Do you have a retail business or just an expensive hobby
Feb/28/2009 08:56 Filed in: Store Closing
Sale
Do you have a business or just an Expensive hobby?
Times have never been tougher for the small retailer. For most, sales are down, customers are buying less, everyone wants a discount and expenses keep growing.
According to all the “experts” things really aren’t going to get any better until 2010.
Below are ten trends that are popping-up for most small retailers that I’ve talked with since the first of the year
• Sales are declining
• Customer traffic is down
• Old or discontinued inventory is growing
• Cash flow is a problem
• Bank, vendor or credit card debt is increasing or past due
• Investing personal funds to cover normal operating expenses
• Profit is declining or non-exisitent..
• Stress created by the business is affecting personal & family life
• Considering getting out of retail
• Not having fun anymore
Now is the time to make some important decisions. Don’t put them off. You need to know if you still have a viable business or just an expensive hobby. You need some expert advice. Talk to your accountant first.
If your retail business is no longer a source of income – you have a hobby, a serious hobby – but a hobby. If you are in a financial position to afford that hobby, that’s great. But if you are like most retailers I know, you’re in business to make money.
If you now have a “hobby” you can’t afford – you need some more expert advice.
Times have never been tougher for the small retailer. For most, sales are down, customers are buying less, everyone wants a discount and expenses keep growing.
According to all the “experts” things really aren’t going to get any better until 2010.
Below are ten trends that are popping-up for most small retailers that I’ve talked with since the first of the year
• Sales are declining
• Customer traffic is down
• Old or discontinued inventory is growing
• Cash flow is a problem
• Bank, vendor or credit card debt is increasing or past due
• Investing personal funds to cover normal operating expenses
• Profit is declining or non-exisitent..
• Stress created by the business is affecting personal & family life
• Considering getting out of retail
• Not having fun anymore
Now is the time to make some important decisions. Don’t put them off. You need to know if you still have a viable business or just an expensive hobby. You need some expert advice. Talk to your accountant first.
If your retail business is no longer a source of income – you have a hobby, a serious hobby – but a hobby. If you are in a financial position to afford that hobby, that’s great. But if you are like most retailers I know, you’re in business to make money.
If you now have a “hobby” you can’t afford – you need some more expert advice.
Call or Email Solutions For Retailers
520-638-6702
chuckhaug@solutionsforretailers.com