Are you ready to multiply your business? I bet you are! As a product-based designer, you are probably making money by doing one of two things:
1) selling your product directly to customers through your own website shop, marketplace sites, or fairs
2) selling wholesale to retailers around the world
This second option is your multiplier.
Let’s say you have a good stream of customers right now who buy directly from you, or even a healthy pool of retailers. However, your business has plateaued and you are looking to grow your existing business and add new ones. When this happens, it’s time to multiply!
Instead of jumping ahead and opening up your own brick and mortar store (just yet), you can partner with retailers around the world to test your product ideas. By reaching out to new markets, you have the ability to create new revenue streams without physically being there and get valuable feedback. Once you have a good handle of your best selling products, share that information with potential new retailers. At the end of the day, every store wants to make money and have the best assortment of products. They want to be “in the know” with the next big seller, and maximize sales opportunities.
For your existing store partners, create exclusive products just for their customers. It will keep them very happy and help grow your business together. Once you have that “know, like trust factor”, you will no longer have to “sell” them your products. They will gladly hand over a BIG piece of their open-to-buy money to grow your business. After all, if you’re making money, they’re making money. You help each other build a profitable business together, and that’s what I call a win-win partnership.
Do you have what it takes to leverage your unique selling products and multiply your business? Are you ready to increase your existing business, or even thinking of opening your own brick and mortar store? Please contact me for a 15-minute get acquainted session. I would love to get to know you :)
Here’s to multiplying your business!
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 credit: michimaland