Starting a business can have many challenges but one influenced heavily by different seasons will add something more to the general mix of demands in business. But can your seasonal business survive and be successful? We believe yes! With the right steps taken by your business, you can have a flourishing seasonal business.
8 steps to succeed as a seasonal business
1. Examine your industry
Look at the industry in which your business participates and review what are the norms for successful businesses. This will give you an understanding of how your business will fit into the industry ecosystem.
2. Look at your cash flow
Cash flow is the lifeblood of a company. When it is moving well through the business, you will be able to fix problems and manage any hiccups which you may face. But when the slow season arrives, you may struggle to make ends meet and need to look for ways to attain credit that may negatively impact your business. Therefore, when the money is coming in well, you should save and invest a portion for the inevitable slow season that may be around the corner. Try to save 10% of your good months to compensate for the months when things are tight.
3. Check your off-season expenses
When you have a slower period you need to cut back on expenses. You may be able to shrink your staff component during the off-season and decrease the subscriptions you have. By cutting back on your expenses, you will have a better rate of survival during your off-season.
4. Plan time off
Let your staff take their breaks in the off-season but also allow them to take smaller breaks during the peak season. Many times, staff members are worked towards breaking point. It is crucial to examine your staff complement and see who needs a day off to recharge. This will help to minimise the occurrence of burnout.
5. Keep the conversation going
Just because you aren’t doing as much business in the off-season as during the peak season, you still should be talking to your ideal customers through social media networks. You need to present yourself as a thought leader in your industry and keep your brand top-of-mind when people are thinking about what they want to do during different seasons.
6. Extend your sales
Maybe you want to create a business which is busy all year long. To move your business to make money all year consider other products or services you could offer. How can you use your current resources to target another market or season? You could look at an overseas market which has their summer during your winter. This will help to grow your business and extend your brand globally.
7. Look after yourself
Yes, pushing hard is important during the busiest season but if you burn out then you won’t be able to continue, and it could have adverse effects on your slower times. So, make sure you take time out of your schedule to recharge and energise when you are busy.
8. Do maintenance when times are slow
Use the slow season to review the busy season and do maintenance on equipment. Furthermore, look at your business plan, and if there are any adjustments which need to be made to make it more successful.
By following these eight steps, we hope you are able to not only survive as a seasonal business but thrive.
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