Have a Seasonal Business? 4 Tips for Year-Round Profitability

Have a Seasonal Business? 4 Tips for Year-Round Profitability

Seasonal-business owners have a short window to earn money, and those funds have to last them all year. You might be wondering how these businesses make that work, but successful seasonal-business owners have tricks that ensure their seasonal businesses earn money all year long.

 

Whether you’re gearing up for your holiday season peak or slowing down after your summertime rush, here’s how you can keep your business profitable throughout the year.

 

The first and most important step in managing your finances is getting a good understanding of your expenses in the off-season and then thinking of ways to minimize them, said David Goldin, president and CEO of business financing provider Capify.

 

Goldin advised reducing your business hours and days, lowering your staffing requirements, and cutting back your marketing and ad budgets to save money. You can also renegotiate some of your vendor contracts and recurring services, to see where you can scale back, he said.