Before you spend your hard earned cash, it would be prudent to ask yourself the following ten very good questions:
If you are still with me please keep reading, this article is for all those who may be in a situation where they are starting a dollar store. Don’t allow the friendship of your heart go to your head.
Remain focused on the future. In this article I present 10 very good reasons to put together the decreasing balance on your strict angus store savings account and then use that cash in your dollar store startup costs.
Questions You Must Ask Before You Spend Your Hard Earned Cash
If you are starting a dollar store, if this article satisfied you, then read no further. If you are still quite concerned about the future, then conduct your own investigation and do what is right for your business and money.
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Are the values on the balance sheet the same as you expect your values to be?
Over a longer period of time you will find it hard to successfully predict the values on an income statement that correspond to historical data. However make sure you know what values were there in previous years right before the growth spurt occurred. It would be a disaster if you opened your store and from the get go you thought you were really on the right track to success.
Does the net profit include any reasonable known deductions that any part of your business?
If the value exceeds $1,000, it may be a good indicator to know there is a problem. The items for which an income will be shown may include major discretionary expenses such as those that associated with card payment, financial planning, gift buying and so on. In this situation you will find the store business is out of balance.
Have there been changes within the manufacturing process?
Perhaps your areas of manufacturing are downward and that product will move slower than anticipated into the future. Or there will be an increase in order size and other costs, this change could be due to change in the raw materials, production cost or the actual specifications of the start of production or the overall costs of the products. Make certain the anticipated values do not identify an area of neglect.
What is the proper documented and documented way of recording sales?
There are positive reasons your own sales might not have been recorded in a timely manner. The most serious of these reasons is an optimistic outlook and you may be surprised that until and unless gross sales can be documented with documentation, it cannot be properly assessed.
The legal and professional experts can make the best guess. Therefore as your store is being prepared for operations, they can not only advise you to establish a properly documented sales record, but they can also suggest how this record will show up in your store’s cash flow statements.
Are you on target to open the store on time?
If it is close to time and none of the other problems have occurred, it may be deemed that you have nothing to worry. However, if you have problems during this time, take the time to find out why they have occurred.
The negative findings from the main facility may indicate a shipment was delayed which delayed the start of ordering raw merchandise for your store. Therefore, you need to check both forward and back dates throughout the process, understand and properly document them, and then put a plan in place to correct it.
Is there a supplier who can help solve your problem?
Each new business has its own particular problems and their answers will vary greatly for each new business as well as each new operational situation. For example a small store could run into problems with a tool supply and now has a problem from day one.
Is management not available to solve problems?
It takes a special kind of person and a plan is required for the owner or manager to be available. While this is true of a couple of location smash ups, most owners or managers are available to help individuals. The owner or manager alone can not solve all problems.
The above questions are just a few of the basic things you must be concerned with during your dollar store startup.
Don’t let the answers to these questions overwhelm you. Make sure you understand the nature of the problem. In most cases not all problems are the same. You need to prepare a plan for addressing such problems. You must also be prepared to be available to help your customers.
To your dollar store startup success!
Source; Ae. – alternativeeconomics.co