Yay hay its Friday and a short one for me. I’m knocking off early today as its been a crazy few weeks so I’ve booked a massage, then I’m going to potter around a bookshop grab a coffee and spend a few hours of me time. Cannot wait. Before all that of course we have the biz column.
Lets just say your business isn’t going so well. You started out passionate and excited and somewhere along the line with the money not pouring in you’re feeling a little disillusioned. I’ve been there. Reinventing you biz is not something to be embarrassed about, it’s actually totally normal.
As you grow it your concepts will change, look at me I started out Scandi! The reason that we’ve done so well is because I am forever and always tweaking and changing and reinventing and rather than kind of letting those ideas simmer I do something about them. I change the product selection, I change the design of the website from the font to the hues to the graphics, I go into manufacturing, I take risks.
Below is my cheat sheet for helping you to reinvent your business. Think of it more like a to do list if the whole reinventing thing freaks you out:
Make changes to your product lines: Make a list of the lowest selling items in your collection, the lowest 6 or 7 product lines lets say. Why aren’t they selling, is there a common theme, are they priced too highly? If they haven’t moved for a while discount them, flash sale them but get them out pretty darn fast. You’ve already brought the stock, you’ve tied up the cash now is the time to get some money back from it. Plus you need the cash to go buy different stock.
At the same time list you’re top 10 selling items – what makes these special, why are they selling and the others aren’t? Are they more whimsical, colourful, unique handcrafted, more appropriate for your customer base? Drill into what is making them a success and consider those pointers when you’re doing you’re next round of buying.
Rewrite your mission statement: Create a new story, overhaul and reinvent your mission statement if its not working that is. Do this by identifying a number of brands that you gravitate towards and that are super successful. What sets these guys apart, what do you love about them. Brands reinvent themselves all the time look at J Crew. Write a different story for yours; take it in a different direction if it’s not where you want it to be.
Start small: It sounds scary to overhaul everything and you can’t necessarily do it in one go. Changing your product lines, graphics, social feeds is all encompassing but compartmentalise and start small.
Get out of town: I know this is the last thing you’ll be needing to do when running your business but by putting yourself someone new, like taking a few days off somewhere different (she says never taking any time off) makes you look at things with a new set of lenses and puts things in perspective. I get the best ideas for this business when I’m travelling.
I should also add there is no point in reinventing yourself if its for the wrong reasons. Ask yourself what you want to get from this reinvention – if the answer is fame or instant fortune, think again, because the only reason successful businesses are successful is because the people running them are passionate and obsessed with what they do. Simple as.
Success is seeing your brand build and go places you never thought possible, yes when you get bigger you get more money but that has never been a motivating factor for me. To go into business just to make money is not a good plan because you’re missing the main ingredient – passion. AND get this its impossible to maintain a high level of passion when you’re doing something you don’t love much – without passion you won’t make it into the big league. When you do what you love you have such an enormous advantage over so many other people because you’ll push it further, never give up, accomplish more, work longer and keep on climbing. It gets addictive as I say all the time!
Have a lovely weekend