Business founders/entrepreneurs
Small business- sales help!!
speakout · 04/04/2021 20:27
I think I need help with strategy and organisation. I am overwhelmed.
Struggling to see how to fix things.
I work full time, and also a carer to two family members.
I am so naiive when it comes to business strategy, floundering a little.
Hoppinggreen · 04/04/2021 21:58
Hi
I used to mentor small businesses with a focus on Sales
PM me and I will see if I can help
speakout · 05/04/2021 12:38
No- I have never made a business plan- do I need one?
LemonSwan · 05/04/2021 12:41
I am sure many could give useful advice but you are not really putting many details in your OP.
Is this a time issue due to your other commitments?
Is this a sales growth issue?
How old is the business etc, and what steps have you currently taken.
I am very anti business plan for small businesses btw - but thats just me. My thinking is if it needs a plan its too complicated to work on a moonlighting basis.
topcat2014 · 05/04/2021 12:45
Business plans are generally there to support loan applications. If you are not applying for a loan you don't need one.
My DW runs a small business and manages it with post it notes on the spare bedroom wall.
Different colours for different things.
Sometimes simple is what works.
Set a specific time of week for business 'admin' like filing bank statements etc.
You can't be all things to all people - look at Aldi / Waitrose / Harrods etc.
Hoppinggreen · 05/04/2021 13:01
I would argue that she does need a business plan of some kind, although not as detailed as for a loan or similar
OP needs to know her market, how she will reach that market, costs, budgets, profit margins etc etc as a minimum
Inneedofanewwardrobe · 05/04/2021 13:05
I disagree, I think business plans are useful for making you think about all aspects of your business. The princes trust has a decent template that you can edit.
speakout · 05/04/2021 13:12
I am a sole trader- have been for 15 years, my latest venture has been running for 4 years.
I make and sell items online.
I am overwhelmed with sales.
I want my prices to stay reasonable, recently raised them by 20%, no slowing down.
I could easiy doble my revenue and have masses of ideas for new products etc, but I have family commitments and feel a bit frustrated that I have to put the brakes on so much.
So I'm not sure what I am asking.
I have no need for capital, so not sure what use a business plan would be.
I guess I feel very underqualified to be handling a small business!!
topcat2014 · 05/04/2021 13:22
Any business needs a plan - but that can be a list..
Some people like fitting in to a pre determined structure, others are bogged down by it.
OP - if it is a 'side' business then it should at least be moderately 'fun'.
If you have ended up doing projects that you don't like - or feel like you are getting treated too much like an employee! then don't take on new projects in the same vein.
The only thing I can remember from marketing on my degree was:
Price,
Product,
Place,
Promotion!
But I still think these can fit.
If you have too much work, are your prices too low? Are you resenting spending hours on this stuff for too little reward?
topcat2014 · 05/04/2021 13:23
Concentrate on what you do best - which is your products.
If that means employing an accountant or bookkeeper to keep on top of admin, then, so be it.
With today's online tools etc this is not as hard as trying to learn the software products of the old days.
LemonSwan · 05/04/2021 13:25
Ok too much demand.
You dont want to but you need to raise your prices until the product demand becomes managable
You can always reduce them at a later stage by doing sales/ multi buy offers etc.
You need to think of your product cost/outgoings as fixed - so increasing the price of your product 25% is not increased your profit 25%. Its increasing it 100%
Have enough product and you can hire someone to help with day to day.
Then you can focus on your new products and go back to what you love.
LemonSwan · 05/04/2021 13:26
Have enough PROFIT and you can hire someone to help with day to day.
Hoppinggreen · 05/04/2021 13:29
And also work out your hourly rate.
You don’t have to pay yourself that but it helps you value your time and decide whether you would be better to outsource any aspects of your business or life in general.
As a basic example if I can earn £20 per hour and pay a cleaner £10 per hour to free up more of my time to earn. Or if I can earn £30 per hour and pay an admin £15 per hour then it’s worth doing.
delilahbucket · 05/04/2021 14:31
I've been there OP. Last year I closed for two weeks and read a book called The E-Myth. It really opened my eyes. I've complete streamlined. I know you probably aren't in the same place I was, but I took on two members of staff, plus a cleaner for my home and moved my business out of home. Granted over Christmas it got silly and I was working 15 hour days, every day, but I'm starting to find something that resembles a life again now.
I also got rid of a few products that weren't making as much as some others.
You either need more hands or you need to pull products off sale.
speakout · 05/04/2021 15:26
Thanks guys, quite a lot to consider here.
A lot of is is having confidence isn't it.
Although I need to slow sales, I need to maintain revenue.
A lot of my products are quite time consuming to make, but I have been experimenting with buying in , and repackaging, saving me time.
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