There are many theories about the right size for your first dollar store. If you are opening a dollar store I recommend that you open the largest store possible. However, I also caution that it is critical to have adequate funding to properly operate a larger store.

Opening a dollar store requires more money than one would think. While the total investment in inventory will likely be smaller than opening a retail store in another product line, replenishment is a much bigger investment than would be expected. Not having backup cash available for replenishment merchandise can doom your store to failure.

The presence that a larger store makes can create a buzz in the community. The larger size allows the store to carry a much wider assortment of products. It is also possible to carry a wider range of items in both brands and features within a product category. This creates the opportunity for more sales.

Opening a dollar store with a larger retail sales floor positions the small entrepreneur to more successfully compete head-on with major national chains. Larger stores almost eliminate the competition associated with smaller locally owned dollar stores.

Opening a dollar store that is larger also opens the opportunity for complementary business operations. Case lot sales and wholesale distribution are both very possible.

With the higher volume that a large store must sell lower cost of goods sold is much easier to achieve. Lower cost of goods sold can mean more profits for the owner who is opening a dollar store.

If you are opening a dollar store consider opening the biggest store possible. Be prepared for the added work and the added investment. Know that with successful marketing and cash management a larger store can create lower costs and more profits.

To Your Dollar Store Success!

Dear Fred & Lyna:

I am tired of working for someone else. After reading your article on accessing your entrepreneur level, I feel confident that I have what it takes to own my own business. But I'm not sure what type to start. I love making candles; but don't know if this would support me. Help.

Ann- Montgomery

Fred: This reminds me of a couple I knew who traveled for years staying in bed and breakfast inns across the country. They absolutely loved the bed and breakfast business. So, one day they both quit their jobs and bought a B&B in Northern California
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Lyna: Was it successful?

Fred: It might have been, but about a year later they were miserable. All they did was complain about how much work it took to run the B&B and how they had to be there 24/7. They felt like prisoners.

Lyna: Which is why before Ann gets serious about having a candle business, she should do some research. What have other people done to sell candles?

Fred: She could have a storefront and work as a retailer. Or if this doesn't appeal to her; selling her candles wholesale may be the way to go.

Lyna: Of course with both of these choices she needs to ask herself if she wants to eventually hire employees. After all- to be successful she would need to sell a lot of her product and it would be impossible to make it all herself. As her business grows, she would need more of a sales force- either in the store or on the road selling to others.

Fred: E-bay is always an option- but again, how would she keep up with the demand?

Lyna: I would recommend to anyone; to find other people who are doing what you feel you might want to do. For an art or craft like candle making, check art associations, galleries or artist studios. The Internet is also a valuable source of information. Find someone who is doing what you want to and talk to them; get the pros and cons of this type of business.

Fred: Or why not offer to intern with them for a few months? Not only would they learn the business first hand, but they could also see if they truly have a passion for that kind of work before they spend a dime on.

Lyna: Another avenue to look into would be to write books on candle making and give workshops on it. This is a great way to start establishing yourself as an expert in your field and the only other person you may want to consider hiring as you become successful is an assistant.

Fred: The best advice I feel we can give is - don't quit your day job until your new endeavor is well under way. Although it may not be easy, start part time and that way you won't have the added stress that would come when your bills are due.

Everyone knows that learning proper decision-making skills is a vital part of success. Learning how to gather the best information, and learning how to use that information to make the right decisions, is an important part of not just your work life but your personal life as well.

Good decision-making skills are vital to the success of any enterprise, but unfortunately few schools teach people how to use critical thinking to make the decisions that matter most. It is important, therefore, to seek out this type of training and coaching, whether you are starting a new business, seeking to stand out at your current job, or just wanting to make better decisions in your personal life.

Unfortunately, however, there is no one method that will help you make the right decision every time out. Decision-making is definitely a learned art, and the right decision for one person may not be appropriate for the next. The key is to learn to prioritize your goals, and to learn how to apply the reason, intuition and critical thinking skills you already possess in order to make the best decision possible.

Gathering the most information you can is another vital part of learning to make the best decisions. After all, good decision-making requires good information, and without that information you will not be able to succeed, either in business or in life.

