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I know, right? What’s with the holiday 2009 talk? As entrepreneurs, thinking ahead is part of our game. It’s become increasingly more important in this economy, but also as a marketing tool we can add to our repertoire of skilz. Yes skilz.
In thinking about my own spending/budgets, I feel like I’m planning for the worst and hoping for the best at every turn, both as a consumer and as a business owner. And this year, I have an added business concern--a kiddo arriving in August. Delighted (thrilled, consumed, scared, take your pick…) as I am, that is usually one of my busiest months in terms of holiday preparation and order-writing for the year. What to do (to keep my sales up or just pay my studio rent)? I know that many of my retailers are hesitant to write orders for delivery next month, much less for the holidays. And consignment is great, but who can afford the overhead for all that inventory to be out at once to every store they would normally sell to?
As I continue to develop my relationships with my retailers, it’s easy to see how we are all in the same boat. Many of us are women, or men who have quite a few women in their daily lives. Sharing my news about baby is exciting for me, and I have gotten several fun responses from my retailers—even gifts! But I’m aware of how this can and will affect their perception of my reliability and want to communicate the priority my business relationships will still have when my little bundle of joy arrives.
A friend of mine who has owned a business for quite sometime suggested that one way I could think ahead is to, in a way, put people on MY schedule. I know how that sounds, but I think the heart of it is clear communication and setting expectations for those who count on their inventory to arrive on time and actually be what they ordered. So based on a lot of conversations with other designers, I plan to (not take credit for these ideas) and:
A.) Create several ‘packages’ of items for retailers to quickly consider…best-sellers, different price points, range of products, etc. This simplifies and de-clutters the ordering process, especially if you have a lot of products in your line. (this also allows me to prep a lot of back stock for those particular items to make production go smoother later).
B.) Send out the packaging promo details in late May, offering free shipping and discounts on the packages if orders are placed before July 15th, roughly.
C.) Clearly state the ship date of holiday orders to begin around October 15th. Early ordering guarantees this ship date.
D.) Putting an ad in the buyers guides at the August wholesale show I normally do just to keep the brand visible to the buyers who will attend—will contain promo information as well.
E.) Encouraging hesitant retailers to write "hold" orders. These will not have the added discount or free shipping, but gives them time to come up with items they would like to have, and can move forward with should they decide they have the space/budget to purchase. These require follow-up!
This is in addition to the ordinary marketing items and shows I’m doing. I thought I would share this tactic with you because pregnant or not, I think it sounds like one that could work well for all of us. I hope it helps!
Oh, and here are some helpful links I've been reading lately:
http://www.designspongeonline.com/category/biz-ladies
http://naijaecash.com/a-successful-entrepreneurs-mindset/
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Yes, it is slow out there right now, but we will make it through! Use this opportunity to evaluate and cut costs in your company. This is something that we should do even in good times, but is often overlooked until the budget starts to tighten.
1) Trade services
Good old fashion bartering. Step back and look at your expenses and see if there are any expenses that you could barter in your business. The local printer may want a piece of your jewelry to give his wife for Christmas. Another vendor may give a discount in exchange for a two pieces of your handmade children’s clothing. You never know until you ask!
2) Outsourcing
Outsourcing aspects of your business can actually save money in the long run. You can do your books in QuickBooks, but getting an accountant can pay off in the end because the valuable advice can help you structure your business in the most cost efficient way. There are many tax deductions that you can take advantage of in the business that you are not currently aware.
3) Get an intern
Sometimes it can actually be better to bring in an extra set of hands. College students are often looking for internships throughout the year for little to no compensation. If you are willing to write a couple of evaluations for the student they can get class credit in entrepreneurship, business technology, fashion marketing, or other subjects. In return, you get more work done at a low cost to you. If you can increase the company output, or free up time to call on more potential customers, you may bring in more money than you spend to pay them
4) Review your account packages
Take an afternoon to look over all of your regular accounts. Call the telephone company and web hosting company to see if you can renegotiate the rate on your current package. Call the, your credit card companies to see if you qualify for a lower rate. You can even call the natural gas provider and ask about locking in a low gas rate to heat your office for the winter. Little changes can make a difference over time!
5) Network
Get talking! Get out and network with people in your community, you could find your next great customer at no cost other than your time. Look online to find all sorts of networking groups for entrepreneurs, women’s groups, and more. Not only could you find more customers, but you can pick up more great business ideas from your peers.
Now sit back admire your cost-efficient business!
These ideas and more from the following articles
- Money Saving Ideas for Home Based Entrepreneurs
- Money Saving Tips for Business Owners
- Money-Saving Tips for New Entrepreneurs Running Internet-Based Businesses
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Late last night, after spending 12 hours at my new Beehive frantically trying to get it set up for today's opening, I wondered deliriously what I might write about in today's blog. Needless to say I slept on it and low and behold, feeling a tad fresher, I now feel I can give it a go.
As I get ready to open the second Beehive and with a third one in Cincinnati to follow shortly, I have been thinking about what's going to set us apart in the market as we grow. Of course it's primarily the fantastic products made with love and care by emerging designers that is truly our hallmark but I think it's also more than that. I think it's also our hospitality and fundamental desire to engage people. Beehive fosters connections between people. It's a place where designers want to come and hang out, it's a place where customers can feel comfortable browsing, asking questions, trying things on. It's a sense of shared community.
