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The answers above me are giving you some really good advise. I would like to add that what I have done in the 30 years that I have been self employed is look for a need and try my best to fill it. And at my age 54 this is what I would I need in an electronics store: Service, I love the convenience of technology but don't understand it and my computer whiz kids have left home. If I come in and explain what I would like to do can you tell me which product I need, can you install it for me? Can you help me if I run into problems later? BTY it is my age group that has the $ to pay for the help we need. Good Luck with you business

by Jeanie

6 months ago

Asker's Rating: 

Electronics is a hard racket. Look at Circuit City - they are throwing in the towel and looking at a buy out by Blockbuster. They can't compete with chains like Best Buy and Wal Mart. I would start looking toward an exit strategy, and find a new source of revenue, liquidate your stock. I'm a former IT professional that has officially retired from the industry to follow my other passion - gourmet cooking. I have also started working with an opportunity a friend shared. Check my profile for more info.

by Chef Frisbee- 6 months ago

You probably cannot compete on price with the big boys but you can compete on customer service by being small. When you sell an item like a DVD burner, offer instruction on how to use it rather than hand someone a box and send them on their way home. Little things like that will get you alot of word of mouth advertising which is free. Ever talk to a sales rep at a superstore about USING the items? They are clueless. The clerks are limited to the price and what's in stock. Make yourself different. Compile email addresses of customers whether it's for a newsletter or contest or whatever and give your customers a reason to return and to bring their friends. By all means you need to hang in there... you are just starting out. Ask customers what products they want and find sources for them. Offer training classes. Sell on Ebay in addition to your store. Write articles. Write a blog. Let new customers find you without investing in media blitzes. Volunteer in the community. Find your target market. You may not have the selection that a superstore has so get to know your products and customers very well. Be the best electronics store in the area. You don't have to be the cheapest!!!

by rayt721- 6 months ago

I don't know what kind of electronics you sale. If it's consumer electronics, and people can do without it they will.OIL prices. People do have to sleep on $20 decisions now because of the price of gas on a sky rocket course and no end in sight. I talked to a beauty shop owner that owes me money. Her customers now wait about twice as long to come in for their hair to be done. For now I see no end in the Oil/Gas situation. If the U.S. started today drilling where there are proven reserves it would not help for about 7 years and no gas refinery is another problem. Cash is going to become King or already has. I could go on and on but no point. Hope this was some light on your thinking.

by P. T- 6 months ago

Recessions are nature's way of cleaning the business deadwood out. Your first mistake - opening up just prior to a recession ( it's not imaginary, it's real) Your second mistake - Opening a business in a crowded, cut-throat market like electronics. Now you're at the acid test - if you can survive this and generate sales in a tight market, your reward will be greater success when the market improves. If you can't, you go under and hopefully learn from your mistakes. I can't help you here - I know my business, and you should know yours by now. Time to get inventive.

by Eric H- 6 months ago