The Northeast has had a rough couple of days thanks to Hurricane Sandy. I am thankfully safe and sound and had no extreme damage to my home or store. This did open up my eyes to another aspect of business you do not often think about when you are in small business (small business by definition is one that makes under 250,000 a year according to our President and his incumbent). You should have a disaster plan and good insurance coverage.
A typical new entrepreneur has very little down time and often is planning their next move even after they leave the work site. I do this often, sometimes it is my home life or work life that is my distraction but when I lock the door to go home, I am no longer at work. I may still do things for work, like writing my blog after hours, shopping for supplies, and picking up my next load but my mind is no longer worried about the site. I have an alarm system in place over there so that is one thing I do not worry about after the door is locked(unless of course something would happen). So when I locked my doors on Saturday afternoon I left everything as normal. I was a little frazzled from the business of the day and was ready to have 2 days off so I left. Meanwhile the next morning, I eagerly prepare for Hurricane Sandy at my home. We spent time removing things that can blow in the wind, digging trenches to prevent build up of water in my basement, and so on. Later that night we crashed and waited to see what was to come. The shop is closed on Monday so I did not have to go over to it at all and I was not sure if I could make it to the store on Tuesday. When I awoke Tuesday am, the route to the store was closed so I closed for the day and had some much needed R&R. When you start a business any R&R time disappears for the first few years so you take it when you can even if it is a hurricane that prevents you from opening.
So after the storm we evaluated the house and looked for damages. I am glad to say our prep work prevented water from entering the basement. Even though we had puddles, we had success. Then I contacted close family and friends and checked Facebook to see how others made it through. Praying for those still out and about fixing all the destruction. After hearing that those dear to us were safe and sound, I started to suffer from cabin fever. I was worried about the store. (note now you have another worry to add to the list). Is it still standing, are there any damages, leaks, power outages, and etc? I researched closed roads to map out a safe route to get there and see for myself. Thankfully had my hubby along to help with any damages I may encounter.
As we got closer, I begin to worry more as I saw the damage leading up to the shop. I saw gas pumps crushed, trampolines destroyed, power lines down, and trees uprooted laying on cars and houses. As soon as I can see the roof top from afar, I know it is still standing(sigh). As we pulled in, my husband says "didn't you bring in all the stuff outside?" I said "nope, didn't think about it then." Probably should have but thankfully it is all still here. I do have problems with the wind on an weekly basis anyway since I am in the middle of fields and nothing to stop it so I have everything anchored down normally. My signs were all intact and everything as it was when I left and locked the door. I checked inside for leaks and any other damage that could have happened. I finally relax when I found out I have more debris at home than at the store.
Now I must have a disaster plan in case something worse happens. In management I have often made decisions about closing for snow but hurricanes are not a normal thing for us in Pa. Just a thought for other businesses. Do you have enough insurance coverage? I thankfully have had a friend that used to sell insurance and explained to me in (Lehman's terms) about different coverages and even though I rent and do not own the property, I have great coverage for the shop and could have replaced anything that was damaged in time. Please know that it is not the landlords responsibility to cover your assets. Check your lease if you have questions and maybe if you have been in business for awhile, you need to update your coverage. I updated my coverage already to reflect the increase in inventory and I have only been open a year so stay on top of it as your business grows.
"View change as the one constant in your life. Welcome it. Expect It. Anticipate it." Denis Waitley.
Wednesday, October 31, 2012
Friday, October 5, 2012
Celebrating 1st year
Well, it is official I have now been in business for over 1 year. The first year has had many ups and downs and I have learned many new things but I now feel like a true business woman. Before this point, I was chasing a dream and I was not sure how it would end up. Even though I do not know how the future will be, I have many expansions and growth yet to complete for the store.
My business plan for the first year is done but this is where the long term goals come into play and I do not know what experiences will happen along the way. I have never been good at long term goals, too impatient I guess but I truly believe the best things in life are those things you wait for that can not be achieved overnight. My marriage is a great example. When I married my husband 11 years ago I wanted a relationship to compliment me. I was very independent and would not let down my guard enough to let my relationship grow to what it is today. We have always been close to each other and tried to work out any problems instead of ignoring them but in our relationship today he completes me and I have come to rely on him more than anyone else. I am now looking for those kind of growing pains with my business. I understand it more now and look forward to finding more ways to expand and make it more permanent. In doing this , my business has become a part of me not just another job.
