During the recent slow period
being experienced by all small town retailors, I have been searching for
alternative revenue streams. This strange time, after winter holidays but
before tourists have taken flight, is hard on small shops of every shape and
stripe. I was warned about this time in all of the business blogs, by all of my
business mentors and by all of the strangers and acquaintances passing on
business advice. The first year is critical to business success and the ability
to get the through the slow season is going to make or break you. How do you
increase revenue without spending money on new products? This has got to be the
most common question among retailors, so here is my plan of action:
Sitting at my computer, looking
around the shop things feel stagnant. I don’t actually think that they are to
the customer but to me, who spends 8-10 hours a day here, they definitely are.
Project #1 is to rearrange the products and create some new displays. This
might not actually translate into sales, however I think that it is pretty
important to keep customers interested and create a new experience for repeat
clients.
In the same vein looking around
the shop I realize that I am not doing the best job at highlighting the
products that are important to me! These are the products that hopefully distinguish
me from other yarn shops in the area! I wanted to start a business that carried
products that were local, Canadian and if not either of those things, then
ethically and environmentally responsible. So far I have managed to bring a
pretty wide selection of such products. From yarns hand dyed in Sicamous, to
bags recycled and sewn in Skimikin, to buttons made in Chase and to a Peruvian
yarn brand that donates much of its profits to support the school of its
shepherds. Currently these products are just mixed in with all of the other
products. There is nothing to distinguish them and highlight their qualities to
the customer. Travellers are also always looking for souvenirs that are unique
to their vacation right? Project #2: create signs to show customers the great
and regional qualities of these products.
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| Koigu Yarns based out of Ontario |
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| 2GoodClayMates buttons made in Chase |
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| Felting & Spinning Supplies created by Skimikin Studios |
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| Our new Sale Wall. Small, but effective. |
Project #3: have a sale. Oh wait!
I just had one of those and although it was very helpful, having a sale every 2
weeks is not a solid or sustainable business plan. I didn’t get into the retail
business to make it rich, but to create a job for myself that was fulfilling
and challenging. I want to make a living, not cheat customers out of a couple
of dollars. As a result of that philosophy my prices are pretty much as low as
they can be while still paying shipping, rent and keeping the lights on. That
being said I still have products that are insisting on hanging around the shop
and just aren’t selling. Product sitting on the shelves at their original price
is not helping my cash flow situation. Solution, a Sale Wall! Starting this
week in the back room I will have shelf full of sale items. These won’t be
products that I think are bellow par, just ones that need a little help moving.
Perhaps their original price was a little too high or there is only 3 left and
no one seems to want to make a baby sweater out of it.
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| Dishcloths are the perfect, easy, one bag project. |
We all know that Salmon Arm is a tourist town. In the summer the town is booming with travellers who are attracted by the lake, the festivals and the good weather, but what are they going to do on those days when the weather sucks or they are stuck travelling in the car? Knitting of course (or crocheting, or felting)! Project #4: create several small projects that are car sized and contained to a single bag. Perhaps even do several versions for kids. I haven’t made any of these up yet but they are in the works and will be unveiled soon
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| Project bags made & recycled in Tappen by As You Like It Custom Sew |
So there
you have it, my plan of action to get through the slow period and keep the business
afloat! I didn’t open a yarn shop thinking that it was going to be an easy ride
and I am not thrilled that sales are low right now; but, it is keeping me on my
toes and pushing me to create new products and new experiences for my
customers.
