Before the pandemic started I was able to start up a small business that I have personally managed until now. Now after two years I think it is still small even though I have added a lot more items in my shop.
My business is like a mini-mart or a convenience store where you can buy your basic needs or things that most of the time you missed out on when you went to the grocery and bought your weekly supply.
My starting capital was twenty thousand pesos and that is only for the items that I'm going to sell. I admit I started without doing any research since it was just a small business and my Aunt used to do this before me.
I started selling soft drinks without a chiller because I waited on
the promise of my supplier that they are going to provide a chiller which didn't happen. So I ended up buying my own chiller after 3 months. My first year of business was good because there's a building construction near my shop and most of the workers are my customers. The sales were good too. But since it's not always sunny days my sales went down after the construction.
Now, my business is struggling because of a lot of things. One is because of the price increase of most of the items and second, because a lot of people are struggling too because of the pandemic.
I know I have made a lot of mistakes because I started without full knowledge of how to run it. But as I go along the way I learned about those things, I may learn it the hard way but what's important is that I learned.
What are the mistakes that I've done?
- not having full knowledge of how to run it
- I didn't track my daily income
- I didn't keep records of my expenses
- I forgot to include that utilities are part of the monthly expenses.
My business may be struggling now because of the mistakes I've done or because of the pandemic and the inflation, but what's important is that I'm willing to correct those mistakes and make my business grow stronger and bigger. I may be starting from scratch again but it's ok because I still have my business and I have Hive to support me just in case I fall short on my budget.
Carlos Muza
What are my solutions to the mistakes I've done?
- I know consult friends who have the same business and I also do research now.
- Track my daily income and all the expenses that I incur every day, make sure to record all the expenses, and make sure to include the utilities on the sheet.
I've still got a long way ahead of me before I can make my small business grow bigger but I'm willing to do the baby steps just to make sure that I can make it bigger.
I know a lot of you here are good at running a business and I would appreciate it so much if you will drop a suggestion or your thoughts on the comment section.
Thanks to @ifarmgirl for the tagged, I really appreciate it sis. And for those who haven't read yet about the Leo finance challenge you can click . @bloghound, @lowisleyn you might want to check this and join in the the fun :)
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I have started several businesses. Some have been successful and some have failed. The ones that failed were because I failed to establish goals and benchmarks. Without a definite goal or a weekly measuring stick of success, I was unable to focus my attention on the business. The businesses that succeed involved a detailed plan with a set goal. I established a plan to reach the goal, and I established levels along the way. Even a small goal is good. Once achieved it will provide motivation to reach the next goal. Also, I have a rule in business. No One Works For Free. Don't let others take your time and energy without compensating you. I wish you success and I hope to hear more about your business in the future. Very minor, but the link to the contest doesn't seem to be proper in your listing. the Leo finance challenge you can click here. seems to be a uncompleted link.
hi @methodofmad!
first of all thanks for your time to share with me your knowledge. I really appreciate it. and yes I think I forgot about measuring stick. Will set weekly goals and try to achieve it. I also got derailed with my goals because of personal matters but thanks to this challenge as I got a chance to reflect and analyze what's going on with my business. I used to put weekly goals but something happened along the way and I forgot about it. And yes, you are right, no one works for free. I have to keep that in mind.
and about the link. I corrected it now as @ifarmgirl informed me about it.
thanks again for your time and hoping to write another post about my business that it is back to sunny day :)
Hello, sis! I'm sorry to hear you're having some difficulties with your business, but I know you'll get through it. Businesses like yours do very well here depending on the location. Here many operate out of kiosks that have been converted into small convenience stores. I hope things improve soon 🤗😊😘
Hi sis! things here are hard right now but I know with a little more push and a little more hard work I can make it. Have to upgrade my shop and add more products that other stores don't have. thanks sis! hoping things to improve soon :)
That's a good idea, sis. Look to diversify your products and have some products that make you stand out from the rest of the shops in that style.
I'm sure you will achieve to make grow your business. 😊
We had a sari-sari store when I was a young boy - fun times! haha. I was also a small business consultant so I had lots of experience analyzing and working with small business owners on how to grow their business. Record-keeping is really important because without it you won't really know if you are profitable, or not, and that is a crucial part of doing business. I heard from a friend of mine, "you can't manage what you can't measure". So anything that goes out from the store, especially for personal use, should be monitored. Also, it's good to have an item that brings people in, something that the other stores in the area don't sell. Or, try pricing a popular item lower than the competition. Selling the same rice for 45 pesos if your neighbor sells it at 47 pesos can be attractive to customers because they tend to do comparisons. Good luck on your business venture. It's an exciting but challenging world to be in. !PIZZA
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Thanks JV! I think my biggest mistake was when I stopped record-keeping. I've been so complacent and thought its always a sunny day then out of the blue rainy day comes and I'm not prepared for it. Will go back to tracking everything just to see if I'm really earning from it or not. and yep, that's what I do now, I also check the prices of my competitors just so I can adjust my prices. And I think I also need to focus on it. Thanks so much for sharing your knowledge and will make sure that I apply it, especially the record keeping. And your friend is right, you can't manage something that you can't measure. and thanks for the pizza!
Hi Jv! Hope you don't mind just want to ask or consult something. When you say keeping track of records does it mean even the ones that are being bought? Or just the daily sales and the expenses? thanks so much for your help! really appreciate it
Hey! Ideally, everything is recorded. It's really just trying to see where everything is. You can then total on a regular basis which can be weekly, bi-monthly, or monthly. Depends on which works for you. :)
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So what i did before was correct its just that I became too complacent when i saw that sales is good
That's okay. It will be interesting to see the results when you analyze it. Good luck.
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thanks for your time and your help JV! It really means a lot
Glad to be able to help out. You can also DM me on discord if you need to go more in depth into it.
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Hello, sis! First off, thank you for taking on the challenge and coming to the LeoFinance space and writing your first! Congrats! hehe :)
I am sorry to hear that you are struggling with respect to your business, but also glad to read that you are not giving up and you are seeking solutions and help and you desire to do better. I hope you will be able to come up with a plan on how to keep your business afloat and going. All the best, sis!
By the way...
The link you attached is not leading to the challenge, edit mo sis hehe.
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ay ok sis.. haha thanks edit ko muna.
and yes sis .not giving up I want this to grow and be something that I can depend on for my future :)
Go hehehe. And cheering for ya on that journey🍻 I believe you can come out a winner💪
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thanks sis! fighting!
Hi @eylz619, it's great that you're working on improving your business. Personally, I haven't run a store before, and my husband and I are new in running a business. I'm not sure I can give any great advice. I do remember something from a management course before that owners usually forget including their labor in the computation of costs. Also, in our venture, especially during this election period, we notice that officials are more keen on collecting fines. But ours is a hauling business. Not sure if it applies to convenience stores
Hi @laviesm ! I think I remember that too but I'm also not sure if it applies to me hahaha well I think I really need to do more research if I want my store to succeed. And I hope your business with your husband succeeds too. Thought its easy to manage a busines when you are alone but I guess it also has it pros and cons. Thans again @laraviesm
Hi, sis. I know how you feel. Been into a lot of businesses too (mostly online) and did it without any research. Most of them failed and now I am thinking what would be the best business that would click in my area. This to shall pass, sis! Xoxo
thanks sis! knowing you guys are there to cheer for me is enough encouragement for me to do better on this business! and yes sis.. this to shall pass.. xoxo
Always, sis. Xoxoxo
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thanks sis @ifarmgirl! xoxo
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Best wishes for you dear. More success are coming.
