Nomad
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Running a business in loss
- Thread starter Nomad
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I am new to my milk tea business and I am doing my best to make it thrive for years before I can build another offline business. It will be bad if experience a losing business . It may take time to revive it.
For a short period the business owner may run the business at a loss especially if there is some other urgent personal work. If the business has some assets, inventory, it will continue running till the inventory is liquidated.
I think that the business owners should find ways to revamp the business. Boosting the business with an additional capital would address that.
It is not easy to continue a business if it's going in a loss unless you have another source of money , then it is possible.
- Joined
- Sep 25, 2023
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- Philippines
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It will be discouraging and frustrating to know a business at the verge of losing. It can be revived by changing the plan and strategy.
If your business is running in a loss, the best thing to do is to work on it alongside some veterans and consultants to see how you can turn around the business to at least break even and then see how to make profits.
In my experience, depending on the cause of the loss, if it is because of the wrong target market and location, it is better for me to stop the business rather than having to cover the losses continuously.
eLdavis
Media Lab Marketing Team (Digital Promoters)
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You can't possibly run a business in loss for a very long time. I think the best thing would be to find out what it is you are doing wrong and start searching for solutions to resolve the issue.
If the loss is something that can be rectified and it is not so huge, you can give three months while working on some tweaks for the business and after that, if it is still in a loss, you can quit.
