This one’s a hard one to write. Revenue for the 2nd quarter went from bad to worse.
When I last reported, we were seeing a little bit of an up tick. It was short lived. Chris pulled some numbers and our revenue is down 50% from last year. It’s been rough.
Chris and I have put so much time, effort and energy into Iviana & Co. the last 5 years. Watching this downward spiral has been hard. And don’t get me wrong, we aren’t just sitting and watching it happen, we are trying to correct the ship, so to speak. It just takes time.
So why are our sales tanking? In short, our bread and butter of sales comes from a third party website. That company is in the middle of a big pivot with their platform. In the past they have been a flash sale site. They are transitioning to an ever green model.
As this transition has been happening, sales have plummeted. There are promises that once the transition is complete, which is supposed to happen in Q4, sales will be better.
I also believe that inflation and the rising cost of living has had a negative impact on our customers discretionary money. Put the two scenarios together and it makes a perfect storm for revenue decline.
So where do we go from here? Well, hopefully up! But we can’t sit around and hope for more sales. While we ride this transition storm, Chris and I have made a decision to have him take a full time job. He starts this month. He will be working from home for a health insurance company in their sales department.
For those of you who know Chris, your jaw is probably on the floor. He hasn’t been employed by someone else since before we were married. He’s not sure he’s going to like this change, but he’s being positive and making the best of the situation.
Since we have 5 children, he’s not about to sit back and watch us go into financial ruin while we hopefully get our business back on track. And while I work some, we have 5 children that need to be taken care of. When we started growing this business 5 years ago, it was never our intention to have me working full time. So we are kind of at a crossroads and we decided that Chris taking on another job was the best option right now.
Chances are, as a customer, you won’t notice a change. If I hadn’t written this, you would probably never know that this change had happened. We’ve both put a lot of work into Iviana & Co. We aren’t giving up on it! I truly love creating jewelry, connecting with you and proud of how far we’ve brought this business together.
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