We have all heard it so many times before - location is absolutely crucial for those seeking success with dollar stores.
And many spend much time, effort and expense to find what seems like the perfect spot.
Then while things look bright when first opening, sales begin to drift.
Of course the first reaction is to blame the location.
It just doesn't have enough traffic going by on the thoroughfare right out front, or the expected traffic from the well-known anchor is not showing up.
Maybe it is the final position of your store signage.
The list goes on and on.
Finding and landing the best location is absolutely critical for success with dollar stores.
But negotiating a reasonable lease is also important.
Unless you have previous experience, lease negotiations and the final agreement is definitely a time to consult with your CPA and attorney.
Be sure the numbers pencil out and the final lease arrangement numbers work.
Be sure your attorney checks out the terms, conditions and fine print.
Be sure everything is right before ever coming to a final agreement and actually signing the paperwork.
After all, once the paperwork is signed there is no going back if you have made a mistake.
So what is the best option if things are not going well? Should you instantly decide to move on and reopen at a different location? If you have signed a lease which just doesn't work for your business, then start by investigating to verify you really have a lease problem.
Make sure you are doing everything possible to provide exactly the shopping atmosphere and the very products your shoppers will snap up every time they come into your store.
Make sure you have a strategy which keeps them excited and anticipating the next new product you will be adding to the mix in your store.
Then carefully examine your strategy to continually grow traffic and sales for your business.
After all, even the best location may need some help to build an ever-bigger customer base.
If you are serious about achieving success with dollar stores you must get the word out your store is open and then motivate shoppers to come and see what products you have for them.
While completing this investigation and refining your plans be sure you are speaking with your landlord.
See if there is a way to modify your current terms so your costs are better aligned to your current sales and profits.
In some cases you can do this alone - however be sure your attorney reviews the final documentation before signing anything.
Your CPA should also review the plans and provide advice regarding whether the new numbers fit or not.
In some cases your attorney may be helpful in getting landlord approval as well.
Your success with dollar stores is riding in the balance whenever you make a major decision for your business.
Do not compromise the long term picture by accepting a terrible location.
It is easiest to perform careful upfront due diligence.
Bring in your experts (attorney and CPA) before making a final decision.
Set yourself up for success with dollar stores by taking the right steps in the right order when making a decision about the perfect location for your new dollar store business.