Right, How Do I Close My Shop?

[UniqueAndAmazing]

I think I've pretty much decided that I will close when the lease is up in October.

I've got a total of £20k debt (in loan and credit card) to pay off, as well as bills and invoices until I close.

How do I make sure that all this wonderful stock that no one wants to buy goes before my deadline of 24th October?
How do I close?
How do I close all my accounts? (and yes, I'm pretty sure that I'll have to pay get out fees for phone line and utilities)

I feel fucking gutted.

:)
thank you
I did get your PM (i though I'd replied to it - PMing from tablet doesn't always seem to work)

I'm sorry to see this, the high street won't exist in a few years time. It is terrible.

My DB works for a large chain but still says that customers come in handle the merchandise, ask tons of questions (relying on the staff's excellent technical know how) then say it is too expensive even with heavy discounts, interest free credit and extended warranties, then buy it online. His job has not felt safe for years.

High street shops only seem to be there for browsing now.

:(

OP I am in the restructing business. Sometimes that involves closing a business but it can be us coming in and changing the direction of the business, ie changing product mix and/or going online.

I hear you that you don't want to close and that you don't want a job. I empathise and see the horror business owners go through when winding down their business. Through the fog it is difficult to be objective but right now is when you need to focus and think. Questions to ask yourself are:

What part of your business earns the highest margin?
Is your location the problem? Could the town help you by giving you free parking for your customers while you establish your business? (I have done this here in the US for local businesses and it works)

Who are your competitors? What is their highest margin items? What do they do that you don't do? What do you do that they don't do? Is it worth you doing this extra service/stocking these items?

Also think a little out of the box. Are there any local businesses you can hook up with? I hooked up a party planner, toy store and book store and they now all coexist in the same retail space (book store). The cost savings are huge and they attact lots more footfall. At the time everyone told me how it wouldn't work. Well it has worked out very well for them.

What part of your business earns the highest margin? toys i suppose

Is your location the problem? yes, i'm at the dead end of town. but the town is pretty low at the moment anyway. i don't want to go to another town because a)too far away and b) they already have what i offer
Could the town help you by giving you free parking for your customers while you establish your business? (I have done this here in the US for local businesses and it works) i wish. we in the retail association have gone on and on to the council about parking and they don't believe us.

Who are your competitors? this town: whsmith up the road. general amazon, nearby towns, waterstone's the works BBS
What is their highest margin items? they are all chains so they get better margins anyway. i'm books, so books always attract a similar margin no matter who you are.
What do they do that you don't do? nothing. i do everything they do. (except with amazon, of course, i don't back stab or devalue everything i sell) book tokens (amazon doesn't do book tokens), school accounts, fetes/fairs etc
What do you do that they don't do? i offer free postage, and i will deliver to local houses at request (so if they can't get out of the house i can still get their books to them) This Week Eleanor Loves, storytimes, events etc.
Is it worth you doing this extra service/stocking these items? it's always worth going the extra mile. free postage probably isn't worth it, but then amazon sells things a lot cheaper, so it's the only way i can compete.

Also think a little out of the box. Are there any local businesses you can hook up with? yes, this stuff works. i was trying to hook up with others - the big book and toy and general children's shop idea is one i'd love to do, but no one wants to commit to a lease at the moment, and as you've seen, i'm in a lot of debt with bit losses, so noone would want to gamble on me. i can't get any networking because i can't leave the shop.

have you got FB page?

lady up the road who does pottery opened her shop in the evenings to book clubs, societies meetings etc - would that be possible?

So no one would buy it?

So how do you close? Exactly as you are doing - giving notice periods exactly as all contracts require so you do not breach any contracts, letting people know, reading the contracts with the utility companies to check their terms (assuming you are not going to go bankrupt which does not look necessary), selling off what stock you can (approach other local book shops perhaps in case they would be interested) and perhaps right near the end have some kind of garage sale everything must go advertised in the local paper. If you make losses in this or next tax year remember you can set them against any other income eg from a new business you start or an employment job.

yes I've got a fb page

problem with evening stuff is thatit's a children's bookshop, so it doesn't really fit.

I'm sure inland revenue loves me - even in the year I made a profit, it was nowhere near big enough to cover the losses from previous years - they're going to be refunding tax for the rest of my working life

The trouble is if your customers wont go the extra mile to support you it is really demoralizing. I've looked at your website and you obviously have given loads of 'added value' to the shopping experience, but if they still turn round and buy from Amazon it's a kick in the teeth.
What can work is independents in small towns working together to build a culture of 'shop local', promoting eachother on social media, town wide events like Fiver Fest and Totally Locally to encourage people to think about spending money in there local economy and to understand how this benefits them. It takes a lot of time, organisation and energy though I do believe it is possible to turn round failing town centres, I appreciate you may feel this is too late for you.

I am not sure if it doesn't fit in - you have premises, why not make money from extra income.

First of all you need to know your numbers. 'Suppose' doesn't work in business. You need to know your margins and breakeven points.

How to drive footfall..... how about buy a toy get 20% off a book?

What is the cost for you to move to the better end of town? Is there any open retail space at that end of town? What revenue would you need to be in that location?

Can you join forces in your current shop space. When I put together the businesses I made them amend the lease for the book store (best location, largest space and most expensive to move). Are you able to reconfigure your store to accomodate them so you don't have to move? If it doesn't work out your lease ends in October anyway. If it does work you can show improved business and get a lease at the better end of town.

