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Boost Your Boutique with Emily Benson

Boutique Advice, Life Coaching, Business Tips

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Boost Your Boutique with Emily Benson
35 MINJAN 9
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What I learned during the launch about my tribe’s money mindset is the following:1. Many boutique owners don’t save money. Zero wiggle room for mistakes or capital investments.2. Lots of boutique owners are overbuying inventory. By a lot.3. Boutique owners who have hit $15-20k revenue months go two ways… they are either living on the edge or ready to go for $1M years.4. 55% (or 2.5-2.75x) margin is where so many boutique owner’s margins still land. Over the next couple of weeks of emails and podcasts, we REALLY have to talk about this guys. Your anxiety about money is simply coming from a lack of awareness and the steps to take after you know what’s going on.So let’s start this week with Assignment #1 | PART ONE: Become Aware of Your Money Situation.Step 1: Sign into your business bank account. Record how much is in there.Step 2: Look at your payment system or register. How much money did you make last week? How much money is hitting your bank account in the next 3 days. Record these numbers on the same page as the step 1 number.Step 3: How much inventory do you own at wholesale cost? Record it.Step 4: How much inventory at wholesale cost is on order, meaning it’s set to be delivered to you in the next week- six months?Assignment #1 | PART TWO: Listen to the Boost Your Boutique Podcast this Wednesday In this week’s episode, I’ll be going through these numbers, why they are important and what you need to be doing with them. (Hint: You need to be doing this once a week, Monday’s a good day to do it since the “retail week” is technically Sunday through Saturday.)How to Calculate Stock to Sales Rate:(How Many Inventory Units You Own) Divided By (How Much Inventory You Sold Last Week or Month}