Sum Dum Gai
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Post by Sum Dum Gai on Aug 21, 2014 12:25:35 GMT -5
Retail sucks. I don't know what the hell I was thinking.
I'm still working a billion hours a week. The money blows compared to the time put in. I'll probably be closing or selling the store after this Christmas season.
I have an idea for a service business I'd like to start. Extremely low overhead since I can run it from a home office. Loop would probably murder me though, so I'm looking for paid work again. Still deciding if I want to pursue the other idea as a side gig.
That's about it.
Only 18 weekends before Christmas... are you ready?
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souldoubt
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Post by souldoubt on Aug 21, 2014 12:29:10 GMT -5
You wanted to own your own business and you took the chance which is something most people can't say. Of course you want it to work out but at least you won't ever have to wonder 'what if.'
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ArchietheDragon
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Post by ArchietheDragon on Aug 21, 2014 12:31:39 GMT -5
Pulling a Dark on the Dark that you pulled.
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drivingaround
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Post by drivingaround on Aug 21, 2014 12:32:02 GMT -5
What about hiring a manager to run the store while you go back to a full-time "working for the man" gig?
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cktc
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Post by cktc on Aug 21, 2014 12:32:55 GMT -5
Sorry it’s not working out for you. It was a bold move, but you got some great experiences, and will be able to recover so don’t be too hard on yourself.
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Waffle
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Post by Waffle on Aug 21, 2014 12:35:11 GMT -5
Retail sucks. I don't know what the hell I was thinking.I'm still working a billion hours a week. The money blows compared to the time put in. I'll probably be closing or selling the store after this Christmas season. I have an idea for a service business I'd like to start. Extremely low overhead since I can run it from a home office. Loop would probably murder me though, so I'm looking for paid work again. Still deciding if I want to pursue the other idea as a side gig. That's about it. Only 18 weekends before Christmas... are you ready? I believe you were thinking that you hated your job. Now you're thinking you hate retail. If you sell the store and get another job - you'll probably hate it too. Just be sure you know which you hate the least. Sorry the store isn't working out the way you thought it would.
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Opti
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Post by Opti on Aug 21, 2014 12:35:27 GMT -5
Sorry to hear Shaun, but retail is often a huge learning lesson. Up to you & circumstance on how you go from here.
But given you haven't hit Christmas yet, how likely are you to have a good Christmas season? This really will be the first time you are able to give it a good shot.
P.S. In all your business idea research, you didn't happen into any food costing software or folks with that knowledge ... did you? Optimist who is continually looking for paid work...
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The Captain
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Post by The Captain on Aug 21, 2014 12:40:23 GMT -5
You wanted to own your own business and you took the chance which is something most people can't say. Of course you want it to work out but at least you won't ever have to wonder 'what if.' As far as I can tell, you did everything right. You researched the market, knew your product, established a social media presence, etc. And still, like many great ideas, didn't take off as hoped for. I have no doubt that you will also do the same due diligence in the service business idea...but again, the risk of failure there is also, I'm sure, pretty high and since there are fewer barriers to entry - the competition has to be brutal! Sure, working for the man sucks sometimes, but it's a steady paycheck and you were smart enough to have acquired a skill set that pays well. There could be far worse things to have to think about.
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Sum Dum Gai
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Post by Sum Dum Gai on Aug 21, 2014 12:44:40 GMT -5
I can't afford to pay well enough to get a good one. Considering the hours worked I've never even paid myself minimum wage. I'd go from working a million hours for very little money to still working a good chunk of hours managing my manager for no money whatsoever. Given our sales so far, I just don't see it. I can afford a couple part time minimum wage folks to lower the hours I work, but I can't afford anything beyond that.
Sort of. I need more cash though. We're struggling like ************s right now. We've had to borrow from Loop's parents to keep our mortgage current. It's time to honestly look at the business and decide whether there's enough income potential to make it worth the stress and time. That answer is looking like a no right now. Our location is too expensive, or rather, our sales aren't high enough for the location. We could potentially move to a cheaper location, but our sales could decline as well, which defeats the purpose, and leaves me out of the work force that much longer.
