Entrepreneur Interview: Marc Joseph, Dollar Days International, Inc.

Business Name:
DollarDays International, Inc.

Website URL:
www.dollardays.com

Year Founded:
2001

Business Partners:
Became a public company in 2008

Number of Employees:
35

What does your company do?
DollarDays has become the premiere B2B Internet company selling over 140,000 general merchandise products by the case at wholesale and closeout pricing to small and medium sized businesses who are surviving and thriving against the chains in their areas.

Was there a specific turning point when you realized your business was moving to the next level?

When Katrina hit in 2005, our site traffic doubled with businesses and non profit organizations looking for products to support their causes in helping out the people of Louisiana. We were selling blankets, socks, underwear and clothing as well as toothbrushes and other health and beauty products. When the temporary trailers were put into place, we were selling kitchen goods and home furnishings. Because we did what we said we would do, many of these customers became regular customers for us after the disaster.

What processes or procedures have you implemented that have helped grow your company?
The Internet is a very cold place. You have no idea what kind of company is on the other side of your screen, because most companies communicate by email rather than a live person. We have taken the position that we want to take the place of the salesperson that you used to stop in your business and help you figure out how to make more money by carrying the right products at the right time at the right price. In today’s world, a company can’t afford to have salespeople stopping in on every mom and pop store for a $500 order. So our philosophy is the Internet has leveled the playing field giving small businesses a chance to compete; and our 20 inside sales people take the place of those who once stopped into their stores, and together we help them find the right products. So personalizing the business with knowledgeable salespeople is the process we put in place to stay ahead of our competition.

What is most rewarding about running your business?
Watching our customers businesses grow is the most rewarding moment in our business. We have been able to expose entrepreneurs and small businesses to products they normally would never see in the more traditional channels of distribution and because of this, they have more interesting products they can advertise and more ways to make money.

What challenges have you faced and how have you overcome them?
Initially suppliers did not want to deal with a company that only wanted to ship one case at a time. Suppliers were only interested in selling by the truckload or pallet. So we had to beg suppliers in the beginning to sell to us. Once suppliers realized we opened up another channel of distribution for them, where they did not have to worry about giving individual stores credit or tracking shipping, we became accepted in the marketplace.

If you were starting over today, what would you do differently?
Technology has come a long way over the last 10 years. I would tap more into what has been developed rather than relying on us developing our own.

What advice do you have for other business owners?
Hire employees who show a passion for their work. Then give them the opportunity to grow a part of your business with minimal interference. One of the hardest things for an entrepreneur is to let go even a small piece or function of their dream. But if you can have the right people in place, your dream can grow much faster.

Please list any favorite books, tools or resources (software, website, etc.) you would recommend for others:
Obviously, my favorite book on this topic is the one I wrote – “The Secrets of Retailing…How To Beat Wal-Mart“. Here is a link to more information. You can also buy it on Amazon and most major book stores. http://www.dollardays.com/i210646-wholesale-the-secrets-of-retailing-or-how-to-beat-wal-mart.html

What is something that people might be surprised to learn about you?
I once was a concert pianist.

Is there anything else you would like to add?
Even though this economy continues to be in the worst shape of my lifetime, this is the time to go into business for yourself. Companies are not taking the chances they normally do in good times, which opens up niches in just about every industry for an industrious entrepreneur to exploit.