Hi guys,
So, my business was previously ran with bad management and it has been over two months since I took over and reopened (had been closed for a year). I do face challenges such as how to bring back the old customers and attract new, just so I get enough business to stay open year round. The business I have is a produce market/fruit stand and I know what I have to do to "survive" all year long.
Now, the problem I currently have is that due to business being slow, and always having something to pay, I have a hard time saving money to use towards buying new inventory (inventory that I don't currently carry, but I know will sell) and I always end up working towards paying someone/something that I owe. I can improve traffic once I fill up all the shelves and space, and bring in items that customers want and will buy, but I don't have extra money to do that so I'm limited to limited inventory (very limited) that I sell and then use some of that money towards paying a bill and some of that money buying that same inventory (which sells, but isn't enough to attract more customers). As a result of all this, I'm "avoiding" to do any real advertising (except a couple signs outside the business) because I don't have a lot of inventory. Basically I'm stuck in this cycle where all the money I make goes to paying bills, which money is not enough to buy more inventory because there's bills that need to be pay. I'm always "chasing" instead of being ahead, if that makes sense.
The inventory that I do have, I always pay upfront (instead of getting it in credit and paying later) because I want to know that what I have in the store is paid off and is my money to use as I wish once it's sold.
The questions that I have is: Should I just hang in there until business improves and in the meantime save as much as I can and bring in as much new inventory as I can? Should I start buying on credit for the items that I can/from suppliers that trust me, just so I fill up the store and build the business that way? Another thing I could do, is get new inventory on commission where the supplier will get a percentage of sales-but I will actually have to go out and find people willing to do that.
I work by myself every day of the week. Obviously I can't afford to hire someone-so another question that I have is is it a good idea to simply take a day off and close once a week or can I not afford to do this?
I'm very confident the business will pick up and be successful, it is at a great location and the customers that I do have are happy with product and prices (and always returning, 80% of customers are returning). I need some advice on how to break from this cycle I'm in just so I can be more in control and expand. I will appreciate any feedback
So, my business was previously ran with bad management and it has been over two months since I took over and reopened (had been closed for a year). I do face challenges such as how to bring back the old customers and attract new, just so I get enough business to stay open year round. The business I have is a produce market/fruit stand and I know what I have to do to "survive" all year long.
Now, the problem I currently have is that due to business being slow, and always having something to pay, I have a hard time saving money to use towards buying new inventory (inventory that I don't currently carry, but I know will sell) and I always end up working towards paying someone/something that I owe. I can improve traffic once I fill up all the shelves and space, and bring in items that customers want and will buy, but I don't have extra money to do that so I'm limited to limited inventory (very limited) that I sell and then use some of that money towards paying a bill and some of that money buying that same inventory (which sells, but isn't enough to attract more customers). As a result of all this, I'm "avoiding" to do any real advertising (except a couple signs outside the business) because I don't have a lot of inventory. Basically I'm stuck in this cycle where all the money I make goes to paying bills, which money is not enough to buy more inventory because there's bills that need to be pay. I'm always "chasing" instead of being ahead, if that makes sense.
The inventory that I do have, I always pay upfront (instead of getting it in credit and paying later) because I want to know that what I have in the store is paid off and is my money to use as I wish once it's sold.
The questions that I have is: Should I just hang in there until business improves and in the meantime save as much as I can and bring in as much new inventory as I can? Should I start buying on credit for the items that I can/from suppliers that trust me, just so I fill up the store and build the business that way? Another thing I could do, is get new inventory on commission where the supplier will get a percentage of sales-but I will actually have to go out and find people willing to do that.
I work by myself every day of the week. Obviously I can't afford to hire someone-so another question that I have is is it a good idea to simply take a day off and close once a week or can I not afford to do this?
I'm very confident the business will pick up and be successful, it is at a great location and the customers that I do have are happy with product and prices (and always returning, 80% of customers are returning). I need some advice on how to break from this cycle I'm in just so I can be more in control and expand. I will appreciate any feedback
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