- Renegotiate Your Lease or Loan: Times are tough and landlords and banks are more open to contract modifications.
- Consider Downsizing: If your space is simply draining dollars and not adding sales, it may be time to make a move to a smaller, less expensive space.
- Sublet Your Space: There are many creative ways you can share your space -- and create extra income for your business. For example, you can lease out a case to a local upscale ladies’ accessories dealer or antique jewelry dealer. Or, maybe you have room for an independent bench jeweler or appraiser.
- Cut Hours: If there are consistent dead zones in your store hours, consider reducing your hours of operation to reduce utility and salary expenses.
- If applicable, challenge your most recent property tax assessment.
Take The Tip:
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