Things in green are things that I have accomplished as of 10/2007
Things in red are things I am editing or adding to as of 10/2007
Words in Black are the original journaling from August 2006
journaling
So, [business coach] told me I need to journal what I want for the shop… here it goes!
I do not want to close. If the following things happen I will continue with the brick and mortar shop until the end of time.
It’s that coming out of summer blues! After 3 months of slow days and heat, being at the store is far from awesome. Then, Halloween comes and you get busy and it’s a “high” or “rush” again. Need to stabilize this paradox… minimize stress. So… I would say… Give this 4th quarter a really good chance. Seek out your goals and push for that higher profit. You can reevaluate wanting to close the doors to the brick and mortar after February 2008. But these goals will also pertain to the web business that I will always have no matter what.
1. Profits to be up from last year at least 30% – This did not happen exactly, but we did go up in our inventory numbers setting us up for a very good situation in 2007
1. Fourth Quarter 2007 – Gross sales up $70,000 from last year. To break that down per day, that’s 58 days open. That’s $1051.72 per day or $150.25 per hour. This is doable! After I take home a regular paycheck (to be determined) and all payables are ZERO, the store will make at least $35,000 in profit by 12/31/2007.
2. Cash flow situation figured out. maintain specific amount of money in the bank, able to forecast future bills and plan for them in an orderly fashion. This is still a very important goal. Need to draft specific measures I should take to get a handle on this.
3.***private***
4. Rent will stay the same or not go up more than 3%. Lock in a rate, same as last time, three 1 year options and be able to communicate that I will not move forward unless I can get some resolution with the a/c not working. Rent did stay the same!
5. Build internet sales – Sales did go up, however, my merchant fees have gone up significantly, too.
5. Find products to put on the website that are unique and easy to store. Your sales would definitely go up if you spent the time doing it. Jewelry sales were through the roof in 2002. You can get that going again. I have a great person who cranks out jewelry if you got it organized. You benefit from a great markup and having YOUR designs in the store that are completely unique. Explore this and MOVE ON IT.
6. Hire someone in October who is:
Older and responsible
Creative
Respectful
Friendly and good with the customers. Can replace me & customers won’t really notice much. (as far as customer service, knowledge of the items here, knowing the customers by name etc etc)
Flexible
Has absolutely no drama
Can stay on for as long as I need him/her
To follow is a detailed journal on my ideal employee. Please call “State Fund” and get rates on Workman’s Comp ASAP. I feel as if I have enough help for this season but having someone come in 2-3 days a week starting in February would be IDEAL. Budget and feel this out.
7. Profits up 30% minimum each year after this year. That is the shop only. I would like the website to catch up to the same sales the shop is doing by mid-2007.
Last year, our profits were down 200%. BUT, inventory went up by at least $20,000. Take this into consideration moving forward, it will reflect in your profits sooner or later. You have tangible goods that are paid for, in full. Let’s work on spending LESS on seasonal items and MORE on items that are:
1. Good for everyday use. (Home decor, jewelry, gifts)
2. Finding UNIQUE gifts that people can’t find anywhere else
3. Finding items with a better markup
4. Transforming normal items into more unique items with embellishments, ribbon etc. That added touch, 2 seconds and 30 cents of ribbon gives you a markup of at least a few dollars. Stop and think about it
5. Do research on wholesale items. Have things made in china or (?) so your markup is better. BE the middleman.
8. I would like to be here for the following occasions only: This came on a day where I had to deal with lots of b.s….
Open houses
Decorating for the major holidays
December, but only 5 days a week max.
January – June: I would only be here 2 days a week
July and August: I would only want to be here 1 day a week
September – November: I would only be here 3 days a week max.
Obvious situations that require my attention
I still like the idea that an employee (1, 2 or 3) would be in charge of the daily routine. I would like to be working on a wholesale business and getting more customers to my business instead of standing behind the counter all day. This is going to require budgeting, planning and being proactive on my part. Just because you have days off doesn’t mean you can hang out or be in bed in your p.j.’s all day. Manage money and time and you can be anywhere you want doing your business during the day.
