Hello, Anyone here been involved in a dollar store business? Is it any good? Margins good? Worth it? Please let me know any advice you might have. Many thanks!!!!!
I have never been involved in a dollar store business but I have friends of friends that have. From what I hear they do well. However, when I go into a dollar store (I love their cheap candy) the owner never looks like he is a millionaire. I think it is probably a good idea and seems to be worth that but you won't retire young. Unless maybe if you open up several of them. My $0.02.
Im gonna say that it probably is a pretty shitty business. Seeing as all your products are selling for a dollar or less, assuming 100% markup, you would have to sell over 275 $1 items per day to make $50,000 a year in revenue, NOT PROFIT, REVENUE!! You still have to pay your business expenses. So, no I don't think it is profitable enough for most people to spend time on.
I knew someone that ran a dollar store. It's not something you would become rich at. You can look forward to making $60,000 a year and work long hours. To some it's worth it because you work for yourself but to others it will feel like you don't have a life because you will always be at the store. Unless you meant a dollar store online which would be intresting although I don't know how you would pull off shipping.