Are you familiar with the Retail Profit Pie? As a small business owner, it is extremely important to track how your money is being distributed. It’s even more important in retail because most likely 40-50% of the money you generate is being spent on goods, your cost of goods also known as COGS. That’s a…
The topic of pricing comes up often with retail store owners. Whether you own a brick and mortar store or an online shop, if you’re buying wholesale and reselling the goods in your shop, pricing is an important aspect of your business. I often find that shop owners think that pricing is a one-size-fits-all strategy,…
Who starts a blog post with a disclaimer? ME! DISCLAIMER: As terrifying as the “100+” in this blog title may sound, don’t let it scare you. I often hear people ask what will they need to think about before they start the process of planning for a store or they ask if they have “everything”…
With 800+ members in the Savvy Shopkeepers and Master Shopkeepers Facebook Groups, many conversations are initiated regarding E-Commerce. “Should I create an online shop?” “What E-Commerce platform should I use?” “Do I pay for plug-ins to help my online store run more efficiently?” “Should I pay someone to help me populate and launch the online…
We had a dream – to one day open a brick and mortar store. But, we also had another dream. To do it on our own – without incurring debt – commonly known as “bootstrapping”. So rather than jump into a $20-$50K+ loan, my sister and I chose to take a bit of a journey….
The topic of “paying yourself” comes up fairly often in the Savvy Shopkeepers Facebook Group. It always surprises me that at least half of the shop owners in the group don’t pay themselves. And I have to tell you, this topic tugs at me almost daily. I often tell myself that I’m going to find…