Your retail store could be 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, Amozon and other internet retailers are cutting into your business and expenses keep growing.
According to all the “experts” things really aren’t going to get any better anytime soon.
Below are ten trends that are popping-up for most small retailers that I’ve talked with over the past several months.
- Sales are declining
- Amazon and other internet businesses are taking more of your sales
- 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. Email me at info@retailstoreclosing.com or give me a call, Chuck Haug at 520-305-9693