Perhaps one of the biggest change that we will be experiencing for 2020 is the closing of our store.
My wife and me have been running that small brick and mortar shop for at lest ten, but less than fifteen years. It has been a grind, and we had experienced a time when it was very successful in its heyday. However, as all good things must come to an end, so must our business.
I have been talking about how our business’ sales have been in the decline. With our finances in the gutter, we could not easily let it go as it was still a source of income. Recently, I was able to obtain a loan re-financing of sorts, freeing up some of my salary. With that we had to make a hard choice. We took a look at the money the store was making, and from the looks of things, we were actually losing money, instead of actually making any. We were slaving away at a business that was actually eating at our finances, instead of helping it.
Normally, we would infuse more capital and weather out the storm of the declining sales. That’s how things are, there are times when sales are good, and there are times when sales are bad. However, we also took a look at the amount of time that we were working at the store, and the amount of time we, I in particular, have been working.
I have a regular job, so I work at 8am to 5pm. After work, I head to the store and work until 11:30pm. Then I do the processing of the day’s sales, and we manage to head home at around 12 midnight. After a few chores at home is only when I get to sleep and do everything again the next day. Like I said, it was an exhausting grind.
It would seem that the cost – which is probably our health and our lives, was not worth the benefits that we were getting.
And so, that is how we managed to get out of the retail business and finally close the shop.
Most of our inventory has been “sold” to my mother-in-law who also has her own store, which she manages at a more leisurely pace, because it is a home business. Some of our equipment (two refrigerators and some displays) will be sent to her for storage, and for her use. One refrigerator will go to my parents for storage, along with most of the things that will be taken down from the shop.
We are also fortunate that the landlord has been considerate and allowed us up to the third week of January to move out, even though we officially terminated our contract with him this December. He said that we don’t have to hurry since he has no one lined up to rent the place yet. Besides, he was kind enough to be considerate of the busyness of the Christmas and New Year season.
It is hard running a business by ourselves. In this last year, we were unable to find good help. We found one, but she resigned. We were actually already on the fence of firing her due to poor performance and trustworthiness issues.
Well, if things go well, we will be much more rested for next year, with a better financial position, and with a chance for better opportunities (though lacking in capital for now).
Though for the first few years, it would seem that we will be relying on my salary only for our daily expenses and debt payments.
In closing, let me leave you with these words:
If one wishes to improve, one must be willing to make some changes.
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I hope you have a nice day.