I ran out of ideas for my business

I own a rundown supermarket that sells Asian food products, health food, herbal, arts and paintings. My store locates at the center of Oklahoma City Uptown District. Every buildings around mine are developing and businesses are booming with stores that include cake, bagel, pizzas, bars, coffee shops, taco, restaurants, clothing, arts, tattoos shops, and a theater.

Despite a good location for development of new businesses, I ran out of ideas and investment capital.

Can you guys tell me something in your mind? I am open for every idea and I promise that I will appreciate you and seriously think about whatever you can tell me

Teresat

One possibility that jumps out at me -

If your building space is too large for your needs, consider dividing the building into a number of smaller boutique shops and rent them to others who want to start a business in your neighborhood, but don't need a full building to themselves.

You'd gain valuable rent (monthly cash flow) and at the same time, draw move people into your building, which could benefit your sales volume.

SCORE could help you with such a project, as far as giving you ideas, and a possible source for financing the building conversion/renovation.

They could likely point you to a group of angel investors as a source for funding the conversion.

Alternately, you might consider selling or leasing the building if the demand for space in your neighborhood is in high demand. The passive income from rent is only subject to Social Security (FICA) taxes, not income taxes.

Dennis

Dennis Bevers
BASSCO, Inc.
Full-time, home-based, self-empolyed since 1987.
Dealers needed-US residents only!

Thanks Dennis. So ... I it looks like the first step in returning my business to a productive one is to meeting with the SCORE at a college in Oklahoma City. Have you been with SCORE before? What document and information I should bring to the meeting? Thank you very much for your times, guys!
-Teresa

Teresat

I want to tell you to grow a business, At first you have to do some good skill about business and qualification. After you can make a good manpower to grow your business.

Thanks Terry. I will remember your advices when I talk to SCORE.
-Teresa

Teresat

Welcome.

I apologize for not replying sooner, but just saw your response for the first time tonight.

I've never met with the SCORE people in my area, but I started my business 30 years ago. By the time I learned about them, my business was already established.

Documentation would include your proposed business, complete with a business plan, but you might want to keep you mind open and discuss the possibility of leasing or selling your business.

Financial statements for the past year would also be helpful, as well as plans you are considering to expand your business in different ways.

Good luck with whatever you choose.

Dennis

Dennis Bevers
BASSCO, Inc.
Full-time, home-based, self-empolyed since 1987.
Dealers needed-US residents only!

Thanks Dennis for your well wishes. After some more thoughts I think I will meet with SCORE but I will open for option of leasing my business.

Thanks!

Teresa

Teresat

Here is an outta the box idea:

1. Invite local chefs or cooks to rent space in your location to sell their food - this will generate traffic into your store to see what you have to sell.
2. Get out of your store and participate in some local events (charities are the best) - do some events where you can rent a table and sell what you can from out of your location
3. Hold a in-store event, cocktail party, regular block-type party, charity event etc. Invite other vendors to participate in the event.
4. Have an Asian day event - where you introduce folks to your culture and food - than sell sell sell. Have other Asian vendors participate, i,e, painters, dancers, food, etc.

I hope I was kinda helpful.

Oh Michelle...you are so helpful and I appreciate it very much. Your outa the box ideas are great and actually I can do a cocktail party and/ or an Asian day event. However my business is really in so bad shape now; doing so may be counterproductive at this time. I will think about it real hard and if my business could be better I definitely will hold a few events like those.

Thanks again,

Teresa

Teresat

Well i believe you should try more on both Offline and Online Marketing and Advertising Strategies

Offline Marketing

1) Try to have catchy deals and discounts , As you said yours is good location so must use the same and attract people with offers .

2) Try advertising using local newspapers, radio advertisements , Flyers and Pamphlets and try how you are different and offer better deals to customers.

Online Marketing

In today's changing world online marketing is most effective tool to establish brand and generating business.

I overtook my father 25 years old business(almost dead) of Art and Picture framing and prepared Website http://www.framinghouse.in and got it promoted from one of local SEO company http://www.seo-services-india.com

Believe me it really helped me.

So go online get your website developed . Get your products listed on platforms like amazon, ebay it will help to promote your product .

Hope its help. Best of Luck!

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