My third month of being open is the Month of December. This can be a very stressful time of year for everyone and this year was no different. The ratings were saying this Christmas season would make or break several large retailers. I knew I was starting a business in a unstable environment but reports continue to share bad news. One plus for me is that people are looking for bargains and thrift store shopping has become more common, but even thrift stores are having issues selling larger end items.
" When everything seems to be going against you, remember that the airplane takes off agaist the wind, not with it" Henry Ford
The challenges I faced were balancing work with activities at home with the holidays. I spend extra time after the store is closed trying to find new bargains to carry, paperwork, and other miscellaneous tasks. I usually make many gifts for our family and I was unable to do as much this year. When starting a business, capital is always tight and this added to stress at home. I believe these choices will affect my business in the future and I am spending most of our time and money in the business. The novelty has worn off for my family and it is just a job for them. They no longer like to spend the extra time over at the store and I spend most days alone now.
The final thing to add to our stress level of the holiday season was that my husbands work of the last 12 years has announced that they are permanently closing. We received my husbands last check the first week of December. Just when you think you can not handle any more bad news, we received a blessing and my husband quickly got hired at another job. We were very excited that we could continue to move forward since our savings have been dropping as we went to a one income family.
The store had busy days and days with limited business. I had all the Christmas items out and that seemed to be the only thing selling. I had many requests for more grocery items but I couldn't expand to everything. Over all the month passed by very quickly and I started to plan for January. Sales could be dead after Christmas and I had no history to judge by what was to come........
Saturday, February 25, 2012
Friday, February 17, 2012
2nd month
For those who have missed my daily additions, I have spent the week changing seasons. For those who work retail, this is very familiar to you. For those who haven't this means discounting last seasons items then packing away what didn't sell. Also means you need to change every angle of the store to new season. When the season matches the weather season, that means you have double inventory to change. Suzy's now has spring and summer items out and we have started to put out Easter items. Now I begin the second month of Suzy's.
My second month started off very slow in comparison. I was concerned the novelty had worn off. I still had new customers, some from far away as they get off the turnpike. I kept reinvesting the money I made after the monthly bills were paid. This month, I expanded my shelving racks. When I first opened, I didn't have any clothing racks so that was our first priority, but now I wanted to be able to display more items. My motto is you can not make a sale if it is in the back room. The first row of shelves were completed.
This month went by much slower than last, and I had many days that I wondering if the store would survive a year. Over all, I think the second month was the most stressful for me so far. It was November and I had changed seasons to Christmas items as most prominent since I was not open long enough to have large fall display for Thanksgiving. Christmas is a make it or break time of year. Christmas items sell themselves with out needing a push. I was not even close to being as busy as I expected. After being in management for years in retail, I was so prepared for the day to day stresses of the Christmas season and they never came. Hindsight being 20/20 as they say, I was busier than I thought I was because my totals for the month were better than the month before. In business growth is good no matter how small. I also know it takes time to build the volume of stores that have been open for years. I was so used to large volumes that I was not able to enjoy and see the volume I had in the store.
"Every artist was first an amateur" Ralph Emerson
One day, I had someone from West Virginia stop by from the turnpike asking for directions, they enjoyed my store so much they now stop every time the pass by. This feeling is awesome. Someone thinks so highly of my store they get off the interstate every time they come through which it about once a month. Now I am starting to be known outside of this small valley. This made me think outside the box more with Internet sales. I have that in my business plan but not right away since I needed many basics first. I looked and found some free advertising like on Google. I have a little bubble now on Google maps and you can Google me and get an address and phone. I also put another ad in local paper this month to boost knowledge that I am here.
On another note, this is great advertising opportunity I have used in the past but has not been an option here yet. If you have small group of businesses that want to share advertising expense, you can combine ads to make a larger ad and get more attention. Like stop by and get lunch here, grab a sweater here, and so on. You can sometimes combine Radio and TV this way too. In tight times you have to think out side the box.
My second month started off very slow in comparison. I was concerned the novelty had worn off. I still had new customers, some from far away as they get off the turnpike. I kept reinvesting the money I made after the monthly bills were paid. This month, I expanded my shelving racks. When I first opened, I didn't have any clothing racks so that was our first priority, but now I wanted to be able to display more items. My motto is you can not make a sale if it is in the back room. The first row of shelves were completed.
