by their established suppliers, they sometimes forget one very important step. That step is to start negotiating on everything. This doesn’t mean you need to become impossible to deal with. Rather it means identifying the current suppliers who you want to maintain strong relations with and then start discussing pricing options.
Even before you start a dollar store begin to strengthening your relationship with your primary suppliers by first understanding what you can do for them. Is it consistent weekly orders? Possibly it’s being willing to periodically accept some of their closeouts, discontinued products and excess inventory. There is only one way to find out and that is to ask. When you do discover the answer, leverage your help solving their problem to gain the better pricing you seek.
Always look for profitable buying opportunities. These occur all the time. Yet many dollar store owners fall into the rut of accepting the status quo from the suppliers they use. Actively examining opportunities to buy for less can yield unbelievably good merchandise at ridiculously low process. Look for these opportunities at industry trade shows. Start examining suppliers and other sellers of over-stock and closeout products.
It is also important to get the word out that you are a cash buyer when the price is right. Back that up by putting your cash out there when you can make the right deal. Just be sure the products you buy are owned by the seller. Make sure there is a legitimate business selling to you. Then move forward to make extra profits as a result of your willingness to uncover great bargains.
To your success when you start a dollar store!
Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
