It is a few days after the Memorial Day Weekend celebration here in the valley. My new expansion project did not have the impact I was hoping for. Maybe there were to many other things going on since it is a busy time in this area. I gave away free coffee and had two people set up. It is a start and I plan to continue to see if interest grows.
My kids did a great job of running everything; down to set up, tear down, and maintaining the coffee bar. Glad to know I have raised great girls that are able to work hard. They even helped with several projects in the store that I haven't had time to complete yet.
Overall business seemed to be down from normal this weekend. I guess I can not compete with the big box stores and I do not want to. That isn't in my business plan. I am very glad to take the regular business rather than big sales to draw people in. It is the regulars that make your day. Maybe in the future, I will decide to close and take a vacation on the holidays like everyone else. I did go picnic with my family Sunday and Monday.
Good news is after the long expensive weekend, that I am feeling very energized and ready to start planning the next big thing. I am about to have my own website in addition to all the social medias. I will post more details after it is set up. My online sales have picked up as well. Making me feel like all this planning is paying off.
I also am considering starting a brochure of our local area with festivals, services, history, and local businesses. I expect it will take most of the summer to prepare and plan before it can be published. Thankfully my extra activities are slowing down like Girl Scouts. Although, I am very Proud of what my girls accomplished this year. They are showing me up so I am stepping up my game. They are almost done earning their Silver Award which is the 2nd highest award in Girl Scouts. For more information on their project please read this blog: http://humane-pa.org/
The next project I am researching are buying mailing lists? Does it pay off and where and how do you go about it? And how to set up a billboard along the Pa Turnpike? If anyone has answers or places to look please share.
My creative juices are flowing and I mentioned many things today so I am sorry if it is hard to follow today. I am a very creative person but not very organized. If it weren't for my sticky notes to keep me on a single project, I would get nothing done. But it can not get crossed off until it is complete even if it is close to complete. The quote I want to leave you with today is.
"There are three kinds of people in the world, the wills, the won'ts, and the can'ts. The first accomplish everything; the second oppose everything; and the third fail in everything" Eclectic Magazine
I am trying to be the WILL person, what kind of person are you?????
Wednesday, May 30, 2012
Friday, May 18, 2012
Addtional Services
In business you always have to be looking for ways to expand. It could be offering more services, carrying new items but something to grow and move forward. I am about to begin a new service to my community and bring in more business for my store. At least that is what I hope. Some people think I am making competition for myself, but I think I am increasing customers and donations after they walk outside. I am starting a flea market/ farmers market/ yard sale out side the store during the summer months. I am one week out from this event and I have reviewed my ads that I placed. Making a to do checklist to prepare. I have to mow and mark off spots this week. Then the day of we are serving free coffee and getting everyone set up and cleaning up after they are gone. This is going to be work for my kids but give them some spending money for the summer. They are in charge of set up and tear down. They are also responsible for the trash, wiping down tables and maintaining coffee bar. I expect it will be a crazy day the first day and an exciting place to be in the valley. this is small town U.S.A. It will also teach the kids good work ethic and boost my sales. I am looking for a food vendor to set up at the event as well but not having much luck in that department. I have been interviewing people for months. My concern is all the permits, and insurance of serving food. If anyone has insight to share please do. I will post more after this event.
"It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things" Elinor Smith
With the last quote, here I go.......
Wednesday, May 2, 2012
Forms of Payment
In business, what is the best form of payment. If you guessed cash then you are right. We now live in a society that doesn't always carry cash. I for one, am one of those people. I use my debit card for most purchases even to pay my bills. It has become just like the postal service vs email service, instant and easier. But the fees, we as bank customers often do not have fees unless you use your card obsessively or you over draw. That is the draw for consumers, most banks offer free checking with debit card. So who pays for all of the fees the bank has to pay to use the service. You guessed it, the business.
I am ready to expand my business again and I am having several reservations about what is my best options. I have been researching for months since that is what I do. Lots of research then choosing the best option. Only with this, I do not feel which is the best option, it is like choosing the lesser of two evils. Accepting credit/debit cards will increase my expenses most definitely, but will the additional sales be enough to cover the cost. I turn away a handful of people by currently not accepting cards but is it a $5.00 sale or a $100.00 sale. As a new business owner you always have overhead and competing with giant retailers on prices can make the extra expense a challenge.
I personally wish to expand my sales online and I need some sort of payment option other than mailing me checks or money orders. Checks themselves are another story. I tried to explain to my Girl Scouts last night that someone can write a check even if they do not have the money in the account to cash it. The process does catch up to them eventually but they can write several checks before that happens. I have been lucky that I have not gotten very many bad checks in the last 6 months of business. If you accept debit/credit cards you can avoid accepting checks by using the card and save yourself the returned check fees and loss of product. It also makes processing items online much easier.
