Starting a Discount Store

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With tight budgets, people are trying to maximize their dollar's worth. Why pay high if you can get what you need at bargain prices? Here is a business opportunity to serve price-conscious consumers.

Open a discount store. Get ideas on how to do it from our basic guide.

With everyone tightening their budget nowadays, people are scraping up the most value they can get for every dollar they have. And that is precisely what discount stores would like to offer. If you are planning to enter the retail business and you have chosen the discount store concept, here are the steps to do it:

Do a study to determine the best place to open the store – best means there is an existing market for your business, which for a discount store will be fixed-income people, the elderly, and students. Or, if you have determined a location, find out if there is a market to target where you intend to open the store.

Prepare a business plan. A business plan is the blueprint of your store. It will contain all the necessary aspects of your business. This document is essential, especially if you are looking for investors. It will show not only how the business will be structured but also how it will generate profits in the future. Some of the essential details that you will be deciding when making the business plan are:

The structure of the business. Will it be a sole proprietorship, a corporation, or an LLC?
The merchandise to sell. Will you offer various goods, from dishware to jewelry, or will you specialize?
The location. It should be a high-traffic place frequented by your target market.
Where to get the supplies. The key to offering goods at bargain prices is finding suppliers from which you can get very low prices.

Find investors for your store. Good if you have enough personal savings to finance your project. But if not, you will have to find investors or get a loan from the bank.

Do the paperwork. Apply for incorporation or registration of your business depending on how you want it structured in your business plan. Get a tax identification number and comply with all local or state requirements in opening a business. Get necessary insurance for the company and employees.

Purchase stocks. Typical sources of discount goods are closed-outs and overruns.

Market. Marketing may be done as you work to open the store. Before the store opens, you can put up signs announcing its opening or advertise in the newspaper, radio, or TV (depending on your budget).

Open your store. Ensure everything is ready and ordered when customers come for the first time in your store. The grand opening day is also a grand marketing day. Devise strategies to attract people to go on that day to the store. Courteous and friendly salespersons should be around to welcome them.

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2 Comments

joshua said on April 7, 2011
i just got my business license and sales tax id can anyone tell me where i can get cheap jordan shoes and timberland boots in bulk for a good price or a phone number to a good vendor in manhattan NY if so please email me at flyfashion@hotmail.com or contact me at 919423 6404
Ash said on November 18, 2015
Dallas (Mesquite )Tx, US I just inquiring on any information regarding a Discount shoe store. DO you know of any wholesalers or ant advise to give on the start up . Thank You Ash H

Starting a Discount Store

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