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Dollar Set
Don’T Forget Profit When You Own A Dollar Store
Do you own a dollar store? If so, one of the challenges you will continually face is maintaining acceptable profit levels for your business. Prices of merchandise for inventory will be continually increasing. Freight costs will rise. Operational expenses will increase over time as well. If you have established a dollar price format for you business all of these increases must be managed to maintain profitability. You will need to continually focus on cost reduction in every aspect of your business.
Start by knowing the profit margin of all keys products in your store. For many of your high-volume items, it’s reasonable to expect to sell cases every week. With that kind of volume, properly managing cost and profit can result in significant returns. You know these products will sell, so buy extra whenever they are on sale. In fact, if your own a dollar store be sure you routinely shop for sale pricing with your wholesalers.
You must know the profit margin of all departments in your store. Some departments produce lots of sales, and lots of traffic for your store, but have terrible profit margins. You must keep those departments fully stocked to support overall store volume. Yet when you examine costs, it’s clear these are making little profit. Locate these products and do everything possible to cut costs. Locate new vendors with lower pricing. Buy products when suppliers have them on sale. Ask for volume discounts. Don’t accept lower profits without exploring every possible option for increasing the bottom line.
If you own a dollar store, you must know the overall profit of your business. Stay on top of your store’s profit. A high-level look should occur on a weekly basis and an in-depth look should occur every month. Understand where you are getting higher profits and work to build volume. Understand where you are getting lower profits and work to increase profit margins. Look for substitute products for unprofitable items.
Set goals to reduce your costs. No matter how well you are doing, never accept the current situation. Try every possibility to reduce costs. Focus first on merchandise costs. Every order should have a cost goal to meet. Every week should have a cost goal to meet. Manage your store to those goals. At times it will be tough to reach your goals. Whenever that happens start examining options to reach your goals. Explore new suppliers. Negotiate with existing suppliers. Look for substitute products. Speak with others in the industry and find out how they are driving cost out of their merchandise purchasing. Don’t forget freight costs. Examine creative options such as sharing trucks or reserving space in advance to reduce cost. Finally, set labor cost goals. This may mean some creative scheduling needs to occur. If that’s the case, make it happen.
Set goals to increase your profit margin. Over the course of a year merchandise inventory replenishment will be your biggest cost. That’s your chance to really impact the bottom line of your business. Don’t ever allow yourself to accept the status quo. Set new, lower cost goals and create actions to achieve those goals. Every penny you save in merchandise costs is a penny that goes to the bottom line. With the volume you’ll sell when you own a dollar store, those pennies add up fast!
To your dollar store business success!
About the Author
Find out how you can open your own dollar store business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
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A Dollar Short $14.99 It isn't every day a movie star steals your husband. When that day comes for Chiffon Butrell, of Cayboo Creek, South Carolina, she looks to the Bottom Dollar Girls to help her out of one fine mess. As a waitress at the local Wagon Wheel restaurant, Chiffon pegs her fortunes to a winning entry in a local video store's Be-a-Movie-Star contest. But her celluloid dreams are dashed when her baby takes sick and her husband, Lonnie -- one fine specimen of Southern manhood -- heads for the Hollywood Hills solo. On set, he turns the head of leading lady Janie-Lynn Lauren, whose siren call is Oscar caliber. Back in Cayboo Creek, Chiffon manages to lose her temper and her job in quick succession -- only to discover that Lonnie's paycheck from the Nutra-Sweet plant has been forwarded to a California address. With three kids to feed, Chiffon comes up more than a dollar short. Her good friends try their best to pitch in. But