Inventory to Grow Your Business
Many direct sales companies advertise that you can start a business for only $39 (or $99 or whatever the cost of a starter kit). While I agree that in some cases you can start a business for that amount, you’ll likely need more of an investment to grow a business.
I’ve also seen some ads that tout the perks of “No Inventory” needed. I can certainly appreciate that lack of necessity or requirement for said inventory; however, I do not agree that is necessarily a good thing to be without inventory.
In fact, I contend that inventory is highly encouraged if you wish to grow your direct sales business. Many direct sales companies take one to three weeks to receive product once it is ordered. In some cases, back orders occur and it can take even longer. Who wants to pay for something and then wait three weeks before you actually get it? Sure, many people do that, but imagine how much more your sales would increase if you had cash and carry available.
Whether you’re choosing to work your business via home parties, vendor events or one on one sales – we are in an age of convenience and impatience. Customers will most likely take what you have rather than place an order and wait weeks.
Also consider the turn around time. If you’re at a vendor event and have on hand inventory, the customer who purchases from you will take the item home and likely either start using it immediately or show someone what she purchased. Assuming your product is a consumable, the customer will need a refill all the more quicker vs. the three weeks of downtime while waiting to receive her initial order. Or if she shows it to someone that night “Hey look what I picked up at the craft show!“ chances are greater for referral business, “Where did you get that? I want one!“
If your recruiting efforts include the words “No Inventory Needed”, you might want to change that to “If you’re able to stock up on a little inventory, it will really increase your sales ten fold.”
You’ve heard it before: It takes money to make money. A small investment in some on-hand inventory will be money well spent.
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About the Author: Laurie Ayers is a Michigan work from home mom and a Superstar Director with Scentsy Wickless Candles. She enjoys helping men and women start and maintain a home based business in the US, Canada, Mexico, Australia, New Zealand, Puerto Rico, Germany, Ireland, UK, France, Austria and Spain. To download a FREE Start Up Guide which provides more details about how to start a home business as well as to learn about our compensation plan go to www.thrivingcandlebusiness.com/how-to-start-a-candle-business/