Update On My Business and Changes I've HAD to make
Man its rough out here lately. What I mean by that is that I've had to become really creative when managing my business. There is soooo much competition lately. Everyone I can think of has a store so I've had to adapt. This is extremely important when you have a business because the world is constantly changing and you can easily get left behind.
ADAPTING WITH THE TRENDS
This is true for most fields of work but especially in fashion. What's hot today may be wack tomorrow. You really never know in this industry. If you don't already know, I started my clothing line Babes and Felines about 6 years ago out of a frustration of not finding affordable clothes that were cute that also fit my curvy shape. We sell a variety of stretchy seamless basic pieces that you'll wear over and over again for as long as you want to. I still wear some Babes pieces from when I first began. Up until now, I have always sold basics for this very reason. They NEVER go out of style. A girl can always find use for a stretchy top, legging, skirt or dress in a variety of colors. You can style these pieces in so many ways.
However lately, I have noticed the need to add trendy pieces to my line (while still offering my classic basics) because of the way the fashion industry is changing. Because I am in competition with bigger brands, I have to always pay attention to what they are doing so I can keep up. This has made me pivot just a little with my business strategy. For the past few months I have added trendier pieces to our collection to test the market and it worked! My sales increased because I am able to dabble in a market I once ignored. Now, we do it all and I am so happy I made that decision.
PROFIT MARGINS AND CHANGES IN THE ECONOMY
Man.. My profit margins used to be beautiful. By beautiful, I was able to mark up my prices to sustain my business easily. However, having noticed that bigger brands tend to have daily sales in addition to cheaper prices, I've had to adapt once again. When you have a business, you will find yourself doing this a lot if you want to last for a long time. Recently, after seeing my sales slip a little lower than I'd like, I started to study how my competition moved. They were CHEAP. They were selling pieces way lower than it cost me to make my pieces. I could not compete. Because I can't compete, I had to find my own way to reduce my prices. What I chose to do is offer new items that I could sell at lower prices. Thus, tapping into the market that wanted cheaper priced products. Now I am able to appeal to my usual customer who's main concern is quality and my new customer who's main concern is price.
With the changes in the economy.. Everything is going up. It's not just gas or cost of living that affects me and my business. Shipping has increased quite a ton. This has a major affect of my business because I want to be able to offer my customer affordable shipping. Because of the price increases in shipping I have had to make slight changes in still competing with the competition. Offering free shipping over certain amounts is helpful as well as free shipping to customers who refer other customers. This way the shipping is paying for itself. Its all about being creative.
Creativity is key when are trying to sustain any business. I am still learning everyday. Anyhoo.. I have some work to do on the computer tonight but wanted to share that with you and hopefully it helps someone :) Let me know if you guys have any topics you want me to talk about for the next one.
Until next time