Medical Supply with a Gift Shop?
By businessbroad | November 2, 2008
There’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.
Topics: Brick & Mortar | No Comments »
Investing Outside the Business
By businessbroad | November 2, 2008
When 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?
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Great Stocking Stuffer Items
By businessbroad | November 2, 2008
I 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?
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Price Comparison Services
By businessbroad | November 2, 2008
Have 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?
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Busy, or Nothing At All
By businessbroad | September 7, 2008
Lately, it seems like life gives me total chaos or nothing at all. Like I said before, I just got back from a short vacation, and now I find that I need plumbing work at the store, my sister wants help with her job search, several of my top suppliers have backordered my Christmas orders, and I still need to get some things taken care of with the accountant.
Two weeks ago, everything was dead. Why can’t life spread itself out a little better? It’s a shame you can’t put certain crises on hold and come back to them later. Of course, then it wouldn’t be a crisis, right?
Topics: Brick & Mortar | 1 Comment »
In-Store Television
By businessbroad | September 7, 2008
Does anyone happen to know of a good cable program or network for displaying in-store television, kind of like what grocery stores do? I’d love to have some kind of Gift-TV for my store, but I’m not really sure where to look. I have two televisions now, complete with mounts and tv lifts and everything, but I don’t really know what to put on them. I’ve been told that you need to pay some kind of royalty fees to display movies, but maybe some sort of ambient content would work…like a snow globe for the television or something?
What do you think? Have you experimented with in-store TV at all?
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Speaking of Vacations…
By businessbroad | September 7, 2008
…I spent over an hour tonight looking into Mediterranean cruises. I’m not even sure why, as that’s completely unrealistic at this point in life. I always dream of this perfect holiday season where people skip over the malls and head to little stores like mine, but I know that’s not the way things work - not in this day and age. Today, people would rather save money by going to big box stores, effectively killing small businesses and the jobs they bring…and pushing even more people into the kind of uniformed, degrading jobs that the big box stores offer.
But hey, you can’t win ‘em all, right? I guess people will just have to get a taste of the world they’re creating before they realize what they’ve done…and by then, it may be too late.
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My Quick Vacation
By businessbroad | September 7, 2008
My apologies for the lack of updates lately. I recently took a quick vacation to catch my breath before the holiday madness, and I’ve been completely away from internet access. As for what I did? Well, I was dreaming of Lake Tahoe and Orlando vacations, but my budget made a local winery tour much more realistic. I’ve been pouring everything into holiday inventory, of course.
Did anyone else take a quick trip before the holidays kick into high-gear? Where did you go? Did you go all out, or stick with something simple this year? It’s hard to say what the economy will give us this Christmas, so I know a lot of local shopkeepers really held back this year.
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Too Bad I Don’t Sell Swimwear
By businessbroad | August 24, 2008
A lot of gift stores in my area dabble in apparel items like t-shirts, lingerie, or swimwear, but I’ve always shied away from selling clothing. I’ve watched others struggle to get rid of odd sizes, deal with customers who get deodorant and makeup stains on their clothing, and generally lose a lot of money in clothing. That’s why I always left it up to the experts - actual clothing stores.
Of course, now that I find myself getting ready for the lake next weekend and looking for some sexy swimwear for the occasion, I’m having some mild regrets. It would be awfully nice to be able to shop for a bikini without that awful fluorescent dressing room lighting.
Have you ever sold apparel in your gift store? How did it go over?
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My Labor Day Weekend
By businessbroad | August 24, 2008
Given that Labor Day is sort of the last weekend before the holiday inventory madness, I always close up shop for the long weekend (crazy, I know) and head out to some place warm for one last summer hurrah. This year, I had considered looking into Outer Banks rentals, but I ultimately decided to stay closer to home. Gas prices and all, you know.
So next weekend, I’ll be out at a nearby lake with family, food, and pets. We’ll boat, we’ll eat, and we might even swim if the weather cooperates. It should be a weekend to remember. If you’re able, I encourage you to gather with those closest to you and do the same. It’s a heck of a lot more enjoyable than a weekend at the mall, no matter how good the sales may be.
Topics: General | No Comments »
Holiday Stress: Incoming
By businessbroad | August 24, 2008
Next weekend is Labor Day, and everyone in retail management knows what that means. Summer is officially over. From here on out, it’s nothing but Christmas up through the new year. It’s time to stock up on relaxation CDs, hot tea, and acne cream, because it’s going to be stressful.
This Christmas should be a little different than other recent holiday seasons, given the sad state of the economy and the price of gas. Last Christmas was a pretty weak season, so I can’t even imagine what this one will be like. How are you preparing? Will you be ordering less inventory than usual?
