Not all businesses are meant to have big sales all throughout the year. Admit it, some businesses are seasonal which means that there will be times in the year that they will be full to the brim with such a high demand, but there will also be times that there is little to no customers to serve.
If you have one of those businesses, you don’t have to jump ship and abandon your business. This also doesn’t imply that your business model is not good. At the very least, it only needs more revenue streams and strategies to keep your business earning money even if it’s off-peak. Here are four ways to achieve exactly that.
This can be challenging because you need to find a way to make people go to your business even when it’s not in season. Let us say, for instance, you own a restaurant in a tourist spot. Obviously, your sales will be higher during peak season because there are a lot of tourists. However, if the place isn’t a go-to during certain seasons, then you should look for a marketing strategy to reverse that. One way to do this is to hold events and to give packages to groups.
As mentioned earlier, another way to keep earning during off-peak season is to have other revenue streams. If you are a rent-a-car business, you can’t solely rely on people constantly renting cars because more means of transportation are starting to operate and become your competitors. This implies that you can only generate a lot of sales during the times when it’s in season or when your competitors are not able to service your customers.
It’s always good to anticipate downtime. In this way, you can always save up for the time when business isn’t doing well or when your expenses start to rise. When you’re already having a lot of sales, don’t rush into spending your revenue on some new equipment, new hires, or new decors. Instead, stash some money that can help you last for at least three months even without too many sales.
A tip for when you’re stashing money is to know your average monthly expenses. This way, you know how much you are supposed to save. If your monthly expenses are high, then you will be motivated to take more advantage of the season where you have a lot of sales.
When there are barely any customers to serve, you won’t need a full staff. What you need are part-time employees that will be there during the times that you are open (also consider not being open for a full eight hours). You will save a lot on salaries and you would be surprised at how much money that is. You can have a few permanent employees and only hire part-time ones when business is going fast.
A business that is seasonal is not hopeless. If anything, there are many ways to expand or market your business so that it will be loved by customers all throughout the year.