If you are opening a dollar store one of the big questions that needs to be answered early on in the process is exactly what is the right amount to charge customers who shop in your store. At one time the only answer was $1.00. However as times have changed there are a multitude of options that now must be considered as a part of the pre-start-up process.

There are almost as many pricing options now available to the entrepreneur who is opening a dollar store as the mind can create. There are one-dollar-only stores. There are also one-dollar and less stores. There are stores that sell at the $1.00, $2.00, and $3.00 price points. There are stores that sell at the $1.00 price points from $1.00-through-$5.00. There are stores that sell at the $1.00 price point from $1.00-through-$20.00. There are also stores that sell at the $1.00 price point and then have special areas reserved for over $1.00 price point items. There are variations on all of these ideas and more.

It is important that the entrepreneur make the pricing decision before ever opening a dollar store. Once the store is opened for business changing prices will create confusion and likely will result in the loss of some customers. This is especially true when prices are increased.

If the decision is made to change prices a downward change causes the least impact. However it is likely that some higher priced products will no longer be profitable to the entrepreneur and thus will no longer be carried in stock. If you are opening a dollar store know that those customers who have grown accustomed to obtaining those products will likely complain and may even stop shopping as frequently since they will need to purchase those products at other stores.

If you are opening a dollar store the decision as to the right price point to charge is a big one. Invest the time to really examine the options and do everything possible to maintain the chosen format in the future.

To Your Dollar Store Success!

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