The rate at which many small businesses collapse is of much concern.
The world economic condition is impact more adversely on small
businesses. One of the business types
easily started by people is the small grocery stores. These come in all shapes and sizes. There is the one small room provision
store. There are the large warehouse
size shops or supermarkets. There are
also the ones that are started by the house or street corners called
Whatever shape, size or name it goes by, several of these business types are started everyday around the
country. As much as 99% of them also
collapse every year.
As these businesses collapse, many not only fail to put their hand on what has happened to them. They get depressed. Several things are imagined, nevertheless, wrongly as to why the business collapsed.
Research showed that these business types collapse because those who started these businesses depended on
the businesses for their day-to-day up-keep right from the first day of its
Here are a number of steps those who are starting business selling groceries so that it would not only survive but also thrive:
· Insulate the business from your daily upkeep and rent
· Plough back every single kobo from sales on weekly basis
· Bank all receipts daily no matter how small
· Recapitalize every 3 or 6 months depending on your other sources of income
· Don’t start a grocery store as your only source of income.
· Your grocery store should be a side business until it has grown into a supermarket.
The argument has been ‘what would the family survive on?’ My response is
that it is a worthless exercise starting a grocery store and immediately depend
on it for sustenance when it has not survived.
It is better that it was never started in the first place. It is of no use starting, if it has no chance
The reason grocery stores survive better in the villages than they do in the urban centers is because these
villagers have several sources of income and can afford to allow the young
business to grow and are also able to recapitalize it regularly.
If you need help starting or managing your small business, contact Francis for help @ firstname.lastname@example.org