Reflecting on Year Two
2021 has been an incredible year filled with growth, challenges, and valuable lessons. As I reflect on the past year, I am proud to share some of my proudest moments and the insights I've gained along the way. From surpassing revenue goals to expanding my retailer network and exploring new territories, it has been a journey of creativity, determination, and adaptability.
Looking back, I'm thrilled to share some of my proudest moments from the last year:
Crushing Revenue Goals: One of my biggest wins was surpassing my revenue goal. I set out to reach $12,000, but I ended up hitting a whopping $33,000! And guess what? $28k of that was from wholesale. Talk about a sweet surprise!
Expanding Retailer Network: I managed to grow my retailers significantly, gaining almost 150 more retailers. From having just around 50 retailers at the end of 2020, I now proudly work with approximately 190 retailers worldwide. It's been an incredible journey of building relationships and expanding my reach.
Leveling Up on Quality: I invested in high quality professional printing services for my greeting cards and it really did make a difference! The quality improvement was noticeable, and my customers appreciated the attention to detail.
Streamlining Operations: Gradually, I became more efficient in ordering cards and envelopes, thanks to the implementation of Trunk (an inventory management software). It helped me stay organized across Etsy and Faire, and reduced the time spent on administrative tasks, allowing me to focus more on creativity and growth.
Exploring New Territories: I decided to step out of my comfort zone and dabbled in new product categories. From launching 36 new greeting cards to creating stickers and even my first enamel keychain, I embraced the opportunity to expand my offerings and delight my customers.
Here are some insights and tips that I believe can help fellow small business owners thrive in their own entrepreneurial journeys:
Embrace Wholesale Opportunities: If you haven't explored the world of wholesale yet, it's time to give it serious consideration. Building relationships with retailers can open up a whole new market for your products. Cold emailing might not sound glamorous, but trust me, it can lead to incredible opportunities. That’s how I brought in a large chunk of new retailers this year. Don't be afraid to put yourself out there and showcase your unique offerings to potential wholesale customers.
Quality Matters, Always: Investing in quality should never be underestimated. Whether it's the materials you use or the printing services you choose, delivering a premium product will set you apart from the competition. Customers appreciate attention to detail, and it can ultimately lead to repeat business and positive word-of-mouth referrals.
Leverage Social Media Effectively: Experiment with different strategies, engage with your audience authentically, and don't be afraid to showcase your personality. It's not just about the number of followers; it's about building a community and connecting with your target audience.
Optimize Inventory Management: Finding the right balance between supply and demand is crucial for small businesses. Instead of ordering cards every month, consider narrowing it down to quarterly orders. This approach can help optimize costs and lower the unit cost per card, ultimately increasing your profit margins. Plus, it allows you to focus more on other aspects of your business, such as marketing and product development.
Adapt and Evolve: As entrepreneurs, we must always be open to adaptation and evolution. The small business landscape is constantly changing, and it's essential to stay ahead of the curve. Be willing to explore new product ideas, test different marketing strategies, and embrace emerging trends. Stay curious, keep learning, and never be afraid to take calculated risks.
As we embark on another year of entrepreneurship, armed with our learnings and insights, let's approach it with confidence. Remember, the journey is not always smooth, but it's the challenges we overcome that make us stronger and more resilient.
