Tuesday, May 3, 2016
Thursday, September 20, 2012
Small Business, International Headaches
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For those of you who know me, you know that I usually wake
up around 12 Noon. Today, however, I was awoken by a phone call from Ghana at
7:58 AM. On the other line was my supplier. He was trying to send some product
from Ghana to Canada. I had assured him that British Airways could arrange for
the good to be paid for in Calgary, but of course, in Ghana they wanted cash
only. Good grief!
I made an attempt to drag myself out of bed and get to the
computer meters away. I was hoping I could send the money within about 15
minutes through Western Union and get back to bed. Boy was I wrong. I attempted
to send money on the business credit card only to find out that MasterCard’s
SecureCode system was not accepting my code. I was instructed to call
MasterCard to have this cleared up. Great. Now I have to wait on hold. I go
through the whole rig-a-ma-roll, say thank you, and try again. By now it is
8:35.No luck. I have to call Western Union or go into an agency to complete the
transfer. The closest agency doesn’t open until 10 AM so I call.
Me: Hello?
Automated Voice: Press 1 of you are an agent. Press 2 if you
are not an agent.
Me: Groan. I pressed 0.
Automated Voice: I’m sorry I did not understand that. Press 1
of you are an agent. Press 2 if you are not an agent.
How did I manage to speak to a real person? I will tell you.
I had to pretend I was a victim of fraud to get an agent to help me send money.
Western Union Rep: Hello ma’am, how may I help you?
I proceeded to tell her I need to send money to Ghana and gave
her my particulars.
15 minutes later…
Western Union Rep: I’m sorry ma’am but the computer is
telling me you have to go into a branch to complete this transaction with this
credit card.
I hung up and called back in an attempt to use my own credit
card. By this time it is after 9 AM.
Me: Hello?
Automated Voice: Press 1 of you are an agent. Press 2 if you
are not an agent.
Me: Victim of Fraud: Protect me.
I am transferred to a Western Union Rep and get my transfer
completed, but now I have to go and be verified by another department. Once I
get through it is already 9:34 AM.
Western Union Rep: Can you call back in about 30 Minutes?
Our system that verifies transactions is down at the moment.
I call back twice and it is the same thing. I finally decide
to go to the agency since it is already 10:01 AM.
Once I get there and fill out the form I tell them I want to
pay on credit. Apparently they only take cash and debit. I race home, transfer
money from the business to by debit card account online, and race back. All I
am thinking about is how bad I feel for my supplier. I finally try and pay for
my transaction, but lo and behold there is a hold on the money I transferred.
For F*&!sake! Now I have to call the bank and get them to fix it.
Finally, at 10:58 AM I have transferred the money. I call my
supplier to tell him he can pick up the money for shipping, but he tells me that
he can’t get the money today because it is lights out.
Jameela
www.ejwipsdesigns.ca
Sunday, February 19, 2012
What are SMART goals?
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We mentioned in our last post that it is important to have SMART goals, but what exactly are SMART goals? SMART stands for
- Specific
- Measurable
- Attainable
- Realistic
- Timely
For example, a general goal would be “I want to get new products”. A specific goal would be “I am going to purchase necklaces within the next two weeks that I can retail for between $30.00 and $65.00.” A specific goal with be much easier to complete than a very vague one.
Measurable
Be sure to create criteria which will make it easy for you to measure your progress toward completing your goal. The criteria you create will help you to stay on track and know when you have reached your goal. Ask questions like when, by how much, and how many. A good example is to say “My business will become profitable in three years” or “My business will have a net profit of 26% by 2017”
Attainable
By implementing the first two parts of a SMART goal you are well on your way to making your goal attainable. When assessing attainability ask yourself if your goal is realistic? Your business may not be able to become the number one retailer general merchandise in the country by the end of the year if you opened your doors last month. Creating an unattainable unrealistic can lead to you becoming discouraged. This can lead you to abandon your goal completely. Make sure that the goals you set for yourself are attainable and realistic in the time frame you set.
