by grace on August 31, 2011
Hey gorgeous! Thank you for dropping by! Don't forget to sign up for my FREE newsletter so I can help you create the perfect recipe for YOUR retail success! :)
Hey there!
Every person I know, regardless of their profession, goes through their day with a mental “to do” list, periodically adding and removing various tasks. While this might be the quickest way to remember all that we must get done, it is also very easy to begin feeling discouraged or overwhelmed when it’s all in your head. Taking a few minutes each morning and evening to record everything that’s on your mind (I call it a “brain dump”) will help you stay organized and on task.
Once you have your to-do list written down, the next step is to prioritize. Go through your list and figure out which tasks will either bring in the most sales, or will lead to the creation of an important business relationship. These are your top priority. Next, if there are any tasks on your list that you are dreading because you do not feel fully qualified to handle them, hire someone who is! Your time is too valuable to be spent figuring things out. Do the tasks that are your “unique ability” and outsource the rest. It’s OK to ask for help! That way you can spend more time on the profitable tasks you enjoy and are good at that will more than pay for someone else to do the rest 
.
Another tip to help you get organized is to use a program like dropbox.com. If you are constantly on the go, or are operating across different computers, like I am, this can be a lifesaver! Create as many different folders as you like and access them from anywhere; it’s the system you’ve been dreaming of! (shhh… it’s free too!)
Take 10 minutes right now and do a brain dump! Prioritize 5 things that you are going to get done today and share with us! Look forward to hearing about your “new” system!
xoxo,
Grace Kang
Your Retail Product Mentor
p.s. A BIG, warm welcome to all of the new readers who joined our community! You are going to love the resources you will find here to help you make your product retail-ready… Enjoy!
image: boygirlparty etsy shop
by grace on August 24, 2011
Hey there!
As designers and artists, your passion is to CREATE beautiful and innovative product. It’s a given that you find joy in the process of creating and sharing these goods with the world, but you need to make money in order to continue on this path. Pricing your creations is not only an important factor in selling to a customer, but also when you sell to retailers. Having a clear idea and layout of your retail price and wholesale pricing strategy will make selling that much easier for everyone involved.
Many people have a lot of trouble figuring out exactly how to price their merchandise. There are three components that are most important in this process and it’s easy as A-B-C: cost to make the product, wholesale price and retail price.
To figure out your cost to make the product, add up your cost of materials, labor, shipping and repping fees (if you have a sales rep). Most people tend to leave out labor costs but this is a legitimate addition. Your time is valuable and must be accounted for! The sum of these factors is “A.”
To figure out your wholesale price, multiply A x 2.2 to get to your wholesale price. We can call this “B.” (Round number to next whole digit.)
To figure out your retail price, multiply B x 2.2 to get your retail price. We can call this “C.” (Round number to next whole “even” digit.)
These numbers are a good base point from which you can tweak based on a number of factors. Take a look at your competition and know how you are positioning your product in the marketplace. You don’t always want to under-cut them; if you can justify a higher price then go for it! Seeing your various costs laid out will also enable you to identify certain areas you’d like to cut down on if you want your price to be more competitive.
Whether you are selling 6 pieces or 600, you need to price for profit!
So take action now! Run through this pricing exercise for your product and share your insights here.
xoxo,
Grace Kang
Your Retail Product Mentor
p.s. A BIG, warm welcome to all of the new readers who joined our community! You are going to love the resources you will find here to help you make your product retail-ready… Enjoy!
