Month: February 2021

Drop Shipping is a Useful Opportunity

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was Drop Shipping is a Useful Opportunity. We learned that Drop Shipping is not for everyone and nor is it easy. However, it is a low-risk business model that allows you to sell products to your customers without incurring huge running costs. Stemming off of our previous My Business Journey Journal Topics, we are expanding our options when it comes to our goods and services that we want to sell for a profit while giving value to our customers.

What is Drop Shipping?

Drop shipping is a low-risk fulfillment method where you do not need to store actual inventory onsite. Instead, orders are fulfilled, and inventory is shipped directly from a third party to the customer. As a result, you only pay for the item when it is purchased, thus lowering your overhead costs.

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Envision Dream Versatile Turquoise Head Wrap

What is a drop shipping procedure?

When you have a drop shipping business model, you are not required to have a physical store. For instance, a drop shipping business is typically seen as an online store. Previously in our Storefront Vlog we learned the differences of a physical storefront and a virtual storefront. Some physical retailers may keep potential drop-shipped items on display and provide details on how the customer can purchase the product. For this reason, the retailer may arrange for the products to be shipped directly to the customer from the manufacturer.

The Pros and Cons of Drop Shipping

The pros for drop shipping is that there is low risk. Such as not having to invest a ton of money into inventory that potentially may not sell. Since you do not need to stock up on inventory, you do not need to secure a warehouse to store your inventory. Therefore, you end up with very little overhead costs too. Drop Shipping can be useful for both small and large businesses in the long run. However, the con is that drop shipping is not for everyone.

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Envision Dream Versatile Turquoise Head Wrap

Benefits of dropshipping

The benefits of drop shipping can include the advantages of quickly testing different business ideas with limited risks. Due to the low risks, it gives the business an opportunity to learn a lot about how to choose and market in-demand products. Thus, making drop shipping a great business model for aspiring entrepreneurs to start with. See our list of benefits of drop shipping below.

  1. Less Capital is required
  2. Easy to get started
  3. Low Overhead costs
  4. Flexible location
  5. Wide Selection of Products to Sell
  6. Easier to Test
  7. Easier to Scale

Businesses that utilize drop shipping gain the ability to list and potentially sell products before having to purchase large amounts of inventory. In addition to low over head costs, ecommerce businesses do particularly well as their sales grow. Due to the fact that additional work comes with sales growth, drop shipping sites can rely on the manufacture to help with the increased sales volume and customer support.

What to know before launching a drop shipping store?

Before launching a drop shipping store, it may be beneficial to you, your customers and your store to educate yourself on what ecommerce is. In addition to learning the ins and outs of the virtual business world, it might be a good idea to research your products, suppliers and competitors as well. Not only do you want the best ecommerce business, but you also want the best ecommerce platform to run and host your online business. For instance, the best ecommerce sites will come with tools that will have hosting, design, pricing, payment options, marketing tools and reports.

Let’s not forget

Do you anticipate heavy traffic to your online store? If so, consider how much you will sell. Of course, if you tend to grow, having an ecommerce platform with a solution that offers lots of online storage space, inventory and bandwidth is ideal. Additionally, checking for must-have features such as payment security and sales reports will be beneficial in the future. Clearly provide enough payment and shipping options for your customers.

TO LEARN MORE ABOUT Why drop shipping is a useful Opportunity-WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Drip Drip Drop

https://www.youtube.com/watch?v=cd8ZM2gpdfU

True joy of nature is when every drop of water shines like a pearl

Anamika Mishra

If you enjoyed reading Drop Shipping is a Useful Opportunity subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

Counting Inventory, Save Time and Money

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was counting inventory, save time and money . In other words, knowing what to stock and how much to take in at a desired time will help your business in the long run. Stemming off of our previous My Business Journey Journal Topics, we decided to focus on our goods and services that we want to sell for a profit while giving value to our customers.

Needing a product to count

First, in order to have an inventory, we need to have a product. In this case, a product is defined as an article or substance that is manufactured or refined for sale. It can also be defined as a substance produced during a natural, chemical, or manufacturing process. Additionally, commercially manufactured articles, such as recordings, viewed collectively. Not only can a product be a thing or person that is the result of an action or process but it also can be a person whose character and identity have been formed by a particular period. In short, from last weeks vlog “Merchandise Me” we briefly glazed over the importance of creating a merchandise strategy.

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    Envision Dream Head Wraps
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    Envision Dream Beach Towels
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Marketing a product for inventory

For the most part, we want to save time and money with our inventory. For this reason, we want to make sure the product we are marketing will be made available for the consumer to purchase. Furthermore, a product in general can be a service or an item that meets the need and desire of the buyer. Clearly, every product is manufactured at a cost and is sold at a price. Basically, the price of your product charged to the customer will depend on the market, the quality, the marketing and the segment that is targeted.

What is Inventory?

