By Bob Hamilton
When first opening a dollar store people sometimes make assumptions about locating their dollar store suppliers. Some assume other close-by dollar store owners will be happy to share all their supplier information. Some assume product distributors are willing to provide the names and other information about their direct competitors. In other cases there is the assumption that a quick online search or two will yield the very best supplier names. Then there are those who assume making a quick trip to a trade show will yield all the answers. The list goes on from there. The fact is that each of these options may yield some valuable supplier leads. However it comes down to your continued investigation, research and due diligence that determines whether you have in fact found the perfect supplier for your business or not.
It's important for everyone who is opening a dollar store to realize that finding the perfect supplier is an ongoing process. You will never be able to stop asking and looking for suggestions on potential new dollar store suppliers for your business. You will never be able to stop following up and speaking with prospective suppliers. This is a part of being in the business you've chosen. You need second sources for the hot, high-volume products you sell. You need new lower cost sources to help keep the cost-of-goods-sold in your store under control.
It's important to take the time to establish a brief list of your expectations of suppliers in advance of actually contacting them. Some stores may have special needs such as tailgate delivery, or freight caps on all purchases. Include those special needs and expectation on your checklist and be sure you bring them up early in the first call. Be sure you also include the more specific information and questions you need answered such as cost, purchasing less than case-lot sized quantities, and the expectation of weekly or monthly specials.
When opening a dollar store it's also important to understand that every supplier company has many customer representatives. Even when someone else says their experiences with a company were outstanding, you may have a different representative who doesn't place customer service at the top of their list. Be sure to go into every initial order noting problems and concerns. Make sure you provide feedback and ask for help to resolve problems with dollar store suppliers early on. Get them resolved so future dealings are smooth and easy for you.
Always perform thorough due diligence before making the decision to add dollar store suppliers to your preferred supplier list. You'll be very busy after first opening a dollar store and there simply isn't time to fix problem after problem that could have been discovered beforehand had you done the research and investigation upfront. Check prospective suppliers out. Always start with a smaller test order to verify all is okay. Once the new supplier has proven they can meet your needs go ahead and start ramping up the size of your orders with them.
To your dollar store success!
Learn how you can Start your own Dollar Store Business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.
Posts
0 comments
Post a Comment