How much do they cost?
A good dollar store can be purchased for as little as $35,000. If you are looking for a franchise business then the cost could be much higher. Franchises can cost anywhere from $100,000 to $300,000 depending on the area & local population.
How can I find a good one?
There are thousands of dollar stores all over the country for sale. You can find them by using the newspapers or searching online. There are many to choose from. It may be a better idea to go with a franchise model because they offer full training & have a good system in place that has been proven for years. Another reason to choose a franchise is because the smaller guys just can’t compete with the big boys. The big boys know how to mass purchase products at much cheaper prices & also pick prime property locations based on population stats. They know what they are doing. Franchises rarely fail. To find a good franchise just Google the big names & you will be brought right to their corporate websites.
How much can I make?
You can make anywhere from $30,000 to $100,000 per year depending on the type of dollar store & location that you choose. It all depends on location & availabilities. Just think about it. Most of the good locations are already taken & the ones that offer some form of promise have many people bidding on them. It’s the same story in any industry. If you have a true passion to run a dollar store, put in the work & reap the rewards.
What location should I be looking for?
The best locations would very highly populated areas of course. If there is enough business to go around then you can make more profits. The location should have enough potential customers to be able to run your business effectively & still turn over a good profit. Try to stay away from areas that already have a dollar store because you will then have to share profits with them. You will also be taking some business away from them.
How much time will I have to commit to my dollar store business?
That is a very good question. It all depends on supply, demand & location. If you find a good location where there is a lot of people living near by to keep your business busy, you can work anywhere from 50 to 80 hrs per week.
If you find a slower paced community, you could spend anywhere from 35 to 50 hrs per week.
Are there any alternatives?
Yes there are many. Before you choose any business, figure out exactly what you are looking for. What I mean is this:
1. How much money do you want to make?
2. How much time do you want to spend working?
3. How long do you plan to be in business?
4. How much time freedom do you want?
5. How much money do you want to spend?
Once you have come up with all the answers to these questions, you will have a much better idea of what kind of business suits you.
Here are some alternatives for you:
1. Gas station business.
2. Car Wash.
3. Convenience store.
5. Direct Sales Business (home based).