First, inventory is defined by the dictionary as a complete list of items such as property, goods in stock, or the contents of the building. Similar terms are listing, catalog, directory, record, register, roster, statement. Second, it is described as a quantity of goods held in stock. Specifically, in accounting the entire stock of a business, including materials, components, work in progress, and finished products is classified as a current asset on the business’ balance sheet. Furthermore, it serves as a buffer between manufacturing and order fulfillment. Overall, inventory is considered tangible items, products, or goods that you intend to sell to customers. As a result of selling your inventory, your business makes a profit and your customer gains value for their purchase.

Why is inventory needed?

In particular, inventory is how a business can save time and money. For instance, having inventory management skills will give you the tools to problem solve what you need to stock up on and when. As a whole, the backbone of your business is knowing what you have in stock, how you will market it for resale and when it is a good time for the product to excel. To clarify, we have 5 basic reasons for keeping inventory. They are time, seasonal demand, uncertainty, economies of scale and appreciation of value.

Inventory to start an online store

Do you need inventory to start an online store and how much? The answer is no, you do not need inventory to start a virtual storefront. However, you do need a product or service to sell. Furthermore, inventory costs can range from $0-$1000 to start. With this in mind, the amount you invest here will vary greatly depending on whether you are drop shipping and how much inventory you want to start with. It should be noted that having good inventory management skills will benefit your online business too!

TO LEARN MORE ABOUT Counting Inventory, Save time and money-WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Inventory

https://www.youtube.com/watch?v=HJuyfMIyv8I

Focusing on the unmet need (not the judgement) is more likely to get the need met

Marshall Rosenberg

If you enjoyed reading Counting Inventory, Save Time and Money subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

Merchandise Me with the Right Display

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was about merchandise me with the right display . In other words, merchandise me. Stemming off of our previous My Business Journey Journal Topics, we decided to focus on our goods and services that we want to sell for a profit while giving value to our customers.

What is merchandising?

Basically, merchandise is defined as goods that are bought and sold. This includes personal or commercial products, and commodities that are sold to members of the public and other businesses. Second, merchandise can be offered in two types. For instance, they can be sold in retail and/or wholesale. To clarify, retail is when a company sells their products directly to the customer. Whereas, wholesale is when a company purchases products in bulk directly from the manufacturer and then turns around and sells it to the retailer or other wholesale companies.

Focused Eagle Display
Roam Wild and Free

Goals of Merchandising

There are two goals for merchandising. The first goal is an activity of support for your retail strategy that will generate revenue for the retailer and give value for the customer. With this in mind, your goods and services that you wish to sell for a profit are more beneficial if they also provide value for your customer. The second goal is deciding on what products to stock up on. In fact, this goal is a key to one of your retail strategies.

Merchandise is an Asset

Merchandise is an asset because it is usually expected to be liquidated within a year. Specifically, it is expected to be sold and turned into cash. It should be noted that merchandise is also considered a current asset within accounting. so when an item is purchased, the merchandise should be debited to the inventory account and credited to the cash or accounts payable account.

More of a Science than an Art

E-commerce merchandising are items bought and sold online. Typically, you will see these items displayed on your virtual storefront. In fact, e-commerce merchandising is the art and science of displaying products and/or offers on a website with the goal of increasing sales. Furthermore, having a good understanding of how other top revenue generating storefronts display and promote their merchandise online could help both small and mid-sized businesses improve sales. For the most part, the primary importance of merchandising is to clearly display products so that they are easy to find.

Most important aspects of merchandising

First and foremost, the term merchandising is to ensure products are displayed correctly and for maximum impact. Not only is the word “Merch” a slang term, but it also means “to put it on something”. Such as being able to provide factual evidence that something is what you are claiming it to be. Which leads me to the 5 R’s of merchandising.

  1. Providing the Right Merchandise
  2. At the Right Place
  3. At the Right Time
  4. In the Right Quantities
  5. At the Right Price

Visual Merchandising for impact

A marketing practice that uses floor plans, color, lighting, displays, technology, and other elements to attract the customers attention is visual merchandising. To generate more sales you will want to evaluate the 4 key elements of visual merchandising. For instance, store exterior, store layout, store interior and interior display. In addition to the key elements, you will need 4 basic displays for a strong visual impact. Furthermore, displays can be with one item, similar products, related products and a cross mix of items.

Effective Merchandising

To get the most out of your retail space you will want to create hot spots. Specifically, your fixtures and displays will help guide the shopper to browse and buy impulsively. Again, your ultimate goal is to generate more sales. A great hot spot will showcase new and seasonal products, advertised merchandise and establish your image.

TO LEARN MORE ABOUT AN Merchandise me with the right display, WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Merchandise Me STOREFRONT

https://www.youtube.com/watch?v=rFVULYD8paY

It’s not our art, but our heart on display

Gary Holland

If you enjoyed reading Merchandise Me with the Right Display subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual