99 cent stores are becoming more and more popular as these shops sprout like mushrooms all over the world. Not only is it very enticing for the consumers but it has been proven to bring very high profit for those who wish to venture on it.
If it doesn’t, these closeby 99 cent stores could have been out of business by now. But seeing the drastic increase in its number of shops in recent years, it is clearly a shop you would want to invest on. Interested to open one? Here are some of the things that you need to consider.
1. Secure financing
The first step to building your own 99 cent store is to secure financing. If you will use your own savings then you can skip this step. However, if you do not have the means, financing will enable you to afford to either build your own building or rent, buy the merchandise necessary, pay your employees, and shoulder other costs.
2. Decide whether you want to franchise or start your own empire.
A more costly but more convenient way of opening a 99 cent store is by franchising. Established brands already have franchising packages that will help you in running the business.
These usually include staff training, initial merchandise, monitoring, and consultancy on how to make your business profitable. You may also opt to start your own empire but you’ll have to start from scratch.
3. Select a profitable location
No matter how good your business is, if the location you have chosen is not where the area of your target market is, then it will not profit. 99 cent stores are generally appealing to middle-class and lower-class income families.
Choose a neighborhood that caters to this spectrum. You would not want to set-up a 99 cent store in Beverly Hills!
4. Find suppliers for your merchandise
The secret to making a 99 cent store profitable is to look for a supplier that will give you high-quality products for deeply discounted prices.
While this may sound like a long stretch, there are plenty of brands that sell overruns at a price close to being free. The quality should also be of important consideration since this will make your consumers patronize your store even more.
5. Effective marketing
The profitability of your store also relies heavily on good marketing. A store that has the best products will be useless if the people do not know that it exists.
There are several marketing strategies that you can utilize in order for you to maximize the profit of your business.
Most of the marketing stint will entail spending a huge sum of money but there are also other cheaper alternatives that will reap the same results such as the use of Social Media websites.
A secret to a profitable store will not end when the business is already established. As a store owner, you should be able to ensure that you monitor the progress of the business really well by hiring good people, restocking inventory, and ensuring the quality of the products that you sell.