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NancysSummerSip
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Post by NancysSummerSip on Aug 21, 2014 12:56:25 GMT -5
I can think of a number of posters who will show up, sling mud and call you all kinds of things, along with more than a few "told ya so's" thrown in. I'm sure they're off lurking in a corner, getting their tinfoil hats on just right. But most of us are proud of your effort. You walked away from a sure thing to try something that almost never is - for anyone. You still achieved, no matter what happens from here. You can always go back to doing what you are still good at. Your skills are not out of date at this point.
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giramomma
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Post by giramomma on Aug 21, 2014 12:57:23 GMT -5
If you want to do a side gig, do something that you are specialized in and can exploit.
My gravy money comes in for lessons and weddings. Basically people pay me for my time and expertise. I have no overhead costs. I have no equipment I "need" to buy. I don't play enough to justify the next step up in instruments.
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Wisconsin Beth
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Post by Wisconsin Beth on Aug 21, 2014 13:00:40 GMT -5
What is Loop's take on closing the store?
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Deleted
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Post by Deleted on Aug 21, 2014 13:02:42 GMT -5
What is it you are doing that requires you to work a billion hours a week?
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Opti
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Post by Opti on Aug 21, 2014 13:03:48 GMT -5
Got it. Don't give up the fight just yet, but do hedge your bets and run your numbers.
Just so you know, I used work experience 15 up to 40 years old to get the interview I had today. I created a section called other selected work experience and tossed in IT and Food experience I had because that background did make me more relevant and a better candidate than not listing it.
No matter what happens, this retail experience may be useful in the future, so remember that even when you are less than happy.
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Sam_2.0
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Post by Sam_2.0 on Aug 21, 2014 13:07:06 GMT -5
You remind me of my dad He "pulled a Dark" and opened a grocery store while I was in high school. Lasted for almost a year before he called it quits. Thankfully he had kept his IT job PT and they took him back FT. His main downfall was getting a crappy manager that sunk the ship before it could every really get going. Dad ended up getting in with a much better company through a merger/acquisition deal and now works from home and is basically enjoying the benefits of retirement while still getting a paycheck. He putzes around the house, goes to breakfast/lunch with his friends, uses vacation time to go hunting, and plays with the grandkids since my mom watches them while we work. No real moral to that story, other than following your experience has brought back a lot of memories. Retail does suck I hope you find the special unicorn job that is fulfilling and also pays the bills.
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greeniis10
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Post by greeniis10 on Aug 21, 2014 13:08:11 GMT -5
What if we all buy our Christmas gifts from you this year? Would that help? If that's not possible I hope this is just the result of being a common time of year for low retail sales (other than back-to-school items) and that you have a great Christmas season!
Struggling is tough. I get that and I know you'll do what's best for you and your family, but I do hope the store can still be successful. It's only been a year, right?
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Deleted
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Post by Deleted on Aug 21, 2014 13:09:54 GMT -5
What is it you are doing that requires you to work a billion hours a week? After watching my SIL run her scrapbooking store for 5 years, I can attest to the billion hours a week. She is one of the most organized hardworking people I know, but the store kept her hopping. She could never get any time off to do anything.
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Firebird
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Post by Firebird on Aug 21, 2014 13:16:31 GMT -5
I'm with everyone who said you took a risk and you should be proud. Most small businesses go down within a couple of years. At least you will always know that you tried and now you've got one under your belt you can try something else once you've had time to recover.
Hats off to your guts and here's hoping your next venture is more profitable.
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sheilaincali
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Post by sheilaincali on Aug 21, 2014 13:17:55 GMT -5
No mud slinging. You took a risk and it doesn't look like it's panning out the way you had hoped.
I will warn you- we had a three year lease on our building in CA and when we closed the company after nearly 2 years they wouldn't let us out of the lease and they put zero effort into trying to re-rent it until our lease was up so we had to still pay the lease payment for another year. That was painful.
