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.
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