There's lots of talk of money matters today in the papers as it's budget day. Before I started running a business my interest in the budget would be strictly concerned with whether they were putting up booze or fags - now i can't afford either! Now I'm more concerned about VAT and income tax thresholds!
The thing about me&yu is it's not just a small business it's a tiny business - it's just me and Gordon (occasionally with work experience helpers). Between us we do the work of 3 people and get the pay of one! It's not a business started with a big capital investment and a strong
business plan. It's a business that has evolved from a hobby and it's often at this time of year that we wonder why we bother.
Yes this is a horrible time of year in retail for small business owners - you've done all the hard work over Christmas, sacrificing time with family and friends to work in the shop. The new collection is all made, online and in the shop and we're in the stage of promote, photos, promote, photos. But the weather is cold and rainy and shoppers are more concerned with what they can get for a tenner. At a time of year when you've spent all your money on stock the sales slump in the shop and you're hit with a massive VAT bill. Everything you've worked hard for over the last quarter has vanished before your eyes and you're looking at the prospect of a lot more hard work before the bank balance looks healthy.
Every year we think " this is the year we can take proper wages" but there's simply not enough income and too much outgoing. With shop and studio rents a massive outgoing every week as well as travel costs up and down the motorway (still cheaper than moving to Manchester) we
need to take quite a lot just to break even.
But we keep on ploughing through - trying to get one step closer to our Australian dream - yes we want to head back out there where the sun shines, where you can get great coffee and sushi on your doorstep. I keep fantasising about having a little shop in Bondi Beach and hanging out with the beautiful people - its the only thing that keeps me going through the dark, quiet days of winter. But one day if we keep up all his hard work it will be Me&Yu Australia here we come!
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