thread Re: Where do you see your business in 5 years? 🔮 in Community Corner

Where do you see your business in 5 years? 🔮

isabelle — Mon, 16 Dec 2024 14:07:40 GMT

Hey Seller Community ✨

I’m back with another question of the week!

Where do you see your business in 5 years? Would you like to have more locations? Launch/add new products? Maybe a larger social media following? Re-branding?

Looking forward to your replies ✨ 🔮

Re: Where do you see your business in 5 years? 🔮

Darcia — Wed, 26 May 2021 15:59:16 GMT

Hopefully in a better situation with more supporters😔

Re: Where do you see your business in 5 years? 🔮

LocavoreStore — Wed, 26 May 2021 18:31:56 GMT

You could say that I am very optimistic about the next 5 years. To recap...

2014 - 2015: We saw a 42% increase in sales!!! Lots of improvements and upgrades that year... Paid off well!

2015 - 2016: We saw a 21% increase in sales (Not as good as the previous year... Still awesome!)

2016 - 2017: We saw a 5% increase in sales (Cool? Better than no increase I guess?)

2017 - 2018: We saw an 8% increase in sales (A pretty good increase compared to the year before, but still?)

2018 - 2019: We saw an 18% increase in sales (Here We go!)

2019 - 2020: We saw a 25% increase in sales despite COVID!!!! (????)

2020 - Current: We're experiencing an impressive 75% increase in sales so far compared to 2020...

After really considering all the variables that have stacked so well for us despite the turmoil of the last 5 years, I attribute most of our growth 5 and 6 years ago to several things... Primarily moving into larger location... More products, more foot traffic, improvements, etc. The dip from 2016-2019... ... Sigh... ... I'm sure there are a lot of variables involved that I am wholly unaware of leading to such an underwhelming growth rate... I can assure you that it was not for the lack of good business practice and re-investing in the business. But otherwise, it's probably best we forget those years ever happened anyway.

The increase in sales during COVID. I'm starting to really try and figure out why such a decent 25% increase during a pandemic (Why any growth rate?)... A lot of this was the "Shop Local" movement I think. But in all honestly, the best I can chalk it up to (and as simple as it sounds) is the fact that our business has had ample parking near the store ever since COVID started... Pre-pandemic, it was uncommon to find a parking place within a block or two of our location during peak hours... Not so for the last year and a half...

The 75% growth from 2020 - Current?

Needless to say, we're pulling the rug and moving into a bigger location with lots of parking! Next 5 years? Another location perhaps? Otherwise... More of the same, please 🙂

Re: Where do you see your business in 5 years? 🔮

PerroneTech — Wed, 26 May 2021 19:20:00 GMT

I run a one man computer sales, repair, and software shop. I just moved for the 2nd time in a year and half. The last move was across the street so I don't think it's that big of a deal.

Despite COVID I get steady business. I just opened in 2019, so I can't really tell you if it was better before. I opened in November right before it all went down the toilet.

In the next 5 years, I hope supply equalizes so that I can offer more custom options. With the chip shortage and scalpers a many, I'm not able to offer more gaming computers which is what I did right before Christmas and right before GPUs started becoming scarce.

I'm working on a 2nd business right now, but I want my business to just continue to steadily grow (even if it's slow). I want to be the sole provider of technology needs in my area and I'm well on my way to that.

So short terms goal for now: Growth. Consistency. That's all I can ask for.

Re: Where do you see your business in 5 years? 🔮

homeprogreen — Wed, 26 May 2021 20:30:08 GMT

Actually I am happy with the way the shop has done since I opened it 7 years ago. Seen an avg increase of 21% each of the last 7 years except for 2020 and even last year I managed a 13% increase. My shop is different then most businesses in the fact that it’s basically my working retirement. I build houses for years and had my run at big money. Now with the shop it’s only got to pay the bills. If I added locations and employees then while it would be a major increase in revenue it would also mean that the customer wouldn’t receive the same level of service that I am known for

Re: Where do you see your business in 5 years? 🔮

aarontw — Wed, 26 May 2021 21:01:08 GMT

Loved reading this reply @LocavoreStore ! Also I definitely lol'd at "We saw a 5% increase in sales (Cool? Better than no increase I guess?)" ... progress is progress!

Thank you for sharing your business journey with us. Congratulations on the major growth over the years! Would love to see some pics of the store some time 😁

Re: Where do you see your business in 5 years? 🔮

aarontw — Wed, 26 May 2021 21:02:45 GMT

@PerroneTech do let me know if you get any graphics cards in stock. I've wanted to build a gaming PC since COVID started.

I would hope that the increased emphasis on technology in people's lives throughout the pandemic will help keep you growing.

Re: Where do you see your business in 5 years? 🔮

aarontw — Wed, 26 May 2021 21:04:38 GMT

Thanks for sharing a little bit about your shop @homeprogreen. Glad to hear you're getting the bills paid, and even more glad to hear about your dedication to your customers to give next level service. Having a great relationship with the businesses one frequents is important.

Re: Where do you see your business in 5 years? 🔮

aarontw — Wed, 26 May 2021 21:19:51 GMT

Thanks for sharing this @Darcia - We have a lot of great Marketing Resources on our TownSquare Business Resource Center. Hopefully they can help you grow your base.

