Many businesses pre-Covid were forced to take the “adapt or die” approach to maintain normal numbers in this new, uncertain period. Other people used their time at home to take an entrepreneurial step and launch their own companies. Regardless of the details, even existing businesses have new challenges and adaptations. These are a few important things to consider with a small retail business as you make your way through this new year.
Presenting Your Business
As you present or reestablish your business to the new world, you’ll want to have a few questions answered, such as why you created your company and how it’ll benefits others. Consider your mission statement as a way to succinctly tell others what drives you and makes your business special. Over time, you can see how your company grew from your original ideas.
Increasing Profitability
After considering start up or adjustment expenses and what it’ll take to support yourself for at least six months, you can begin to expand your picture. Find ways to cut costs such as buying your materials and items in bulk, not leasing more room than you need for a store or for a workshop, and not charging less than you can afford. The cheaper you can get quality materials, the more profit you can make on these items.
Choose Sales Route
Increasing revenue will also be determined by whether you choose to hold a mainly online business during the changing phases of the stay-at-home orders. You will need to decide if it’s worth maintaining a lease on a space where you must keep up with health and safety guidelines and that could be closed with a sudden illness spike, or if you’d rather put your efforts into a substantial online presence. Both routes have benefits and disadvantages. Either way, you’ll need to have a website shopping option available.
There are many important things to consider with a small retail business. These are just a few items to note as you move forward this year. The way we do business, shop, and work has seen some significant changes recently. It’ll be interesting to see where this period of such rapid change will bring us.