Hey Luci!!! join the challenge too! and thank you! need that now :)
... tapos mauutangan ka pa. 🙄😜
It's really important to keep records in any business, to keep track of earnings/losses. Otherwise it is like an aimless shot.
All the best with your business!
hahaha korek ka dyan sis.. at pag sinwerte ka pa.. di na magpapakita sayo yung umutang sayo lol
I love sari-sari stores, in Thailand, we call them mom and pop stores and a lot have been destroyed by 7/11s.
I am sat here fondly reminiscing and hope you have 5peso sachets of shampoo and washing powder, skyflakes and a huge 'Load na dito' sign outside.
That would make my happy memory complete.
Keeping records is important, it allows you to see your business in numbers and if you can measure, then it's easier to manage.
I hope you pull through this difficult time with hard work and determination.
My best wishes to you and your family :-)
thanks @nathen007! looks like you have a wonderful memory of sari sari stores 😊 When I started it I kept records of everything... I don't know what happened along the road that I stopped recording everything and yes I'm recording everything again and hoping that I can keep it that way always... i think I've been to lenient and complacent when I saw that it's growing not thinking that its not always sunny days.
Sorry to hear about that your business is struggling. I am not a business man, so I cannot give any advice. However, I would give you good wishes and prayers "May your business and your life be so much fruitful."
Hey partner! 🤗
The week is about to end. Have you aced all? I am waiting to read your success story in the report ...
Hi partner! sorry for the reply been busy with a lot of things that I missed replying to your comment. thanks for the good wishes and prayers need that.
how's your weekend going by the way? Hope you are enjoying it and had a lot of rest. I'll see if I can take a visit the discord group and have a wee chat with you! enjoy your weekend amber! and let's get ready for this coming week!
Lol. I haven't replied to anyone on my posts for the last 4 days. Had been sooo busy. Trying to do it today.
I am good. How about you? Did you drink the water today?
You are doing great, You do need to make your weekly accounts, listing all incomes and outgoing expenditures. The biggest thing is try and find your USP Unique Selling Point. Why should they visit your sari sari. I imagine competition is tough, so hy would a customer want to buy from you and not another shop nearby?
Good luck with it Eylz.
thanks Ed and sorry for the late reply... things have been busy on this side and got another friend who needs emotional support. thanks for the reminder. I think I've been too complacent and forget that there are competitions out there and that I need to sell my store in general not just that products. and yes, back to keeping records of all incomes and outgoing expenditures... just realize now how important record keeping is :)
Exactly Eylz, that is a biggie, crack that and the products will sell.
thanks Ed! will do that :)
and get space to make sandwiches I like that idea!
thanks for the reblog @cindee08
may sari sari store din po kami hanggang ngayon, kapit lang at wag susuko! laban!💪🥰💕
hahaha thanks @cindee08 oo walang sukuan haha laban lang ng laban hehe
saw your text divider and got excited i thought "finally a kababayan blogger for silver or precious metals content" hahaha na excite lang😁.
such a very powerful statement. Most successful people embraced the learnings of their mistakes.
hahaha well if you are going to introduce me those silver or precious metals who knows one day I'll writte about it too hahaha and yes... a kababayan blogger here!
thanks for dropping by!
Hope yopu get it sorted soon. Fighting! 😊
thanks @chichi18! yes need to sort it out soon!
Someone told me that small businesses are the hardest to manage. It wasn't until i started helping my mother that i understood. At this point, we're just surviving.
Take some time away from the noise and enjoy some quiet time. Rejuvenate your mind. Also, reach out to fellow Dreemers and Encourage them too. Don't forget to report to your Teem Leeder ❤️
Good morning Woman of Life. How did you sleep? Trust the day is going fine? If not, I want you to know that you're not what circumstances say but who choose. You're way more than what it looks like right now and it'll all get better. I Encourage you to make new memories today. Drink plenty of water, go for a walk, take some time off, visit other Dreemers and don't stop living.
LOVE,
TEEM FIERCE ❤️