Tuesday Tip: 3 Hidden Profit Centers in Your Jewelry Business
I recently got a message from a lovely designer in our community, and it went something like this:
“Oh my gosh, I sent out nine messages and made $2,400, and the sales are still coming in!”
Now, let me ask you, what would an extra $2,400 do for your business this holiday season?
I think most of us would be super stoked to have that kind of quick cash flow at the end of the year, right?
So if you want to make a little extra money before the end of the year, take a look at these 3 hidden profit centers in your business that you probably haven’t thought of yet.
Extra Inventory
As designer, we have a tendency to buy a lot of stuff. Over time, that stuff starts to build up.
All those unused materials and unsold samples are basically bundles of cash collecting dust on your shelves.
This was a huge lesson I learned early on in my first business, when my consultant told me it was time to liquidate my inventory.
Turns out, I had almost $150k worth of dead stock just siitting around!
So, why don’t you take a look at your own inventory? What can you destash quickly to make a little extra money before the end of the year?
Your Network
This next one might surprise you, but it totally works.
We all know a ton of people, right? Facebook friends, extended family, business groups, etc.
One of my favorite ways to generate some fast cash in your biz is to do an outreach campaign to the people in your network.
The script can be simple:
- Start with a personalized message
- Let them know what you’ve been up to
- Tell them you build your business on referrals
- Ask if they know anyone who might be interested in your work
Super simple stuff!
Past Customers
Finally, the last hidden profit center in your business is your past customers.
These are people who have bought from you before, and maybe even left a positive review or testimonial, but they haven’t made a new purchase since.
Reach out and thank them for their order, ask how they’re enjoying the piece, and recommend a new product you think they’ll like.
The thing is, people want shopping to be easy.
If you can make someone's life easier by reaching out to them and helping them with their holiday shopping, it’s a win-win for both of you!
Listen to the full episode above for some example scripts to help you reach out to people for sales and referrals.
xo, Tracy
Links:
Fast Cash Strategies Mini Course