Many years ago, when I first started my promotional products business, industry education, training and mentors were in short supply. Everything I learned was the hard way, and frequently I had to fly by the seat of my pants. I made so little money the first year, I was ready to quit and go back to my low-paying teaching job. But eventually, through many mistakes and missteps, my business took off. In fact, it was doing so well that within a few years it made the 100 Fastest Growing Company list in my region.
What made the difference? Here are three things that turned my business around.
1. Don’t Go It Alone. I worked alone for the first year, but was so worn out I knew I needed to get help. My first assistant was a part time college student, she was so good, I asked her to stay on and become full time. It was hard to give up the money to pay for help, but ultimately I made more money by concentrating on what I do best (selling and building relationships) and had her do the things I disliked: bookkeeping, office organization and invoicing. These days there are a lot more alternatives for getting help in your promotional products business than when I started. You can hire an assistant, or you can affiliate with larger organization to take care of the back-end work, finance your orders and get you better pricing. Whatever you decide, don’t go it alone. Get help. It will make a world of difference in the success of your business.
2. Focus on Profitable Niche Markets. People like to do business with experts. Become an expert in a growing and profitable niche market that you’re attracting to or have a natural affinity with. For me, it was health care. I had been a health and human development major in college and there were loads of opportunities in my geographic region. Once I started to focus on health care and understand their challenges and provide solutions, my business really took off and I enjoyed my work more. Don’t make the mistake of thinking you can’t sell outside your niche market. You can, your niche is just where you’ll concentrate most of your efforts.
3. Have a Preferred Group of Suppliers. This is a business with thousands of suppliers and products, it’s impossible to learn them all. I’m a big believer in having a core group of 10-30 suppliers that you give the bulk of your business to. You’ll be more familiar with their product lines, you’ll frequently qualify for better pricing and you’ll build a relationship which is so important on those times when you need a special favor. One of the things I share in my FAST TRACK to Making Money in Promotional Products Sales program is my personal preferred supplier list. One thing to keep in mind, having a preferred supplier list does not mean you won’t deal with other suppliers. There are always new and exciting suppliers entering our market, this is just where you’ll concentrate the bulk of your business.
I would enjoy hearing from you. What things have you done, that have turned your promo business around and made it more profitable? Do you agree with these strategies? Please comment below.
Want help growing a highly profitable promotional products business? My mission is to help you sell smarter and make more money so that you can enjoy more fun and financial freedom in your promotional products business. Start by downloading my FREE Promo Biz Sales-Boost Kit at http://www.promobizcoach.com Contact me at [email protected] or 215-572-6766.
