Do you have a retail business vs hobby situation? 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 soon. As a country we are still way over stored. We have about three times the number of store that all the experts think we need to meet consumer demand.
Below are ten trends that are popping-up for most small retailers that I’ve talked with since the first of 2017.
2017 Retail Business Trends
- 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
What you can do now
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. To determine if you have a retail business vs hobby review your data. It help you with this 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 us today 520-305-9693