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Author Topic: What are the pitfalls of owning a variety store?  (Read 10120 times)

Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #20 on: May 12, 2008, 05:26:48 pm »
Thanks for your input guys I think I'm going to give this biz a miss. Free time is very important to me even if I only get 2 days off. by adding one extra staff which I would have to have. No choice on that. would cut into the profits too much. to make worth while for 2 people to live on. :)
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Cortina

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Re: What are the pitfalls of owning a variety store?
« Reply #21 on: May 12, 2008, 05:41:54 pm »
Quote from: initial_D on May 12, 2008, 05:24:17 pm
Give it a miss? UK English?

So on the books, was $5~7K net profit before or after payroll?

I've got to count on the lowest amount which is 5K. So Thats Before payroll. I noticed the 2 staff don't show up on the books which I'm looking at now. It would be me and a partner running the store. I need 2 extra PT staff to get 2 days off for the both of us. So Just 2 people running the store is too unrealistic.  So after the  mortgage and the other expensive like the 2 staff. I would clear about 2200.00. So for Me and the 1 partner it is just not worth it.  :)

I need a Family. :)
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Offline safristi

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Re: What are the pitfalls of owning a variety store?
« Reply #22 on: May 12, 2008, 06:00:10 pm »
..I need a slurpee,Pak O' Marlboros and the contents of the till...... :skid: :run:
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #23 on: May 13, 2008, 01:23:24 am »
$5K before payroll ain't worth it, after payroll with 2 FT employee is worth considering.


...

Saf, cigarettes worth more than what is in the till.
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Offline dash

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Re: What are the pitfalls of owning a variety store?
« Reply #24 on: May 13, 2008, 03:44:10 pm »
You also have to question the financial #'s presented, how accurate are they? Did you see several years, analyze patterns in sales, costs, other expenses. I doubt books were audited.
Many small operation don't always record all of thier sales, or if you were planning on selling your business wouldn't you want do things to show maximum profit?
I understand that small variety stores have up to 20% right-off in spoilage, some that spoilage I'm sure goes for personal use.
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #25 on: May 13, 2008, 04:18:18 pm »
True. When I look at the balance sheet of a business, the profit number usually isn't a true reflection of the business. Not all sales are recorded, but all expenses are. Have to know the profit margin of that type of business, look at details of the inventory/products sold with all the major supply, examine the fixed costs. Very easy to tell if the business is profitable or not.
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Offline Railton

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Re: What are the pitfalls of owning a variety store?
« Reply #26 on: May 13, 2008, 04:20:16 pm »
Quote from: dash on May 13, 2008, 03:44:10 pm
You also have to question the financial #'s presented, how accurate are they? Did you see several years, analyze patterns in sales, costs, other expenses. I doubt books were audited.
Many small operation don't always record all of thier sales, or if you were planning on selling your business wouldn't you want do things to show maximum profit?
I understand that small variety stores have up to 20% right-off in spoilage, some that spoilage I'm sure goes for personal use.

Pass the s POI lage eh?
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Offline safristi

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Re: What are the pitfalls of owning a variety store?
« Reply #27 on: May 13, 2008, 04:50:24 pm »
 ::) Id.....GET a BIGGER TILL.............. :P
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Offline initial_D

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Re: What are the pitfalls of owning a variety store?
« Reply #28 on: May 13, 2008, 06:35:39 pm »
U play hardball.

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Re: What are the pitfalls of owning a variety store?
« Reply #29 on: May 13, 2008, 07:42:48 pm »
Quote from: mrthompson on May 12, 2008, 10:08:51 am
Ask this man:



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Damn you Mr T, I've got that Kwiki Mart song stuck in my head now...
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Offline mrthompson

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Re: What are the pitfalls of owning a variety store?
« Reply #30 on: May 14, 2008, 09:20:15 am »
Thank you.  Come again!
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