Overcoming a Slow Sales Season and Keeping Your Beading Business Afloat
There is always going to be a time during the year when your wholesale beading or handmade jewelry business is having difficulty generating sales. This is a natural part of the industry and every entrepreneur is faced with this challenge. Some people have to cope with it right after the holidays, while others have to overcome this issue during the slow summer months--the situation varies according to the products and services that a business provides.
There are a couple of things you can do to get over the hump, according to LiftInteractive.com. Although it can be difficult to get over the initial discouragement, having a positive attitude can go a long way.
||However, one thing is definite when sales are slow--you need to devise a plan for maintaining your bottom line and keeping your beading business afloat. It can be discouraging to face a slow season and a seemingly disinterested target audience, but it's important to keep in mind that this is natural. Just because consumers aren't flocking to your store doesn't mean that you are doing something wrong.
Retail sales can drop for a number of reasons. In a tough economy, individuals just might not have the money to spend on your products and services. After the holidays, consumers might be wiped out and unable to get back to spending immediately after the gift-giving season. However, being mindful of the times of year when your beading business is most affected can help you take on the challenge.
The first step toward keeping your beading business afloat and doing everything you can to maintain your bottom line is to hammer out the details on your finances. Sitting down and calculating your expenses in comparison to what is currently being brought in can help you hone in on a strategy of how to allocate your funds. This can also give you peace of mind, knowing exactly where your money needs to go in order to pay for regular costs as you ride out this tough time.
Next, don't be afraid to scale back your prices in order to keep sales coming in. Although it might seem counterproductive to do so, this can ensure that your target market maintains its interest in you and keeps coming back for more. The idea is to sustain a certain level of sales, even if it's not as many as you would like. Remember, some sales are better than none, especially during a slow season.
In addition to maintaining connections with your customers, it's not a bad idea to continue to establish relationships with other people in the industry during tough times. Get out there and make phone calls to people you know, but feel that you could get to know even better, in an effort to build your network. Reaching out to other entrepreneurs during this time can be valuable because they may be able to provide you with helpful tips on how to overcome the slow season.
While there are a couple of new tools you can use to help your beading business ride out slow times, it's important to stick with what you know as well. Do not abandon your marketing plan during a slow sales season.
Instead, think of ways that you can reel in new customers while maintaining relationships with your regulars. Entrepreneur.com reports that this can be as simple as sprucing up your website with images of your new jewelry lines or supplies. Because you're selling jewelry, it's important to have pictures that depict the beauty and craft of your products in order to entice viewers. Even if you don't have the money to hire a professional photographer, snap some shots yourself to give visitors a little something to look at when they check out your website.
Although you might be too stressed to think about updating your social networking profiles on a regular basis, make it a priority to do so in order to maintain connections with industry experts and consumers alike. Even posting an update on your Twitter and Facebook pages just once or twice a day can let customers know that you're business is still around, even though you may be struggling.
It can be difficult to overcome the challenges associated with slow economic conditions, but thinking outside of the box can help you. Remember to take advantage of the industry connections you already have and to keep up with your current sales tactics in order to maintain your overall bottom line. Recognizing annual sales trends can also help you plan ahead for these instances in the future. In the end, you will come out of the situation as a more knowledgeable entrepreneur.
How did you like this resource? Your feedback helps us provide resources that matter to you most.