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#neverstoplearning: pricing for profit

Image via Pinterest

Happy Monday!

Today, I want to talk about pricing for profit. Often when I meet with new entrepreneurs, I find they are not pricing their products at the ideal price — meaning one that guarantees a real profit! I have to remind them that you don’t always have to lower a price-point to beat out competition. Pricing combines a number of variables, not just competition. Some of the most important are market value and value proposition. If your price is higher, but you can justify it through creative brand positioning, you won’t have a problem selling.

Now, let’s get down to the formulas:

(Cost of Materials, Labor, Packaging and Shipping) *2.2 = A (wholesale price)

A *2.2 = B (retail price)

If you have plans to sell wholesale in the future, I would recommend doing this exercise to see where your numbers roll in at the wholesale and retail price. Then, massage the numbers so they make sense.

After, I would encourage you to create a linesheet that will make the buying process easy for retail buyers. This linesheet should have all the information a buyer needs to place an order. The easier you make it for a buyer to purchase your line, the better chances of getting an order!

For those of you looking for more assistance in pricing for profit, I recommend my Retail Recipes e-workbook. It’s full of many more tips on how to successful price your products and create those all important line sheets. Check it out here.

Cheers!

xoxo,

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#neverstoplearning: create your system

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Hey there!

Time and time again you will hear that one of the most integral aspects to success is staying organized. But, what exactly does that mean? People’s definitions of organization can vary dramatically (we’ve all met that person who thrives on “organized chaos”). What I’ve discovered is that any good entrepreneur is not just organized but has developed a “system.”

By definition, a system is a set of procedures according to which something is done; an organized method. Translation: how do you plan for your business to operate effectively? What procedures do you put into place for your employees? How will you as an individual stay organized? Developing a system is the single most important component in not only staying organized, but managing people!

I’ve found that the best way to start developing this system is to pinpoint what you do personally to get things done. Whenever you find yourself doing something over and over again, write it down. This will help you organize your method in getting things done and lay the groundwork for your business. Ultimately, you want to get in the habit of taking everything out of your head and putting it down on paper. That way, your company can operate without you one day!

Let me break it down for you.


Here are the 5 key components to creating any system:


  1. Create an employee manual. Your employees can reference this for basic logistical information, as well as business policies. This minimizes the number of emails you have to field from employees, as well as easing their anxiety about the “do’s” and “don’ts” of the business.
  2. Share files. Think about how people on your team share information with each other. Keeping important files organized will save you time and money down the road and help you make better decisions. Try utilizing DropBox or Google Documents.
  3. Develop communication tool. Similar to having a designated shared file system, communication amongst team members is KEY to running a successful business. I recommend using Wunderlist or Basecamp.
  4. Utilize a shared calendar. If an event or project is not scheduled, it’s not real. Schedule your meetings, events, launches, shows, etc all on one calendar so that you what you have to do every single month. Google Calendar is my lifeline!
  5. Invest in a sales tracking system. You can’t grow what you don’t track. Make sure you have a system for tracking your sales. If you have an online store, it will most likely come with a selling report feature. If you have multiple platforms, it’s good to consolidate everything into QuickBooks so that you can see the big picture. I recommend looking into QuickBooks, BlinkSale or PayPal.

These core areas will help you begin to think about how to bring structure into your business. Think about it: just like building a house, you need to set up a solid foundation for future success. I encourage you to take some time today to reflect on some of the procedures, and then let me know which one you’re going to incorporate into your business this week.

Here’s to building a business you love!

xoxo,

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#neverstoplearning: getting unstuck

Image via Pink Olive

Happy Friday!

Do you feel stuck? We’ve all been there. Feeling uninspired or just simply tired can be disheartening and leave you questioning — everything! As entrepreneurs, you’re bound to go through ups and downs no matter what stage you are in your business. I find that the single most effective way to get over those hurdles is to remember (and be clear) about why you started in the first place.

