The Resilient Retail Game Plan

If you want to sell more as a creative product business you need to be as passionate as I am about those products at the centre of your business - why else start a business if you’re not going to create fantastic products?I always say “The best sales strategy is a great product strategy” and this involves a number of approaches - from the way you interact and relate to your customer base to revising, refining, and renewing your product lines. So, join me in this episode of The Resilient Retail Game Plan as I outline the tools and methods that will help you to find your niche and to steadily grow your business through the strategic management and ongoing evolution of your own fantastic products. Businesses mentioned in this episode:Bibblyboo bibs https://www.bibbilyboo.co.uk/Vintage Sister https://vintagesister.co.uk/

Profit margins are like the foundations of your business so it’s very important you pay close attention to them and that you’re fully aware of how much money you’re making every time you make a sale. In this episode, I go over how to breakdown your costs and how to use those figures to become a more profitable and resilient retailer. We’ll cover the simple calculations (which I've included below) that’ll give you a clearer picture of how your business is operating and discuss the importance of questioning and challenging yourself to make your products more profitable without harming the essential essence of your offering. I also cover blindspots and common mistakes that business both big and small make which hurt product profitability, the importance of valuing your time in regards to scalability and discuss how harnessing opportunities created through shipping and sales channels can help you keep more of your hard-earned money. Profit Margin Calculations: Calculating a profit margin - non-VAT registered business (Selling price - product costs)/Selling price Product sells for £20, costs £8 to make, profit margin (£20-£8)/£20 = 12/20 x 100 = 60% Calculating a profit margin - non-VAT registered business ((Selling price/1.2) - product costs)/(Selling price/1.2) Product sells for £60, costs £18 to make, profit margin ((£60/1.2)-£18)/(£60/1.2) = (£50-£18)/£50 = 32/50x 100 = 64%

Retail isn’t in trouble, boring retail is in trouble. Witnessing the collapse of behemoths like Debenhams can certainly knock your confidence, but don’t be deterred. The challenges we’re seeing facing legacy retailers today are a result of decades of change and are part of a new cycle for the industry. In this episode of The Resilient Retail Plan, we’ll take a look at the birth of the big chains in the 1950’s through to today where artificial intelligence, big data, algorithms, last mile tech, and augmented and virtual reality are all part of a toolset that big retail are trying to use to survive in a world where personalised shopping and experiential retail are leading the charge in customer engagement - and how you too can leverage those tools, using your own unique voice and personal touch to stand out in the marketplace.

So, why am I here and why am I talking to you about the retail industry? Well, first - a little background. After graduating from Warwick University with a degree in International business back in 2000 I was trying to figure out what I wanted to do. After numerous, uninteresting interviews with consulting firms, and from previous experience on the shop floor, I knew I wasn’t cut out for a career in retail management. I instead found my home in Merchandising. Numerically and creatively-led, in working with products and creating long term strategies I was afforded the opportunities to work in the states, handling 400 million dollar budgets for Talbots; from 2008 I worked on the UK high street with the Austin Reed Group and Coast; and in 2015 landed my dream job of running stationary at Paperchase (because who doesn’t love stationery?) However, after 17 years, a decade of which I’d been a full-time mother, juggling the stresses of supporting a struggling industry with the demands of family life, I made the difficult but exciting decision to step back, let go and start my own business. It was at this point that I began researching why the retail industry was indeed struggling. From identifying the effects of the 2008 financial crisis on consumers to studying changes in technology I came to understand that my expertise and experience in merchandising uniquely positioned me to assist clients in an ever-changing world. And that’s why I’m here - to share my insights with you! Whether you’re operating out of an office, on Etsy, Facebook Marketplace, Instagram or at a market stall you are an important and growing part of the retail industry and I want to help you to not only make money, to trade profitably, control stock and to price correctly - but to plan and strategise for the future and become a resilient retail business!

Welcome to the Resilient Retail Game Plan.A podcast for anyone wanting to start, grow or scale a profitable creative product business with me, Catherine Erdly.The Resilient Retail Game Plan is a podcast dedicated to one thing - breaking down the concepts and tools I’ve gathered from twenty years in the retail industry and showing you how you can use them in your business.This is the real nuts and bolts of running a successful product business, broken down in an easy, accessible way.This is not a podcast about learning how to make your business look good, it’s the tools and techniques that will make you and your business feel good.Confidently plan, launch and manage your products, and feel in control of your sales numbers and cash flow to help you build a resilient retail business.