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Personalized Products for Your Store
By businessbroad | August 23, 2008
If you’ve ever read many catalogs, you’re probably well aware of the popularity of personalized products. Whether it’s a rug, a yard sign, or a t-shirt, personalized items go over extremely well with certain segments of the population.
Since personalization is usually something done at a factory, it might seem like it’s something you can’t offer in your store. Really, though, there’s no reason not to. Just locate a few suppliers who would be willing to do the work, then take orders from your store and have the items shipped directly to your customers. You could do personalized pens, aprons, wreaths, or even toilet seat covers (though I wouldn’t recommend that one).
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Wow - Just Wow
By businessbroad | August 23, 2008
I had always thought that personal auto insurance was expensive until I looked into insurance for my business. Since I occasionally send employees out on errands in my car, I thought it would be wise to just get a vehicle for the business and arrange to compare auto insurance options for the best deal.
After doing a bit of shopping, however, I’m going to have to decided against the move. With the economy the way it is now, it’s just not a smart move. Both the car and the insurance would be much more expensive than I would have expected.
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Is This Legal?
By businessbroad | August 23, 2008
I’m curious. A friend of mine would like to sell eyeglasses in her boutique - not the actual prescription glasses, but the frames, and possible clear lenses. She’d like to cater to those who want the look of glasses but without a prescription.
Is it possible to buy frames like that? Is it legal to sell them? If you happen to know from experience, let me know here in the comments. I’ll pass the message along to her.
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Evaluating Your Clientele
By businessbroad | July 27, 2008
Depending on who’s coming into your store, you may actually be able to target groups that don’t come into your store. For instance, I get a lot of women in their late 30s-late 40s. After some thought about this age group, I realized that many have teenagers. With that in mind, I tested out items like acne treatment, yoga mats, and books on teaching your teen to drive safely. All three were a hit, despite that fact that they weren’t actively used by my customers. They bought them for their sons and daughters.
Have you ever had indirect success like that? Do share!
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Trends I Won’t Be Accomodating In My Store
By businessbroad | July 27, 2008
Despite the fact that we’d all love to be able to profit on every single consumer trend, it’s just not possible. We each have to assess our stores and investment abilities to determine what’s going to be most profitable for each of us. Below, check out some of the trends I won’t be hopping on this year.
Home theater seating - I love it, but I just don’t have the capital or the space.
Colon Cleansers - I’m not prepared for this one.
Video Games - My customers just won’t go for this.
What about you? What are you passing on for now?
Topics: Brick & Mortar | 1 Comment »
Dreaming of a Green Christmas
By businessbroad | July 27, 2008
It’s only July, but already I’m dreaming of the holidays - not just the money they’ll bring in, but the general hum of the season. I love happy customers. Of course, once December rolls around, I’m sure I’ll be totally stressed out and dreaming instead of St. Barts villa rentals - we always want what we don’t have, right?
That’s why I need to be sure to take a vacation before the holiday season starts. It’s best to work hard during the summer, then take a nice long vacation in the fall, and get back to the real work with a fresh mindset. How do you mentally prepare for the holidays?
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Memory Fitness
By businessbroad | July 27, 2008
Another item that’s been popular in my shop is a memory fitness kit. I noticed earlier this year that games like Brain Age and Su Do Ku have been really popular in recent years. Although they can be a little intimidating for the older clientèle that I serve, I reasoned that they might like a kit or book on the topic of memory improvement or mental fitness. With that in mind, I decided to locate a kit and it’s been selling like hotcakes ever since.
Have you ever had one of those moments of merchandising brilliance?
Topics: Brick & Mortar | 1 Comment »
More Ideas for Your Store
By businessbroad | July 27, 2008
I’ve been thinking about holiday inventory, and I just thought I’d include a few notes here on things I’ll be putting in and pulling out of my shop for the upcoming holiday season (can you believe it’s already almost August!).
Going Into the Shop:
Stockings
Christmas Trees
Red & Green dishes, decor, and textiles
Coming Out of the Shop:
Diet Pills
One section of books on summer recipes
Gardening Items
Outdoor entertaining housewares items
What about you? What are your plans for merchandising this holiday season?
Topics: Brick & Mortar | 4 Comments »
What Are Your Trophies?
By businessbroad | July 27, 2008
In every business, there are certain trophies that you display to your customers. Maybe you’ve won a local award, maybe you’ve been honored in a trade publication, or maybe you’ve actually won a trophy for some reason or another. In other cases, the store itself is the trophy, demonstrating serious time and commitment to excellence. Regardless of how it’s expressed, your store should display some kind of trophy.
Does yours?
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