When I was five years old, my dad gave me the perfect gift — a strawberry-shaped bag! The feeling of opening up that beautifully wrapped gift and discovering the whimsical and fun gift inside is still so clear to me. That feeling, a feeling of gratitude and love, is the reason I opened up Pink Olive. I learned from my dad that giving a thoughtful gift can make others smile and make them feel immensely loved. I wanted to create a world that provided others with the opportunity to experience this feeling … everyday!

Whenever I’m feeling stuck I remind myself of this mission — to inspire giving and beautiful living. I encourage you to do the same. Be firm in your mission, and remind yourself daily of why you are doing what you are doing! And remember, when you feel loved, anything is possible!

xoxo,

 




P.S. Are you still struggling to get your products into more retail stores? Get your Retail Recipes E-workbook & DIY Kit today or tomm (my birthday!) and get entered to win a 50-minute private strategy session with me. Please email a copy of your receipt to hello@pinkoliveschool.com. Valid until 11:59 PM 7/8/17 EST.

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#neverstoplearning: finding a mentor

Hey there!

People often ask me about the importance of mentorship — do I need a mentor? If so, how do I find one? My answer is relatively simple. Yes, mentorship is extremely valuable to growth, both personally and professionally. We all need guidance, a place to comfortably seek clarity, garner inspiration or weather the unforeseen demands of change; however, that second component of discovering a reliable mentor can be intimidating, and downright, discouraging at moments. But, it doesn’t have to be. Mentorship can be found everywhere.

The core value of any mentorship is gaining new insight. While having access to a one-on-one mentor is ideal, we can’t get caught thinking linearly about the potential outlets for learning. Mentorship can be found in all shapes and sizes. This can be done by reading a book or article from someone you admire or attending a retreat in your profession or extending your reach via social media — the list goes on and on.

I recently received an email from Stefanie MacDonald of Halifax Paper Hearts. Less than 18 months ago, Stefanie had a dream of creating greeting cards and prints. She was looking for guidance, inspiration, maybe a “sign” (like we all do) to get started and stumbled upon my “10 Things You MUST Do Before Approaching a Retail Store” checklist. Fast forward a year and a half (and a completed checklist later), and her line of paper goods is now carried in 80 stores in Canada. Woot! Stefanie’s story is not just a great example of success but also of how mentorship can be found in the unexpected, like a late night Google search :)

I’m humbled to be able to reach others in even the smallest of ways. It’s one of the reasons I continue to do what I do.  I encourage you to seek out your own form of mentorship (whatever it might be) and also, when the time is right, #payitforward :)

xoxo,

 

Image via Pinterest

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#neverstoplearning tip: shake it up

WB-2

Happy first day of June!

When I started my business back in 2007, people assumed I would open up a clothing store. I had a deep understanding of the fashion retail industry, after spending many years as a successful buyer for Bloomingdale’s, Saks, and Barney’s.

But before I jumped straight onto that predictable path, I took a step back to really think about what moves my heart. That’s how I came up with the concept for Pink Olive and with a small belief that small gifts have big power to show how much we care. I had to step outside of my comfort zone to realize my true passion: to inspire and celebrate the little things – one person, one gift, and one neighborhood at a time.

Every day is about learning and today, I want to challenge you to shake it up. Consider the full spectrum of possibilities, whether you’re looking to expand your current business or start something brand new. You might miss a chance to pursue something truly exciting if you’re not willing to take the leap towards something slightly unexpected, and follow your heart.

Join me in my #neverstoplearning challenge and show us on Instagram: how are you shaking things up at work? What amazing opportunities have you found when you dared to divert from the predictable path?

xoxo,

grace
Grace Kang
Founder, Pink Olive School

P.S. Are you looking to take your product business to new levels in the next 6-months or just want my eyes on your business to ask all your burning questions? I am opening up two spots to my popular “Critique My Line” private strategy session — sign up here and let’s get started!