I have several customers who say my store has a lot of my personality in it. I believe in a great product at a great value and presentation means a lot. Some people call Thrift Stores junk shops but I have found some awesome treasures in my years shopping and managing them. One key is to treat it much like a retail shop with different categories and changing sales and layout regularly. Discount stores are similar because they do not know what the next deal they are going to get and may have to change several departments to make it all fit. But that is part of the fun in a thrift store. I am always in search of new ways to recycle things I am not able to use in the store but as most of you that have shopped my store know, I try to sell everything! Some resale shops specialise in a few items but for me it is all about carrying everything because you never know what you may need next.
I have really enjoyed the experience of writing my blog and it gives me ways to look back on all my challenges and helps me face the next one but I do not feel it has helped as many other business people as I had hoped for. So I am considering writing an ebook to share my secrets in the thrift store and resale industry. That also will be a new adventure and I will post more if and when I finish. I have helped start over 5 thrift stores and helped other businesses when I can so I am hoping to share some of that detailed knowledge so I can help more than just people in my local area. The quote I want to leave you with today is:
"What I know is, that if you do work that you love, and the work fulfills you, the rest will come." Oprah
My business plan for the first year is done but this is where the long term goals come into play and I do not know what experiences will happen along the way. I have never been good at long term goals, too impatient I guess but I truly believe the best things in life are those things you wait for that can not be achieved overnight. My marriage is a great example. When I married my husband 11 years ago I wanted a relationship to compliment me. I was very independent and would not let down my guard enough to let my relationship grow to what it is today. We have always been close to each other and tried to work out any problems instead of ignoring them but in our relationship today he completes me and I have come to rely on him more than anyone else. I am now looking for those kind of growing pains with my business. I understand it more now and look forward to finding more ways to expand and make it more permanent. In doing this , my business has become a part of me not just another job.
I have several customers who say my store has a lot of my personality in it. I believe in a great product at a great value and presentation means a lot. Some people call Thrift Stores junk shops but I have found some awesome treasures in my years shopping and managing them. One key is to treat it much like a retail shop with different categories and changing sales and layout regularly. Discount stores are similar because they do not know what the next deal they are going to get and may have to change several departments to make it all fit. But that is part of the fun in a thrift store. I am always in search of new ways to recycle things I am not able to use in the store but as most of you that have shopped my store know, I try to sell everything! Some resale shops specialise in a few items but for me it is all about carrying everything because you never know what you may need next.
I have really enjoyed the experience of writing my blog and it gives me ways to look back on all my challenges and helps me face the next one but I do not feel it has helped as many other business people as I had hoped for. So I am considering writing an ebook to share my secrets in the thrift store and resale industry. That also will be a new adventure and I will post more if and when I finish. I have helped start over 5 thrift stores and helped other businesses when I can so I am hoping to share some of that detailed knowledge so I can help more than just people in my local area. The quote I want to leave you with today is:
"What I know is, that if you do work that you love, and the work fulfills you, the rest will come." Oprah
Thursday, September 27, 2012
Pros and Cons of Owning a Business
As I kinda explained in my year in review, that there were times I thought I would not have made it to this point. But some key things I want share are. Pros and Cons of starting a business. You think about these but you do not really see them till you experience it.
PROS
You are the BOSS
You get to chose and create your work environment.
If you arrive late one day no one notices or do they??
You have control to fix issues. (no longer waiting to hear how to proceed)
Your reward is what you put in it. (This is for those who do not feel appreciated at work)
You can adjust your schedule to fit you life. (if you need off you can adjust)
You get to chose who to hire and represent your business.
Your opportunities are endless(financial and life experience)
You get to see your hard work grow and pay off.
and last, Your DREAMS can come true!!!!!
With all those exciting things you also have cons and it is harder to see those until they happen. It is kind of like car or motorcycle accidents. You know the risk every time you are on the road but you never think it will really happen to me.
CONS
You are the BOSS (it is great most of the time but you can not run and hide if you want to. All actions have reaction and you deal directly with all decisions you make good and bad)
All operations are now your responsibility (you can hire and delegate but you still have to check and make sure everything is done examples marketing, accounting, day to day operations, inventory control and to many things to name)
When your business does well financially you do well, but when it has a dry period so do you.
You no longer have someone over you to hold you accountable or to motivate yourself
You invest lots of time and money (sometimes without seeing any of it in return)
You no longer get paid sick days and vacation days (at least until you become established)
Your liabilities increase
and last, There is no GUARANTEE that your business will SUCCEED!!!!
