Tuesday Tip: 3 Hidden Profit Centers in Your Jewelry Business

10:21PM Nov 18, 2022

Speakers:

Tracy Matthews

Keywords:

business

profit centers

jewelry

tracy matthews

cash

inventory

strategies

reaching

spending

thursday

flourish

network

sale

phone call

text message

fast

people

distant cousins

customers

tips

Why don't you take a look at all the stuff that you have lying around your studio or your office? What can you get rid of quickly and either offer it to customers, or have a sample sale or send it to a refiner, or D stash it in a group and get it out of your inventory. Welcome to thrive by design, the podcast for ambitious independent jewelry brands, looking to profit from their products, get ready to make more and sell more doing what you love, without spending every single waking minute doing it. Hey, and if you're a creative fashion or product based business, I want to welcome you to the show. I'll be dropping big tips on launching, growing and scaling your business. So you can spend more of your precious time using your creativity to make money. You ready? All right, let's do this. Welcome to this episode of Tuesday's tips. It's Tracy Matthews here, the chief visionary officer of Flourish & Thrive Academy. And I'm so stoked to be here today to talk to you a little bit more about the hidden profit centers in your business. So this one was inspired because someone listened to a podcast a while ago, and then also participated in one of our programs where we practiced this strategy. And she reached out to me and sent me a direct message. And he's like, Oh, my gosh, I sent out nine messages. And I made $2,400. And the sales are still coming in. So I want to ask you a quick question. How would $2,400 with maybe spending, I don't know a couple hours of your time, or maybe even an hour of your time, sending out a few text messages, or emails or phone calls? How would that change your life and your business right now, if that happened in just a couple of days, or in a couple of hours, even, I think most of us would be super stoked to have that kind of cash flow coming into our business quickly, right. So if you're someone who wants to make a couple extra 1000 bucks, in a short period of time, I'm going to be talking about some of the hidden profit centers that we don't think about in your business. And this also leads up to our Black Friday sale, which is starting on Thursday, on Thanksgiving on Thursday, November 24. We are releasing a brand new mini product or mini course I should say called the Fast Cash strategies. And this fast cash strategies is a step by step little mini course that walks you through how to unlock these hidden profit centers in your business with step by step scripts, checklists, protocols, like all the things that you need to get this off the ground super quickly. So if you want to learn more about that, head on over to flourish, thrive academy.com forward slash fast cash, you can also email us at support at flourish & thrive academy.com That fast cash strategies, Black Friday offer is going to be available for $67. This program is going to be 147 when we release it IRL, and it will be available at $67 throughout the Black Friday weekend. So we're releasing it on Thursday on Thanksgiving. So make sure that you grab that and then you can use it immediately even for your Black Friday weekend extravaganza sales, whatever you're doing for your business. Alright, so let's talk about three hidden profit centers in your business that I think a lot of people don't think about. Now, the first thing is extra inventory. So a lot of times we have stuff sitting around our business that is basically the equivalent of cash. Now, this was something that was brought to my attention when I was trying to generate some fast cash in my jewelry business back in 2008, and nine, and my consultant Phil basically said to me, you know, you have $150,000 worth of inventory sitting on your shelves, what are you doing with it, you need to get rid of it. And so some of that was raw materials, some of that was made good. Some of that was things that I was never going to use or that were out of date. All that stuff was just basically dead weight in my business that was preventing me from generating cash in my business. So what he told me to do was to liquidate that inventory or that dead weight as fast as I could, because it was basically the equivalent of cash. So why do you take a look at all the stuff that you have lying around your studio or your office? What can you get rid of quickly and either offer it to customers, or have a sample sale or send it to a refiner or destash in a group and get it out of your inventory. So think about that. Now, the second hidden profit center is something that I like to call operation leverage your network. And now while this isn't technically inside your business, we all know a bunch of people you know we have tons of Facebook friends, we have people from our alumni network, we have our close friends and family. We have distant cousins. There's a lot of people that we know in our Network, right. And a lot of people don't really think through the fact that they know a lot of people and those people actually want to help them with their business. So one of my favorite strategies to generate some cash quickly is to do a simple outreach to your existing network with a simple script or a simple like message via direct message via text message via phone call, whatever you feel comfortable with text, phone call, and DMS are better than email, just saying that and send him a quick message saying like, hey, you know, I saw your recent posts on Facebook. And it's so fun that your daughter is now five, I remember the last time I saw you were drinking beers in college, or whatever it is. And I just wanted to catch up, it's been a long time. Also, you know, I'm not sure if you know what I'm doing right now. But I've been making jewelry, and I build my business on referrals. And if you know, anyone who might be interested in some holiday gifts, please feel free to send them along my web you so grateful, super simple, easy peasy. Now, if you're sending this in a text message, you probably want to send one message at a time I give you the exact strategy for that in our fast cast strategies, training. So if you're not sure how to do that, I'll tell you. And it's so simple that it works. So well. In fact, Kelly, who was at a retreat of ours a couple years ago, was freaking out. She's like, well, I have this person who she's bought some jewelry of mine before. But you know, I really admire her. And I feel like I could reach out to her, but I'm scared. I encouraged her to do it scared anyway, guess what, this person who actually just had married her brother, I don't know, she just felt weird about reaching out, ended up spending like $350 with her times two, she spent almost $700 with her within 15 minutes. So it really does work. And I don't want you to be scared about this outreach. It's incredible. And it's the fastest way you can make money is by leveraging your current network. Now, my third hidden profit center is all about people that have already purchased from you. Now these people who are happy customers, maybe even the people who've given you testimonials, or bought from you more than once, maybe they bought from you in person show, maybe they bought from you online, do a manual, follow up with those people, not something automated the manual, follow up via text, or a phone call, and thank them for their order. And then once you thank them for their order, wait for them to respond, basically thanking for their order and check in and say like, Hey, I just want to see how you're liking the piece. Hit back, let me know. Once they respond to you assuming that it's a positive response, you respond again with saying like, Oh my gosh, that's awesome. I'd love to see a picture of you wearing that. And then hey, I found this pair of earrings that goes great with a necklace you bought. No worries, I just wanted to offer it to you first before I offer it to another customer is is something you might be interested in, send them a link to your website. I would say like 50% of the people are probably uptake you on that if they are happy customer and they like what you do. And this is a great opportunity to outreach to people and say, Look, you know, I build my business on referrals if you know anyone who do you have anyone on your list that you're shopping for I love to help you curate or fulfill your shopping list for the holidays, whatever it might be. The thing here is that people want it to be easy. So if you can make someone's life easier, by reaching out to them, and helping them with their holiday shopping, you are in a much better place. Alright, that is my Tuesday tip today. Once again, if you would like to jump in on our Fast Cash strategies mini course it is releasing on Thanksgiving Day. That is Thursday. You can head on over to flourish thrive academy.com forward slash fast cash. We'll also have an add to Event button in the show notes so that you can grab this for yourself and add it to your calendar in case you forget to open your emails on Thursday. So check it out. And this is Tracy Matthews, signing off. Until next time