What is the most important thing you ve learned from owning a retail business?

Van 08/07/2018. 6 answers
Business & Finance Small Business

I m not looking for statements like "be careful who you trust." I m looking for statements like "There s a lot of money in flowers." Just examples.

6 Answers

curtisports2 08/08/2018.

Don't forget to include the value of your time in your cost calculations. When I first started buying to resell, I would go to auctions where I found some good deals on single items and saw margins of 50% or more on the resale. At the end of the evening, the auctioneer would have 'table deals' where they would put out a large group of smaller, lower-value items and sell it as a lot, all for one money. I would calculate that there was maybe $300 to $400 in value, prices that I would see in reselling it, and I figured that anywhere from $30 to $50 was a steal.

The reason I got lots for that price was that the veterans knew that the cost of their time to sell those items one by one would eat up all of their profits or at least make the profit margin so slim that it wasn't worth it.

I learned that the hard way. Time has a value. You need to calculate what your time is worth.

Uncle Pennybags 08/08/2018.

Appreciate your good employees.

Retail attracts lots of flakes and half-*** workers. But there will always be a few that take the job seriously and work hard and go above and beyond. Treat those people like gold and pay them more than the rest.

Casey Y 08/08/2018.

2. Hire people you can trust and know that its up to you to clean the bathroom if times get tight...

Success 08/08/2018.

I did many years ago...


"You are responsible for everything" is what I learned.

If there is not enough money for payroll, you have to pay everyone except yourself.

If the manager is sick - you have to come in and work the shift.

If the customers complain, you have to listen to it.

If you are looking for positive things (....and there is not a lot of money in flowers)

..If you can keep your business open for 5 years, you will probably stay in business for 5 more.

....No one tells you what to do (except the bankers and your accountant)

..........You can set your own hours (as long as you realize that if you goon vacation and your manager winds up in the hospital after a car accident...you will have to cut your vacation short.)

...................All the money the business generates is YOURS! (After you pay your employees, taxes, rent, utilities, suppliers, and any loans you took out to start the business.)

David 14 08/08/2018.

The customer is not always right.

Eric 08/07/2018.

I don’t own one. You have to have a cool head and keep overhead as low as possible regardless of visions