On this week's episode, Emily talks about the trends that you should worry about and the ones you should probably skip out on! 

1. Knockoffs and using other brands logos, patterns and names. Stay out of legal trouble and avoid copyright infringement by avoiding buying these items. 

2. Growing through too many giveaways. It diminishes your brand and can also attract an "un-ideal" customer.

3. Overbuying and thinking you need new arrivals ALL THE TIME. The truth is you don't - you need new arrivals in accordance with how you're selling. 

Make sure that you rate and leave a review on the podcast so that you can help Emily reach more boutique owners!

Episodes about: cash flow, inventory management:
Episode 13 - Hidden Ways You're Losing Money in Your Boutique Business
Episode 207 - Pay Yo' Self Series
Episode 209 - Your FAQs about Boutique Operations
Episode 306 - Boutique Money & Sales Analysis Fundamentals

403: Boutique Industry Trends To Worry About

Looking to start or grow your boutique business? Tune in to Emily Benson's podcast! With 18 years of retail experience and a no-nonsense teaching style, Emily shares strategies and interviews experts to help you succeed. Whether you have a brick-and-mortar, online, pop-up, or mobile boutique, this podcast provides valuable insights to boost your business. From owning a mobile boutique called The Fashion Truck to being Associate Merchant for Girls' Accessories at Abercrombie & Fitch, Emily has turned her success into your success. Don't miss out on the secrets, tips, and best practices to grow a 7 or 8 figure boutique business.

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If you’ve ever struggled with how to manage your boutique business finances or wondered why Profit First doesn’t work for your business, then you’ll want to watch the entire video to learn my secret strategies to make Profit First by Mike Michalowicz work for your product selling business. If you want to become a successful boutique owner, then you need to learn accounting basics for boutiques. There are certain boutique business finance tips that you need in order to make a profit from your boutique and grow your boutique business.  You'll hear about:Challenges for boutique and retail businessesInventory managementThe Profit First systemMaking a profit in boutique and retail businesses
... and much more!  If you want to make more profit from your boutique or retail business, sign up for Profit Power Tools here: https://www.boutiquetrainingacademy.com/power-tools  
 Say hi on social: Instagram: https://www.instagram.com/stylishandsuccessful/  Facebook: https://www.facebook.com/stylishandsuccessful  Join the Facebook Group: https://www.emilyfbgroup.com  Website: https://www.boutiquetrainingacademy.com  Subscribe to my YouTube Channel: https://www.youtube.com/@Emilyboutique?sub_confirmation=1 
 Questions? Email me at hello@boutiquetrainingacademy.com Mentioned in this episode: Join Profit Power Tools today!  Join Profit Power Tools today! Profit Power Tools

Why Profit First DOESN’T WORK For Boutique Businesses

Are you ready to make this Black Friday your most successful yet? This episode will help you to prepare for Black Friday as a product-seller or retail business owner.  We are half way to Black Friday! That’s right, at the time this episode is published we are only 6 months away from this pivotal time of year for product-sellers, and while it might feel a bit early to be thinking about Black Friday, as a retail business owner, product seller, or boutique business owner, the time to start preparing for fall inventory and promotions is NOW!  Black Friday is a great time of year to gain new customers, build brand loyalty, and make some money. Learn how early planning can maximize your sales and give you a competitive edge. I have some really great success strategies for small retail business owners in this episode.  Check out my Black Friday Masterclass! Want to make more profits year over year in your product-selling business?

How to Prepare for Black Friday as a Retail Business Owner NOW: Half Way To Black Friday!

Do you want to make more profit from your products in 2024? I’m breaking down three secret ways to discover profitable products in 2024, tailored for boutique owners, wholesalers, and retailers.  ➡️ Get all the details and sign up for Profit Power Tools here If you’re a product seller who has had your business for a number of years and are doing well, but you want to generate enough profit to quit your 9-5 or hire someone, and get back to being calm and creative in your growing business - this episode is for you! I’ve had clients come to me worried they have to close down their business because they are so in debt and can’t see a way out. But within just 12 months, I’ve helped them get out of the debt and put cash in their bank account.  I’ve helped product sellers make 7% more profit year over year, or as much as $88,000 more profit in 8 months without using ads or relying on more sales. I’m going to walk you through some of those changes in this podcast episode.  ➡️ Ready to increase your profits in 2024 and beyond? Get all the details and sign up for Profit Power Tools here Mentioned in this episode: Join Profit Power Tools today!  Join Profit Power Tools today! Profit Power Tools

3 Secret Ways To Find Profitable Products In 2024

Your Boutique Can Be Profitable: Everything You Need to Know About Profit Power Tools Big news! Today, I'm sharing my excitement about my new Profit Power Tools program and its why it's a game changing program for boutique owners, wholesalers and independent retailers.  ➡️ Get all the details and add your name to the waitlist here! • Introduction to Profit Power Tools program: Are you a product business that makes sales but is struggling to become profitable? Profit Power Tools is the solution to help businesses understand their financial data and make strategic decisions to improve profitability.  • I share my own experience honing my financial capabilities and the impact of generational attitudes towards women and money. I highlight the significance of financial literacy for women and the different challenges they may face in managing finances. • I provide a detailed overview of the launch plan for the upcoming program, with the opening and closing dates, the live teaching schedule, and the availability of waitlist bonuses. ➡️ Get all the details and add your name to the waitlist here! Mentioned in this episode: Join Profit Power Tools today!  Join Profit Power Tools today! Profit Power Tools

