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Thread: Need help growing my small business

  1. #1

    Default Need help growing my small business

    Hey everyone!


    I own a small business called Hero Designs (www.Herodesigns.com), and I specialize in creating customized police related merchandise for officers and the departments they work for. I was looking for some advice on how I can move forward with my business. I know it's kind of a bad business model to begin with, as I would create an opener for a department for one person, and spending more money making the item then selling it, now I am sitting on merchandise I am having trouble selling. It has helped that my business in growing, but is there a better way that I can go about this? (Example: I would get two customers who want a bottle opener for the local sheriff's, spend a few hundred dollars for a quantity of 100 openers, sell 2 for $10 each, now sitting on 98 openers and having trouble selling). Again, I know its not the smartest, but I am making customers happy and my business is growing and very slowly selling the other orders.


    I have started to get larger order quantities, but to keep my prices low for what I am paying for the bulk orders is basically how much I charge my customers.


    Should I sell more broad products? Focus more on advertising? Or stick with what I am doing and with time and exposure I will sell more?


    Any advice is very much appreciated, and I am happy to send some free merchandise to anyone that is willing to give me good honest feedback.


    Respectfully,
    Chris (Owner of Hero Designs)

  2. #2

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    It's hard trying to give any meaningful advice when there is little context. Is this a sideline business?
    The one thing I would do is decide what I don't do! I would question "to keep my prices low" - what is the benefit to me? If I am providing a very customised product I would expect to be paid for the service.
    I would set my selling prices based on quantity based tiers - so that every bit of excess stock is effectively already paid for.
    To measure whether my business is growing I would use the simple Profit First concept - is the cash growing? I would recommend reading the book Profit First by Mike Michalowicz his other book The Toilet Paper Entrepreneur is also useful reading.
    All the best!

  3. #3

    Default

    Build an Ecommerce website and list your products with cool images. Try to bring targetted traffic ( policemen is your case). Use digital marketing to promote your website

  4. #4

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    Strategic partnerships are crucial to business growth. I see this in my industry, which is business lending, but it applies to almost any business.

    For example, at Lending Express we partner with over 50 business lenders and financial services companies to help our business customers access the right funding solution. We match small businesses with the best lender from our partners and even offer alternative financing solutions to businesses that don’t yet qualify for a business loan, for example, through one of our credit card partners or personal loan partners.


    Tip: Be selective about who you partner with. We choose each partner with care and partner only with the top, most reputable lenders. No matter what your business does, make sure to partner only with businesses that share your values and best complement your business.



    How Partnerships Can Help Your Business Grow


    • Value-add to customers - partnerships bring value to customers by widening their scope of products or services, giving them more options and making them more likely to buy from you.
    • New customer base - you can expand your customer base by gaining access to your partner’s customers or leads.
    • Cross-marketing - you’ll be marketing your partner and vice versa, giving you each new marketing channels with minimal effort.
    • Brand awareness - by partnering with a business with a solid reputation or well-known name in your target market, you’ll be able to boost your brand awareness too.
    • New markets - if you partner with a business that’s already well-established in a new market you want to target, you’ll get a foot into this new market without being an unknown.


    Case-Studies of Strategic Partner Success
    Fintechs are leading the way when it comes to partnerships. It seems as though every day a new partnership is emerging, for example, Square partnered with eBay in 2018, offering loans to eBay online merchants.
    Whether you have an online business or brick-and-mortar store, you can find ways to form strategic partnerships and boost your business.

  5. #5
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    Default

    Quote Originally Posted by socalchris13 View Post
    Hey everyone!


    I own a small business called Hero Designs (www.Herodesigns.com), and I specialize in creating customized police related merchandise for officers and the departments they work for. I was looking for some advice on how I can move forward with my business. I know it's kind of a bad business model to begin with, as I would create an opener for a department for one person, and spending more money making the item then selling it, now I am sitting on merchandise I am having trouble selling. It has helped that my business in growing, but is there a better way that I can go about this? (Example: I would get two customers who want a bottle opener for the local sheriff's, spend a few hundred dollars for a quantity of 100 openers, sell 2 for $10 each, now sitting on 98 openers and having trouble selling). Again, I know its not the smartest, but I am making customers happy and my business is growing and very slowly selling the other orders.


    I have started to get larger order quantities, but to keep my prices low for what I am paying for the bulk orders is basically how much I charge my customers.


    Should I sell more broad products? Focus more on advertising? Or stick with what I am doing and with time and exposure I will sell more?


    Any advice is very much appreciated, and I am happy to send some free merchandise to anyone that is willing to give me good honest feedback.


    Respectfully,
    Chris (Owner of Hero Designs)
    Hi Chris, This is a great niche market !!! I would suggest Rachel Miller on fb will help you with her program. Maybe focus on the need more than the want. She knows what she is doing! Also your website does not state anything about you and why you started this company and business.
    Last edited by beetee; 06-23-2019 at 11:24 AM.

  6. #6
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    The business model isn't crazy at all. You need to up-lift via digital approach to expand your business as "Network has Power." The more you focus to increase your network, the more contacts you build, and that undoubtedly gives your business a boost.

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