0
»

Happy Cyber Monday! Let’s make your product retail ready and dream BIG!

Happy Cyber Monday!

Hope you had a wonderful Thanksgiving with your loved ones and got some shopping done at your favorite local stores on Small Business Saturday! (check out our cameo here!)

With holiday shopping in full swing, it’s hard not to get caught up in the spirit of giving — and what a wonderful sentiment to get swept up in. However, it’s equally important to not forget about one person in particular — YOU!

Today, I want you to treat yourself (and your product business) and enjoy the Retail Recipes e-workbook and DIY kit for only $97. 

But don’t take it from me, here’s what one of my clients had to say:

“The retail recipes e-workbook is a must read for any creative enterprise. As someone who can spend hours drawing and sewing, I realized that spending time on the business side is just as important, especially when approaching buyers and clients. Grace’s book and critique has taught me so much about creating a cohesive brand and vision. I read a new chapter and it gives me a new goal to work towards.” – Christiana, New York.

With the New Year upon us, it’s the perfect time to set a personal and professional goal. Not only was I able to dream BIG this year and cross the 10 year mark, I was able to make this happen. Pinch me! :)

Click here to get started!

Here’s to making your product retail ready and continue to build a business you love.

xoxo,

 

0
»

#neverstoplearning: what is your meatball?

Image via Pinterest

Happy Monday!

What is the “meatball” of your business? When you look at your product offerings, can you identify what’s driving your business?

Identifying your product assortment and merchandising is key to establishing success and maintaining growth within your business. The best way to begin to distinguish yourself within the marketplace is to answer these questions:

    • How would you describe your product?
    • What is that you do? Can you describe it in 1-2 sentences in a way that is clear and original?

For example, when I was beginning to develop my business plan for Pink Olive I wrote a mission statement that expressed exactly the kind of experience I wanted my customers to have — Pink Olive is a whimsical boutique created to inspire giving and beautiful living. Our mission is to make the gifting experience super fun, easy and attainable for little ones to loved ones. This core mission of feeling loved is at the heart of everything that we do and reflects in the product assortment. Every buying decision directly reflects the core mission of my business.

In much the same way, you can also use the same concept when developing your line of products. Once you establish a unique product mix that genuinely reflects your mission, you can start building on those layers that make sense for your business. Let’s now break it down.

Your “meatball” should represent about 50% of your business. Think about what products are currently driving your business. What are those “no brainer” items that you can sell all day long.

Once you know what the “meatball” of your business is you can think about about some opportunity product items. These products should represent about 30% of your business. Think about what you would like to introduce to your line based on selling and feedback from customers. Your goal should be to make opportunity products into your “meatball” business within 1-2 seasons.

Lastly, think about your “icing.” These products should represent about 20% of your business. Think about items that may not result in much sales BUT are great attention grabbers or press generators. Every line needs a few WOW items that may not always sell as fast, but help create a buzz and sell the other amazing products on your line.

Are you ready to tackle Monday?

Here’s to creating a business you love.

xoxo,

 

 

 

 

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’m opening up two spots to my popular “Critique My Line” private strategy session — sign up here and let’s get started!

0
»

#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,

0
»

#neverstoplearning: create your system

Image via Pinterest

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,

0
»

#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.