AskHi Fitz! Maybe you can be one person who’s in the best position to enlighten me. To give you my background, I am 46yo happily married with 4 kids. My eldest is 17yo & my youngest is 9yo. My husband is a very good provider. I used to work in a bank as an auditor. I resigned year 2000 months after I gave birth to our 2nd child. Most of my former officemates envy me for living my lifestyle now.
Since year 2000 to 2006, I engaged myself in business. I had 6 different businesses (one at a time) but nothing turned out successful. We lost millions. My husband introduced me to stock market also in year 2000. I’m proud to say that this is something I’m good at (at my level) because even the executives in our bank do not earn what I earn in trading stocks moreso in the comfort of my bedroom.
Anyway, though I am managing my own multi-million stocks portfolio, I still keep looking for a business that I can be proud of… something that I can be very busy with… so that nobody will tell me that I’m just a “housewife”. My brother is saying that I’m just looking for a headache.
Last year Dec. 22, 2012, I franchised a convenience store and it’s been a month now the sales are not picking up. The location is good but I don’t know what’s wrong with our daily sales. I’m getting crazy… to the point of analyzing the feng shui of the store etc etc. I’m throwing money on this and have a contract for 6 yrs.
The stock market is really boring yet this is the business I can say I’m good. Why all the businesses I do turned out loss? Now my newest business is giving me a loss also? Am I really not meant or lucky to have a tangible business? I don’t want to be a “plain housewife” in the eyes of my friends & relatives. I want to have a successful business which I can be proud of.
Do I have a proper mindset? Or my husband is right when he said find or do something like a hobby if I just want to be busy. Maybe what I need is self fulfillment or self recognition. I want have an achievement in life that people can see. Unlike the stock market which is only in paper.
Thank you for reading. Hope to hear from you soon.
Tags: mindset
6 Responses to “What”s wrong with me?”
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if the business is not your passion, failure is not far. do a business that you love, focus on helping people. the chance of survival is higher
To be in business, learning sales and marketing would be crucial to success.
Network marketing provided me on the job training to hone sales and marketing skills in 6 months with low start up / overhead cost and results can be measured by the amount of income one earns in the business.
There are obstacles in the learning curve. Problem resolution is key. If a customer is not buying, ask why… If you cannot come up with the answer to correct the problem, one gets stuck and cannot move to the next level… Most people quit the business…
Reading about your business losses, I assume your WHY to succeed in the business is either undefined or too weak because your husband provides well for you. If you are serious about succeeding, you have to answer the question until the right answer provides you with the results you are aiming for.
I’m not Fitz, and I’m no business magnate either, but…
If I were in your shoes I think I would try some things like:
Staying in the store to observe what really happens.
Are they looking for stuff we don’t have? Or do they want different brands?
Is it in their price range? Who are the usual people that come in? What type of people do I need to walk into the store to turn a profit?
And then I’d try to analyze the sales figures. Which products move the most? which don;t move at all? what does that say about the spending/buying habits of the customers? based on the sales, what are my typical customers?
It’s a franchise so your hands are mostly tied. But I would try contacting them about things you can do. Like sales or discounts or other merchandise that might be more “sellable”
If things don’t work out, you could always start a blog about your successful trades and your reasons and strategies.
But like what edmund said, try to pursue something you’re passionate about. It seems you don’t lack capital so one of the biggest hurdles is already dealt with. Maybe just take some time to reflect on what you real passions are. it might not seem like a business idea, but who knows, maybe it’s just an untapped market?
Hi. First of all, you should not be hard on yourself and say you’re unlucky in business. Instead, say to yourself that maybe, you haven’t found the right business yet.
For now, I believe your most important issue at hand is the convenience store. Personally, I think the business is still very young, so give it more time for the sales to pick up.
I’m with Carlos when he said you should spend time there and observe. Study your customers, guide your staff, and find opportunities which you can turn to profit.
Ask your franchisor for help with the marketing. I’m sure they can assist you in coming up with promotions and advertising strategies. All franchisors want their franchisees to succeed, so don’t be shy to ask guidance from them.
On another note, I’d like to say that I admire your skills with the stock market. It must be exhilarating to manage a multi-million portfolio! Keep up the good work there!
Lastly, I can understand your concern that you don’t want to be seen as “a plain housewife” to your friends and relatives. It’s a fairly common sentiment which I’ve heard from many.
My suggestion, don’t mind them.
Let them think whatever they want to think about you, and just focus on yourself and the many possibilities that you are very capable of doing.
Pursue ventures and projects not because you want to impress them or want to prove to them that you are good. Instead, just follow your interests and your passion, and I’m sure, self-fulfillment will follow.
Congrats to your failures!
Keep moving forward.
Pray for wisdom.
Suggestion: Study and take the exam to be a stock broker. I think that is something to be proud of.