Bin There Done That LLC | Application Preview
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General Information
Business Registration Number: FT0355159
Location: Grundy Center, IA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
The funds requested will cover securing a brick and mortar location in the small town of Grundy Center, Iowa. Funds will be utilized for small remodel of building we are wanting to lease, as well as building our bins, purchasing a POS system, security system, inventory, and securing employees.
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Business Plan
I plan to move forward sensibly, but with all new small business ventures, this doesn't come without risk. I am choosing to start out small, and as we become more successful, we plan to add to the size of inventory we will carry, as well as continuing to reach out on other platforms to allow inventory to be offered to consumers farther away. EBay and Facebook Marketplace are highly utilized platforms that we will be able to utilize to offer products to consumers. I believe consumers should be able to get the things they need at a price they can afford. Our current state of economy has shown how difficult it is for consumers to make a dollar stretch in their households. Being able to offer consumers items that have been discontinued by big box retailers at a fraction of the cost, keeps money flowing in our small towns, counties, states, and our country. Families that are having a tough time making ends meet, can find some relief by utilizing what our business has to offer. This type of business, a bin store, also keeps products out of landfills; which are filling up quickly with waste. Selling products to consumers at a deeply discounted price enhances consumer's lives on a financial level as well as psychological.
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Self Identified Competition
There are several bin stores in neighboring towns, but there are none local in our small town. People would have to drive out of town to these locations, and there are some consumers that do not have the ability to go to another town to shop at a bin store. I have frequented neighboring cities and towns' bin stores. I have taken note of their practices. My brick and mortar location would offer consumers bins with items of differing prices. For example, we will have a $7 bin, a $5 bin, a $3 bin, and a $1 bin. All items would be marked respectively so upon checkout, the cashier is aware of what items came from what bins. We would have items called wall items that are marked separately. These items are generally sold at a higher cost than what consumers would find in the bins.
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Contact Applicant
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