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Old 16th August 2011, 07:39 PM   #1
jellies12
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Join Date: Aug 2011
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Wink Should I Close My Store?

I have a tea store in a small college town. We serve a variety of tea drinks (bubble tea), mostly cold. Business was good when I first opened a year ago but it has slow down alot to the point where I'm not making any money. I have consider closing but am not sure what is the right thing to do. Summer and winter is tough because the students are not in school. The population in this town is only about 15,000 people and many businesses have come and go. Im afraid that if I close now, I have given too soon because it is still a new store but Im afraid to lose more money if it just isnt going to work. Any advice?

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Old 16th August 2011, 09:44 PM   #2
AngelBiz
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Slowdown is typical for new businesses. However, at some point it should stabilize and stop going down. If you are not seeing that there may be something wrong.

Although I am more concerned about the negative cash flow. You have to take action to stop this bleeding. My suggestion is to go back and look at the assumptions you had made when you first decided to open this business. If they are not holding up you need to make changes. If the business is still not improving after the changes you may need to think about closing.

The demographic you described does not seem favorable. There is very limited market you can serve. Also, why do you serve only tea. Why not look into other items that could go with it. Look at any coffee shop and you will get idea.

Good luck.

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Old 17th August 2011, 03:51 AM   #3
daveb1
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Quote:
Originally Posted by AngelBiz View Post

The demographic you described does not seem favorable. There is very limited market you can serve. Also, why do you serve only tea. Why not look into other items that could go with it. Look at any coffee shop and you will get idea.
Great advice! I also suggest being creative to find other ways to monetize your setup. Don't give up your dream... just maybe adjust it a bit

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Old 17th August 2011, 04:45 AM   #4
Logan
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I agree. Think of your business as a vehicle. If you had a car, would you give it up? You can change your business to adapt but keep doing it. Organic fruit smoothies are good ...

You've made money up to this point, so now is the time to keep what has worked, get rid of what hasn't and adapt to increase your business. There are four Ps to marketing. Promotion, Product, Price and Place. Consider each. Can you deliver when it comes to place. Add new products as suggested. Promote differently. Change up your pricing by introducing a loyalty card. There are many options to consider, but keep at it.

Note, if your situation is really worse than ...

Quote:
Business was good when I first opened a year ago but it has slow down alot to the point where I'm not making any money.
If really worse, then you probably have a lot of problems going on. Get help and support, in particular take what money you do have and hire an accountant to start advising you if you are digging a hole you don't think you'll be able to get out of.

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Old 17th August 2011, 08:33 AM   #5
Spider
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Not enough information! As a "tea store," do you sell tea for people to brew at home or are you a café where you serve tea?

If things started out well but business has slowed, that tells me you offered something people wanted but didn't deliver so they didn't come back. The only way to find out what that was, is to ask the people who have stopped coming. If you have no means of contacting them, deal with the customers you have - ask them what they want, how you can improve, what will entice them to come more often, etc..

Your customers have the answers to your questions, not a group of strangers on an internet discussion forum. We are just shooting in the dark.

Talk to your customers.

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