When I made my pros and cons list in my business plan it said this:
PROS
You are the BOSS (Thinking all positive)
Flexibility for my family
Location has lots of potential
Business has lots of potential
Nice size Parking Lot
Pre established Clientele
Room to expand
Lack of competition and need of local supplies
CONS
Heating with oil
Rebuilding customers
Regaining from current pricing
Uncertainty of income
Renting Vs Buying
It does not look anything like the year later report. I am not sharing this to discourage anyone from starting a business I am just sharing what I am learning and have learned. My first business had very little investment and very little risk. This one has much more potential but also the risk and investment were greater.
I want to leave you to think about these pros and cons and make some for yourself with your business in mind but remember.
"Have great hopes and dare to go all out for them. Have great dreams and dare to live them. Have tremendous expectations and believe in them." Norman Vincent Peale.
PROS
You are the BOSS
You get to chose and create your work environment.
If you arrive late one day no one notices or do they??
You have control to fix issues. (no longer waiting to hear how to proceed)
Your reward is what you put in it. (This is for those who do not feel appreciated at work)
You can adjust your schedule to fit you life. (if you need off you can adjust)
You get to chose who to hire and represent your business.
Your opportunities are endless(financial and life experience)
You get to see your hard work grow and pay off.
and last, Your DREAMS can come true!!!!!
With all those exciting things you also have cons and it is harder to see those until they happen. It is kind of like car or motorcycle accidents. You know the risk every time you are on the road but you never think it will really happen to me.
CONS
You are the BOSS (it is great most of the time but you can not run and hide if you want to. All actions have reaction and you deal directly with all decisions you make good and bad)
All operations are now your responsibility (you can hire and delegate but you still have to check and make sure everything is done examples marketing, accounting, day to day operations, inventory control and to many things to name)
When your business does well financially you do well, but when it has a dry period so do you.
You no longer have someone over you to hold you accountable or to motivate yourself
You invest lots of time and money (sometimes without seeing any of it in return)
You no longer get paid sick days and vacation days (at least until you become established)
Your liabilities increase
and last, There is no GUARANTEE that your business will SUCCEED!!!!
When I made my pros and cons list in my business plan it said this:
PROS
You are the BOSS (Thinking all positive)
Flexibility for my family
Location has lots of potential
Business has lots of potential
Nice size Parking Lot
Pre established Clientele
Room to expand
Lack of competition and need of local supplies
CONS
Heating with oil
Rebuilding customers
Regaining from current pricing
Uncertainty of income
Renting Vs Buying
It does not look anything like the year later report. I am not sharing this to discourage anyone from starting a business I am just sharing what I am learning and have learned. My first business had very little investment and very little risk. This one has much more potential but also the risk and investment were greater.
I want to leave you to think about these pros and cons and make some for yourself with your business in mind but remember.
"Have great hopes and dare to go all out for them. Have great dreams and dare to live them. Have tremendous expectations and believe in them." Norman Vincent Peale.
Wednesday, September 26, 2012
A Year in Review Part 2
Some major things I want to share with anyone thinking about starting a business or freshly starting a business. These are things I have learned in the last year.
1. Never wait until you are financially sound to start a business. It is just like waiting to have kids, you will never have a point that is perfect to start a family or a business. Just Research It and Do It. If you want it bad enough you will find a way to make it happen. I thought I was financially ready but it turns out I was not and I had to find options and do with out things to continue. The important thing is that I did not give up.
2. When starting a business make sure you have had current health checkups and are in good over all health. I went a period of time without health care coverage and could not afford a trip to doctor with the uncertainty of my income from starting a business. Plus even more important the stress load is very intense until you set up steps to allow your business to operate with or without you. My new year resolution is to update all my health care check ups and eat healthy again which is something I have not kept up with.
3. Know your business inside and out. I have several business ideas that if I had more capital and resources I would pursue but for now they are still in the dream phase. If I wanted to pursue any of them, I would have to gain some more experience before they could be successful. Owning a business is not just about the day to day activities. There is much that goes on behind the scenes. I have often said that Downtown Chambersburg needs a small shoe store for those who walk to get to places and can not drive to the mall to shop for shoes. Shoes are a necessity since our feet would blister and become extremely cold during winter without them so it is a guaranteed income but it is more than just ordering shoes and selling them. You need licenses, an estimate of inventory, permits, marketing plan, displays, and much more. If you have never worked in a shoe store before how would you know the secrets of the trade. A college degree in business would be great but if you can not live your business no amount of education will help you. They do not offer degrees on life experiences. I am not saying not to go to college because I think it can teach you so much about the business end or marketing department but not everything we do is learned in school and many of our best lessons are learned the hard way in life. Many businesses fail with in the first year since people have a great idea but lack the knowledge for the behind the scenes work. Think of it as building a brick wall, without the foundation you have nothing for the bricks to be stable and prevent them from falling. Build the foundation and the wall will follow.
