99 Cent Store

99 Cent Store

Things All 99 Cent Storees Need To Be Considering.

Three-quarters of all start-up 99 Cent Storees fail in the first few years, and 25% cannot get through the first six months. To make certain that you have the best chance of getting through this period we have assembled a list of the things you need to do to ensure your 99 Cent Store is successful.

  • Sole trader or limited company? The choice you make for your organization will affect the tax you will pay and how much statutory and financial liability you are exposed to. As a sole trader you and your new venture are, in effect, the same but the assets and debts of a limited company belong to the organization, which is legally separate.

  • Define your target audience. Striving to sell everything to everyone will not work. Your organization should be centered on your probable customers and all that you do, from your businesses website to your marketing, must be of interest to them. Consulting your prospective clients will also make them feel like they have a say, will create loyalty, and should boost the probability of them recommending your companies products and services to third parties.

  • Size up your 99 Cent Storees competition. Which other businesses are offering the products and services that you are preparing to sell? What are their strengths and weaknesses when set side-by-side with you? By checking your rivals you can profit from their errors, as well as discover what their buyers like. You will also uncover how much consumers are probably going to pay for what you offer, and also how you can characterize what you sell from the competition.

  • Get your 99 Cent Store noticed. There is little point in having an amazing idea if no-one hears about it; so how can you get your name out there? If you do not have a colossal marketing budget, start modestly and focus on creating connections. Utilize social media and online networking to start initiating a decent reputation with not just likely customers, but also journalists, business bloggers, suppliers, related businesses and your local chambers of commerce.

  • Create a website. 50% of small-scale businesses do not have a web presence. Most want one, but either believe they cannot afford it or they do not have the ability to get it together themselves. This may have been true two or three years ago, but modern web building software means complete beginners can get a fully e-commerce website set up in no time.

  • Decide on your USP. Consumers will only stop purchasing from somewhere else, rather than yours, if you provide something superior or distinctive. Your Unique Sales Proposition describes what is significant about your goods, outlines what your buyers cannot get elsewhere.

  • Work out and obtain the correct amount of funding. In an ideal world you would have enough money to self-fund the launch of your new business, but, in the main, it is not an option. Alternatively you could approach friends or family to see if they may be able to help, or you might look into obtaining a bank loan or seek out an investor. You should also find out which grants are available for your organization.

  • Write your 99 Cent Store Business Plan. Great 99 Cent Storees were planned that way. This is where you need to verify that each section of your company will work correctly and is realistic. If it is not, should you really go ahead?

  • Decide how your 99 Cent Store will sell to its customers. What is your ventures route to the market? Think about all of your choices, from market trading to eBay shop to catalog, to a retail or mobile stand, to picking up business at networking events or on facebook and twitter, to telesales or integrated joint ventures or simply via Google Adwords.

  • Decide when you should open your 99 Cent Store. You are prepared to launch your business but do not rush to leave your present job. The salary will be useful, as it may be advantageous to put together your business in your free time, and then make the big jump once your organization can sustain you and is truly ready for your complete attention.

When you have to take decisions in regard to your company you must consider the following points:

  • Is this the correct decision for me and my 99 Cent Store?

  • What impact will this decision have within each part of the 99 Cent Store?

  • How much will it cost and where will the money come from?

  • If there is not enough cash in the new ventures budget, what will you give up and how will that change your 99 Cent Store?

  • Are these decisions reflected in your 99 Cent Store Business Plan?

There are a lot more questions you might ask in regard to the decisions you will have to take. Thinking about your choices when you are under duress could be a disaster but using a well-written 99 Cent Store Business Plan means your decisions are far easier to take.

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Great 99 Cent Storees were planned that way!

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