Posts

Showing posts from February, 2020

How To Survive In A Highly Competitive Industry.

Image
Since I was a kid, I was super competitive (I was that annoying kid). I have always looked for angles to best the competition. As an adult, Lowes and Home Depot have been as competitive as you can get. In order to grow my retail business, I knew I needed to be creative. Here are a few things I have been doing to stay competitive. 1. Grow Organically. No Advertising.  The number one reason a business fails is by over extending their budget in advertising. Patience is an invaluable characteristic for a competitive business to survive. We have been growing via word-of-mouth for years. That's why you either love us, or have never heard of us. 2. Buy Direct, In Bulk.  It may seem risky to spend almost all of your capital on direct truck loads, but it is far less risky to leverage my assets in pure equity. I usually pick the best deal I can find for the customer. If a product doesn't move as fast as I would like, at the very least, I will recoup my investment (sell at cost)