Re: Where do you see your business in 5 years? 🔮

PerroneTech — Wed, 26 May 2021 21:34:43 GMT

Only way to get one these days:
- pay scalper prices (4x or more MSRP)
- wait in line at Microcenter up to 2 days before a stock drop and also face violent scalpers
- get lucky and buy a terrible Newegg combo
- find a bot that will buy one for you

Re: Where do you see your business in 5 years? 🔮

SHIFT_Annapolis — Wed, 26 May 2021 21:42:25 GMT

As a bicycle mechanic running a small yet established mobile repair service I hope to be established to the point of having 1-2 employees Working dual duty between my primary career (nursing 36hr week) and close to but slightly less hours wrenching can definitely be exhausting.

Self employment health insurance for my family is probably the greatest hurdle at this time....gotta find a solution to this first.

Given a 5 year goal I see working part time (12hrs weekly) in the ER nursing and focusing the majority of my efforts on growing what I know is a potential goldmine in my city.

If I play my cards right I foresee being able to invest in 1 large branded and unfitted work van (12-18months) along with a second smaller truck to allow for multiple mechanics to run simultaneously. I envision a company with a strong wholesaler network, dealer accounts for 1-3 recognized bicycle brands, strong community presence between farmer's markets, food truck events and local cycling races / rides. I would also like to establish relationships with the countless bars in my city for bikes & brews type events.

I also anticipate being the primary bicycle shop / service for electric bicycles which the demand for as absolutely exploded.

Re: Where do you see your business in 5 years? 🔮

Albow18 — Wed, 26 May 2021 22:02:33 GMT

Feeling the same Darcia

Re: Where do you see your business in 5 years? 🔮

isabelle — Wed, 26 May 2021 22:14:51 GMT

Sorry to hear that @Darcia and @Albow18 😔

In addition to the resource @aarontw linked to, I found there was some really great advice and suggestions here from fellow Community members.

Re: Where do you see your business in 5 years? 🔮

Minion — Wed, 26 May 2021 22:18:18 GMT

I'm in my 6th year of business, and honestly, Where I want to be in 5 years, is where I thought I would be now. I am from a small town in Upstate NY, where I feel I have found my niche in the market and taking advantage of the cold harsh Winters up here and created services help protect and prolong peoples vehicles.

In my 3rd year of business, I had a structure fire a week before Christmas, nobody was injured so everything else can simply be replaced. But boy oh boy did it throw a wrench right into my plans. Utilizing some friends garages to continue business wasn't easy, but it was manageable for the time being. During the slower time, I took a slight step back and went through a rebranding phase, critiquing and fine tuning my services. And that pretty much brings us to today.

Within 5 years, I would like to see my new building, with employees (2-3 would be ideal to start) as well as 2 more locations in other towns ( roughly two hours away or so). I've been setting at least one larger yearly goal since the fire. My goal for 2021 is to secure the land, and depending on lumber/steel prices have my new shop up.

Re: Where do you see your business in 5 years? 🔮

RyanC — Wed, 26 May 2021 23:20:16 GMT

I'm just a one man show right now. I'd like to see myself have a small team to help grow my business including an admin person, a marketing person and another person to help do the shoots with me. (I'm a real estate photographer in NY.) I'm up 300% in sales this year over last year and not sure how much longer I can do this by myself. I'm too nervous to make the leap to hire just yet though.

Re: Where do you see your business in 5 years? 🔮

isabelle — Wed, 26 May 2021 23:28:18 GMT

Really awesome to hear about your success @RyanC! Thank you for sharing.

Good luck on your leap to hire ✨💫

Re: Where do you see your business in 5 years? 🔮

Doran — Thu, 27 May 2021 01:02:33 GMT

I'm really hoping to move into a larger space by the end of next year and expand into more verticals like home and fashion. After that, I'm not really sure. I'm the worst planner and kinda just go with the wave.

Re: Where do you see your business in 5 years? 🔮

allwhowander — Thu, 27 May 2021 03:20:31 GMT

Congrats on the impressive growth! It's interesting to hear about the parking availability helping to drive growth. We've recently been reflecting on our lack of parking. This summer (weather) will give us a good idea of what to expect. Thanks for sharing, and cheers to another 5 years of upward trends!

Re: Where do you see your business in 5 years? 🔮

allwhowander — Thu, 27 May 2021 03:47:14 GMT

Thanks for asking @isabelle!

I am very optimistic about bars & restaurants bouncing back strong over the next few years. We just settled in to a bigger and better location 6 months ago, and sales have been growing significantly each month. I can't wait to see what business this summer brings. In five years, I hope we are an established local landmark and have another new concept in the works.. maybe in a more tropical geography.. like a "craft beer tiki bar"!

Re: Where do you see your business in 5 years? 🔮

MJD — Thu, 27 May 2021 05:07:51 GMT

Hoping to grow my social media followings and build a larger store, upgrade my business a lot including new cameras for better photos, for better products, and all round better customer experience and value. It’s going to be a journey but it’s one I can’t wait to take!