How long did it take for your business to be profitable? 💵

[isabelle]

Hi all! Hope you're having a lovely Wednesday ⚡️

Today we're wondering...

How long did it take for your business to be profitable?

We realize this can be a sensitive topic as the journey to profitability can be challenging. If you’re comfortable sharing your experience, we’d love to hear from you ❤️ 

[quentin418]

16 years! If you join our MeetUp we talk about creating and sustaining a restaurant~

[Surfer71]

We are a Mom and Pop business here in San Diego Ca. Started 11 years ago. It is a lifestyle business that we could own and operate 

during retirement. It took three years to become profitable. We are right on the water. Now at 71 years old it’s become quite a retirement plan for us. Not for everyone but it keeps me busy and active. The money is nice too. 

[Armando10]

6 months

[KennyCornPopcor]

Kenny Corn has been in operation since 2007. I guess we are profitable, but it seems like everyone else gets paid and as the owner I get what is left over. We have a new retail location at a busy Outlet mall and business is looking better. We are about to re-launch online shipping and I hope that is what is missing!!  Kenny Corn Popcorn!!

Hang in there small business owners, it should feel rewarding to your life. 

Kenny

[DefensiveArts]

I'll let you know when it happens.  2 years and counting....  COVID did us NO Favors!!!

[RandyAitch]

Profitable?  The first year, 1986.  Profitable enough to make a living?  That took awhile longer.  But, we are still in the same arts & crafts business 35 years later, and it's getting better every year (even 2020, pandemic and all).  The key to maximizing sales (wholesale or retail) is this:  Get to the person who makes the buying decision as quickly as you can without being rude to anyone else, and then talk to them about absolutely anything other than what you are trying to sell.  The weather, how well their local high school football team is playing, anything.  Sales will occur naturally from the relationships you build that way.

[Leo-PS]

its all about timing, location and luck. if a brand new location, definitely needs marketing, advertising, promoting, etc.

Over all how to run successful business rely on these things from my experience. Americans like to try a new restaurant.

What can you give them from first trying at your place. How do you make them come back again?

I would say, #1 service, #2 taste expectation, #3 competitive price.....

If you can execute those 3 things consistently, I don't see why should you fail. 

[BristialDesigns]

I design and sell my own jewelry. I just started out, so I'm not really having any customers. If anyone is interested, you can check my store out. www.bristial.com

[armstrongfamily]

We started our business in 2014.  We were profitable from day 1 but it wasn't a lot of profit.  Sales calls were slow but a friend in a similar business sent us customers.  It wasn't always glamorous and we had to get dirty but we built up a good reputation.  Fast forward several years and we get more calls and business than we can handle.  It allows us to pick and choose among clients who will provide us with more lucrative returns with less work.  Just hang in there, until you get fully established, it can be tough.

[JANARTYS]

We opened in 2018. It took us 6 months to break even. To this date we are a debt free company. We are fortunate to have a unique product with high demand. We continue to produce a high quality product and don’t cut corners. We were hoping for 3% growth per year. We continue to grow at about 60% each year. 

[sarah7]

I’m not, like at all! I’m learning how to price my products to be able to grow. 

[Melmarak]

I'm so sorry. Im in the same boat. Im learning what my food prices need to be, price inflation from the markets[which i thought was illegal] keeping my employees paid, shelves empty at the super markets....its crazy. New menus to reflect new prices, tacky flyer from white out, and now new menus with no price...it's crazy

[Itsalongfence]

We opened end of our season 2018. So Technically open for 3 full seasons. We own a fence installation company. www.longfencenwi.com I still struggle with the EXTREME fluctuation that covid has brought to the construction industries prices we stay within a couple hundred dollars difference which is awesome. This year would have been our profit year but our truck went out and had to purchase new work truck we have been living off our savings and my Army Reserve pay. So hopefully next year we strike even or in the green.

[MelindaB]

Let’s not look at how long it took. Let’s look at what it took to become profitable. When I took control of my money management and started making sure every penny showed up in the bank was when I realized how profitable I am. It started with 2 things.  First I took a small business management class where one of the 2 most important things I learned was how to build an implementable business plan and put it in writing and stuck to it. Your business plan cannot be so strict that it isn’t alterable because it’s a “living document” it has to evolve with your business as it grows. It’s also usually a requirement to have if you’re seeking funding too. The second one was financial management. Honestly that was the hardest thing I’ve ever done and I’ve given birth 3 times. Getting control over your spending and savings is soooooo hard in the beginning because you really want to spend that money but once you’ve got that business nest egg in there it becomes an addiction to watch it grow and it’s really emotionally rewarding when something happens and you can step back and be more concerned about how much you spend out of that buffer rather than watching the demise of your business you worked so hard to build knowing if you’d have been a little Jewish in the beginning stages of your business. But honestly if you’re like me and do this while you’re already in business you’ll see growth and profits almost immediately. I use that term with the utmost respect because my Jewish friends understand  the value of a penny saved and it was one of those friends who convinced me it was the right route to financial independence. He was beyond right because my business literally grew during the covid lockdown and we expanded in Spring 2021. Thanks Papa Frank!!!! The 3rd most important thing that boosted my profitability was Marketing. Specifically in this order. You can’t market an unstable business and expect to be profitable.

[BillV]

It took us about a year and a half to be slightly in the black. Three years in we are solidly in the black and growing. 

[littlegrocery1]

Immediately because we had no choice! I had lost my corporate job of 21 years before opening our small business and my severance pay ended the day we opened almost 7 years ago now. We have always been profitable but have always needed to be even more to support 3 children and to make all this hard work worthwhile. The pandemic pulled the rug out from underneath us but we took all the help we could get for which we are tremendously grateful. We operate in Hoboken NJ just over the river from NYC. Now that the pandemic is waning here we've had a huge surge in midweek business from people working from home and not commuting to NYC. We're seeing tremendous growth in just the last 2 months. Fingers crossed this continues!

[Shirin]

6 months

[jehedges]

Three years.  In 2000, I was working full-time for a Fortune 500 company.  I began building my photography business on the side, working evenings and weekends.  By year three, I had built up enough savings and had enough business that I left the corporate world in 2003, literally threw away my physical alarm clock, and vowed to never sit in a cubicle again.  I've been a full-time professional photographer ever since.

[MrsLittle]

Read, "Profit First," by Mike Michalowicz.

[TheChillSpot]

Basically 2 food truck 'years/seasons' for me.

[Vyolet]

Hello Isabelle,

I pray that you're doing well.  My business really isn't profiting yet at all and that is very discouraging to me. I've run into so many obstacles both personally and professionally and just seem to have a hard time getting back on track.  Covid-19 didn't make these issues any less painful.  I'm running into the issue of finances for the business and was forced to take a job that I truly don't like at all and takes up all or most of my time from the business.  I have customers who don't wanna pay the prices, and I'm pretty sure that I'm way undercharging for my products and services, any advice that you can give would be greatly appreciated.

Sincerely,

Vyolet