Thinking about opening a discount store? We tell you what you need to know to get started.
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Creating a Business Plan for a Discount Store
One of the worst mistakes you can make as a small business owner is to launch your company without having written business plan for your startup discount store.
The key benefit of writing a business plan is that it defines the game plan. The absence of an effective business plan inevitably results in impulsive leadership, limiting your discount store's ability to succeed long-term.
Start by defining your business mission. The process of writing a mission statement doesn't have to be complicated. From there, it's time to initiate the hard work involved with writing the rest of your discount store's business plan.
Prior to opening a discount store in your area, it's a good idea to see how you will fit in the competitive landscape. Try our link below to get a list of local competitors in your city. Simply enter your city, state and zip code to get a list of discount stores in your town.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are seriously contemplating launching a discount store, you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Fortunately, somebody who runs a discount store outside of your community may be more than happy to give you a few tips, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
What's the process for finding a discount store manager who is willing to advise you because you live in different cities?
Simple. Let your fingers do the walking by using the link below.
Advantages of a Discount Store Purchase
On a percentage basis, more entrepreneurs intend to enter discount store ownership through a startup than through a business purchase. Yet discount store startups aren't easy - many fail within the first year.
There are a lot of factors that need to be considered in buying vs. starting a business. By buying a profitable discount store, you'll shorten the amount of time it takes to achieve a return on your investment because you'll have the advantage of a proven operation and an existing customer base.
Purchasing a franchising speeds up your startup process via access to franchisor expertise and name recognition.
Before opening a discount store, you should assess whether franchise opportunities in your space might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you sell to discount stores, you're in the wrong place. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.