How do we make our business pay us.

hasade said:

We have been in business since 2006 and up till now our business can not pay our monthly bills. How do we make this possible?

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Cut back on your overhead? aka as operating expenses and too much inventory on the shelf.


Well, try to zoom in on what is NOT working, try new things etc.

One thing that has been proven to work well is to GIVE the customers what they want.

Best of luck.


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There are two solutions, although they work best in combination. You can make more money, or you can spend less money.

With such a vague question, we can't really answer more specifically than that. Take a business course maybe?

If you don't have sufficient customers, you need to concentrate on marketing your venture.

If you don't have sufficient money, you need to be more frugal with your outgoings.

Nobody has ever said that business was easy. Some businesses go crashing out with massive debts. Just never let it get to that stage.

I would start by cutting overhead.

Next, if you have employees, look at their role. Could you be doing their jobs yourself?

Take a good look at your product and service line. Is it too wide spread, or perhaps not diverse enough? If you're selling only widgets, maybe you need to add a service or method. If you're selling brocolli and shoes, then maybe you need to pick one, and build on that.

Revisit where your marketing dollars are going. Sharpen your pencil, and figure out which campaigns are bringing you business, and which aren't. Sometimes, the cheapest work the best -- by that I mean pound the pavement, and network.

You already have the most important piece of information. That is to say you're smart enough to realize that you need to take some action to get to the next level. So, keep putting one foot in front of the other until you've reached your destination.

Make sure you aren't charging less than market prices. Not charging enough was one of the biggest mistakes I made in design.

R.

It's always helpful to start with a budget and then do a 'break even' analysis, at least then you can determine what you have to sell to cover the bills.

hasade said:

We have been in business since 2006 and up till now our business can not pay our monthly bills. How do we make this possible?

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You should hire someone to do a business audit.

Thanks to everyone that responded to my question. I think our major problem is marketing. We started by using out little network and they are not enough for us. How can we market heat transfer and vinyl t-shirts please.

I would use the search function at the top of the page. A lot has been written on this site about that subject, and the added bonus is that you don't have to wait for someone to reply.

R.

I'd first start by advertising that in your signature section on here. A lot of people look for that. Next question, do you have a website? Is it properly optimized? Are you blogging or joining other groups and posting information about your company and products? Are you visiting businesses which you think might benefit from your products? Are you trying to team up with other businesses in the same industry to offer more products? This should at least help get you started.

hasade said:

Thanks to everyone that responded to my question. I think our major problem is marketing. We started by using out little network and they are not enough for us. How can we market heat transfer and vinyl t-shirts please.

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Yellow pages advertising has brought me several new customers, but it can be expensive.

I also get lots of call from people who found me in the Yahoo Local directory. You can get a basic listing there for free.

Why dont you just go to the bank and pull some money out?

I think the key to Business success is marketing and some luck. I never turn any job down, I never adjust my prices to get a job. I provide quality work and I tell my customers this. I also want to ad"PROFIT IS NOT A DIRTY WORD". .... JB

badalou said:

have you contacted..
1. Every school in your area. Clubs within the school.. Couches..
2. Every pre-school in your area.
3. every organization in your area. Elks, Kiwanis, service organizations.
4. Every PTA in your area. The do fund raisers
5. Every fund raising organization. cancer, blood drives, walkathons..
6. Every new business (Check the paper that post "factious name reports"
Does you car have a sign.. do you do signs. Do you have a vinyl cutter?
I am sure others can add to this list.. Lou

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Thank you for all of these suggestions they are really eye opener. We have been to some schools but not every school and we have not even considered most of the places you suggested. Now what do you suggest we take with us to these places. Do we write a letter or what should we do please?
Yes we have a vinly cutter and we can do signs.

Lots of good tips here. It is very important not to discount all of the extras that go into the process. Many times we think blank price + decorating cost + profit = sales price. Don't forget marketing costs, art time, set ups, shipping, etc. All of these things are margin killers!

For the fund raisers...go to them with a plan...for example...show what you do...and give a price...BUT DO NOT discount for them...you only lose money...instead tell them you will donate 10% or 15% of the overall sale to the group...that way you don't lower your market price and you can write off the donation as a tax write-off.. I have found that most of this type would rather have the cash donation.

Excellent point Charles. These groups have made me poor in their effort to raise money for worthy causes. Next thing you know, you business is the "worth cause" that needs a fundraiser. There is huge demand in the non-profit sector for printing. The problem is always the fact that they want everything donated or deep discounted. I have settled on a few causes that I support personally and work with them as best I can. Everyone else pays retail. If the shop across town wants to take a hit, by all means. Better them than me. Don't get me wrong, I love puppies. problem is I love being able to feed my family more. Sorry Human Society, kids before kittens.