How can I make my business simpler?
In the middle of all the excitement of gaining more traffic and generating revenue, my business has swayed away from what I really wanted to do. Which is to design and sell one of a kind jewelry. Now my business has expanded to other apparel items that I'm not as interested in. Can I make my business simpler like when I first started without losing the traction I've gained through expansion?
Shrink down what you don't want to do. Keep focus and passionate in what you would - offer and transmit that quality.
Hi Kate, Congratulations on your business expansion. I applaud your resolve to get back to your core. You can do this by pivoting your business back to bespoke jewelry (custom designed).
Before you do this I suggest you analyze your business to see if you can sustain it by focusing on this type of jewelry. Do you currently have a big enough base of this type of customer and can you attract more clients in this segment? While you are building this up, I would keep the other apparel for now and transition over.
Another question to ask yourself is "does this other apparel help me get the bespoke jewelry business?". If the answer is 'yes' then you need to retain it until you have enough customers for your designer jewelry.
Congratulations on your growth! Based on what you have shared, I would suggest for you to further define what it means to you to develop "one of a kind jewelry?" Is it the quality of the material and gems you use; or the rareness of the gems and jewels; or is it the creativeness in the design to which you only make a certain amount, which may increase the value? Once you answer and figure out the simple reason why you started your business, then you can analyze if and how you can use that same approach to make your apparel products unique. Or if you may need to offer apparel lesser throughout the year and focus on making jewelry most of the year. For more information, please feel free to contact me to further discuss.
Well, Kate it is a time when your business getting exposures, You are getting clients which seems to be inter related with jewelry. You should hire few people to take care of your second business.
We started off the same way: beginning to design jewellery which was time consuming. So we began to sell some interior design items and with that the business completely changed.
We've tried to stay close to ourselves with what we were selling which resulted in more exclusive design from a certain area or even local producers, instead of mainstream. Not being busy with items we're not interested in, gives more energy. We paused making jewellery, but work on things we like. I believe it's all about making the choice that feels good.
Good luck, and if you would like to take a look, here we are: www.northseadesign.nl
First analyze the orders to determine if cross-selling is a significant factor. If not, I'd create two websites (this should not be a major technical undertaking).
Monitor profitability for each segment (jewelry - to see if you can make a go on this alone) and (apparel - for sale of business segment, easy if profitable)
It depends on what the demand is. You could make your business simpler and lose business because you are no longer providing what people are looking for. I'd say look at your sales numbers to determine what is selling. I'd be happy to help you look at that if you like. Send me a PM and we can chat further.
Grow your team and train then wisely. Create a business model and do not stray from it.
We should not simplify matter, but we must handle complex issue as simple as possible. Your question seems like more towards "how to keep me on track while expanding business" than "how can I make my business simpler".
i would like to stress this "it is ideal to run business as per intended, but sometimes we need to adjust our business to face reality". This is always a first check for me.
Yes, than the question will be "is this what I want?", a test on my passion
Look from the logic view point, will your business still viable when you simplify your business ...do remember simple business not equal to lesser product lines.
A good reality check will give you a quick tip whether adjusting your business is logical or not
Put down in your head and write down in concrete exactly 'WHY' you're in business. You seem to know your mission, so that is clear. If you really don't want to make money from aspects you are not interested in, either pay some-one else to manage those apparel products or eliminate those entirely from your offering and business model.
Kate, few people have your 'problem' so all power to You for having it! Even more importantly is that You know where your passion lies and You want to be true to it. Thats another well-deserved kudos to You. Great Question also.
Here are my suggestions:
1 ). Stay true to your passion as You want to but 'partner' with someone who is equally passionate about the 'other apparel items'.
In that way You do not suffer any losses of market segment nor of clients.
But, to have the right person consider what an ideal 'partner relationship' looks like. Then seek out the right person. Also that person would have to have some history of success and some skin in the game. They cannot come in empty-handed they would have to have a client list, experience, designs etc or something of equal value.
For clarification sake: NB- When I refer to "partner' I Am not suggesting a co-owner per se, or even the 'traditional' type JV but more like an Internet type joint-venture partner.
For example You bring your apparel and I bring my marketing know how and when the items sell, You get what we agree on and I get what we agree on. etc
2). Of course rather than an Internet JV partner , You can always hire a manger for that area of business but that is out-of-pocket money.
3). Sell off the items and find a way to keep your client's list interested
Hope these three suggestions helped,
I Am Wishing You Well,
It will be cool to know what You decide. Can You give/ post an update when You have decided? That will be awesome! Thanks
I think you just have to accept the change, you are succeeding with new aspects of your venture, explore them a bit more while making greater plans for what you feel vocationally attracted to, don't try and close the circle prematurely. Try to enjoy the process as I am sure it will be transitional to a great extent.
Hope this helps
Build segments and not categories. All of the earrings and not the different styles. Narrow your supplier list which should get you better prices. Give yourself a cushion in commitments so you don't jam up the quality. Simple is easy to get to if you drop other areas. You have to be choosy.
Kate, some would say yours is a great problem to have. Personally, I applaud your desire to do what you set out to do even if it has expanded beyond your expectations. A few questions come to mind, more than I can address here but two big ones: 1) How did your business expand in the way it did? Was it an active effort on your part? 2) How does the traction of your expansion (away from your intended goal) impact the core business- the unique jewelry you create? Are they truly interwoven or is ti that they are synergistic?
I'm happy to talk off-line if you like. There are many more thoughts going through my head but frankly I speak better than write :-)