What do you think your chances of being able to sell it will be? Obviously that would be preferable to closing it completely since the new owner could assume the lease.
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Firebird
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Post by Firebird on Aug 21, 2014 13:18:02 GMT -5
What if we all buy our Christmas gifts from you this year? Would that help? If that's not possible I hope this is just the result of being a common time of year for low retail sales (other than back-to-school items) and that you have a great Christmas season!
We could do that. The little bird's birthday is in October along with the holiday in December so we have some shopping to do. Just promise to recognize me this time!
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movingforward
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Post by movingforward on Aug 21, 2014 13:18:06 GMT -5
Retail sucks. I don't know what the hell I was thinking.I'm still working a billion hours a week. The money blows compared to the time put in. I'll probably be closing or selling the store after this Christmas season. I have an idea for a service business I'd like to start. Extremely low overhead since I can run it from a home office. Loop would probably murder me though, so I'm looking for paid work again. Still deciding if I want to pursue the other idea as a side gig. That's about it. Only 18 weekends before Christmas... are you ready? I believe you were thinking that you hated your job. Now you're thinking you hate retail. If you sell the store and get another job - you'll probably hate it too. Just be sure you know which you hate the least. Sorry the store isn't working out the way you thought it would. True but at least working for the man he was pulling in more money which is still relevant IMHO. At any rate, everyone is right in that at least he tried it and is not still sitting around wondering about the what if. He is young and will bounce back easily.
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TheHaitian
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Post by TheHaitian on Aug 21, 2014 13:21:10 GMT -5
Sorry bud... Do you still have your security clearance? Can you go back to contract government IT work or looking for something different?
Good luck!
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Sum Dum Gai
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Post by Sum Dum Gai on Aug 21, 2014 13:21:17 GMT -5
The store is open 10am-6pm Tues-Thurs, 10am-10pm Friday & Saturday, and 11am-5pm on Sun. That's 54 hours already. I'm here a bit earlier to get open, and a bit later cleaning and closing. Deeper cleaning, ordering, bank deposits, meeting with sales reps, paperwork, just random stuff that needs to get done is in addition to the hours I'm already here working the register.
Honestly it's not that many hours. I've had jobs where I worked more hours. It's the stress in addition to the hours. I'm thinking about this place all the damn time. I dream about it. It's completely taken over my life. I'm not spending much time with the kids. My sexual appetite is practically non existent. Loop and I barely do anything anymore, other than stress about the store. Shit, I can't afford to do anything right now. I haven't made this little money since I was a teenager, but back then I didn't have a mortgage and two kids I'd like to send to college at some point.
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souldoubt
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Post by souldoubt on Aug 21, 2014 13:25:16 GMT -5
What is it you are doing that requires you to work a billion hours a week? He owns a newer business. Even owners who have a more established business many times work very long hours. It's the nature of the beast. Dark wrote: "Honestly it's not that many hours. I've had jobs where I worked more hours. It's the stress in addition to the hours. I'm thinking about this place all the damn time. I dream about it. It's completely taken over my life. I'm not spending much time with the kids. My sexual appetite is practically non existent. Loop and I barely do anything anymore, other than stress about the store. Shit, I can't afford to do anything right now. I haven't made this little money since I was a teenager, but back then I didn't have a mortgage and two kids I'd like to send to college at some point." When you take into account how much you think and stress about it then yes it's probably more hours than other jobs you've worked. It's your livelihood and ability to support your family which is on the line and not a 9-5 job you can take a break from.
