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We all want to
make more money! Not that we are greedy, we just don't like
being behind in our bills! When we have more money we can
tithe more and be able to better market our store so that we
can in turn reach more customers. But what do you do
when it doesn't seem that you have the extra money it takes
to "make more?" Glad you asked!
Here are some
suggestions to make more money that don't take a lot of
money to begin. These suggestions are in no particular
order.
Sell Used
CDs/Books
– Have customers bring in stacks of their
books and CDs that they no longer want. They sell these back
to you for store credit. Age, popularity, and condition of
the item are all factors in the price you give them. By
giving store credit, you are effectively giving 40% less
because the product that they use credit on is sold at
retail but you only paid wholesale. Buy it in cheap and
resell it cheap for high turns.
Create a Tween Section
– Product for ages 8-12 should all be kept together, yet
separated from the children’s section. Bible e-zines, Jump 5
CD’s, NLT youth bibles and products such as these can fill
out this section quickly. Also be sure to decorate this area
appropriately.
Promote
Imprinting of Bibles, Journals, etc. – Put up signs
around the store telling customers that you offer this
service. Ask everyone that purchases a Bible if they want it
imprinted. This can be a quick moneymaker charging anywhere
from $2 - $10 depending on the item and whether or not they
bought it at your store (Charge more if not). Do a practice
imprint on a bookmark with your store’s name and information
on the reverse side.
Create a
College/Twenty-something Section – Separate product
into a different area for college aged customers. Modern
worship music, relevant magazine, and books such as Blue
Like Jazz can be used here. This may quickly become a very
popular section in your store if you can keep these
customers coming back. They may be your future best
customers.
Offer Gift Wrap – Whether free or for a small fee ($1
- $4), this is just done as a service to the customer. Offer
many paper and color selections and promote this to anyone
who is obviously buying something as a gift. Put up
shelftalkers as gentle reminders that you offer this
service. Also, if someone is buying a gift, be sure that
they haven’t forgotten a greeting card.
Increase Margins On Gift Products – Since many items
come in at less than a 50% discount, and you have to sale
price them on top of that to keep up with competition, other
items may have to be increased to make up for that loss. An
easy area in which this can take place is specialty gift
items. Wall art, collectibles, frames, novelties, etc. can
all be increased to compensate for other items of a short
discount. Many stores multiply the wholesale price by 2.5 or
3.0, but certain items can be multiplied by an even higher
rate. You still have to be competitive and you don’t want to
rip off your customers, but there aren’t set retail prices
like there are in books and music. You would have to decide
what your market is willing to pay.
Create a Coffee Shop Area In Your Store – Some of the
biggest stores around have incorporated café areas both as
ways to make more money and as a way to create a certain
atmosphere within their store. This can add to the appeal
for a customer to return, but you do have to be aware of
potential spills and stains.
Create Your Own Gift Baskets – This is an easy way to
get rid of product that isn’t moving or just to make some
extra money. Package like things together or make theme
baskets. Another thought is for holidays or certain customer
types (like a women’s product basket). Make sure that the
package price is less than the sum of all of the items.
Have a Home School Section And Hire an Expert - Home
education is a growing trend throughout the US as public
school standards continue to decline. Make your store the
place to go for parents to get curriculum and help. Find a
highly experienced home school parent and have them come in
from time to time to give advice to those who may be
struggling or just starting out. Put together workshops for
perspective home schoolers or just to talk about a specific
product.
Carry Christian Scrapbook Items - This is a growing
market that every CBA store should get into to one degree or
another. Many of the CBA vendors are carrying scrapbook
items, so it is easy to get these with Christian themes. If
there is a big concentration of scrapbookers in your area,
they need an alternative to the craft stores and mega stores
that they get their materials from now. There is enough
product out there to make a big splash and the customers are
loyal to this product. Word of mouth will travel fast once
you begin to offer these items. |