4. Use your resources. You can use any of the resources I have mentioned all year long on this blog like books I have read, websites I have used, and trainings I have completed just check back through my blog for details. Your community offers many resources to help just ask. I started with the small business association. www.sba.gov and went from there. I also had many resources from local business owners in my community. All my volunteer work payed off when I needed help. I firmly believe you get what you give and live my life by "The Golden Rule".
5. Have a support team, when you own your own business there are many periods of ups and downs. While we can survive both and it is the choices we make that determines where we go, it is always great to have someone to talk to during the down moments to get you going again. It is just as great to share the great news moment too! I am thankful for my support team. I would not be where I am today with out them and their sacrifices.
6.The last thing is, Do not allow FEAR to prevent you from doing anything. I am not saying not to have FEAR but do not let it control you. You have to push it to the lowest point of your body and push through and do what ever it takes. Do not give in to the FEAR. It is easier to give up but the real challenge is to continue. Do not let Pride get in the way either.
"Anyone who has never made a mistake, has never tried anything new" Albert Einstein
1. Never wait until you are financially sound to start a business. It is just like waiting to have kids, you will never have a point that is perfect to start a family or a business. Just Research It and Do It. If you want it bad enough you will find a way to make it happen. I thought I was financially ready but it turns out I was not and I had to find options and do with out things to continue. The important thing is that I did not give up.
2. When starting a business make sure you have had current health checkups and are in good over all health. I went a period of time without health care coverage and could not afford a trip to doctor with the uncertainty of my income from starting a business. Plus even more important the stress load is very intense until you set up steps to allow your business to operate with or without you. My new year resolution is to update all my health care check ups and eat healthy again which is something I have not kept up with.
3. Know your business inside and out. I have several business ideas that if I had more capital and resources I would pursue but for now they are still in the dream phase. If I wanted to pursue any of them, I would have to gain some more experience before they could be successful. Owning a business is not just about the day to day activities. There is much that goes on behind the scenes. I have often said that Downtown Chambersburg needs a small shoe store for those who walk to get to places and can not drive to the mall to shop for shoes. Shoes are a necessity since our feet would blister and become extremely cold during winter without them so it is a guaranteed income but it is more than just ordering shoes and selling them. You need licenses, an estimate of inventory, permits, marketing plan, displays, and much more. If you have never worked in a shoe store before how would you know the secrets of the trade. A college degree in business would be great but if you can not live your business no amount of education will help you. They do not offer degrees on life experiences. I am not saying not to go to college because I think it can teach you so much about the business end or marketing department but not everything we do is learned in school and many of our best lessons are learned the hard way in life. Many businesses fail with in the first year since people have a great idea but lack the knowledge for the behind the scenes work. Think of it as building a brick wall, without the foundation you have nothing for the bricks to be stable and prevent them from falling. Build the foundation and the wall will follow.
4. Use your resources. You can use any of the resources I have mentioned all year long on this blog like books I have read, websites I have used, and trainings I have completed just check back through my blog for details. Your community offers many resources to help just ask. I started with the small business association. www.sba.gov and went from there. I also had many resources from local business owners in my community. All my volunteer work payed off when I needed help. I firmly believe you get what you give and live my life by "The Golden Rule".
5. Have a support team, when you own your own business there are many periods of ups and downs. While we can survive both and it is the choices we make that determines where we go, it is always great to have someone to talk to during the down moments to get you going again. It is just as great to share the great news moment too! I am thankful for my support team. I would not be where I am today with out them and their sacrifices.
6.The last thing is, Do not allow FEAR to prevent you from doing anything. I am not saying not to have FEAR but do not let it control you. You have to push it to the lowest point of your body and push through and do what ever it takes. Do not give in to the FEAR. It is easier to give up but the real challenge is to continue. Do not let Pride get in the way either.
"Anyone who has never made a mistake, has never tried anything new" Albert Einstein
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