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TheHaitian
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Post by TheHaitian on Aug 21, 2014 13:26:59 GMT -5
The store is open 10am-6pm Tues-Thurs, 10am-10pm Friday & Saturday, and 11am-5pm on Sun. That's 54 hours already. I'm here a bit earlier to get open, and a bit later cleaning and closing. Deeper cleaning, ordering, bank deposits, meeting with sales reps, paperwork, just random stuff that needs to get done is in addition to the hours I'm already here working the register. Honestly it's not that many hours. I've had jobs where I worked more hours. It's the stress in addition to the hours. I'm thinking about this place all the damn time. I dream about it. It's completely taken over my life. I'm not spending much time with the kids. My sexual appetite is practically non existent. Loop and I barely do anything anymore, other than stress about the store. Shit, I can't afford to do anything right now. I haven't made this little money since I was a teenager, but back then I didn't have a mortgage and two kids I'd like to send to college at some point. You knew going into this that most businesses did not break even till year 5 (less if you are lucky) and barely make money (if not lose money) the first year. You knew that and did it anyway, what change?
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Sum Dum Gai
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Post by Sum Dum Gai on Aug 21, 2014 13:34:47 GMT -5
We personally guaranteed the lease, everything else is in the business name only. The business is a C corp, so unwinding it is pretty easy.
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Firebird
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Post by Firebird on Aug 21, 2014 13:36:25 GMT -5
Honestly it's not that many hours. I've had jobs where I worked more hours. It's the stress in addition to the hours. I'm thinking about this place all the damn time. I dream about it. It's completely taken over my life.
For what it's worth, everyone I've ever known who started a small business (which is a fair size group) said exactly these words, multiple times. That's a huge part of the reason why I don't really want to do it.
I don't think it's possible to start a new business without it consuming your life for awhile.
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thyme4change
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Post by thyme4change on Aug 21, 2014 13:41:15 GMT -5
What is it you are doing that requires you to work a billion hours a week? If nothing else, keeping normal retail hours.
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Sum Dum Gai
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Post by Sum Dum Gai on Aug 21, 2014 13:42:56 GMT -5
Abstractly knowing that and living through it are two completely different things. COMPLETELY different. You pour your heart and soul, and a pretty big chunk of money into something, and watch it struggle along day after day, month after month, it's a mental kick in the nuts. Starting this thread makes me feel like a failure, all the responses make me feel like a failure. Actually closing/selling this place is going to be gut wrenching. I don't fail at things. Or rather, I didn't. I've spent the last year continuously failing at something I've dreamed about since I was a teenager. It's fucking hard bro.
I've learned that I don't deal with stress as well as I thought I did. I thought I was good at it, because it wasn't real stress. If you work for somebody else and the company is struggling you stress a bit, but not really. When it's your ass on the line, your mortgage that you can't pay, your kids that you can't afford to send to college, that's real stress. Before I did this I had no idea. I was young, naive, and honestly thought that the worst that can happen is I fail, that sucks, I pick myself up and move on. In the grand scheme of things that's what I'll do, but when you're in the middle of the failure part it's a lot harder than you thought it would be.
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ArchietheDragon
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Post by ArchietheDragon on Aug 21, 2014 13:46:26 GMT -5
Abstractly knowing that and living through it are two completely different things. COMPLETELY different. You pour your heart and soul, and a pretty big chunk of money into something, and watch it struggle along day after day, month after month, it's a mental kick in the nuts. Starting this thread makes me feel like a failure, all the responses make me feel like a failure. Actually closing/selling this place is going to be gut wrenching. I don't fail at things. Or rather, I didn't. I've spent the last year continuously failing at something I've dreamed about since I was a teenager. It's fucking hard bro. I've learned that I don't deal with stress as well as I thought I did. I thought I was good at it, because it wasn't real stress. If you work for somebody else and the company is struggling you stress a bit, but not really. When it's your ass on the line, your mortgage that you can't pay, your kids that you can't afford to send to college, that's real stress. Before I did this I had no idea. I was young, naive, and honestly thought that the worst that can happen is I fail, that sucks, I pick myself up and move on. In the grand scheme of things that's what I'll do, but when you're in the middle of the failure part it's a lot harder than you thought it would be. Failing sucks. I have never been good at failing. I do everything in my power to avoid situations that I could fail at. If nothing else you didn't fail at failing.
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