If you want to maximize the potential profit of your in-studio boutique, bundling is a great place to start.
What is Bundling?
Bundling is when you join two or more items to form a “kit” or a package of some sort. For instance, making a hair kit with nets, elastics, and bobby pins is an example of bundling.
Why use it?
When you bundle products into a kit, it does a few things. First, it makes shopping easier for the customer since all of the products they need are in one spot. Second, it helps you sell more. If a customer is only thinking about buying hair nets, but sees a kit with hair nets in it, it may remind them that they also need to get bobby pins etc. This means they fulfill more needs than they expected when they came in, and usually results in a happier customer.
Discount Dance Products
As a boutique owner, choosing to buy from the 30% or 40% discount items is a way you could be making more profit. First of all, it saves you money when purchasing, but also allows you to have a higher profit margin if you decide to keep the retail price similar. Buying in Bulk Placing orders less frequently with a higher amount of product saves you money in the long run. Buying in bulk lets you save on shipping costs and reduces stress since you don’t have to think about as many orders.
Having set store hours can eliminate the need to pay a staff person to be there all the time. However, keep in mind that having your hours too limited may force parents to shop elsewhere.
Although it may seem counterintuitive, having sales and promotions can help bring in additional revenue to your boutique and turn a profit for you. If you notice that a certain item hasn't been selling, or if you want to make room for new products, offer a weekend or week-long discount to your clients. This will help to move dead stock, and will ensure your inventory levels are as low as you'd like them to be.