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THE LIFE OF A SMALL BUSINESS

Being a small business has its unique charm, fostering a sense of family within the team and a togetherness that often eludes larger corporations. However, it’s not all smooth sailing, and one of the significant hurdles we face is sourcing new products to offer our valued customers. As a business committed to growth, we continually seek to introduce fresh, exciting items that will delight our customers. You might think this process is straightforward, as suppliers and manufacturers would naturally want their products to reach as many consumers as possible. But the reality is a bit more intricate.

Recently, we embarked on a quest to find suppliers for sought-after products like abalone, bird’s nest, chicken essence, and tonics. Our goal was not only to enhance our current hampers but also to attract new customers seeking these popular items. To create even more exceptional hampers, our initial step was to identify key trade suppliers and initiate contact to discuss stocking their products.

However, a challenging question surfaced during these inquiries: “Do you have the volume?” This question poses a dilemma for a small company like ours. We lacked the substantial volume because this venture was relatively new to us, and predicting the response was uncertain. Prudent business practices discouraged us from investing heavily in large stocks without a clear outcome, so our initial foray involved exploring these products in limited quantities.

Yet, here lies the conundrum: the quantities that make sense for our business are often deemed too small by suppliers. Understandably, they too aim to profit from their customers. If our orders are insufficient to fulfill this objective, establishing accounts and partnerships may not seem appealing to them. We wholeheartedly comprehend their standpoint; it’s just one of the less favourable aspects of being a small business.

Naturally, raising the prices of our hampers significantly is not a viable option. If they become overly expensive, our loyal customers may opt for alternatives. Instead, we opted for slimmer profit margins per hamper, a temporary solution during unavoidable circumstances. However, when profits dwindle significantly, sustaining the business becomes a challenge.

These diminished profits create hurdles in covering the various expenses essential to keep the business operational, including advertising, delivery costs, shop overheads, and more. These are the hidden challenges that often escape public attention when contemplating the cost of running a small business like ours. Nevertheless, despite the obstacles we encounter, the journey remains incredibly rewarding. There’s unparalleled satisfaction in building something from the ground up, and the pride that accompanies conquering these challenges is immeasurable.

While it’s always hard in the beginning for new and small businesses, arming oneself with a positive attitude is crucial. Finding workarounds can change many things and make the business profitable. It’s all about taking chances and having the support of our dear customers that makes a whole lot of difference.

In the world of small businesses, each obstacle becomes a stepping stone to greater success, and we’re excited to continue this journey, providing our customers with unique, thoughtful offerings that reflect the heart and soul of our business.

 

 

 

Crafted with creativity and insights by ChatGPT, these blogs capture the essence of our thoughts and sentiments, bringing to life the ideas we wish to share with you. Cheers to the brilliance of AI collaboration!

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