This month went by much slower than last, and I had many days that I wondering if the store would survive a year. Over all, I think the second month was the most stressful for me so far. It was November and I had changed seasons to Christmas items as most prominent since I was not open long enough to have large fall display for Thanksgiving. Christmas is a make it or break time of year. Christmas items sell themselves with out needing a push. I was not even close to being as busy as I expected. After being in management for years in retail, I was so prepared for the day to day stresses of the Christmas season and they never came. Hindsight being 20/20 as they say, I was busier than I thought I was because my totals for the month were better than the month before. In business growth is good no matter how small. I also know it takes time to build the volume of stores that have been open for years. I was so used to large volumes that I was not able to enjoy and see the volume I had in the store.
"Every artist was first an amateur" Ralph Emerson
One day, I had someone from West Virginia stop by from the turnpike asking for directions, they enjoyed my store so much they now stop every time the pass by. This feeling is awesome. Someone thinks so highly of my store they get off the interstate every time they come through which it about once a month. Now I am starting to be known outside of this small valley. This made me think outside the box more with Internet sales. I have that in my business plan but not right away since I needed many basics first. I looked and found some free advertising like on Google. I have a little bubble now on Google maps and you can Google me and get an address and phone. I also put another ad in local paper this month to boost knowledge that I am here.
On another note, this is great advertising opportunity I have used in the past but has not been an option here yet. If you have small group of businesses that want to share advertising expense, you can combine ads to make a larger ad and get more attention. Like stop by and get lunch here, grab a sweater here, and so on. You can sometimes combine Radio and TV this way too. In tight times you have to think out side the box.
Saturday, February 11, 2012
First weeks after Grand Opening
I started this blog about 6 months after I actually opened so I am going to try and catch up to current time in the next few segments. My store is in a small community and everybody knows everybody, so after my Grand opening the next few weeks were very good. I think people continued to talk to each other and the word of mouth spread and everyone had to see it for them selves. I also opened in the beginning of the month and as a regular sales tip in retail, the beginning and end of the month are always busier than the middle. I was very happy with the progress. I still had a few ads in the local papers and just upgraded my open sign to one that lights up. I was very busy restocking inventory and making adjustments.
The store was continuing to change. As money allowed, I made improvements. I had laid out in my business plan to expand instead of taking a wage for myself for first several months. I had to plan my expenses at home and have my husbands support to do this but I know a business that continues to grow can have a better percentage for success.
My next challenge was heating for the winter. I purchased and worked to set up the store in September and opened by October. I had an amount budgeted for fuel oil but I had no previous experience with using or buying it. I was informed that because my tank is outside that I need treated fuel to prevent freezing and the minimum purchase is 150 gal at a time. I was hoping to get buy with 100 gal till next month to allow for more income but I had to have heat so I held off on replacing inventory for a week to order fuel. Then the landlord had the furnace serviced and it was just in time for a cold spell that came. I have been keeping the store at 65 during the day and 60 in the evenings and it seems to be a great temperature with customers in their winter coats. Sometimes if it is really cold I plug in a small space heater for my area. I have made a mental note to budget fuel each month and during the summer months order some every coupe months to fill my tanks for the winter and not be worried about the large expense. I may schedule the opposite of my insurance payment months.
"If you find a path with no obstacles, it probably doesn't lead anywhere" Frank Clark
As October is ending business is slowing down and I am having extremely slow days. It is busy one day and very few people the next. I know in retail it is best to do an average daily sale instead of looking each day. I have a goal each month and my goal for the next month is to beat the previous months average daily sale. To figure that out, take number of selling days that month and divide that from the monthly sales total. at the end of the month, my sales were lower than I had hoped but all the bills for the month were paid by sales. I was 15 dollars off my goal I had set after the first week.
I was experiencing a lot of financial worry and little triumphs that made the month go by. I knew there would be ups and downs but wasn't prepared for this. I realized I needed to take it one day at a time and on my slow days I research how I an make more sales......
The store was continuing to change. As money allowed, I made improvements. I had laid out in my business plan to expand instead of taking a wage for myself for first several months. I had to plan my expenses at home and have my husbands support to do this but I know a business that continues to grow can have a better percentage for success.
My next challenge was heating for the winter. I purchased and worked to set up the store in September and opened by October. I had an amount budgeted for fuel oil but I had no previous experience with using or buying it. I was informed that because my tank is outside that I need treated fuel to prevent freezing and the minimum purchase is 150 gal at a time. I was hoping to get buy with 100 gal till next month to allow for more income but I had to have heat so I held off on replacing inventory for a week to order fuel. Then the landlord had the furnace serviced and it was just in time for a cold spell that came. I have been keeping the store at 65 during the day and 60 in the evenings and it seems to be a great temperature with customers in their winter coats. Sometimes if it is really cold I plug in a small space heater for my area. I have made a mental note to budget fuel each month and during the summer months order some every coupe months to fill my tanks for the winter and not be worried about the large expense. I may schedule the opposite of my insurance payment months.