You need to get people walking through your door and support your business. The local store I worked with put on last minute activites if the weather is unsuitable for outdoor play or decamp to the local park to run their activities. They don't post on FB but email everyone who signs up with them (in person). They don't post on FB as they don't want to attract sex offenders and the like.

Another thing I had the book store do to is take pictures of the children and their parent(s)/caregiver and email it to the parents. The parents with a nanny love this. They use tadpoles as their distribution. Parents sign up and set up an account.

If you want this business to work you have to be 150% dedicated to it. There is always an opportunity there but not if you have a ho-hum approach (yes I am telling you off for not knowing exactly which items have the highest margin percentage and GBP wise).

I missed happyavocado's post. If you are not open in the evenings how are working parents supposed to buy stuff from you?

FYI - As a working parent I do my shopping before or after work, hardly ever on weekends and never during 9-5 midweek. Most of my shopping for DD and DS happens 8-10pm. DH stays home while I go gather.

Do you advertise your knowledge of helping parents pick books for their children? Are you able to work with parents who have dyslexic children or other SEN? Do parents know you have these services?

already got the shop local campaign.
and we've now got a proper town (retail association run but anyone can use it) website

I can't get the footfall no matter what I do.
I have events, storytimes, inpromptu storytimes, buy one get one free, great window displays, regular recommendations, open the shop in the evenings to uniformed groups (beavers/cubs/rainbows/brownies etc), do World Book Day everg year (even using a BA initiative to get fyrther visits from schools using a token scheme similar to WBD)- not one school has taken ne up on it, independent booksellers' week, christmas catalogues, book tokens, ebooks and ereaders...
even had the Gruffalo in september - the owners of tgd Big Gren Bookshop pulled in a favour and got him for me free (and in 2 months when he normally has a 2year waitjng list) - the day was a brilliant success - took £800on that day. but veryy little repeat custom.
can't get any authors, and even if I could the schools won't support me.

therereally is nothing else. I have done so much stuff and spent so much time and money on this stuff with very little financial return.

evenings- no shops in this town open after half 5 and most shut at 5.
I shut at half 5, by which time the town is dead.

no one opens on Sunday, even the chains. (newsagents open until lunch)

I don't even take £300 on a Saturday. this Saturday, I had 15different customers (19 transactions) and took £290. one lot of custom was from my mum and dad.
average transaction of £13 There.

although a lot morepeoplefamilies walked past.

I know my numbers and margin and daily takings and expenditure inside-out.
there is no mo ey left.
at all.
if there was, or even a hope that moving up the town was workable I would do it.
I would need about £6k to move (deposit, lease, legal fees) and my rates would increase by at least 2x. I don't have 6grand. I don't even have enough to pay my suppliers. or my rent which is due at the end of this month.
you know how you're suppposedto make sure at the end oc the month you've got a share of the quarter's rent ready in your account? the last time that happened was 2 years ago. the last time I paid my rent on time was 2 years ago. it's been nearly a year si ce I paid it within 2 weeks of it being due.

That's a shame - life savings and all that work BUT most people who are successful in the end have a good few failures behind them so the next business venture you do could be very successful. Just use this as some kind of learning experience.

You need to go to people with what you have to offer. Have you walked around family areas and posted flyers through doors to advertise what you offer.

Let people know you are open on Sunday and see what happens. Do it for a month and see how it works. Try opening until late two nights a week for a month. If it doesn't work you can say you tried it.

sorry for short and lots of posts - reading digesting then replying :)

shop not big enough to join forces in space - only 400sqft.
I did have a musical group lady upstairs on a Wednesday, but there wasn't much space for buggies (or in the room itself - think your own front room) and after a year, she found a new location.
I even hosted a display of old photos for the museum,but again,being upstairs, all I got was whingeing that it was inaccessible to disabled and old people.

"(yes I am telling you off for not knowing exactly which items have the highest margin percentage and GBP wise)."
I do.
it aldo varies with every special offer (which I take up) I tbought you meant category.
with books, you tend to only have 1of each unless it's on a special offer.

I alsooffered a special deal to a book club- they have littlecards and get 20? off. tgeyalso write me reviews, which getput on the website (look under book reviews- bookie monsters) and also on shelftalkers in the shop. they've got their own logo, which is emblazoned on the reviews.

my scout/guide groups thing is advertised free on the local scout facebook page because one of my regulars is in charge of the district

Unique, I don't know where you are geographically, but you could approach an insolvency practitioner.

In my firm, I think we give an initial meeting for free,they would set your options out for you, and help you to progress. You may be able to reach an agreement with your creditors.

If you pm me with where you are, I can see if I can give you a name/number.

Sorry for the lack if sympathy, but practical assistance is my speciality.

supermum.

I've given up. I really have. I'm going all out for the next few months, but I've exhausted everything. ican't afford to put any money into advertising all this - none of it has worked so far.
I'm exhausted and it's depressing me. I just can't keep going.
even after an article in the local paper that I was on the verge of closing, it didn't improve.
I can't keep going on last pushes to get recognize and I just have to draw a line under it before I have to go bankrupt.

I had a wonderful time being a bookshop proprietor and I will do it again.