Christmas, Black Friday Breakdown, and Closing 2019 Strong

Black Friday reflection
How did having a longer sale time affect things?

November was our best month yet for Etsy sales!

We both agree that having a longer sale time really helped our numbers.

I was worried people would get sick of the sale, but it actually drew more people towards us.

I know that when I see a business with a long sale I wait until the very last minute.

A good way to think about consumers and sales is like going fishing in a stocked pond, if the pond is only open for one day, lots of people are going to be there and you may catch less fish (or deals, in this case), where if you have the pond (or sale) running for 2 weeks, they can have their line in the water, and be able to spend more on more products or sales.

Something we noticed other companies doing is just a lot more advertising and marketing.

I have wanted a Nintendo Switch for a while now, and I was waiting and waiting for Black Friday so I could buy it cheaper, but when I went to Target they had a huge sign saying “Blowout Black Friday sale, lowest prices yet” but it was still for sale for $299.

They sold the console for the same price they always have, but lured customers into thinking they were getting a steal.

A better business plan would be to take some risks.

Be brave enough to lower your prices and actually have a SALE.

Calculate what is the most you could lose, how much can you afford to lose?

Remember that you can help expand your business by introducing new customers to your product or service.

I tried Roku on a sale, and now it is a brand that I love, and buy more from.

Even though they made less from my first buy, they now have a life-long customer, and your business can have the same success.

More people are willing to spend a little bit extra on expensive products that are normally out of their budget, when they are on sale.

Another tip is you can’t ever OVERprepare, so make all the plans and ideas you need to. Make sure your products are easy for consumers to buy, without a lot of reading or set up.

Christmas

 I have many years of experience in retail and I know that Christmas sales make up for 60-70% of revenue for most retail businesses.

This is why large corporations have seasonal workers, and advertise more, because people want to buy gifts for their families.

As a small business owner, you may feel inclined to rest and relax through the holiday season with your own family, but you should be spending more time on your business than before.

It is an important time to be able to make more revenue and grow your client base.

Make sure during this time of year you also start prepping for the 1st quarter of the next year, because people also spend more right around tax season.

Running a business is hard work, but you need to keep pushing through!

People believe that work-from-home jobs offer a sort of freedom and relaxed environment, when in fact, you still need to grind and work hard everyday to make your business successful.

Work on your prep work, set up sales, and just keep pushing to drive your business forward!

Christmas marketing

Small Etsy shops and small businesses should not neglect marketing during the holidays.

You can host more sales, post flyers, set up funnels, anything.

Every average business owner is going to reset on January 1st, but you don’t need to be average, you can be extraordinary and more successful than your peers by continuing to work hard and market your business.

One marketing strategy that works even on me, is selling products ahead.

If you work at a salon for example, offer to do your clients nails for free, if they purchase a $50 gift card.

Consumers love instant gratification of a free item, and you get a future consumer to also try your service.

You will have doubled the value of your original service.

Have the people you work with buy for others, to help expand your clientele, and earn even more.

Another idea is doing a giveaway (25 days of christmas), offer gift wrapping, just let your business stand out, don’t do nothing this season.

Closing out 2019 strong:

You may think motivation is like a lightswitch, but it truly is not, the more doubt you have about your goals and cluttered thoughts you have in your vision of the future the harder it is to be motivated.

Motivation is simply looking into the future, liking what you see, and knowing without a shadow of a doubt you can get it.

Imagine you are in a room, and just outside of the room, you see $10 million dollars on the other side, the only work you need to do is open the door.

Don’t wait until the new year, start now, start clearing any clutter or doubt, make a strong game plan, and start trying to open that door.

Confidence is super important to success. It doesn’t matter if you only made $100 this year, you can do this!

Try to avoid getting too stuck on the small things that happen, you need to be strong and able to focus on the larger issues that come up.

I am lucky and have a great support system, my husband, for my business but even if you don’t, this podcast can serve as your support system that’s why we are making these, for you.

You can always reflect on the past to know how to move forward. Write down what went well during black friday, and what you would change. Then you can work on setting goals.

Goal setting

On the first or the last of the month, we discuss previous goals, financial goals, and any other goals we want to achieve.

Figure out your overall mission statement for the month, you can include your personal goals, (have a good month, while also focusing on my own health.)

The whole business is you, consequences come back to you, decisions come back to you. So make sure you set goals that will help you take care of you.

Then after you have some goals, start thinking of steps to take to reach those goals, create an action plan, set bigger numbers that you think you can achieve, to push you farther.

It’s okay if you don’t reach those numbers, but do as much as possible.

Feel great about the progress you made each month, and recognize you went farther than if you had smaller goals.

Shift your mindset into bigger goals and get as far as possible.

Invest yourself more, by staying up later or waking up earlier to work on your goals.

Set up a schedule, and if you miss a day make up for it, and do as much as possible. It is important to work hard to reach the success that you want, everyday.

 

What kind of goals should I set to close out the year?

• If you are still new to having a business you can focus on things like
• Having your first few sales,
• Setting up marketing,
• Planning to get the money to start the business, you are more than likely going to need a job (or 2) while your business is just starting.
• Don’t skip meals or live at other peoples houses to avoid working. Just make sure to work hard, in every step, even before your own business is set up. It is great to recognize where you are at, and make a realistic plan. Don’t be afraid of having a seperate job temporarily..
• If you feel totally lost, you can get a business consultation (which I offer)! Make sure you are in the right mindset, maybe another goal can be to work on your mindset. You need to not think like an employee anymore, but a CEO and mentally prepare yourself for hard work.