Writing a dollar store business plan, or looking for samples of great work on a dollar store concept? One could argue there's no better time for this venture. As the economy works its slow recovery, discount retailers are king. Dollar stores in cities from California to New York have reported increased sales in the wake of recent financial uncertainty, making now an exceptional time to capitalize on this intelligent and simple business model. However, depending on your city and target location for the shop, your dollar store's performance will differ, so your business plan should make it as clear as possible what the market conditions are in your area. Use targeted market research from the Census Bureau or ESRI's Business Analyst Online to show who lives near you and how their household income and spending potential index compare to the state and national averages. Perform the same analysis for the industry, using publicly-available sources online or a paid report from Dun & Bradstreet. Other items of note:
• - Talk about how you will market your dollar store – what sort of promotions will you run?
• - What are the staffing needs, beyond a store manager and cashiers?
• - If you need investors to fund the project, what do you propose offering them in terms of ownership percentage? What is the potential ROI for outside parties?
• - Even though it may seem obvious, write a compelling paragraph about the market need you address
You will also need to detail your competition – first-tier (other discount stores) and second-tier (full-price retailers). Consider that you could be competing for dollars with anything from Target or Wal-Mart to convenience stores, a local Goodwill, or estate sales. What is the landscape like near you? It's important to describe this in depth. You will also need to have a detailed financial model showing the performance of the dollar store over a period of either 3 or 5 years. If you want help producing the business plan, MasterPlans is an excellent resource for you. We have worked on thousands of retail business plans and have more than our share of experience with discount and bulk business models. MasterPlans can assign leading experts to your project and deliver you a document you can present with complete confidence. Call a consultant at 877-453-2011.
