I am currently 29 years old and I own a retail clothing store We are going to be celebrating our first year in business Now on our first months opened, business was booming majority of the money that was made in the first months went directly back in the store for more merchandise and after 3-4 months it started to slow down it slowed down to the point where I had to take out my personal to make sure to get by Overall I know there will be good days and slow days in a retail clothing shop but It seems like there isn’t enough funds leftover and to be able to pay off the suppliers in full I don’t think I am over spending on personal stuff Any tips?
You should try to do online sales as well. (Feel free to DM if you need more guidance) host parties at your store, collaborate with other business owners, only use credit to build your business and then pay it off with the proceeds. This will build your credit and allow you to balance credit and cash making your business for resilient to these kinds of market fluctuations. Ensure all your debt is only on your business and not backed by any personal assets. The only way to do this is to build your credit from $1k up to whatever you can think. If you have regular expenses you can build quickly and get regular credit increases until you hit a huge number and don’t have to worry when you have a bad month.