Want to know how to make a MILLION dollars from your dream retail store? Here are my top 3 tips on how I grew my store to make over 7 figures a year and be rated one of the top boutiques in Tampa Bay.
My first tip is to make sure you are located in a high-traffic location! If you are in a location that is in the middle of nowhere you are going to have a really hard time doing the number of sales it takes to make a million dollars in your store. The average store does eleven sales a day, which is less than one sale per hour. In my store, we average one sale every ten minutes!! The main reason for this is because my store is located in a high-traffic downtown core.
My second tip is quality inventory. Quality products make a huge difference, and always make sure to have A LOT of it. To hit those high numbers, you have to present your customers with lots of outfits and upsell them with accessories, jewelry, shoes, bags, and much more! If your struggling with staying on budget with finding merchandise make sure to click here to watch my YouTube video on how to find inventory starting at zero dollars!! It's possible to fill your store without spending tons of money, but remember you have to fill it before you can sell it.
The third tip that is important to remember is to give it time! If you don't have a ton of money to fill your store right from the start to make it look perfect, that's okay!! I didn't start with a perfect store. In fact, I started with only $17,000 and invested more into my store as I learned and grew. It even took me four years to save enough to put a beautiful floor in my store. I origianlly decorated with thrift items I found & painted to make them look new. We all start somewhere, so don't expect to open your doors with your dream setup inside. Understand it takes time to grow your business but if you invest the time, you too will get there!