Who loves to clean? Not me!
I love the end result of cleaning. However, the actual process.. nope not a fan.
Cleaning is a necessary thing both in your home and business. The floors get covered in dust and dog hair and we start to burn out in business.
To move forward with new projects and improve what works in our business we have to get rid of what is not working. It can be hard to let go of something that is not taking off like we thought it would. Or maybe an industry is not as profitable as it used to be.
How do we know what isn’t working?
The first obvious result to look at is, have your sales dropped? I don’t mean have they dropped over the past few days. Has it been several weeks or even a couple of months that sales have been low?
What was your reason for getting into this market?
Something else to consider before completely getting out of the market is to ask yourself what was the reason you started in the first place? Was it to supplement other supplies you had to buy such as hay, feed. Or milk and vegetables for your home? Or did you get the “dog with a job” to protect your herds? There is a mountain of reasons someone can get into something. Consider what the value is before you get out of it, whether it is monetary or not.
What is the cause?
Consider why is the market value dropping. There could be a number of reasons you can’t seem to sell a product. The stores are selling it for significantly less then you can make it. The overall production costs have gone down due to the economy and gas prices and so on.
What is your cost?
Consider your cost. How much are you spending each month to keep going and how long you could keep it up before you start feeling a pinch in your wallet.
How soon will the market rise?
Is this just a phase that you can see coming back if a few months? Or could it be years before the market rises again? This is an area where we MUST be honest with ourselves to make our business last. The little things that we don’t want to give up could take away from the big picture.
What is the cost for you to get back into the market?
How much would it cost you to get back into it if you only had to buy feed and stock? Is to something that could be thousands of dollars? Or like selling fresh eggs, it would it only cost you $10-$12 a bird to get back into the game.
Putting it all together.
A perfect example is selling fresh eggs from raising chickens. The end of 2015 and 2016 the poultry market was struggling to do the avian flu outbreak. It was serious enough that there was a ban set by the APA to prohibit the assembly of birds from separate flocks, such as shows and swap meets. Fairs across the eastern states were forced to cancel their shows and millions of dollars were lost. At the time you could get as much as $3.50 per dozen eggs produced from your backyard flock. Fast forward to 2017 and eggs are less than $1 in the local grocers.
This is a perfect example of having to consider your cost, looking at the cause, and deciding if the market will improve.