Rev Up Your Retail Gift Business for 2010
Advice for Business Owners
Make More Money in Your Business

 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.  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 2010

Suzanne & Steve at Mandarava