Common Money Mistakes Boutique Owners Make {Part 2}
Feb 14, 2020
We are back to talk about money, honey!
The second common money mistakes I see boutique owners making is about INVENTORY.
You need to stop overbuying inventory. Stop telling yourself that you need to buy more inventory when what you currently have isn't selling because then you just wind up with a whole bunch of inventory collecting dust.
This all comes back to not having your head in the sand about what is going on with your business. You need to know how much inventory you have at wholesale cost. You need to understand what is coming in and out of your business. Figure out how many units you are selling of each item on a weekly basis. If you order 30 units of a graphic tee and you sell 5 in one week, you will probably continue to sell around 5 units a week. That means you have about 5 more weeks of inventory in that item. Should you run out and replenish that 5 units that same week - NO! Wait until you are down to 2-3 weeks worth of inventory.
UP NEXT: Why you aren't able to save or invest back into inventory
Here's to making lots of friends and making lots of money,
Emily