Relevant
The goal you make and the path you take must be relevant to your business and your current position in the market place. For example, you may be looking for growth opportunities and you have a few choices. If you are a business to business company it may be advantageous to do some networking or expand your personal selling. The path to your goal that may not be relevant may be expanding your inventory selection. Be sure that your goal and the path to your goal are relevant.
Timely
If you do not set a time frame your goal it may not seem urgent to you. A time frame creates a sense of urgency. A timely goal is something like “I will acquire 20 new clients in 6 weeks” rather than “I hope to acquire 20 more clients one day.” Making SMART goals will help you to grow your business, and if you do not own a business, it will help you to reach your personal goals.
EJ WIPS Designs always uses SMART goals to help with business planning. What specific goals are you making for your business?
- Visit our website at www.ejwipsdesigns.ca
- E-mail us at emilynandjameelag@gmail.com
- Like us on facebook at www.facebook.com/EJWIPSDesigns
- Or follow us on twitter @EJWIPSDesigns
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com
Sunday, February 12, 2012
5 Things You Need to Know to Start Your Own Jewellery Business
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You have decided that you love to create jewellery and accessories and you are good at it. You have so many pieces that you cannot possible wear them all or give them all away. People want to know where you purchased your earrings, headband, or necklace. You have always wanted to have your own business, so where do you begin?
- Know Your Strengths
- Start Small
- Know Your Target Market
- Focus!
- Be Prepared To Change Strategies
Know Your Strengths
I propose making an inventory of your skills. Just jot down on a piece of paper what you know you are good at as it relates to your proposed business. After this you should have a good understanding of the gaps you need to fill to get your business up and running. Here is an example, my mother and I started EJ WIPS Designs and we had Human Resources skills, personal selling skills, and business management and marketing skills. We lacked accounting and detailed web development skills. We were able to take our business as far as we could until we had to hire an accountant and a web developer.
Start Small
One of the biggest mistakes we made when we started our business was to have too many product lines. Here was our line of thought: “WOAH! Wouldn’t it be great to have bags, and belts, and necklaces, and earrings, and be a full fashion accessory retailer?” We tried to start at point B instead of point A, and in the process, we wasted a lot of time and money. At the moment we retail handmade jewellery (necklaces, bracelets, and earrings) and African art. That is it. My advice is to choose two or three of your best products and stick to them if you are doing festivals. If you are opening a retail store try to start in a small location. If you rent or lease a space that is too large you have to find the money to fill the shelves. Remember, you can always expand into larger spaces as you grow.
Know Your Target Market
It is very important to know who you are selling to. Don’t be fooled into thinking that you are going to sell everything to everyone. Do your pieces appeal to a certain type of person? Do you create items for males or females? People who like to stay on trend or people looking for timeless and classic looks? Knowing this will help you to choose festivals, store locations, and even the colours of your website and marketing material.
Focus!
Once you have started you need to focus. Make a list of the most important things that need to be accomplished and do them.
Don’t be swayed by festivals that only cost $300 for three days if they do not attract your target market. Think twice about those cute headbands you want to start making if they are not part of your main product line. Doing a few things well is better than doing many things mediocrely.
Be Prepared To Change Strategies
Not everything you decided that you want to retail will be received by the market well. Not every strategy you employ will work out. Be ready to change directions or strategies as needed. Make SMART goals for yourself and your business when you do this you will be able to determine when a product, festival, strategy or even your business in general is not meeting your expectations. EJ WIPS Designs has employed these strategies and has greatly benefitted from them. If you need more information or advice in general
- Visit our website at www.ejwipsdesigns.ca
- E-mail us at emilynandjameelag@gmail.com
- Like us on facebook at www.facebook.com/EJWIPSDesigns
- Or follow us on twitter @EJWIPSDesigns
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com
Saturday, January 21, 2012
Holiday Advertising: How soon is too soon?
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On January 16th I was watching television and there was a commercial for Easter eggs. As a business owner I am all for making customers aware of the products you have to offer through effective marketing. As a consumer and a critical thinker, however, I have to ask the question how soon is too soon?
