New years
is around the corner, and that usually means one thing, resolution season is
back, and you need to start brainstorming for your new year’s resolution. Now
for most, it’s the usual list of suspects, Lose some weight, read more, finish
that home improvement project you started last year or for the truly ambitious
maybe learning a new language or going back to college to complete a degree.
Now for retailers like our readers, whether they are traditional brick and
mortar or online-only retailers, it can be a bit tricky once you’re up and
running to know just where to take your business next. That old expression
about turning the tanker around seems to apply here. It took a lot of time and
effort to get your business this far, and taking the business in a new direction
will be a lot of headache and time-consuming. Just remember one thing, every
ounce of effort you put into your business benefits your bottom line, so here
are just a few suggestions to think about for your business new year’s
resolution.
Turn your
hobby into a business- This one is directed exclusively to the casual online
retailer the “I sell over the holidays for some extra cash” type. Your hobby is
great, and its netting you some extra cash, but is it time to think of it more
like a business than a hobby? Just imagine, wouldn’t it be nice to get your
business cranking out sales year-round so that little bit of extra cash each
holiday season turns into a constant flow of money year-round? Need a hobby?
Take up fishing in your spare time because you have a business to run and not a
hobby to tinker with.
Explore
and expand- If you’re currently selling online, but only on one or two
platforms, now is the time to think about expanding. Start to explore other
sales platforms and see if your goods will be a good fit or not. Creating
revenue from a diverse mix of sales platforms is key to establishing consistent
growth.
Diversify
your offerings- We talk about this one a lot because it is so important. You
want to keep your business growing by bringing in a wider audience of customer,
and you can do this by offering a broader mix of goods. Remember, the key is
complementing not clashing with your current offerings. For example, if you
sell men’s shoes, consider also offering men’s shirts and accessories. These
two categories complement each other well because there is a lot of crossover
appeal.
Brick to
Click or Click to Brick- This is an important one for any growing business
owner to consider. If you have a physical storefront, can you ignore the potential
that online has to offer? Alternatively, if you are running a successful online
business, is it possible that you could be limiting your growth potential by
not considering adding a physical storefront to your existing business.
Research and decide if this is the year you take your business online or to the
streets with your own storefront.
Resolve to
make your moves now while you have some extra time and remember Foxliquidation
has the merchandise your customers want to keep your business growing no matter
what direction you decide to take in 2020.