there are too few hands to lend, what with Elizabeth and her husband, Timothy, expecting their first baby any day and the rest of the Bottom Dollar Girls knee-deep in their secret -- and possibly scandalous -- plan to raise money for the Cayboo Creek Senior Center. When a slick of Wesson Oil at the Winn-Dixie gets the better of Chiffon's ankle, there's just one thing to be done -- call on estranged older sister Chenille, who hails from Bible Grove, South Carolina. A prissy, fussy spinster prone to dressing her dog, Walter, in matching plaid "mother-son" outfits, Chenille is everything former beauty queen Chiffon detests. Suddenly the tabloid media gets wind of Janie-Lynn and Lonnie's torrid romance, landing sleepy Cayboo Creek on the star map. Under the glare of camera lights, the sisters must put aside their longtime grievances to forge a newfound relationship. As crisis reigns, Chenille is welcomed by the Bottom Dollar Girls for her cool head and quick thinking. And when Chenille runs into a little trouble of her own, she begins to see the future in friendship. A rollicking, hilarious novel about two sisters who are each one of a kind, A Dollar Short is a delicious page-turner worth every last cent. |
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Bet Your Bottom Dollar $9.99 Welcome to the Bottom Dollar Emporium, where everything from coconut mallow cookies to Clabber Girl Baking Powder costs only a dollar, and coffee and gossip are free. For Elizabeth, Mavis, and Attalee, logging nine to five at the Bottom Dollar is not just work time, it's family time. So when news gets out that the Super Saver Dollar Store chain plans to set up shop and run the Bottom Dollar out of town, things go catawampus. Manager Elizabeth, who has a good head for business even though she flunked pin-curling in beauty school, teams up with a crew of dedicated do-gooders bent on saving the Bottom Dollar from the fate of spare change. But when Elizabeth's unlikely new love interest -- who also happens to be Cayboo Creek's wealthiest bachelor -- pitches woo, out come some startling revelations about her past that turn life more than a little interesting for all her friends and neighbors. |
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A Dollar Short: The Bottom Dollar Girls Go Hollywood $3.95 It isn't every day a movie star steals your husband. When that day comes for Chiffon Butrell, of Cayboo Creek, South Carolina, she looks to the Bottom Dollar Girls to help her out of one fine mess. As a waitress at the local Wagon Wheel restaurant, Chiffon pegs her fortunes to a winning entry in a local video store's Be-a-Movie-Star contest. But her celluloid dreams are dashed when her baby takes sick and her husband, Lonnie -- one fine specimen of Southern manhood -- heads for the Hollywood Hills solo. On set, he turns the head of leading lady Janie-Lynn Lauren, whose siren call is Oscar caliber. Back in Cayboo Creek, Chiffon manages to lose her temper and her job in quick succession -- only to discover that Lonnie's paycheck from the Nutra-Sweet plant has been forwarded to a California address. With three kids to feed, Chiffon comes up more than a dollar short. Her good friends try their best to pitch in. But there are too few hands to lend, what with Elizabeth and her husband, Timothy, expecting their first baby any day and the rest of the Bottom Dollar Girls knee-deep in their secret -- and possibly scandalous -- plan to raise money for the Cayboo Creek Senior Center. When a slick of Wesson Oil at the Winn-Dixie gets the better of Chiffon's ankle, there's just one thing to be done -- call on estranged older sister Chenille, who hails from Bible Grove, South Carolina. A prissy, fussy spinster prone to dressing her dog, Walter, in matching plaid "mother-son" outfits, Chenille is everything former beauty queen Chiffon detests. Suddenly the tabloid media gets wind of Janie-Lynn and Lonnie's torrid romance, landing sleepy Cayboo Creek on the star map. Under the glare of cameralights, the sisters must put aside their longtime grievances to forge a newfound relationship. As crisis reigns, Chenille is welcomed by the Bottom Dollar Girls for her cool head and quick thinking. And when Chenille runs into a little trouble of her own, she begins to see the future in friendship. A rollicking, hilarious novel about two sisters who are each one of a kind, "A Dollar Short" is a delicious page-turner worth every last cent. |
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Ghetto, Devlin, Dollar, Deeperman - 2008 1xtra set (1/2)