In this kind of business we can offer a wide range of products, for example, decoration products, toys, cleaning supplies, cosmetics, textiles, household utensils, stationery, among many more.
One of the great advantages to carry out this business is that it does not require previous experience, nor does it require studies or specific training in the field. It is a perfect business model for those who have the spirit of entrepreneurship and who wish to acquire basic knowledge about the products to offer and about the general operation of the business.
However, the person concerned is required to have basic concepts about customer service and business skills.
What products to offer in your store?
Now comes the step in which we must define what type or product we are going to offer. As the offer in this case is quite wide, we can sell products of almost all kinds, such as personal hygiene items, decoration items, bathroom accessories, cleaning and hygiene products in general, hardware stores, toys stores, and all those that are available to us. come to mind.
This business model usually offers basic necessities, products that people need practically every day and immediately, be they electricity, beauty, drugstore, glass, kitchenware, ceramics, with prices that should be $ 1 on average.
It is a fairly popular business in the United States, for example, there are very common “dollar stores”, as in England the “pound stores” (one pound stores) or in Spain the stores of “all to one euro ”generally handled by Asian immigrants par excellence.
The clientele of the $ 1 everything business is directed or focused on a varied typology of clients ranging from students and housewives, to locksmiths, children (toys) and general consumers who are looking for a product to solve an emergency or immediate need, or fine to bring a gift but they are not willing to pay large sums of money for the service or product they require.
For the above reason, it is advisable to have a large inventory that gives us the possibility of reaching all types of clientele and meeting in the highest percentage those needs of daily life that can occur in people’s lives and that force them to visit a store of this kind to supply them.
Let’s talk about the competition
Regarding the competition, it is important to differentiate the various kinds of competitors that we are going to find in this business:
- Business of the same class, that is, independent, equal to the one we are describing in this article.
- Supermarkets and department stores that offer products similar to those that we are going to sell in our business, such as stationery, cleaning and toilet products, decorative items, etc.
- Markets or small marketsAlthough generally the products offered in this type of business are of inferior quality, they represent a competition to be taken into account since their prices are very low.
Store Sales Plan “All for $ 1”
Now comes the important thing: focus on our sales plan. This is absolutely essential, we must make ourselves known, attract customers, it is essential, under these concepts, to take into consideration the variables described below:
- That the commercial premises where the business will be has a very good image, it must attract attention, it must attract potential customers to enter and buy.
- The location of the products on the shelves, must be placed in places or positions that do not impede the transit of the customer inside the premises and that can be appreciated wherever he walks in order to increase the chances of sale.
- That the personnel who work in the store know the products and are helpful and friendly, they must act with respect and always be aware of the needs and questions of the customers.
- Carry out promotions at certain times of the year to attract more customers, either seasonally or also in those items with the highest turnover.
- Carry out advertising campaigns, such as mailboxes in the area where the premises are located, advertisements in local newspapers and magazines, and obviously all the advertising that must be displayed on the internet and social networks.
As you can see, for this and for much more, this is a fairly practical business that requires an average capital investment but few requirements for specialized knowledge so that anyone can set it up and operate it with great ease.
The range of products is quite accessible because in all cities it is common to find wholesale distributors that allow you to access a huge inventory of products of different prices so that you can easily stock your store with “everything for $ 1”.