Your Boutique Can Be Profitable: Sharing Profit Power Tools

11:45.1 We did what we wanted.  We did it pretty professionally and we did it with like a level of class and style where people took us seriously. 11:58.2 We had access to these amazing creative tools, professors who really pushed us, who gave us Tons of access and free time to play and explore with our art. And like our minds were just so rich. And I think you and I, and our whole friend group, we were all just like reveling in this. 18:36.7 I need to get in to see a client. I need to convince them that what I have to offer is a value. I need to find out how to make it a value to them because Sometimes they're not advertising in with my brands or sometimes they don't believe in the types of things I'm talking about. 18:52.4 So it's a process of getting in, building awareness, making sure they understand what I'm offering, and then trying to find those fits, you know, trying to find that right fit for my clients are all for it.
21:51.0 One of the reasons I want to have you on is because you and I are the type of people were just like, we have this idea and we're going to go for it and we're going to put the blinders on. We're not going to ask for permission. In fact, like we didn't even think that we needed to ask for permission, let alone even like, you know, skip that part. It was just like, no, we're going to do this and we're going to do this.
28:00.4 follow that gut, follow your intuition, follow your thought, follow your, you know, and there's so much of that that like, that's where the magic comes out of.
31:17.6 There's so much heaviness, I think that women are still carrying and processing just from that,  that you need good girlfriends, sisterhood. You need that so bad to be able to function, to be able to function and come out of this with any kind of head on your shoulders to get through any sort of day to day functionality.
33:29.9 Owning those choices, you know, as a woman and being informed and being involved in guiding those choices gives you so much agency and so much more freedom than I think it allows. It also allows me as a business woman to operate with a lot more levity. 
34:31.0 Our dynamics and the systemic structures that have been built are not really afforded the luxuries to women that may have been afforded to men in the past when they were the breadwinner, right? 
35:12.5 Because you are commission based in your ad sales, right? So very, very similar to a boutique in that you kind of never know what's coming, but you kind of do, but like one day you're making a ton the next day you're like, Darn that deal fell through. Very dry seasons. And then there's like Q4, which is bananas, right? Which is very similar to how retail works, right? 
36.24.7 there's so many things right that'll pull you off track so many little stressors so many flare ups, whether it's a, you know, client you didn't close or it's a sale you see walk out the door, you know,  It can be, it can be really demoralizing.
37:18.0 Go back to your toolkit and what works for you instead of going down the, let me beat myself up over what a loser I am because that sale didn't close.
38:30.2 If you can master a rebound, you can master the game. And that's what it's all about is not letting that little ops offset
40:35.0 The reality of us sitting here is we are very powerful women. We have created a lot of wonderful things in our life. What's to say that cannot continue.
43:25.6 Iowa didn't win because Caitlin Clark was the Michael Jordan of that team. Michael Jordan had to learn. He needed Scotty Pippen. He needed Dennis Rosman. And like South Carolina was a whole team. It was a whole support team.  And like, I think from a, from a business perspective, you have a boutique, you have a retail shop who around you is.
44:30.2 But three twigs together are much harder to break, much harder to break  together. You need those, you need that reinforcement. You need that reinforcement because you on your own. You can only do so much. So you've got, get some, get some reinforcement around you. Some people who are going to back you up, you know, when you're having those, when you're having that slip, you know, you need a friend who's going to pull you back up.
50:48.7 I think as a consumer,  you're someone who we should be talking to about what you think is working or what you're noticing or how you're
51:23.6 We all know social media is where people are spending their time and where people are really making a ton of shopping decisions. So, I would say, like, focus on social, but the thing that's working against brands on social right now is you don't know who you're talking to as much
52:01.9 The same people you were talking to before, you're kind of talking to a wider net of more unknowns, which makes it harder, makes it harder for you as a marketer, because you don't have that same, you don't know exactly who you're talking to anymore. 
52:24.4 You as an advertiser, you got to think more bound to read less.
53:43.3 What is so distinctive about your brand that I have to come to you to get it?
55:19.4 Listen, there's a big millennial consumer right now, right? Like millennials are pushed in a lot of ways. We have like no money, but we have all the money. 
56:34.4 I love perusing a beautiful retail store. Love that's the thing is I think that we have to also and I think like Other people our age have kind of been talking about this because we are all having kids a little later and we're a little you know, and we are busy and all this stuff, but I do really feel like if a space is inclusive for my child, I am way more likely to go there.
58:21.5 I'm very into sustainability. And so I love when retailers are like, bring back your clothes for us to recycle or target does a car seat recycling event that I love. Cause that is a problem. Like solve a problem for me. It's hard to recycle a car seat.
1:00.35.8 Well, and I think that smaller retailers need to think about that. I mean, like all of these things, it's, it's really easy. Value that purpose. The big guys are going to take us out.
1:00.12.2 So the way they're doing that is by looking for these big breakthrough moments. A big trend right now is collabs. 
1:08.49.4 You got to create that distinctive look, the distinctive voice. And so that When someone says your, says your brand name, it just pops right in.
1:11:34.2 Like I have to have it. I don't even care what the price is. That's what you want in your store. That's what you want in your store. You know, there are things I don't even look at the price.
1:15:02.6 I think when you're excited, when you're up on all this stuff, and when you,  when you really do have that unwavering confidence to just go for what you want.

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Resources: Visit Boutique Training Academy  - If you want to make more money in your boutique or retail business you're in the right place. We'll guide you step by step in your journey through Boutiqueland. 

403: Boutique Industry Trends To Worry About

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