2022 Soap Business Success on Etsy and Shopify
Table of Contents:
- Introduction
- Business Plan Rewrite
- 2022 Results
- December Sales
- Focusing on Consignment
- Comparison of Etsy and Shopify Sales
- Importance of Consignment Stores
- Inventory Management
- Soap Making Process
- Simplifying Product Offerings
- Conclusion
Introduction
In this article, we will be discussing the updates and changes in the business and YouTube channel of the author. They will be sharing their results from the previous year and their plans for the future. Additionally, there will be insights on inventory management, focusing on consignment stores, and the soap-making process.
Business Plan Rewrite
The author begins by mentioning that they are in the process of rewriting their business plan. They highlight the need for major shifts and adjustments in response to changing circumstances in the business world and on YouTube. This includes reevaluating their strategies and goals for the upcoming year.
2022 Results
The author shares their financial results from the year 2022. They acknowledge that the outcomes were not as expected or desired. They express some disappointment but also optimism for the new year and the opportunities it brings. The author plans to analyze these results in order to make informed decisions moving forward.
December Sales
The author provides an overview of their sales in December. They specify the income generated from credit card and cash transactions in their physical store, which has since been closed. They compare these earnings to their previous year's results to illustrate the changes in economic conditions and consumer behavior.
Focusing on Consignment
The author reveals that they have decided to shift their focus towards consignment stores. They explain that consignment sales have been significantly more profitable compared to other platforms. They share the net sales they achieved in one of their consignment stores and emphasize the potential for even greater success in their other stores.
Comparison of Etsy and Shopify Sales
The author analyzes their sales on Etsy and their Shopify store. They discuss the significant drop in revenue on Etsy in comparison to the previous year. They also point out that their earnings on Shopify have been relatively low. These observations further support their decision to prioritize consignment sales.
Importance of Consignment Stores
In this section, the author underscores the significance of consignment stores in their business strategy. They highlight the steady income and commission rates they receive from these stores. The author reflects on the positive outcomes they have experienced and mentions the potential for even greater success with additional consignment stores.
Inventory Management
The author discusses the importance of managing inventory effectively in a small business. They explain their strategy of keeping minimal raw materials and inventory on hand to minimize financial burdens and taxes. They also mention their plans to restock essential supplies and the importance of maintaining a consistent supply chain.
Soap Making Process
The author provides a glimpse into their soap-making process. They describe the various oils and ingredients they use and demonstrate the careful selection and preparation of materials. They emphasize the importance of quality control and the challenges they face in producing popular soaps while avoiding resource wastage.
Simplifying Product Offerings
The author explains their decision to simplify their product offerings. They intend to focus on their best-selling items, particularly those in high demand from consignment stores and wholesale orders. They discuss plans to discontinue certain products such as scrubs, crystal candles, and intention salts, to streamline their business operations.
Conclusion
In the conclusion, the author summarizes their future plans for their business. They express their commitment to focusing on consignment sales, their core products, and their email marketing efforts. The author acknowledges the challenges and uncertainties faced by small businesses and extends gratitude to their audience for their support.
Article:
In today's video update, the author reflects on the changes and updates in their business and YouTube channel. They acknowledge the need for major shifts and adjustments in their business plan and express their intention to rewrite it accordingly. Despite some disappointment with the results from the previous year, the author remains optimistic about the new opportunities that the current year brings.
The author proceeds to share their financial results from 2022. Although they admit that the outcomes were not as expected, they highlight the importance of analyzing these results to make informed decisions for the future. In particular, they focus on the income generated from credit card and cash transactions in their physical store during the summer months before its closure. The author acknowledges that economic conditions and consumer behavior greatly influenced these results.
When comparing their sales on Etsy and their Shopify store, the author explains the significant drop in revenue on Etsy compared to the previous year. They also note that their earnings on Shopify have been relatively low. However, the author reveals that their focus will now be on consignment stores due to their higher profitability. They provide concrete examples of the substantial net sales achieved in one of their consignment stores in December alone. With multiple consignment stores in their portfolio, the author expects even greater success going forward.
Managing inventory efficiently is a crucial aspect of running a small business. The author emphasizes the importance of minimizing raw material and inventory โ{128}{148} not only to reduce financial burdens but also to navigate tax responsibilities effectively. By restocking essential supplies strategically, the author maintains a consistent supply chain and avoids excess inventory.
To provide readers with a glimpse into their soap-making process, the author shares insights into the selection and preparation of various oils and ingredients. They highlight the significance of maintaining quality control and discuss the challenges faced in producing popular soaps while minimizing resource wastage. The author highlights the importance of keeping their product offerings streamlined and focused on best-selling items. They express their intention to simplify their product range, discontinuing certain items such as scrubs, crystal candles, and intention salts.
In conclusion, the author outlines their future plans for their business. They reiterate their commitment to prioritize consignment sales and streamline their product offerings. They emphasize their intent to place greater emphasis on email marketing and their Shopify store. While acknowledging the challenges faced by small businesses, the author expresses gratitude to their audience for their continuous support.
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