Knowing which information is important is an integral part of the decision making process. In the world of business, this means knowing whom the important players are on any project in which you are involved. It is important to consult not only the other managers and executives who are working on the project, but to talk with members of their staff as well. These staff members tend to play a vital role in the success of any project, and getting their input is a very important, but often overlooked, part of the overall decision-making process.

After you have identified whom the major players on your project are, it is time to sit down and work out the goals of the project, and how it can be made even more successful. Often a fresh set of eyes looking at the project can help you identify ideas or goals you may have overlooked, so it is important to ask others for help if you feel you need it. Understanding exactly what goals are to be achieved, and how everyone contributes to those goals, is an important part of learning the most effective decision making skills.

These decision-making skills can be even more important if you are in business for yourself. After all, when you are running your own business, you are totally responsible for your own success. It is therefore vital to learn the best decision making techniques before striking out on your own. There are a number of excellent resources available to help new business owners get started. It is important to take advantage of as many of these resources as you can. Not only will you learn the ins and outs of starting and running a business, but you will pick up some critical decision making skills along the way.

Melbourne business coach - a checklist for choosing the right one for your business

When it comes to choosing a business coach for your Melbourne business there are several things to keep in mind.

It definitely is not a decision you can afford to leave to chance.

Choose the right business coach and you can experience a quantum leap forwards in just about every area of your business - choose the wrong one and you could regret your decision for many years to come.

9 Things to Keep in Mind When Choosing a Melbourne Business Coach

1. FACT: Just Because Someone has Paid Out a Franchise Fee and Attended a Few Training Seminars, Does Not Make Them a Qualified Business Coach. One important question I would want to ask them is have they had a proven track record in running their own business in the real world OUTSIDE of their coaching business?

You would be amazed at how few have.

It is NOT the job of any business coach to sit and hold your hand whilst you go broke but to get in your face and hold you accountable to taking your business to the next level.

2. Do they Understand Internet Marketing? And what you need to do to have a website that sells? also - can they show you top listings in Google and yahoo for their own chosen keywords?

HINT: What words did you look for when you found this article?

You simply cannot afford to ignore the Internet and where it fits into your marketing plan.

NOTE: If your prospective Melbourne business coach cannot show you these basic things, don't walk - RUN! in the opposite direction. I lost over $50,000 of my own hard-earned dollars in my first 12 months online because I failed to take these simple steps.

3. Testimonials! Can they show you testimonials from satisfied clients? (And I don't mean just a few) Any coach worth his or her salt will be able to show you glowing words of praise from other satisfied clients. Do not feel bad about asking to see these - remember at the end of the day it is YOUR business that is at stake.

4. Money Back Guarantee. A good business coach should have no qualms about offering a money back guarantee. People like Australian Mindshop coach, Jeff Miles, from the well known BusinessDoctorNewsletter.com are a great example of this.

5. Direct Response Marketing. Does the coach have a thorough understanding of direct response marketing principles? If not, are they likely to waste your hard-earned dollars testing various creative ideas?

NOTE: I don't know about you but I do not like the idea of letting anyone experiment with my money.

6. Copywriting Skills. Ask the coach what he or she knows about copywriting and ask to see examples of copy that they have written and the results it generated for them and their clients. If they do not write copy, ask them who do they use and recommend and why?

7. Understands Internet Newsletters. Just today I spoke with a business coach who said 'Ezines don't work' (An ezine is an internet newsletter) I was utterly gob smacked. Here was a business coach (someone business owners should look to for help and advice) that basically claimed that Internet marketing did not work.

Perhaps a better admission would have been to say; 'I do not know how Internet marketing works'

In reality, ezine marketing is one of the most productive and cost-effective ways to get more business that you will ever discover.

Done correctly, marketing with ezines can put much of your follow up on autopilot.

NOTE: If your Melbourne business has a website and your website does not have an ezine, you are leaving tens of thousands of dollars on the table.

8.Video & AudioWhen you as a prospective business coach what you should do about video and audio on your website, they should be able to sit you down and show you numerous examples and explain how you can use streaming media to grow your business.

9. Networks. This last point is VITAL... every good business coach should be able to point you to other quality business professionals - accountants, lawyers, graphic designers. In fact a good coach will want to meet with you AND your accountant on a regular basis.

If they fail to pass this test, you would be better off to keep searching until you find a coach that can.