A Small Business Lesson

It’s the holiday season. Billions will be spent and there is consumer demand for handcrafted, novelty, and niche items from small businesses, vendors, and independent consultants-owners.

My Teenpreneurs, aka my teenaged entrepreneurial granddaughter and niece, vendored last weekend. They sold $80 in jewelry and with the $40 vendor cost and supplies/inventory of $30, they cleared $10. So at the end of the day, they could buy a hot dog.

My Teenpreneurs’ experience isn’t unique. In fact, Shirley Klaus, My Finish 2018 Strong colleague, shared how she too had a similar experience at a craft show vending her blended herbal teas and essential oils. No sales!

Let’s face it, we will have days when we don’t win financially. At those times, we need to look for the lessons learned and recalibrate.

One of the key lessons Shirley learned and shared: Plan like your business depends on it. Pennies don’t rain from heaven. Shirley offered the following questions we should ask to ensure we have a realistic expectation when we decide to offer her products and services at shows and events:

*What is the projected sales traffic?

*How many times has this event been held previously and what was revenues?

*What’s the income and spending data of the expected clientele or those who live within a set radius of the event?

*What were the top selling items and what were their price points?

We must ask to ensure we are getting the best for our business.

The Teenpreneurs gained more sales, business, and communication experience. Of course, I took the financial hit and let them enjoy the full $80 once they listened to my sage business lessons.

Their $5 Bling jewelry is available online at https://paparazziaccessories.com/117158/. And for those looking for herbal teas and oils, check Shirley out at http://www.Facebook.com/CHSimplyNatural. After all it November 24th is Small Business Saturday and friends and families love special and unique gifts.

Let’s have a prosperous season and do what’s best for our business.