720: Expanding Your Boutique's Initial Assortment

1:14.6: We're talking about growing our assortment today. And to me, that's a really important topic because I've seen so many people do it incorrectly. They end up with lots of inventory sitting in a back room or sitting in a warehouse or in a storage unit or whatever. 1:47.2: If you're in a spot where you're like, I'm making all these mistakes that I'm like, talk about great. You see your mistakes. You can fix it. 

3:59.3: What it really is, is money being spent that shouldn't be spent there. That's the problem.

4:07.5: The wrong way to add more inventory to your assortment is to willy nilly expand in sort of breadth of like, I'm going to carry more different stuff. That's wrong. 

6:00.8: So there's sometimes where it is just a bad product, a bad product idea, a bad concept. Move on. move on to the next. Be like, I made a mistake. 

6:24.5: The best way to grow your inventory and your assortment is to double down on what's working.

6:57.9: How can I also entice the person who already bought it to buy it in this new version that I'm going to bring in? That's what I call the sister-cousin effect, okay? It's not the original. It's not you. But it's your sister. It's your cousin. They sound like you.

7:30.1: We are going to get on a path where we start to invest more in our top five categories, our top ten categories. Our top category, period. 

8:42.5: You don't have to be perfect in your guesses, but you have to be perfect in your reorders, your restocks, your sister-cousin buys.

9:20.4: The minute you start selling is the minute you start understanding what will sell in the future. 

10:54.2: Whether you have a big store, whether you have a small store, your best bet for growing, scaling, and investing in your product assortment is always going to be to support your top five categories. 

12:58.8: Don't buy or run a sale to fix a sales problem.

14:49.2: So regardless of where you're at, you're going to have to grow your assortment, whether that's from a small amount to a bigger amount or a big amount to a bigger amount, you're always going to be growing your assortment, growing your inventory. 

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.