Planning to start a Pound Shop? And your mind is running over thoughts regarding the premises, suppliers, stock, staff etc
Nowadays people want to come out of this 9-5 rat race, which lacks independence and job satisfaction. They prioritize on building something of their own. A Pound Shop sounds like an idea surely worth many pounds :)
In a world where people are running after branded items, the success rate of a discount retail store is a strong reply to this thought process.
There are various reasons behind the growth of a Pound Shop. Great deals, desired products without any hole in the pockets is surely music to every customer's ear.
Most noteworthy, people know what to expect from such shops. The magnet is the price they have to offer and even if the product does not suffice customer standards in some exceptional cases, there is no regret as it only cost a pound: P
Many of you may have the thought of opening up a pound store. Well, here is a Guide to start a Pound Shop. It has all you need to know when planning to launch a discount store and make it profitable.
Find a right place to start the Shop
This is the first and foremost decision to be taken in case of setting up the business. You would not like to indulge in any property which bounds your investments or where the rent is too high for your business to even think of profits.
Another thing to be kept in mind is that quantity is the key to pound shop business, so you have to look for a store that can accommodate the stock well.
The location does not play a vital role in this case. You can ditch the trendier/expensive places and choose some less obvious location. People would surely not mind to hunt down a place which saves them some pounds: P
What Products to Sell?
Once you have finalized the store location and the shop. Next comes what to stock up there?
It is easier to crack this as the options narrow down to the only ones which can be sold under £1. On finalizing the products, the success depends on how well you learn from the activities happening within the store.
It is suggested to keep a close eye on the product sale patterns, what is working and what is not. The product decisions are to be made based on the same. The success mantra is to peep inside customers mind and provide them with the products they desire under cheap rates.
On the same lines, seasonal discounts or specific products are a hit. Take advantage of the market-hyped products by providing a cheap variant of the same. Keep an eagles eye on the market, and how would your business fit into the same.
A proper and timely planning is required, manipulate and manoeuvre the profit game accordingly.
If you do build a great experience, customers tell each other about that. Word of mouth is very Powerfull - Jeff Bezos
Finding good Discount Wholesalers for supply the products in the UK
Now once you have mastered the art of choosing the products. The next big question comes from where to get these products. The profits of your business are hugely dependent on this fact. Seek for good discount wholesale suppliers for the products you wish to sell to your customers.
The first point of contact is your own network, that works the best! As when you start a business reliability is very important. Growing up the hierarchy it will become easier for you to find discount wholesalers for your products.
To start if you can't rely on your own contacts, then there are various online options available where with a price attached they make you reach your right destination. Search for various Pound Shop discount suppliers, online clearance wholesalers, or any UK Wholesalers that matches your requirements.
Also, there are certain fairs for the people who are opening up discount retails stores to attend. Many suppliers and retailers visit there with the same intention as yours. This may be a great push for your business.
The money part is a bit tricky, when starting a business a huge capital is so unlikely and with absolutely no contacts the reliability quotient goes down. Hence the suppliers will not leverage you on the payment part. A good communication and understanding with your supplier are surely gonna be a boom to your discount store.
The biggest mistake a small business can do is to think like a small business - Postfilm Design
Finding a suitable Staff
After all the above the last but not the least is finding a good retail staff. It may sound not so important but trust me on this.
The basic choice of staff should be a mix of different age groups and experiences. This will bring some diversity in the work culture and innovative ideas to run the store. Once the basic requirement is met, going forward you may get various references on the same.
A happy, satisfied and motivated staff is the recipe for similar customer response at your store.
Hence, the success of a Wholesale pound line shop is pillared on mainly these factors. Once they are in place don't leave any chance to develop a good customer base.
There are certain things to be taken care of over and above all this: Tax, National Insurance, VAT, Health and Safety etc. All these also add up to the above decisions.
The way to get started is to quit talking and begin doing- Walt Disney
So, make all the wise decisions related to the premises, suppliers, stock and staff using this guide and get going on your Pound Shop launch leaving no stone unturned :)
Here at Clearance King we always aspire to deliver to our esteemed customers' highly economical products. We are offering a huge range of pound shop products at genuine wholesale prices and there is no minimum order required with Free UK Delivery over £299. You can use our Secure payment systems, also, enjoy the facility of credit accounts that offer the flexibility related to credit limits and payment terms by completing the account application form process.
Clearance King has grown since 2014 from 500 to 12000 Customers. And is estimated to have over 50,000 Customers till 2020.