Newsagency restores income amid downturn
Owners of Searl’s Newsagency in Griffith, Maria and Peter have felt the threat of the lottery/newsagent synergy and wanted a plan to adapt their business model. Having worked on alternatives for over a decade, they decided to contact Business Connect for help.
Business Connect advisor Terry Inglis helped the couple weigh up their current and future options. He analysed business propositions and looked for potential grant funds to maintain staff and keep a well-loved local newsagency in business.
Terry also helped the couple investigate alternatives for changing the product mix in their store. They started to experiment with a wholesale book dealer to develop their own presence in the market. Establishing a new line of products would allow them to restore their income from the business.
Terry, Maria and Peter believe that innovation is the key to sustaining Searl’s Newsagency. They are considering a variety of complementary goods and services they can sell in their well-known, community-centric business.
‘The reality is that newsagencies are not just a victim of the internet and social media formats that are also hurting regular mainstream media like newspapers,’ Terry said.
‘Newsagencies now have to compete with Post Shops that are basing themselves on the product lines of newsagencies but newsagencies [are not] able to provide Post Shop services.
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