First, both our businesses are run on a cash basis. If we cannot pay cash, we don’t do it, buy it, or whatever. It wont happen till we have cash. The way I see it, paying interest adds unnecessary costs to overhead and eats into profit and expansion.
Second, most of what we sell at our store front consists of necessary work clothing for men and women in our area, mostly men. Due to their hazardous work most are required to wear steel toe boots, safety hats, and most companies are going to fire retardant clothing. Safety toe boots/shoes and FR clothing are our two big sellers. We try to stick to basics at our store but do have some very nice western boots that no one NEEDS but many want. Our prices range from about $100 up to about $500, retail. We have a very nice profit built but still sell short of MSRP. In my coaster business … no one NEEDS coasters and I run it on a cash basis. No cash? Go to www.NowGuaranteed.com – guaranteed payday loans, or it doesn’t get done/bought/etc. They could use saucers, plate, or napkins to protect their furniture. However they do make fine gift and are practical. My philosophy is that if I would not have it in my home or give it to a close friend as a gift, I won’t sell it. I understand that not everyone’s tastes are the same as mine. That is okay. Figuring my costs are some things are very easy and some are more difficult. My biggest urge that I fight is that there is money in the bank and I see something I think I “need” for my business but it’s really just a nice thing to have.