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.
Envision Dream Head Wraps 
Envision Dream Beach Towels 
Envision Dream Yoga Pants
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
Focusing on the unmet need (not the judgement) is more likely to get the need met
Marshall Rosenberg
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