Tips To Make Your Small Boutique Business Succesful In A Down Economy

Running a small business can be a scary prospect, especially in down markets, but it doesn't have to be. It is actually a great time to have a small business if you are smart in how you go about it. At Simply Trendy Jewelry, we have experienced the highs and lows, and come out smarter in the long run. Here are a few tips that we have learned on how to be succesful, especially in a recession.

Tip #1: Know your market and who your customers are. It is very important to know what your customers are buying and what they are not. If you have items that aren't selling it is important to liquidate them and put the money back into products that are popular. It is great to have a large selection of product, but if nobody is buying them, you are not making any money.

Tip #2: Start small. Order small quantities of items to start and see how they sell. Instead of ordering 10 of a new item, order 2 or 3 so you aren't left with a large amount of unsold stock. Once you know an item is "hot" you can increase your order.

Tip #3: Customer Service, Customer Service, Customer Service. We could go on and repeat it 10 more times, that is how imporant it is for your small business. What makes a business, especially a small boutique business succeed in this market is your relationship with your customer. Answer questions immediately, respond to emails, answer the phone etc... It is important to get out of the mold of "we have the cheapest items" to "we have the best customer service". People want to feel connected and important. When you think about it, it should really be a given to provide good customer service, yet we have all been on the phone or in a store with a salesperson who was rude or innatentive.

Tip #4: There are many different types of boutique businesses. If you are hesitant to make a large investment up front, why not start an ebay business or sell your products at home parties. These are a great way to get your feet wet, so to speak and don't require a large investment up front.

Tip #5: If you ship your items, then offer free shipping or charge a small reasonable fee. People are much more likely to buy when they see free shipping. Many customers are turned off when they get to the checkout and see that there is a large $ amount added for shipping. People would rather pay slightly more for the product and have no charge for shipping.

Tip #6: If you are not shipping your items, presentation is important and doesn't have to be costly. Use pretty organza bags or use boxes with an added embellishment such as a bow or even better, offer to gift wrap. When you present your products in a professional way you make a great impression on your customers.

As with anything in life, it is often the little extra things you do that make all the difference. While it is true that people are spending less and are looking for better value, it is still possible to make money in this economy and be very successful.