Rev Up Your Retail Gift Business for 2008
Advice for Business Owners
Make More Money in Your Business
The cost of oil and gas have gone up, everything costs more, the economy is
in a slump, the housing market is collapsing, and with it, much of the
discretionary income that Americans were using to purchase non-essentials
has evaporated. So, how can your retail gift business thrive in this
difficult economic climate? Here are
8 tips that will
help you succeed while others fail:
1. LEARN MORE about how to get what
you want and achieve financial freedom. We've collected a
short list of vital books to help
you achieve your dreams. Business models and selling techniques change
constantly--so don't be left in the dust in this difficult economy.
2. If you are an American business, Buy
AMERICAN MADE products! Believe it or not, our current U.S. economic
situation is largely due to Americans borrowing on credit to buy foreign
merchandise (especially Chinese-made products). The Chinese even own
the notes on the credit! It's like sending boats full of dollars over
the seas and they never come back. This only makes it harder for
Americans to buy your merchandise.
(FYI: Mandarava jewelry, wands and kits are all hand-made here in
California, U.S.A.)
3. Do not over-purchase inventory. This is not the
time to be over-stocking your shelves or your garage with inventory that
will get "shop-worn" before it's even sold. Be very selective and conservative about what
inventory you purchase. Just because it's a "deal" to you
doesn't mean people are going to break down your door to buy it from you.
4. Not sure what will sell and what won't? Just
take a look at EBAY or Amazon auctions, and see what's actually sold (not
just what's listed). Also check out trends on the internet or in
retail-related magazines such as New Age Retailer, Aura or In-Store
Magazine, etc. Type the phrase "fashion trends" into Google--you'll be
surprised at what comes up. Check on phrase applicable to your type of
business.
5. Don't keep it in stock just because
you like it. Honestly review the items that you've sold in the
last year. Are you carrying items that you like, but no one else does?
Reduce the price and get rid of them. Use the money to buy
advertising.
6. Buy in bulk and re-package for resale.
Any number of items can be purchased in bulk and re-packaged for a
profit--beads, bath salts, candles, fragrance oils, even jewelry and
earrings. Since you probably already have a computer, create your own
hang-tags, labels, cards and packaging, if possible.
7. Increase your number of sales channels--that's a fancy way of saying
"sell in more places." For example, there are scores of on-line
auctions sites, and many let you sell inventory for free (they make money by
displaying Google advertising, etc.) If you are able to do street
fairs or shows, find lists of shows in your area that you can do (the web is
a great place to find info or publications that have giant lists of street
fairs). Add
paid advertising to your website. Sell space on your site to other
business people, or try a system like Google AdSense. Find new ways to maximize the money you get for things
you're already doing. If you have a brick-and-mortar store, there are
advertising businesses that will place flat-panel computer screens in your
store (or store window) that will advertise your inventory and other, non-competing businesses.
8. Increase your exposure--Advertise,
Advertise, Advertise. You don't have to spend a pot of money to get
"seen." You can create a simple
slide-show video using software you probably already have on your PC
(Windows Movie Maker, for example) with pictures of your inventory, and
upload it to YouTube or MySpace Videos. If you have a website, take
advantage of Google's free Froogle advertising. If you can afford it,
consider advertising in magazines pertinent to your particular field.
Don't forget to sign up for Digg, MySpace, YouTube, FaceBook, etc.--anywhere
you can get free exposure. And don't forget the article submission
sites--if you have an expertise about a subject, you can submit articles
with a link back to your website (type in "article submission" into Google).
Whatever you do--don't give up! There will always be
economic "adjustments" that test our resolve and our resourcefulness--and
ultimately make us better people.
Blessings and Best of Luck for 2008.
Suzanne & Steve at Mandarava |
