Each Tuesday I will be answering (briefly as this only an Instagram post) a few of the questions I was asked the week before.
Q1. How do I know if sales are good? How do you benchmark?
Have a good search into your industry and read lots of articles. You will be surprised what you’ll earn, as people like to use ‘sales’ as proof, of how well they’re doing. Another way, is to think what you’d like to earn and then double it! See what you have to do to make that end of year target. What sales? Now it might take you a few years to get here, but work backwards (year 5 to today). Once you get a number that isn’t fantasy, you have what you want to earn mthly. You’ll need to then take your costs and add them. You now roughly have an amount of money, that needs to be achieved through the sales of your products.
Q2. I need to raise £100K and I’m a small business, what’s the best way?
Well, you need to go to the people who believe in you and ask them to join you on this journey. The best way to do that, is ask your customers to now become part of the business. Allow them to cross over, into becoming your biggest advocates and investors. Not only do you raise money, but you also get a heap of free advertising/marketing – word of mouth. The strongest marketing, ever known. Google ‘Crowdfunding’ and start there.
Q3. I rarely get more than a few likes on each of my posts! Help!?
You need to ask yourself (and be really honest!): would you like your own post? Would this post be interesting to anyone aside from close family & friends? Is it stylish? Does the photography stand out? Is the copy interesting? Does your business have anything to talk about, outside of your product range? Social media is amazing, but you need to remember it can only amplify what’s actually there. As in, if there’s nothing past ‘skin deep’ , then social and gaining traction will be hard. People want to learn, be inspired, or have a smile brought to their face.