The Website:
1. Build consistently and update constantly – I feel I have done this based on blogging. If you google our name, we are #2 or 3. If you google other things associated with the store, we come up a LOT. I’m happy with the progress so far but it definitely could use some more attention.
2. 400 customers with accounts by December 1, 2006 – I currently have 101 customers and about 80 orders since August, 2006.
3. Each customer will spend a minimum of $30 by December 15, 2006 – Each of those customers DID spend over $30, we just need MORE of them!
4. Kinks worked out, able to keep track of inventory, bookkeeping, shipping etc. – still working on this.
5. Have a partner for the website only. Figure out how this works. – Do not like this one. Website is mine, need employees to help.
6. Advertising in major magazines by January 1, 2007 – Has not happened yet, but I’m okay with that. I have found by flipping through the magazines that would suit us, that we all carry similar products. 80% of the ads WITH pictures were selling the EXACT same things as me and each other. I need a product and look that sets me apart. I’m a master merchandiser… so I have that on my side. Now, to find a 100% unique to ME product to sell. THAT is when advertising will benefit me in these magazines.
My Attitude re: the shop:
1. Happier to be here – Working with coach to find solutions on how to deal with difficult people and customers. Keep a positive attitude and positive journal to keep the motivation going.
2. Motivated to change displays and clean – This is a biggie during the summer. Perhaps I stay content with the displays after June 1st and leave them for the summer in order not to overwhelm myself. Find other things to do. Hire someone to clean since you hate it. Take your summers and work from home, do research, get your items ready for the “Big Show” of 4th quarter. You have consistently wasted those 3 months whining about how slow it is. Take charge.
3. Change the way I approach things to avoid being overwhelmed – Manage time better. Have a detailed calendar that you view DAILY with bills that are due. Don’t immediately spend that dollar when you have it. I think #1 in this is money and #2 is time management.
4. Change the way I communicate with the customers as to not get overwhelmed by their problems/sagas - working with coach on this. Get a book on body language. Stand tall, strong, shoulders back and not face to face with customers. Be busy, distract them, take them over to the new items… “Good thing we have all these pretty distractions to look at otherwise we’d stress ourselves out!”. Make light, change subject… walk them to the door. Get their energy out the door any way you can.
The IDEAL customer: Entire entry dedicated to this to follow. (write in a manner that is positive and past tense… like it has been done already)
1. Comes in and quietly wanders
2. Does not bump or clang items
3. Doesn’t ask too many questions
4. Purchases at least $50 worth of items
5. Has well-behaved children, if any
6. Gives me positive feedback and appreciates my time/smiling/wrapping etc
7. Does not use the bathroom
Reaching farther, wishes – do not use the term “wishes” anymore!:
1. To be published in a book or magazine featuring me and my art in a very positive light by summer 2007 - The universe gave me a little “hiccup”
My name was published in a major magazine giving me photo credit. It’s a very tiny toe in the door. Work on this. I now have an IN for a book deal. USE THIS CONNECTION. Getting an employee = giving me the freedom to pursue larger things!
2. Go on a really good shopping trip and bring back enough treasures to sell and make profit on for at least a year – This did not happen, but I may want to rethink the whole vintage thing. Does it still sell? Re-evaluate. Possibly do the trip this August.
3. Silly, but power seller on ebay – Not silly. This shows that you are making at least $1000 a month and positive attracts positive. You can do this.
4. Beef up ebay sales, minimum of 100 items at any given time. 250-300 would be ideal – I reached those numbers in may 2007. I wasn’t selling a lot but I didn’t put a lot of energy into it. With an employee at the store, I can beef up my ebay sales.
5. More time to make things. More money for supplies. Easier to design, faster to produce. – I have at least one homeworker who is reasonably priced and makes awesome stuff that looks EXACTLY what I made. I’ve figured that I need about $2,000 to get her rolling and get a good business started. That isn’t that hard or too expensive. Stop being compulsive. Plan this, it would be an AWESOME source of income!