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

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 ❤️ 

 

Isabelle she/her

Seller Community Manager, Square

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Message 1 of 105
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Beta Member

We started in 2015 living off of savings. 6 years later it is still hard to consistently be profitable. Hoping 2022 is our year to spend less than we make each month. Just happy to be in business and not living off of savings. Cash flow is improving and the future is bright. 

Message 2 of 105
7,482 Views

I wish you all the best! 💕 Thank you for sharing @ShippingBYeli 

Isabelle she/her

Seller Community Manager, Square

Learn about the Super Seller program!
Message 3 of 105
7,472 Views

Thank you for sharing and I certainly wish you the best.  It is so helpful to have a community that shares the same journey!

 

Message 4 of 105
3,707 Views

@BeadBarBoss - Reading this comment made my day, thank you for being a part of the Community!

Aaron Weiss
Community Lead, Square
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Message 5 of 105
725 Views

Hello ShippingBYeli,

 

Hoping that you all are doing well,  glad to hear that you're not living off of your savings and I'm praying and wishing you all they very best for the coming years and much success!

Message 6 of 105
2,337 Views

is it because of covid?

Message 7 of 105
1,512 Views

Fortunately, immediately.  

Message 8 of 105
7,477 Views

Same for us

Message 9 of 105
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It took understanding that rates had to go up, that we should compete on quality and a higher level of service rather than trying to compete on price alone. - www.djemir.com

Message 10 of 105
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That's great advice!  We are two years end and our overhead is high.  We keep our prices below what the customer could find online, but you're right ... we provide exemplary service and invest a lot of our time doing it.  We believe in quality in product and service. It's time we started basing our prices on that.

Message 11 of 105
7,148 Views

I've long fretted about competing with the online prints shops (and there are so many).  I've kept my prices in line with those shops out of fear people would chose going online vs. using us even though we have a slate of regular customers who keep us very busy and love the work my staff does. 

It took me way too long to realize that there are a lot of people who do not feel comfortable creating items on those online sites - I was speaking to a customer who told me she is not comfortable on computers anyway and the thought of trying to design something herself is just not something she was going to entertain.  It took that interaction for it to finally click - they trust us, like what we do, and are happy to let us take care of it 100%.

So we've been restructuring our prices - partly due to rising materials cost but also because we have a service our customers value, appreciate and have zero qualms about paying a little more vs. the online guys.

But to answer the question - ours is a family business my parents started.  They didn't draw a salary for about five years to start.  They always made sure the staff and bills were paid. And there were times that they would have to hold their paychecks back until there was enough money to cash them.  I'm running things now and there have been great years and awful years. Somehow we've managed to keep going. Whether it's good times or bad times, it's always exhausting LOL

Message 12 of 105
5,498 Views

Such an inspiring story!! I'm in the same business and I absolutely feel the same way. Our customers trust us to design, and make something awesome from them. We cultivate a relationship and you can't get that online. Thanks for sharing!!

Message 13 of 105
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Great point and good advice.

Message 14 of 105
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Too long!

Message 15 of 105
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Super Seller

Almooooost, but not quite yet. Been 5 years now so I hope next year is when things will really start to turn around! Most everything has been put back into the business for inventory and growth. I probably could have been profitable sooner, but at the risk of turning away potential customers if I didn't have a full inventory to keep them shopping and coming back. I also started wholesaling some of our in-house made products so I think that will make a big difference to our profitability this and next year.

Message 16 of 105
7,000 Views

Opened in 2019, still waiting for consistent customers and staff. Profit would be nice.

Message 17 of 105
6,992 Views
Super Seller

Started in 2015 doing plastic resin casting for vehicle headlight modification. Was on our way to turn a profit in 2017 until we had a structure fire. Some changes to the business and operation we started to turn a profit in 2019. 

This year I began cutting some costs on certain things not needed, ($50/month here or there adds up over a year).

Shipping costs of materials are always going up, so buying in bulk has been a big priority this year saving about $2k in shipping costs alone compared to last year. 

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.
Message 18 of 105
6,954 Views

Well i just got started online sales 2 months ago I'm still working on improving marketing and my web page so it really needs more time to be able to tell you that.

Message 19 of 105
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My website was built by Web Designz. You should check them out, www.webfixs.com

Bristial
Message 20 of 105
3,468 Views
Beta Member

Business from the ground up can take alot if grind to build.  Considering the type of business, the market, location, convenience amongst other factors contribute to your result. I personally provide a variety of services and one in particular a niche that is in high demand. My clientele was built prior to self employment and did not lag even during the transition from Corporate America. I send prosperous energy you alls way. 

Message 21 of 105
6,943 Views