If you own a dollar store and are fairly new at business ownership it is very easy to begin to see the competition as being literally impossible to deal with.
Everywhere you look it seem like there is one more business infringing on you territory.
Worse yet - the more you look the more competition you discover.
You then begin to ask yourself how a small business like your dollar store could ever possibly survive.
With these thoughts comes the fear you in fact will fail.
The fact is every business comes with competition.
It doesn't matter whether you own a dollar store, a manufacturing company or any other type of business, competition is part of the game.
The goal should be to become even better performing than those other businesses.
Read on for ideas you can apply in your business.
• Do carefully examine the competition.
Visit their stores on a regular basis.
Shop in every aisle looking at what shoppers are buying.
Look also for new and different products you might want to add to your displays.
• Look carefully to find those actions they perform especially well.
The goal is not to create a store which matches your competition.
Focus only on the things they do especially well.
Immediately after leaving jot down some of the details of what you see.
What is the strength? How does it affect their business? Are there any actions you might take in response? Again; the goal is not to do exactly what the others are doing.
It is to come up with your own variation.
• Look for what excites shoppers who are in their store.
It might be the way employees treat them.
It might specific products.
It might be an extra service.
Look carefully and learn.
Be sure to look for the products their shoppers are buying - even if you already carry the same items.
The data you collect can be extremely valuable to your business.
In fact, when you operate a dollar store business this information can help position your store to move to ever-higher levels of performance.
Consider every visit to the competition to be a learning opportunity.
Use their areas of strength as a benchmark level of performance you will achieve as well.
With the many different companies having strengths in varied areas of their business you will soon be able to develop a picture of a truly high performing dollar store business.
With this newly created picture of a high performing dollar store business, start to set plans to achieve the same levels of performance.
Identify the specific actions you will use to propel your dollar store business to new, higher levels of performance.
Your actions don't need to cost an arm and a leg to complete.
When you own a dollar store you will find often the simplest actions are just as effective, and they are often quick and easy to take.