Archive for November, 2008
New Car Insurance
Sunday, November 30th, 2008I’ve been considering the costs of moving to a new city, and one of the things I’ve been taking into account is the cost of car insurance in each location. My current location is extremely cheap. I’m not sure why, but I guess drivers here are pretty safe. When I checked out San Francisco and New York, however, I was absolutely astonished. Even Phoenix and Milwaukee were crazy-high compared to where I am now.
Do you pay a lot? Have you found any good ways to get cheaper car insurance without cutting back on coverage?
Digital Signage For Your Storefront
Sunday, November 30th, 2008Since my shop is in a pretty bland storefront, I really have to go out of my way to attract visitors. Lately, I’ve been considering getting some kind of digital signage to create a moving message that will be visible from a reasonable distance. There’s very little that I can do outside of movement or lights that would get someone to look at the shop and visit.
Of course, blinking neon signs might work, too, but I’m not really going for the blinking liquor store light look. Something modern and tasteful would be perfect.
Hot Products You May Not Have Considered
Sunday, November 30th, 2008If you’re looking for new ways to expand your product offerings, consider weight loss or over the counter nutrition and pharmaceutical items. Leptorexin, Allii, and the like can be very profitable if you have a large female customer base.
Beyond that, what about minor gadgets or accessories for gadgets. iPod stuff is always popular, but if you cater to young moms, consider Nintendo DS accessories, too. Every time I leave the house I see another kid with a DS. Someone has to sell them their accessories - might as well be you.
Odds & Ends
Monday, November 17th, 2008For the last week, I’ve been placing some unusual orders with my suppliers. Although I usually stick to a lot of decor and “old lady gifts” (as my nieces and nephews say), I’ve added a lot of items for kids during the holidays. I found a Floam-like snowman kit, along with a bunch of cute odds and ends from Worldwide Fred, too. It’s not like I’ll be adding Harley parts any time soon, but I do like to have some variety during this heavy buying season. I just hope the customers keep coming like they have in years past. With the economy as it is, it’s hard to tell.
All I Want For Christmas
Monday, November 17th, 2008As a retailer, you’ll probably spend most of the next month thinking about what everyone else wants. That’s why I’m taking a few moments to think about what I want, because after Thanksgiving, it won’t matter (at least not for a few weeks, anyway). I would love for my husband to set up a home theater room. Not the ugly kind that men often create, either. I want a plush room with thick home theater carpeting, tiny little theater lights in the flooring, and tasteful decor - not sleazy movie posters.
What about you? What would you like to have this Christmas?
Apple Distributors
Sunday, November 2nd, 2008Although I’m usually the one posting sources, I have a request today. Does anyone know of an Apple distributor that would make it possible to purchase small quantities of iPods and resell them in my shop? I know I can’t meet the minimum purchase requirements of going direct with Apple, but I’d love to carry iPods in the shop throughout the holiday season. I’m sure we’d be able to move quite a few of them with all the people who are so desperate to get them for their kids. Let me know if you have any leads on a distributor.
A Death Plan
Sunday, November 2nd, 2008When you run your own business, it’s important to know what would happen in the event of a major illness or even your own death. If you have kids or a spouse, you need to make sure that they will know what to do, and that they’ll be financially cared for later. Lately, I’ve been looking into term life insurance quotes and overall coverage. It’s still all very new, and pretty confusing. Have you ever been through this process? What did you look for in a policy? How did you sort it all out? Any tips are welcome!
I Love Promotional Pens
Sunday, November 2nd, 2008I’m a huge fan of promotional products. I love going to trade shows and meeting people and getting all kinds of imprinted promotional pens and notepads. At the last show, I ended up coming home with over 50 different pens, and I’ve been using them over the last couple of months. I’ve even called one of the companies and placed an order since then. Given my own experience using promotional products, I’m considering getting some of my own promotional pens to give to customers this holiday season. What do you think? Have you ever invested in promotional items?
Replicas
Sunday, November 2nd, 2008Although I’m not sure how legal it is, a lot of stores in my area carry replica products. I suppose it may depend on the way they deal with the logo. I’ve seen a lot of local stores carrying Tiffany jewelry or replica watches, and people love it. You never know who’s carrying a real Louis Vuitton and who isn’t, or who’s wearing a real Rolex and who isn’t. You can guess, but no one knows for sure.
What’s your take on replica products? Do you carry them in your store?
Medical Supply with a Gift Shop?
Sunday, November 2nd, 2008There’s a store here that has come up with a surprising combination that seems to work. Instead of being “just” a gift store, they’ve opened up a medical supply shop in one half of the store. They sell canes, adapted toilet seats, and bandages, among other things. Given that sick and injured people often get gifts, it actually makes sense. Whether you need an adult diaper or a get well soon card, they have you covered.
Consider these kinds of unconventional combinations if you want to increase your foot traffic. You never know what could work.
Investing Outside the Business
Sunday, November 2nd, 2008When you have a small business, it’s tempting to invest all your money into the business and ignore other avenues. I try not to do that, though, as it’s important to diversify your revenue streams. Lately, I’ve been doing some online trading to build up a portfolio that I can use to retire someday. With the markets down, it’s a great time to put money in before things eventually go back up again. I’ve been investing in an S&P index fund for now, along with a few random stocks that I just wanted to buy to satisfy my urge to pick a few.
What’s your strategy? Do you maintain outside investments?
Great Stocking Stuffer Items
Sunday, November 2nd, 2008I love the holiday rush, and it’s a great idea to experiment with new products you wouldn’t normally carry in your store. A few ideas? Candy, CDs, golf balls, and jewelry can all make great stocking stuffers for your customers. By including these small items near the register, you can help your customers satisfy another need AND you can increase your average order size. You’d be crazy not to pick up at least a few new items around the holidays. What do you carry?
Price Comparison Services
Sunday, November 2nd, 2008Have you heard about the new Google phone? It lets you take a picture of a barcode and then it compares products against online comparison shopping sites. For people who sell products that are easily compared, it could be disastrous in the long-run. What if you owned a store with gadgets, and your customers were able to scan your barcodes and see that Best Buy is selling the item for $30 less across town? Of course, if you sell less price-sensitive items like decor items, vitamins, or Phentermine, it probably won’t matter nearly as much. How will you deal with the increase of high-tech shopping and improved price comparisons for customers?