How to Start a 99 Cent Store
If you have experience in retail, particularly in deep discount retailing, you could consider starting a 99 cent store.
It is like starting a regular retail store except that you have to ingeniously find a way to get merchandise from suppliers that you can sell for less than a dollar.
The original 99-cent concept for a retail store was started in 1982 by Dave Gold, who was trying to speed up sales of wines. Stores that sell merchandise for not more than $1 are also called dollar stores. There are several ways to open a retail store that sell items at less than $1. You can do so by starting on your own. Alternatively, you can get a franchise, or get help from consultants.
Starting a 99 cent store is similar to starting a general retail store except that you have to be ingenious enough to be able to get quality items that can be sold for $0.99 or less. Originally, 99 cent-themed stores carried only one price for all the merchandise in the store. But for ease of pricing in response to economic factors, they restructured pricing systems such that some items are sold at other prices that are below 99 cents.
99 cent stores, dollar stores and discount stores are able to cut down prices by carrying overrun goods and merchandise sold from closeouts. They also form relationships with popular distributors in order to buy items in bulk at deeply discounted prices. If you intend to start your store on your own, it would be reasonable to do so only if you have experience in such transactions, perhaps by virtue of working as a buyer in 99 cent stores, dollar stores or discount stores. Aside from this experience, you also need to be knowledgeable in running a retail business. You’d need this to successfully maneuver the business against the wave of economic forces that normally affect a retail business, and against competition with larger retailers. A modified way to owning a retail store is to purchase an existing one. For more information about such opportunities, you can look at USABizmart.
An easier, though more costly way is to franchise a 99 cent store. Find a 99 cent store you would like to franchise and send an application. You would have to pass certain requirements to be able to franchise a store concept. If you meet the qualifications and are able to enter into a contract with a franchisee, you’ll benefit from the franchisee’s training and support in starting out as well as in actually running the business.
Yet, there is still a third way. You can hire a consultant that will help you put up the business. The advantage of hiring a consultant is you get expert help in going through the process of starting up, but you retain full control in running the business. You get trainings, assistance and support the same way you will if you get a franchise. But the consultants are hands off afterwards in the operation of the store. One company that offers this kind of service is Liberty Dollar Store. One of its selling point is it can give clients the opportunity to get merchandise at prices only offered to big chains and wholesale outlets.
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