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Help! No business for my business!
Ok. So if you saw my last question, I decided to try and raise money so I can go to gymnastics camp. I'm 12. So I run a business making and selling beautiful high quality bags. I do it with my friend. Except- I haven't sold any bags yet! I've been advertising and making great deals on Instagram for almost a year now, but no one buys!!! I really need this money. Please help! And also I'm not spending money on advertising. Thanks in advance.
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Don't people usually sell this kind of stuff on Etsy? And don't overlook eBay.
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Hi there! However good your product or service is, effective marketing (advertising/promotion) is the key to making sales. Instagram is indeed raising your profile, but one has to wonder if it is really considered a go-to 'shopping' resource by the majority of it's users? Probably more a social/entertainment site? Of course, big promotional campaigns don't come cheap. One hopes (and is entitled to hope, as it's a tried and tested strategy) that the hard sales we secure far outweigh the promotional costs within a reasonable time. Which is all very well, but actually finding the cash to fund the promotional activities in the first place can be far from easy. Any business plan should always factor-in promotional costs, otherwise you'll get a false view of your expected returns/profits, especially in your early trading periods. So thinking longer long-term, you need to identify areas where your advertising is likely to get a good response, and where it isn't (don't want to be spending cash building awareness of your brand in areas where there will likely be few takers!). And start thinking about your bid for a share of the market. Short-term, we need some relatively easy and low-outlay hard sales to get some cash coming in though, right? OK, how about local stores which sell fashion clothes and accessories? Or even the 'beauty' industry (nails, makeke-up and hair-stylists)? Would they maybe display your stuff in return for a percentage 'mark-up' on your price which they keep for any sold? Tempt them with a 'sale-or-return' package. If it's not a success you have any stuff back and they've lost nothing. They may even buy some of your stock on spec if they think they'll go well and simply price them as they see fit. Maybe a bit of both. Say, your first sale-or return offer goes well and they come back with a request to buy a certain number of particular styles? It's important that you only approach privately owned and run shops. the big name/high-street 'chains' have strict supplier contracts and the store manager will not be allowed to display your stuff even if they think they're winners, I'm afraid. How about the car-boot sales and craft fairs market? Know anyone who is into this scene? Would they be interested in taking some of your stuff along? Or maybe find someone interested and chip-in to the cost of a 'pitch' (on the understanding that plenty of your stuff features on the stall, naturaly!). Any friends and/or friends parents who work in a large company, wtih lots of employees? Could they get a bit of interest in the chatting in their lunch and coffee breaks? If so, acquire and print-off some good product shots that they can show their workmates. Perhaps give them one of your bags to carry their belongings too. So they can touch a real-life example of your work. The bigger the company the better, there are more people (hence more potential customers!) And "word-of-mouth" really is a promotional channel you should NEVER underestimate. A lot of sales, for a lot of businesses come directly from this. I hope I might have given you a few ideas here? Good luck with the business-venture mate!
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