Making money is great, and doing it in a way with low start-up fees is better. Starting a Family Dollar Store is one option. First, you have to understand that the Family Dollar Store is not a franchise. However, start-up will require a certain amount of money for merchandise and fixtures. You will be responsible for renting the building and following the guidelines associated with the Dollar Store.
Items you will need
- Approval to operate under the Family Dollar Store name
- Required amount of money to open the store
- Suitable building with enough room
- Electric, gas and phone hookups
Complete the application at the website for opening a store (see Resources). You will supply your name, address, city and state. You will need a phone number and email address. Then select the amount of capital you will have to invest. The range is less than $10,000 to more than $250,000. Then you will be asked what your investment time frame is and the state where you wish to open a Dollar Store.
Wait for the email that confirms that they have received and reviewed your application. This email will tell you if you will be approved for the location. It will also go into more specifics regarding the financing. You will be asked to schedule a time for an associate to call you and talk more.
Have your financial papers with you when you have your phone conversation. This is crucial to the phone call. This is when you will find out if you have enough money to open the store or if you will need financing. If you need help with financing, you can apply for an SBA prequalified loan through the website even before the call if you have no financing.
Approval should be rather quick. You should already have a building with all the hookups. After you are approved, the organization will start sending fixtures and merchandise to your building.
Attend the two-day workshop at the Dollar Store headquarters before the opening of your store. Here you will learn the mission statement and how to make money selling the merchandise. Don't miss this meeting.
If need the SBA loan, be prepared to write a business plan. Always be forthright with the Dollar Store associate about financing; he is there to help you.
Do not open a Dollar Store in your location if there are more than enough already.