Posted by Alex Jackson on 27th Dec 2019
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.