Owning a store is not as easy as we think it will be. Just because it's your store, it doesn't mean you don't take it seriously. Even if you are the boss, think of it as you are working like a day job. Always put in your mind that you want it to grow, and don't be content with what you have now. It's true that you have the advantage of earning money but do not forget that a store doesn't have consistent earnings or sales. There are days, months, or years that become lower. You need to monitor it so that when the sales get lower, you think of alternative ways to attract customers.
I'm not an expert already in handling a business or a small store like mine. I've only been managing for almost 2 years now, but despite being an amateur in this kind of business, I have managed to grow it well. I'll be showing you how my small started before it turned like this in the image above.
Strategy for Growing a Store
This is only my observations, together with my experiences.
Management
You must understand how you manage your store well. You should understand what you need to do. For example, in monitoring the sales, the limitations of your daily expenses, and most of all, the profit you could have in every item you'll sell.
Monitoring is very important because this is where you can tell if your store is really growing or not. Every night I record my overall sales in a notebook, and at the end of the month, I take 10% profit of the overall sales. This time I decide if I should take it or just keep buying more items or goods to sell. If I have projects in mind, I'll get that 10% profit every month and save it to buy items or appliances that could help the store to grow.
We can not avoid the Daily Expenses, especially when we focus on our store and not applying for a job or have a job at the moment. If you pass the responsibility of your store and you're thinking of having a job to add more financial assistance, it might not be a good idea. No one is more serious than the owner, so you should take charge of your own business and take a gamble for it to grow. That's why a chance to rely on the store will not be avoided. It's alright as long as you limit yourself from the expenses because the store might not recover. Don't think you are rich already just because you have a store or small business. You are still far from it, so you should have a lifestyle like other below-average statuses.
Of course, we are selling in hopes of making a Profit where we can be our source of income. But let's not think that we should add the price bigger so that we can grow the store immediately. We should be aware of which items we add more price from the original. Suppose you notice that these items are fast-moving or can be sold out immediately. Add 1 to 5 pesos to those items so that the consumers or the customers can afford them.
Observe it; if you sold 20 items for a profit of 1 peso every day, that's not bad already. You can have a profit of 20 pesos every day and 140 for a week. That's big enough for a single item, but what if for 10 to 20 items? Did you realize how big of a profit you can have every day? Don't be disappointed by the small profit you'll ever have when you know it's not just for a single item. Instead of adding bigger profit, you can barely sell it because the community can afford it.
Sorry for stopping you from the strategies and idea of handling a store or a business. This post is for the #marketfriday tag by @dswigle (Denise -, hi, how are you right now?) I want to show you guys how my store is growing because of those strategies I've been doing since the beginning.
This is how my store was before with my girlfriend and hopefully being married by the month of July.
Now, this is the recent view of my store. We started with only one appliance, a chiller for storing soft drinks and beers to make them cold. But now, we have four (4) appliances, one (1) for dressed chicken, one (1) for ice and frozen goods, and the other one (1) is for ice cream. So far, the store is growing well; I'm going to show next time the other things I bought because of the store earnings.
Thank you for reading
All content is my own unless otherwise noted
If images are being recycled, I just found it fit in my article.
ABOUT ME
Paul is the name but prefers to be called mrnightmare that feels like living in the dream. A country boy and a dreamboy (dreamer) who likes to stay in a small village even though it means abandoning the future to become a seaman. The passion is writing but not sailing in the vast ocean. Don't wonder if the face will not be shown, this is better where the words can flow smoothly. Come, you can tell me your stories and I'll tell you mine. Together, let's explore the world by broadening our thoughts. If you need a shoulder I can lean you mine and I hope I can lean yours. The world is fun when living is not being alone but with someone.
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