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 7 tips that will
help you weather the current rough economic seas:
1. 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.
2. Be very selective and conservative about what
inventory you purchase. Just because it's a "deal" doesn't mean it's
going to sell.
3. 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 popular
inventory.
4. Not sure what will sell and what won't? Just
take a look at Ebay or Amazon auctions. You can get a good idea of
what's popular and what's not.
5. 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.
6. Increase your number of sales channels--that's a fancy way of saying,
"find more places to sell". 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. 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 that advertise your inventory and other, non-competing businesses.
7. Increase your exposure. 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.
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 | 
