23 Aug Boutique Tips | 10 Tips on Ways to GROW your Revenue this Year!
10 Tips on Ways to GROW your Revenue this Year – YES, please! Sara Burks – our Director of Education and Partnership – is sharing her top TEN tips on how to grow your Boutique’s revenue this year.
Profitability is like losing weight or wanting to find a new job. If it’s a goal–you need to spread the word! Talk to your key people and let them know it’s what you’re wanting to do.
Otherwise, to say something like “I want to be profitable in 2010″…what does that even mean? There’s no accountability.
In Retail Boot Camp, Sara Burkes talks about “wiggle words”. Depending on who you talk to, they might have different meanings. You need to figure out what “profitability” means to you.
#1 – Make Sure You Understand Your Why
You need to have a heart-to-heart talk with yourself about being profitable and your mission. To figure out your “why” ask yourself…
- What are you doing?
- What are you trying to be profitable at?
- What is the reason you are in this business?
For those of you that have been in this business long, you know the ebbs and flows of things. Some days are awesome and some days are really, really bad. You have to be able to motivate yourself during bad times. Write it down and own it.
#2 – Tell Your Team
Once you understand your “why” make sure everybody else does too. Because there’s going to be nights when you’re pulling all-nighters, or hosting events. You’re going to need some pick-up time around the house and your team will need to help pick up the slack.
If you don’t have conversations with your team and make yourself clear, they will tend to get bent out of shape. They might even become envious, jealous, or mad. Because they don’t understand why you’re doing these things. If you’ve identified your goals and the steps that you need to take to make sure that you need to take to live that profitable life, they can cheer you on along the way!
#3 – Define What Success Is For You
What success means to one person, might be different than it means to another. In The Boutique Hub, there are members that want to do a million dollars a month, 3 million dollars a year, or just a thousand dollars a month. Their goals are different. If you want to be profitable, you have to know what success means for you.
#4 – Get Real About Profit
Get real about profit. If we are focusing on profit first, we need to be paying ourselves first. When you have that extra money at the end of the week, take your cut. Don’t tell yourself you are going to invest all of the money back into your business. Figure out what your take will be…even if it’s 1%! You are your #1 employee!!! You stay late and work your butt off–you deserve to profit first.
#5 – Do Customer Service & Sales Training
Don’t assume that your employees know what you want them to do. If you are on this journey to profitability it doesn’t just happen. They need to sell, talk, and communicate with customers a certain way to reflect your mission.
Proper training reduces cost, increases profit, and turns your merchandise. Don’t assume that the 15-year-old kid you’re paying $9.00 an hour understands that. They don’t. You miss out on sales when your staff doesn’t treat your customers the way they should.
#6 – Merchandise To Sell
There are a lot of things in business that are out of our control but how we merchandise and layout our store, that’s on us. Again, that goes back to the coaching. When we aren’t able to do it, we need to depend on our staff. Need ideas? We have an entire Pinterest Board dedicated to Merchandising.
#7 – Know Your Numbers
Don’t just open up your online banking and assume the money is there. You need to know how to run key reports.
- What kind of inventory do you have?
- What are you discounting?
- What are you bringing in?
- What have you received?
- What have you sold?
- Who sold it?
- When was it sold?
- What is your turn rate?
Our YouTube video on The 7 Financial Tips That All Boutique Members Must Know is our most-watched video. It is packed full of information that will help you on your journey to profitability.
#8 – Reduce Unnecessary Expenses
Be intentional with your spending. Make sure that whatever you are investing in, you keep profitability in mind. Do a financial audit on a regular basis and watch every dime. Our Boutique Boss Planner has built-in accountability with checklists. You can pick one up in the #BoutiqueBoss Store.
Cut out unnecessary expenses like apps, or subscriptions you don’t use. Organize your inventory and supplies so that you know what you have. It will also help with impulse buying and you can be prepared when attending markets.
#9 – Pay Attention Your Events
Before you say yes to any event make sure that they are in line with profitability. Events are hard to track because many times they are done on the fly. Track your events and your time, effort, and money. Make sure that you have an outline and strategy in place ahead of time to sell. Do an audit afterward to see if you strayed from your intended goals.
Another tip Sara has is to watch your margins. Price is not everything to your customers. We assume that but it is not always true. You might be more profitable selling fewer better quality items that your customers are excited about. Cheaper isn’t always better. Remember, the goal is to build a brand. You want to be able to give them something they can’t get anywhere else.
#10 – Invest In Retail Bootcamp
If you have not done so yet, invest in Retail Bootcamp. It is a 12-week online course led by industry experts. It goes into all of the topics we covered today in-depth. It will help you build a solid foundation for your boutique.
Retail Bootcamp includes:
- 12 Digital Modules you’ll watch online, anytime 14 Weeks of LIVE videos & coaching for each module
- 12 Workbooks for you to take notes with (so you don’t forget!)
- A private Facebook Group with past Bootcamp grads too! Learn from their past questions and yours, as you go.
- 15+ Outside experts, past and real-time, joining us weekly for their perspective on your business.
- Lifetime access to the modules & workbooks
- Invitation to our Retail Bootcamp ONLY private LA Experience
Ready to take your business to the NEXT level? Sign up here to get on the waitlist: https://www.theboutiqueuniversity.com…