Are you frustrated because your cash flow and sales are low during the summer months? Does a slump in sales make you feel down on your luck and unmotivated to move forward in your business?
My first year in business and I had no idea about sales cycles and buying patterns. July came around and I started to panic because no one was picking up the phone to make appointments and the few orders I DID have were pushed back until September!
I remember being really down on myself that year thinking: “What had I done! I quit my job, I need income coming in and no one is buying!”
Until I realized that this was totally normal and not unusual for most jewelry designers. Over the 11 years I had a wholesale business, July was typically my slowest month every single year. So I planned and prepared.
It's no mystery that you July can historically be a really slow month for sales in the Jewelry Industry. The seasons are changing, retail stores are clearing out old inventory, and direct clients are on vacation. You might feel like you have 99 problems and getting sales is one.
Don’t stress! There is a solution..
Let’s chat about the 4 problems jewelry designers face during the dog days of summer plus solutions to counteract these problems.
1. Low Cash Flow
If the dog days of summer are slow for you, you may be a little stressed about your cash flow or lack thereof. Right now is the perfect time to think outside the box to generate cash flow. It’s a fantastic time to get rid of excess inventory, and here are a few ways to do it:
Have a sale on your website
Mark down excess inventory as much as possible and make private appointments with clients. (True Story: I used to carry around a plastic ziplock bag with me when I saw my friends to show them extra stuff I had on hand. I would also send this “Bag” to work with my friends so they could sell to their co-workers.)
Host a Facebook Sale by creating a private group and inviting people
Post daily specials on Instagram
Send out pick boxes to clients who love your work or stores who sell your line well. Give them a discount or extra incentive to purchase.
Refine your scrap metal for cash
Destash and sell extra raw materials that you no longer want or use
Be creative and think outside the box to get cash flowing in.
2. Low energy = Loss of Momentum
I don't know about you, but heat really affects me and slows me down. So when there's not a lot of energy running through my biz, it’s a double whammy if you live in a place where July is summer. Naturally, we want to slow down when the energy is not there. So it’s important to keep excitement and energy up!
Here are a few tips to counteract the low-energy blues:
Make sure that you're doing self-care daily practices.
Use this time to reevaluate, check with your numbers and PLAN for the next 6 months.
Continue to work on sales every week (even if nothing is happening-momentum builds)
Use this time wisely for PR outreach. Holiday PR placements are happening starting NOW 3-6 months before issues hit the newsstands.
3. Wasting Your Time
As I mentioned above, right now is the perfect time to be preparing for the Holiday Season. One of the problems that Designers often face is not using this time wisely. Now you have a great opportunity to catch up on the things that you didn't have time to do during busy months.
Here are a few ideas on how to use your time wisely:
Finish Fall Collections
Have Pieces Photographed
Complete your catalog, line sheet or lookbook.
Map out your Holiday goals and Marketing Strategy
(Plus everything else mentioned in this article)
4. Needing to Recharge
One of the awesome things about summer is that it is time for vacation. Make sure that you're taking ample time off so that you can take care of yourself and be prepared for the busy Holiday months ahead.
Even though it may feel like these problems are hard to overcome, it starts by taking one step at a time.
In the comments below, tell us the following:
1. What are you doing right now to combat a slump in energy, revenue or time management?
2. What are you doing to recharge (or where are you going on vacation)?
If you haven’t checked it out yet, we’ve set up a great totally FREE program to Ramp Up Your Holiday Sales! Most jewelry designers make the majority of their income in the last four months of the year, or the Holiday Season, and if you’re reading this you’d probably like to ramp those sales up! Designers who start preparing for the Holiday Season now are so much more likely to attract their DREAM clients and raving fans. Click here to check it out!
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