I'm reading a book called "Setting the Table" by the restauranteur Danny Meyer which was recommended to me by Kate, our soon to be owner of Beehive Cincinnati. Now I know why she highly recommended this book. Not only is it an interesting read that chronicles the rise of a successful entrepreneur (he owns such NYC restaurants/eateries as Union Square Cafe, Tabla, Blue Smoke, Gramercy Tavern) but his vision for his business and his definition of hospitality really coincide with what I would like Beehive to be known for.
In the book, he defines hospitality as occurring when something "happens for you", it exists when you as host include your guests in the process, allowing them to share in the experience and listen to and anticipate their needs. For me, as a Beehive owner, this extends to both our customers and my participating designers. It is an active process, it requires listening, engaging, responding and fulfilling needs. It isn't the easy path but I think it is truly rewarding and helps to build a solid foundation. He also talks about accessibility which is also a component I believe in. Providing these services in an environment that is open to a wide variety of people, for us this mostly comes down to price point.
I think that this philosophy can be applied to any business and I can already see it in the designers that truly are passionate about what they do and consistently go the extra mile to engage and respond to their customers. From a professional identity to a willingness to take a custom order and following up with a thank you, it is present in every single transaction.You can't go into entrepreneurship "knowing it all", it is a lifelong learning process and you have to be willing to learn from everyone, especially your customers.
So, as Beehive grows up it is my desire to see this "spirit" fostered in every location. I know in my heart that if we can maintain this connection with people and community that we will always stand out from the competition!
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When you started your small business you had a plan. You went through the requisite list of questions, determined your goals, and then set out to achieve them. Working through the months and years your business went well. You grow a little, gain more clients, grow a little more and things start getting crazy. Somewhere in the process the business gets off track.
As small business owners we can sometimes get caught up in the everyday and forget the big picture. When this happens, it pays to step back, refocus, and remember why you started your company.
Here are some important questions to think about:
1. Why do you own your own business?
Some people start a business to have extra income in addition to their “day job”. Others want to build up a business to pass on to their children. Remembering your reason will help to develop and refine long term and short term goals.
2. What are your goals?
This seems like a simple question, but many of us neglect to set concrete goals. Even more of us never go back to see if we achieved these goals. Set achievable goals (i.e. sales numbers or new accounts) that work within the purpose of the company and can be measured at a specific date. Always go back and determine why you did or did not hit that goal. This is not always an enjoyable process, but it is valuable for the success of your business.
3. What is your exit strategy?
You may just be starting your company, but you should always think about how you will end the company. The exit goal will affect the way you set up and run your business. There are many great articles that will help you determine your direction. Determining Your Exit Strategy, by Michael E Gerber
4. Be true to yourself.
No, it is not a question, but it is still important. Small business owners get a lot of advice on how to run their business. Your friends, family, and others will give you tips on sales, marketing, product production and more. I benefit daily from the advice, experience and knowledge that I have gained from talking with other, but in the end it is YOUR business. No one knows your goals or purpose better than you.
If you ever feel frustrated, get re-inspired by reading about these other entrepreneurs … What Inspires Others to Start Up? By Tamara Monosoff
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Welcome to our fabulous new website and the new home of the beeblog. It's been a long haul and I want to thank all the peeps at ShopVisible for their effort, it turned out great! I'm so excited for this blog. Were going to keep it fresh and updated every few days. And the best part is you (and I) won't have to read me blathering on all the time. We have a whole new format and great talent who are going to contribute regularily.
First off, on Mondays we're going to talk...Entrepreneurship. On Wednesdays.... Sustainable living. And on Fridays....Peer to peer interviews, profiles and support. You'll get perspectives and insight from successful designers and a whole host of colorful characters.
Our regular contributors include... (you can read their profiles by clicking the contributor profile link!)
Petra Geiger, President and Founder of Beehive
Viviana Campbell, Owner of Beehive Co-op Atlanta
Malene Davis, Owner of Iram-Inal Designs
Kristina Hjelsand, Owner of Kitchen Communications
Erica Jong, Owner of Sweet T Baby
Amy McClure, Owner of Olaria Studio
Karen Meyers, Owner of Karen Meyers Handbags
Heather Swanepoel, Owner of Rinse Handmade Soap Co.
I think these guys will have alot to offer, they are passionate, informed and have been through alot of the highs & lows that we all know to be the entrepreneurial path! But they will strive to bring you interviews and perspectives from other professionals around the country as well. That being said...we also love guest bloggers so send me your idea and we'll go from there.
Happy reading and let me know what I can do to facilitate a dynamic and interesting forum that serves as a support network and connection for all of us to persevere along the road to a successful, creative business!
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Tags: BeeBlog, design entrepreneurship, local enconomies, Rinse Handmade Soap, Olaria Studio, Iram-Inal Design, Kitchen Communication, Sweet T Baby, Karen Meyers Handbags, sustainable business |
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Categories: Entrepreneurship, Designer Connection |
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