Christmas Shopping Season: Then and Now
Let us take a look at the biggest shopping season in the Western world: Christmas. Every year it seems that the “shopping season” for Christmas extends itself more and more. Researching this I have discovered that the advertising season for this particular holiday has increased by a solid four weeks since the 1990’s. In Canada, as soon as November 1st comes along it is game time to heavily advertise for the Christmas shopping season. I remember the time in which no one bothered with Christmas shopping or advertising until December 1st—it wasn’t all that long ago. Those were the days, the days in which you didn’t walk into a retail store or turn on the radio in November and have to listen to countless “new and improved” Christmas songs. I have to speculate that, while a good holiday for confectionaries and costume makers, Halloween impedes extending heavy Christmas advertising in the Great White North. Darn you Halloween. Why can’t you be on September 31st instead? Ah well, at least in Canada, unlike our unfortunate neighbours to the south, the United States, we don’t have Thanksgiving in the middle of November.
Is Easter the Newest Consumer Holiday?
Let us now look to Easter. This is a religious holiday that we retailers are desperately trying to convert into a consumer holiday. Now I am not that old, but back in the day (2001) I had never heard of Easter presents. Easter egg hunts were popular in school, but no one decorated their homes or bought clothes in the name of Easter. In these modern times things have changed. It was estimated that in 2011 consumer spending for Easter among 18-34 year olds in the United States would increase by 17.19%*. Easter doesn’t start until April 8th this year, yet I still see a push for confectionery items and Easter apparel sales in January. Yes, January. Might I add that as I type the temperature is -30°C.
Other Potential Consumer Holidays
In these uncertain economic times it seems retailers are eager to entice consumers to shop as much as possible and as long as possible hence inviting consumers to shop for holidays 1.5 to 3 months in advance. I have reason to believe that if retailers had their way, every holiday would be a consumer holiday: Canada Day, Heritage Day, Ash Wednesday, Victoria Day.
As consumers and retailers we have to ask ourselves how soon is too soon to be advertising for the holidays?
Leave a comment on the blog or you can
- Visit our website at www.ejwipsdesigns.ca
- E-mail us at emilynandjameelag@gmail.com
- Like us on facebook at www.facebook.com/EJWIPSDesigns
- Follow us on twitter @EJWIPSDesigns
*I used the statistics from http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1105 and did some rudimentary calculations to determine this number.
--> EJ WIPS Designs
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com
Thursday, September 8, 2011
Not So Cute On Sale
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Have you ever noticed that things on sale are just not that appealing?
I walked into a store the other day to look for some business appropriate clothes, and of course, I veered straight to the sale rack. I was intrigued by the "50% off last ticked price" sign. I sorted through the clothes. They were cute. As I sorted through them I thought to myself "are these clothes on sale because no one else wanted them?" and "if they are so cute then why are they on sale?" Things started to look less and less appealing.
Business owners know that sometimes items that are not selling well need to go sale. Other times it is seasonal items that need to go on sale to make room for new merchandise. So how can we make sure that our customers are not thinking "Hmm. Why is this on sale?"
As business owners, we have to combat the three main misconceptions about sale items:
- They are inferior goods,
- They are no longer stylish, and
- The season for that item is over
They are inferior goods
Many times sale items are thrown together perhaps in a basket or on a rack. This gives the impression that the merchandise is not important to the seller. If the seller does not take pride in their merchandise why would the customer feel it is worth buying? Even though in most cases you are trying to get rid of this merchandise as soon as possible try to display your sale items in a similar fashion to your regular priced items. For example, if you sell clothing try and group similar styles and or colours together and make sure that the sale rack is always kept tidy. If you are retailing jewellery think about displaying your sale items on a jewellery rack.
 |
| This |
 |
| Instead of this |
They are no longer stylish
To combat this you can attempt to integrate a sale item into a current trendy display. For example, you can pair a charm bracelet on sale with a fashionable handbag, display old table wear with a new table runner, or showcase a spring camisole with a fall scarf and cardigan.
The season for this item is over
Sometimes this is unavoidable. You will be hard pressed to sell Christmas earrings May. Again, try and keep your items relevant through your displays. You can show customers that there are other ways to use or wear a particular item that they never thought of before. But by all means stay away from putting all your red and green items together in January! You want to make sure that you create space for new items, so create your displays with the thought that customers do not want to spend money on something they cannot wear in 2 months or utilize without feeling unfashionable.
You have great items they just need to be showcased better to get them out of inventory!
EJ WIPS Designs has employed these strategies and has greatly benefitted from them. What techniques have you used to entice customers to buy items on sale?
- Visit our website at www.ejwipsdesigns.ca
- E-mail us at emilynandjameelag@gmail.com
- Like us on facebook at www.facebook.com/EJWIPSDesigns
- Or follow us on twitter @EJWIPSDesigns
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com
Wednesday, July 27, 2011
Picking and Choosing Festivals and Craft Fairs
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Over the years, EJ WIPS Designs has been to a range of festivals in the Calgary (#yyc) area. We have been to small community fairs and large street festivals. Some have been booms while others were busts.
So how do we decide which fairs and festivals to attend? There are a few things we use as criteria:
- How many people are attending?
- Do the people attending fall within your target market?
- How many vendors are attending?
- Do people come for entertainment or to buy?
- How much advertising has been put into this fair or festival?
- Where will you be in relation to the "action"?
- Are the vendor fees reasonable?
How many people are attending?
This is a very important criteria to consider. If you know that one out of five people who come to your booth purchase an item then a festival that has10,000 people in attendance could be a good thing.
Do the people attending fall within your target market?
Many times the festival or fair promoter will boast that they have 60,000 + people in attendance every year; however, the festival may cater to pet lovers, brides, or seniors. If the people who attend fall within your target market then it is a go. If not, stay home. Keep in mind, there is the possibility that even if there are 100,000 people at the festival or fair you may not get the traffic you desire which brings us to the third criteria we use at EJ WIPS Designs.
How many vendors are attending? Are they selling similar things to you?
As stated above, even if there are 100,000 people in attendance, there may be 1000 vendors all selling similar things. You do not want your customer base to be spread too thin among competitors or your sales will suffer.
Do people come for entertainment or to buy?
Many times people go to festivals to enjoy the music or the food and nothing more. When you are considering a fair or festival take into consideration if the entertainment is the main purpose or if the arts and crafts section is highlighted in the advertising (our fifth criteria).
How much advertising has been put into this fair or festival?
Advertising year to year will affect participant numbers. If advertising is lax a festival may see dismal attendance numbers even if they had 60,000 attendees the previous year. Be sure to research what type of advertising the organizer has implemented (newspaper, television, radio, social media). If the fair or festival is local ask yourself if you have heard about the festival in recent years. Also, ask other people if they have heard about it or attended. Ask yourself the festival new, if so, there is no track record to refer to. Do you want to take the chance at being a pioneer?
Where will you be in relation to the "action"?
With street festivals you do not want to be stuck on a side street. Being on a main street or thoroughfare will mean good sales if the above criteria have been met. A good organizer will make sure that all vendors have a good "spot".
Are the vendor fees reasonable?
Finally, after evaluating the above criteria, you have to wonder if the fees are reasonable. With the amount of people in your target market attending, the number of vendors, and your proximity to the "action", will you be able to generate enough sales to cover your table, pay for your labour, and make a reasonable profit? If you use this criteria then we are positive you will be able to attend only the best festivals and generate the greatest amount of sales.
- Visit our website at www.ejwipsdesigns.ca
- E-mail us at emilynandjameelag@gmail.com
- Like us on facebook at www.facebook.com/EJWIPSDesigns
- Or follow us on twitter @EJWIPSDesigns
www.ejwipsdesigns.ca
@EJWIPSDesigns
emilynandjameelag@gmail.com
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