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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

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