The economy has changed so much in the years that Rollin has been open.
The area that we serve surrounding Salisbury, NC has been no exception to the up and down
interest rates and unstable gas prices.
Not to mention a certain virus that changed the way we live.
Every year in business brings new lessons to learn.
Running Rollin and actually staying afloat has been a financial lesson in itself.
Clients seldom know how a business is truly fairing until we share it.
Here I want to share the biggest lessons I have learned about running my small business.
1. Having savings keeps you going when going gets tough.
Have you ever heard anyone talk about how they only had X amount of dollars in their pocket when they started their business? It seems to be the Cinderella story of many start-ups. I am so super excited for the ones who have been successful when starting like that. I do not think it is a good idea for most businesses. Having as much money as possible saved up makes being in business for yourself feel much more secure. The last couple of years have proven that anything can and does happen. Savings gives you some time to move in a more comfortable way when things are slow. Without it you may get behind on bills or you may be forced to take work that is not ideal.
2. Never take a loan out unless you have a function for it that helps you make money to pay it back.
I realize that there are situations where a business owner needs to pay and support the people who work for them. In this situation they might need to borrow funds to make it by. The thing about borrowing is that if you do not have a pretty clear picture of how or when you will make the money back, you may be digging a deeper hole.
3. Don't spend money on things that your customers really don't care about.
My customers want us to be on time and dependable. They need the items they want and not what we think is good enough. We could spend lots of money on fancy bags and mobile equipment, but it would not impress our clients. The bottom line for Rollin is providing personalized service at a reasonable rate. Some things can improve the way business runs but even that has to be measured before spending too much.
If you have any money lessons that would be helpful, please share them.
These are just 3 of the guidelines I follow with Rollin.
Karen aka The Delivery Diva
Owner Rollin Delivery and Errands LLC