Money Matters: Small businesses, your money matters

SMALL BUSINESS ENTREPRENEURS:

YOUR RELATIONSHIP WITH MONEY MATTERS

BY LAURA DORSEY

Most people believe if they start a new business, they must be good capitalists and love money. The reality is many business owners and entrepreneurs do not succeed because they do not have a good relationship with money. To make money, it must become a prominent part of every business day. With the current economic situation, it is natural for small business entrepreneurs to have a growing concern about surviving. One of the critical ways for entrepreneurs to survive is to find innovative sources of income.

A transformation in the way businesses function is not certainly a bad thing. It launches new opportunities. “Entreprneur” suggests asking yourself, ‘How can I operate a business and offer customers our services in this new business lifestyle?’ Adapting to the changes in the economy is how businesses make it through difficult times. According to “Entrepreneur,” this time is a new opportunity for businesses to evolve in a new, unfamiliar market. Research provides a few suggestions for a changed mindset of entrepreneurs to increase that relationship with their money.

FOOD TRUCKS

Food trucks are mavericks, bringing restaurant cuisine to where no chef has cooked before. “Forbes” estimates that this $985-million industry is noticeably missing from relief aid. Food trucks were created out of a need for change: food trucks could reach a wider range of customers less expensively. Trucks are having to think outside the box yet again. Their usual customers—pedestrians strolling the streets and office workers checking out for lunch—are confined to their homes. Pivoting is part of the food truck life if you ask any food truck owner. The fundamental idea with food trucking is to go where people are. Some food trucks are striking deals with businesses or property owners to let them park in their lots. Diners can find some of the tastiest BBQ in Central Florida in neighborhood food trucks.

CREATIVITY

Creativity is at the foundation of every business. It may appear sufficient just to keep the doors open, shelves stocked and business staffed in challenging times. However, it is the scalability and fluidity unique to small businesses that allow owners to react quickly and flex their creative muscles. The pandemic has, without question, put creativity to the test. One of the Orlando area’s major entrepreneurs who flexed their creative ideas was CB Bistro, owned by Monica May and George Ashford. Caterings Best Events was a high-end event planning entity catering to large parties in multiple venues Caroline and Justini Carter staffed by skilled professionals. Creativity changed the venue to CB Bistro.

CB Catering and Events owners George Ashford and Monica May

MONEY MATTERS

To be profitable as a small business entrepreneur, you have to make money your everyday reality. It is necessary to develop your relationship with money just as you would with any other relationship in your life or business. Remember that money, though green, really exists in black and white, and you should be reviewing your books regularly. Entrepreneurs should use money as a tool for prioritizing what is most important in your business and what will help you achieve your goals. Statistics show that the most successful small business entrepreneurs are the ones that have a healthy relationship with their money. Being fluent in the relationship between your business and your money matters to your business’s bottom line: profit.

This small business now caters to a crowd of 60 people or fewer, in an outdoor setting, with live entertainment on the weekends by reservation only.

BRINGING THE BUSINESS TO THE CUSTOMER

When customers in North Florida wanted tasty treats, JuDeas Creations in Carolina was just a drive away. However, with the current business climate, people were not traveling as much. JuDeas Creations knew they had to do something different. If business was not coming to them, then they need to bring the business to the customers. With that thought, they revamped their business using USPS (United Postal Service), which is the go-to-service for small business shipping. According to “Parcel Magazine,” for packages under five pounds, USPS will almost always offer the best rate. JuDeas Creations put their homemade cakes and pastry products online and shipped them to their customers in Northern Florida. UPS generally provides the best rates for a business that needs delivery of larger and time-critical packages.

POP-UPS

Pop-up retail is becoming more common, challenging the traditional brickand-mortar retail of long leases and large transaction-based flagship stores. Storefront gives the term “pop up” to “a shop or store that is deliberately temporary. It is a store that “pops-up” for a limited period of time to achieve a particular goal.” A pop-up store looks like a standard store. Still, many brands use them to generate unique and appealing physical shopping experiences because they provide flexibility and the opportunity to experiment with less risk. Pop-up merchandising is hugely beneficial for customers, retailers, and landlords alike. Often positioned in places with high foot traffic, pop-up shops are an excellent way to increase sales. You can search for a list of pop-up shops in Orlando, and you will usually find them in the parks, like Lake Eola. They are also hugely popular in South Florida, specifically in Ft. Lauderdale and Miami.