Thanks to my support system, I can understand the fees involved in credit/debit processing. First thing to decide is to buy or lease a machine. Benefits to lease is if machine breaks they replace at their cost but you pay more in the long run and if you cancel your contract with them you are still obligated to pay the lease. A benefit to owning a machine is you pay a lot less for the machine but payment is due at one time. Over a period of time your machine may become obsolete and break and the expense if your to replace. The interest rates seem to be about the same for each service regardless.
Now that you have decided which option works best for you, a few other things to think about are your rates promotional and when do they expire? What fees occur each month regardless of sales volume? What is pricing strategy? It can be fixed or tiered. Do you accept American Express and what are rates for reward cards? Both have larger expense and may delay your settlement money. How much is application fee? If you own your machine, how much to reprogram? Is customer service available 24 hours 7 days a week. How long is down time if something is broken and needs replaced. How long does set up take? How much is application fee? How much are monthly fees from service provider, and Visa/Mastercard? Next question is security, there are a lot of fines if someone steals information from your service. They are enough to put a small business out of business. Some service providers carry insurance at a monthly fee to cover you in case this happens. You have heard it before I am sure, sometimes you get what you pay for.
Another option companies can now offer is gift cards. If you use their service they can sell you so many personalized gift cards for your location. May save the hassle of gift certificates in accounting for you.
Some companies offer a no contract fee but rates are higher. This may be an option if you just want to see how things go. Always ask about cancellation policies and have all your questions written in writing from the service provider. After you seen and double check the forms, you can decide if this works for your business. With all business decisions, there is risk. I need to decide if this is a risk I want to take to have opportunity to expand into bigger things.
The quote I want to end this with today is,
"Anyone who has never made a mistake, has never tried something new" Albert Einstein
I am ready to expand my business again and I am having several reservations about what is my best options. I have been researching for months since that is what I do. Lots of research then choosing the best option. Only with this, I do not feel which is the best option, it is like choosing the lesser of two evils. Accepting credit/debit cards will increase my expenses most definitely, but will the additional sales be enough to cover the cost. I turn away a handful of people by currently not accepting cards but is it a $5.00 sale or a $100.00 sale. As a new business owner you always have overhead and competing with giant retailers on prices can make the extra expense a challenge.
I personally wish to expand my sales online and I need some sort of payment option other than mailing me checks or money orders. Checks themselves are another story. I tried to explain to my Girl Scouts last night that someone can write a check even if they do not have the money in the account to cash it. The process does catch up to them eventually but they can write several checks before that happens. I have been lucky that I have not gotten very many bad checks in the last 6 months of business. If you accept debit/credit cards you can avoid accepting checks by using the card and save yourself the returned check fees and loss of product. It also makes processing items online much easier.
Thanks to my support system, I can understand the fees involved in credit/debit processing. First thing to decide is to buy or lease a machine. Benefits to lease is if machine breaks they replace at their cost but you pay more in the long run and if you cancel your contract with them you are still obligated to pay the lease. A benefit to owning a machine is you pay a lot less for the machine but payment is due at one time. Over a period of time your machine may become obsolete and break and the expense if your to replace. The interest rates seem to be about the same for each service regardless.
Now that you have decided which option works best for you, a few other things to think about are your rates promotional and when do they expire? What fees occur each month regardless of sales volume? What is pricing strategy? It can be fixed or tiered. Do you accept American Express and what are rates for reward cards? Both have larger expense and may delay your settlement money. How much is application fee? If you own your machine, how much to reprogram? Is customer service available 24 hours 7 days a week. How long is down time if something is broken and needs replaced. How long does set up take? How much is application fee? How much are monthly fees from service provider, and Visa/Mastercard? Next question is security, there are a lot of fines if someone steals information from your service. They are enough to put a small business out of business. Some service providers carry insurance at a monthly fee to cover you in case this happens. You have heard it before I am sure, sometimes you get what you pay for.
Another option companies can now offer is gift cards. If you use their service they can sell you so many personalized gift cards for your location. May save the hassle of gift certificates in accounting for you.
Some companies offer a no contract fee but rates are higher. This may be an option if you just want to see how things go. Always ask about cancellation policies and have all your questions written in writing from the service provider. After you seen and double check the forms, you can decide if this works for your business. With all business decisions, there is risk. I need to decide if this is a risk I want to take to have opportunity to expand into bigger things.
The quote I want to end this with today is,
"Anyone who has never made a mistake, has never tried something new" Albert Einstein
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