In My Studio: Taking Stock





Wow its January again and time for me to take stock of my business So Handmade. Take stock literally by looking at my inventory of products and materials and also take stock figuratively- analyzing the years highs, lows and planning for 2014.

Here are some useful tips to take stock of your own business to make it more profitable, less stressful and more streamline for the new year.

1) Analyze your sales figures for 2013, look at:

• What marketplace was most profitable (Etsy, shops, craft fairs)
• What products sold well and what products didn't sell
• Which products were most profitable (bearing in mind materials and labor)
• Did you meet your sales goals?
• What is the competition like for similar products to yours? Are the prices and quality comparable or do you need to re-think your line.

2) Look at your Etsy feedback and think about any comments you got from customers at craft fairs:

• Is there anything you can improve?
• Were there any custom requests for products/ sizes that you don't carry? Is it possible for you make these often requested products.

Pantones 2014 Color of the Year- Radiant Orchid

3) Look at the trends for 2014. Which colors and images will be in? What new technology will be trending? For example any new gadgets like iphones/ tablets etc which you can make accessories for.

4) Plan your product line for 2014 bearing in mind all of the points above.

5) What are your business and sales goals for 2014? What is your sales strategy? Will you continue selling in the same marketplaces or investigate other opportunities.

6) Make sure to mark your calendar with any holiday specific products you want to make to ensure that you get them made well before the holiday. Look at one of my previous blogs In My Studio: Keeping up with the Calendar for all the 2014 holiday dates.

7) After planning your product line look at what materials you will need, inventorise your store cupboard and start looking for deals for any materials you will need, remember buy bulk where possible to save costs.

8) Get organized, tidy your studio ready for the year ahead (for help look at my previous blog: In My Studio: Getting Organized).

9) Get all your documents together for your 2013 tax returns, do them while last year is still fresh in your mind and not later in the year when you have already 'moved on'.

10) Plan which craft fairs you will do and mark on your calendar when applications are due.

“The best way to predict the future is to invent it.” – Alan Kay 

  

Good luck and Good Making!

Sarah Omura - So Handmade

Creating Success from the Inside Out: Tracking Sales Goals

I hate selling.  There, I said it.  It's awkward for me, I'm shy, and basically a dork.  That's why the internet has always been my salvation.  I can sell AND hide behind a curtain of code in the process.  This has its advantages and disadvantages.

But I wasn't always like that.  My Catholic high school (rock stars at sales, by the way) had me going door to door to sell $25 daily raffle calendars.  They gave away really cool prizes (okay, Champion sweatshirts - yes, I'm dating myself) for meeting different levels of sales goals.  And you know what?  Man, did I hustle for those sweatshirts.  I was one of the top sellers.

 

The highly coveted trend of the 80s - The Champion sweatshirt 

Before that, I sold everything from beach towels to greeting cards.  Granted, I had the "cute little kid is at my door, how do I make her go away" thing going for me which tends to rack up sales.  But I believe that what really helped me be successful is the fact that I had a goal to meet (a prize) and I was willing to hustle for it, tucking away my shyness for the good of the goal.

I was pondering this the other day after reading an article about the importance of setting sales goals.  In comparison to the sales experiences of my more youthful days, it dawned on me that I'm not using a similar approach in my business.  I do track my sales very carefully, but I don't often look at the total (usually once a year when doing taxes) and I only have one lumpy goal for the year (and no prizes!).

I decided that I'm going to set a sales goal for each month and I'm going to write that in a spreadsheet.  As I make sales, I will deduct it from the goal and track my progress in real time.  I think this is going to be a good way for me to associate directly what I do every day with the outcome of meeting a tangible goal.

If you already do this, then I want to hear more about your sales goal awesomeness -  please share your experiences and wisdom in the comments below.

If not, join me!  Set a sales goal today.  Think about all the ways you can make that sales goal happen.  Even determine what your "prize" or reward to yourself  will be upon meeting your goal.

If you happen to be a jewelry designer, Flourish and Thrive Academy is going to start a free "20 Sales in 20 Days Challenge" today (9/30).  Acclaimed jewelry designer Tracy Matthews and her marketing guru partner Robin Kramer are going to share a multitude of ideas/tips/tricks for getting more sales.  You can go here to join:  Flourish andThrive: 20 Sales in 20 Days Challenge

Happy Selling!