Tom’s Franchise Information Blog

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Are you one of those people who’ve always dreamed of running your own business? There is no reason that you can’t leave corporate America behind for more independence. Now is the time to put your skills and experience at work for your own benefit and no one else’s. It’s time to start your own dollar store franchise. Franchising your own dollar store is quickly becoming the most popular method for conducting business and one of the fastest growing, most profitable business opportunities today.

Opening up a dollar store franchise is a booming market. It give you the training, undervalued support system and the opportunity to open your very own store. They even assist in location selection assistance as well as access to high quality products. Some of the dollar store franchises available include the standard dollar models to more specialized stores selling discount greeting cards or party supplies. Here are a few easy steps so you can look into buying you own dollar store franchise:

• I recommend going to a bunch of different dollar stores in your area. This way you can get a feel for how one is run and how a retail store operates. If you can, take a few notes or make a list of all of the pros and cons you noticed during your visits.
• Try to get some market research done. Try to determine if your local area would have enough customers to support your new business venture. Look for things like if any of your competition are either franchised or privately owned. All of the information you collect during this research is then used to make your decision if a dollar store franchise opportunity is right for you.
• Try to track down all of the most current financial reports for publicly traded dollar store franchisers. Most public libraries can provide you easy access to a company’s financial records through online databases.
• The next goal you want to achieve is deciding upon a budget. Make sure it includes all franchise fees, taxes, licenses, payroll and employee benefits for up to one year. Don’t expect to get it up and running without a considerable investment on your part. Realistically, an owner will invest a minimum of $75,000 to a maximum of $250,000. The budget should also include numbers for lease, utilities, furnishings, inventory, equipment and other unexpected expenses.
• Another great tool is using the Small Business Administration’s Franchise Registry. If you plan on funding your principal investment through a loan, you can this this registry to find franchisers approved for expedited franchise loan application processing. It is important that you try and find out as much information as you can about the franchiser’s history, number of franchisees, training provided and the skills needed to run the business.
• Finally, speak with other franchise owners. They can currently own dollar stores or used to. Ask them about their experience in running one and if their franchises’ lived up to their expectations. See if they had any problems and if so, how was it resolved?
• Remember, it isn’t a rush to own a franchise. Take your time and find the dollar store franchise that fits you. The think about whether or not it fits your market, skills, budget and income requirements.

Red Hot Franchises, at www.redhotfranchises.com, offers franchises opportunities. We feature low cost franchises, retail franchises, and other franchise categories.

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