Opening a dollar store includes many critical steps. One of the most important occurs very early on in the process. That step is locating the perfect location for your new store, and then negotiating the lease. For someone who has never experienced lease negotiations, emotions often enter into the process. After all it's the perfect location, it's the right size, and it appears to be the best overall location for success. Don't allow emotions to drive you to make mistakes during the negotiation process. Be sure to remember this is a business deal. Collect and study the demographics carefully. Have your attorney evaluate the agreement before signing. Don't hesitate to request concessions from your landlord. Don't be afraid to invest a little time and money to verify everything is exactly as it is being presented. In this article I disclose 5 concessions to examine in your lease when opening a dollar store.
1) Ask to have the space repainted. There's nothing more powerful than the look, smell and feel of a newly painted store. This relatively inexpensive task really underscores you have a new business. It sets the stage for more customer excitement as your grand opening takes place. Properly painted, the store will be light, bright and welcoming to your new shoppers. Be sure to add some trim and signage once the space has been painted.
2) Replacement of worn floor coverings is important. Dark, dingy, worn flooring sends a negative message to your shoppers. It is not bright and fresh, and you'll likely find worn flooring is extremely hard to keep clean. It can even be a safety trip hazard. Old, worn-out flooring sends the wrong message to everyone who enters your store. Once again, this is a relatively inexpensive task to complete.
3) Check lighting and windows. As you are opening a dollar store be sure both are in good repair. Nothing is worse than having cracked and broken windows. Not only do they send a negative message, and add to the heating and cooling costs, but they also can be inviting to break-ins. Bright lighting is important to maximizing sales. Burned out lights costs you sales. Lighting is critical to success, so make sure everything is in good working order. Make sure all lights are operating.
4) Negotiate for concessions on rent. This can take many forms. Possibly you can start at a lower rate and work up over the years of the lease agreement. Possibly you can ask for a few months without rent to help get the store established and closer to profitability.
5) When opening a dollar store it's important to be wary of requirements to maintain the heating and air conditioning equipment for your space. Work for a compromise ' possibly you can pay for annual maintenance and your landlord can pay for major repairs. There are many possibilities, but remember commercial heating and air conditioning units are very expensive to replace.
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.