"If you find a path with no obstacles, it probably doesn't lead anywhere" Frank Clark
As October is ending business is slowing down and I am having extremely slow days. It is busy one day and very few people the next. I know in retail it is best to do an average daily sale instead of looking each day. I have a goal each month and my goal for the next month is to beat the previous months average daily sale. To figure that out, take number of selling days that month and divide that from the monthly sales total. at the end of the month, my sales were lower than I had hoped but all the bills for the month were paid by sales. I was 15 dollars off my goal I had set after the first week.
I was experiencing a lot of financial worry and little triumphs that made the month go by. I knew there would be ups and downs but wasn't prepared for this. I realized I needed to take it one day at a time and on my slow days I research how I an make more sales......
Friday, February 10, 2012
Grand Opening
So the day you have worked so hard for is here. It was printed in front page of the local paper and I have people waiting for me to open the store. I had a coupon for 10% percent off entire purchase with this coupon as part of the ad. I made sweet and sour meatballs, cheese ball with crackers, and chips with dip. Simple self maintaining menu so I would be able to make sales. It was so busy I was not able complete any work other than the cash register. I did have my family over to help fill the food or help me with questions or ringing out the sale. My kids were learning the cash register (a skill that will help them forever). I work in a very family orientated community and having my kids helping was the icing on the cake plus they are part of the reason I started this adventure. We received many compliments from people about how nice the store looked and many great changes. Customer feedback can be very inspirational.
"The most effective way to do it, is to just do it." Amelia Earhart
I also talked in last segment that I had door prizes. I decorated the store as a Treasure Hunt, kinda cute since the name of the store is Suzy's Treasure Chest. I had a large Treasure Chest by the register and I had 100 keys to the chest but only 15 keys opened the chest. Each customer was encouraged to try a key to get to the treasure. Inside I had prizes hidden in envelopes as well as fake gold coins and fake jewelry. We gave away lots of door prizes and people had fun. Hopefully you start a business from a hobby or something you enjoy so you can have fun with it. Going to work is so much easier when you enjoy it, even on the stressful days.
The day much quicker than I expected and with the small amount of sales I had the week before, I was making enough money to continue to invest more in the store. It started to slow down as the day went on but remained a steady flow.
I am a chart and numbers person when it comes to business. I like to see my progress on paper and be able to compare it to future events. With the advertisement coupons, I was able to see how many read the article and if it is a good source for me in the future. I was also able to use my inventory sheet to compare what types of items sold best. This may give me an idea on what area to expand on first. I had a goal to expand groceries a little bit each week but that I will evaluate grocery sales and thrift sales in 6 months to see which area to expand on more or to maintain as I am. My Grand Opening gave me contact to lots of people in a short amount of time.
At the end of the day, I was tired from all the stress and work leading up to the event, but I felt great because the day was a large success and formed my view of the months to come. Thankfully I started my business in what most people call the 4th quarter of the year. One of the biggest shopping seasons.
So now I begin the part of the adventure of what you do now that you already own a business.....
The first few years......
"The most effective way to do it, is to just do it." Amelia Earhart
I also talked in last segment that I had door prizes. I decorated the store as a Treasure Hunt, kinda cute since the name of the store is Suzy's Treasure Chest. I had a large Treasure Chest by the register and I had 100 keys to the chest but only 15 keys opened the chest. Each customer was encouraged to try a key to get to the treasure. Inside I had prizes hidden in envelopes as well as fake gold coins and fake jewelry. We gave away lots of door prizes and people had fun. Hopefully you start a business from a hobby or something you enjoy so you can have fun with it. Going to work is so much easier when you enjoy it, even on the stressful days.
The day much quicker than I expected and with the small amount of sales I had the week before, I was making enough money to continue to invest more in the store. It started to slow down as the day went on but remained a steady flow.
I am a chart and numbers person when it comes to business. I like to see my progress on paper and be able to compare it to future events. With the advertisement coupons, I was able to see how many read the article and if it is a good source for me in the future. I was also able to use my inventory sheet to compare what types of items sold best. This may give me an idea on what area to expand on first. I had a goal to expand groceries a little bit each week but that I will evaluate grocery sales and thrift sales in 6 months to see which area to expand on more or to maintain as I am. My Grand Opening gave me contact to lots of people in a short amount of time.
At the end of the day, I was tired from all the stress and work leading up to the event, but I felt great because the day was a large success and formed my view of the months to come. Thankfully I started my business in what most people call the 4th quarter of the year. One of the biggest shopping seasons.
So now I begin the part of the adventure of what you do now that you already own a business.....
The first few years......
Subscribe to:
Posts (Atom)