Welcome to part II of Boost Revenue By Adding Retail. You can ready Part I here.
You’ve chosen your brands and you're keen to get stocked up and selling! Now it's time to work through the practicalities of running a retail business within your studio.
How Does It Work?
After you have chosen the products you would like to sell, reach out to your chosen brands and set up wholesale accounts. There can be a minimum order quantity which may impact which brands you choose to stock.
That said, SHASHI has a minimum order amount of just $100 - making selling their socks accessible for both studio owners and individual instructors.
Bear in mind that some brands will offer help with displaying your products and others will offer promotional deals for new accounts. My advice is to shop around and see what works for you and your business.
Once you have your stock, you will need to set up a sales system including setting prices and tracking inventory. Branded tote bags are a neat way to send your happy buyer on their way and don’t hesitate to make the purchase feel extra special by wrapping the product in tissue. These details really add to the whole experience!
Finally, managing your retail space is all about systems, systems, systems. Create a procedure for recording your stock levels, restocking and managing promotions. Consider assigning part of this responsibility to another instructor.
Design your store
Making your display visually appealing is your number one priority! These are the basic rules to follow
Keep your display neat, tidy and dust free.
Make your stock accessible to clients so that they can pick up the pieces and feel the fabrics - this is especially important if you are selling apparel.
Don’t overstuff your rack or let it get too sparse. Hangers should be able to move along the rack with ease. If you are limited on space, don’t put all the sizes on the rack, instead let clients know they can ask for additional sizes.
Get creative with your display and keep it interesting by reorganizing and changing stock often. Remember items at eye-level will get the most attention.
Make sure your boutique is well lit - add extra lighting if necessary.
Having a mirror is really helpful!
Stay tuned for the final part of this series coming next week!