5 Things I Would Do Differently If I Had to Do It All Over Again
Hindsight is always 20/20 isn't it? It's easy to see now, but at the beginning stages of your business, you just don't know what you don't know! If I was to go back in time and start my business over again, there are a few things I would have done differently. Here are the top 5 changes I would make if I was starting my business from scratch:
1. Post-Order Follow-Up with Retailers
This would be the very first change I would make. It is such a simple step that can make a world of difference. Nurturing the retailers who already purchased from me was such low hanging fruit that I didn't make the most of. I now know that maintaining a post-purchase connection not only nurtures relationships but also can lead to valuable feedback. This can be a simple email to connect with the retailer after a couple months have passed since placing their last order, letting the retailer know what's new since their last order, or perhaps sending the retailer a postcard in the mail to catch their attention.
2. Broadening Outreach Beyond Trade Shows
In the early days, my outreach efforts were almost exclusively tied to a tradeshow I participated in once a year called the National Stationery Show. For some reason, I felt like I could only reach out to new accounts during this particular time. The truth is, retailers are buying all year round, not just during show season. If I were to start again, I'd expand my outreach strategy. Regular communication through emails, social media, and also snail mail would be a big part of my strategy of approaching new retailers and introducing them to my brand.
3. Building a Newsletter List
Another missed opportunity was not creating a newsletter list early on. Looking back, establishing and nurturing a newsletter subscriber base would be a top priority. This curated list of retailers provides a direct line to interested buyers, where I would be able to share new releases, promotions, and valuable content and stay top of mind with retailers.
4. Use an Inventory Management System
My approach of "look on the shelf and guess at what I have in stock" wasn't cutting it. Especially once I started selling through multiple channels such as Shopify, Etsy, and sales reps, I was running out of product without realizing it and then would have to send emails to customers to let them know that the item they ordered was out of stock. Without any inventory tracking, I never knew for sure what my bestsellers were and had a hard time knowing how much product to restock without any real sales numbers to go off of. Although at the time I couldn't afford a full-fledged inventory system, I would have started by creating a google sheet to track my inventory and then updated the sheet once a week.
5. Documenting Systems
Lastly, I would have documented every process that I knew I would have to do again in the future. I always thought, oh, I will for sure remember how to do this (which rarely was the case), or even, I don't have time to write this all down right now. Having guides created that covers everything from how to package gift wrap to order fulfillment, to responding to common customer questions would have saved me so much time and headache! It is also wonderful to have these processes in place if you ever want to bring someone new onto your team.
Take it from me! Start implementing these initiatives early on in your wholesale business. By doing so, you will build a strong and sturdy foundation for your business, making it so much easier on yourself down the road as you continue to to grow in your wholesale journey.
