One of the sure ways to create excitement in your store is to offer merchandise that just isn't available from your competition. The challenge for many is locating merchandise that provides an opportunity to make money for you while providing great deals for your customers. Closeout merchandise provides just that opportunity. In this article I present 5 tips about buying closeout merchandise when you own a dollar store.

1) Be patient. Locating and screening suppliers takes time and effort. If you are committed to locating the very best companies, then be patient and carefully screen each prospect. Don't be afraid to reject a company with questionable dealings. Keep searching until you locate the companies that are committed to you and your success.

2) Be persistent. Once you know the products you are seeking, don't expect the first phone call you make or the first email you send to result in the right products, the right prices and the right terms. Once you've identified quality companies, don't stop until you find exactly the products you seek. Many closeout and liquidation companies are happy to help you in the search.

3) Sign up for newsletters and product notices when available. What better way to learn the industry than to read their newsletters? What better way to find out about product availability than to receive updates? Newsletters and updates can quickly bring you up to speed about the marketplace and the low-cost products that are available in that marketplace. When you own a dollar store you'll find the time required is minimal when compared to the deals you soon be discovering.

4) Be creative. If you are having trouble locating the products you seek, then take a step back and start getting creative. Ask you preferred suppliers if they know of any other companies with those products. Ask your existing suppliers if they can help you locate those products. Don't forget to look for products directly from retailers who carry them. Many have a process they follow to liquidate merchandise - work to become a part of that process.

5) Buy test orders. You can't afford to make buying mistakes when you own a dollar store. Once you've found your supplier and product, buy a small test order to make sure everything is exactly as you expect. Once you know the quality, costs, and everything else is as expected, then go ahead and complete a larger order.

To the business success of those who own a dollar store!

Author: Bob Hamilton

About the author:
Find out how you can open your own dollar store business.
Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer.

Article source: Free Management Articles.