thinkinglazy

Aspiring author and random thinker

On Business: Update on The Store

Well, I completely forgot to inform you guys on the progress with ‘The Store’, for those few who were interested in it.

After four months of operating, we decided to move into a new office. We originally planned to prepare for the new opening n one month – prepare the office and new website. However, we underestimated the time which it required us to prepare and drained our capital, over a grueling period of four months.

Fortunately, the purpose of the first phase was to give us an idea about the current market, it was a marketing research phase. After acquiring enough evidence that our concept is needed, most importantly, and profitable, we decided to proceed with the second phase.

Due to mismanagement from my part, my partner and I were forced into a complete re-branding of ‘The Store’. The business plan has been redesigned to minimize costs, while slightly reducing profits. However, the profit margin has been increased significantly.

I am not at complete liberty to disclose on further details of the project yet. As my small business picks up and stabilizes, I will disclose more and more details regarding the process and phases.

Just some advice for any new entrepreneurs, do not expect success with no failure. And try to find a part-time job or full-time job that does not require all of your time while setting up a business and trying it out.

Good luck to you all folk.

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