Freakoutonomics

Freakoutonomics in New York Magazine.

This is it, the article that really got me going, made me reassess what I was doing as a small business owner, and ultimately lead me here to starting a blog. I won't deny, I'd been ignoring the news pretty much since the election, just unable to stomach all the bad news and the copious amounts of data being churned out. This article seemed both easy to digest and insightful; I've read over it several times now. Retailers of all types will enjoy the pearls of wisdom embedded in this New York centric piece, but rest assured, the lessons are universal and worth incorporating into your own business.

THE HIGHLIGHTS:
-Carry lower priced gift items (soaps, jewelry, books*) that have high profit margins while still continuing to pursue higher price point items. Seems weird at first thought...higher prices in a down market? But! How can you ever make your same sales figures selling less? You can't. I know I'm continuing to find high priced, quality items for my customers while seeking out these quick pick up gift items.

- Reinvent yourself or at least be willing to change. Be flexible if somethings not working.

- Have a plan. Have a plan. Have a plan.
got it? More on this later...

- Stay positive! Retail is an experience and no one wants to see a sad shopkeeper. People use shopping as an escape, stay upbeat, happy, and smile. Even when things are rough, customers are looking to you for a positive experience in their day.

*{ET says: Books always scare me. They're often pre-priced, thus limiting the markup and cost a TON to ship. In addition, the store's copies, which are much needed for quality flip-through-before-buying-time always go to shit and need to be written off or sold at a discount, buyer beware}