Business Setup and Management

A retail markdown strategy involves a permanent price decrease on an item at the end of its lifecycle. The goal is to sell through all the stock and maximize gross margins. Without a retail markdown strategy, retailers may face over-stocked store shelves and lower sale figures. Therefore, small business owners that want to move their […]

According to IBIS World, the pet grooming and boarding industry has already accounted for $8.5 billion in 2022. And the market size is projected to increase further. If you love dogs and are interested in becoming your own boss, you may consider opening a dog boarding business. To begin, research the industry, calculate the business-related […]

Since you’re reading this, I’ll assume you’d like to start your own teeth whitening business. And fortunately, the road isn’t difficult, and the rewards are plentiful! With the proper business plan, permits, equipment, and licensing, you can begin your own teeth whitening business. You can upsell these services at your existing dental practice or set […]

“Show me a man with a tattoo, and I’ll show you a man with an interesting past,” Jack London. Tattoos are one of the most favored forms of self-expression. According to Ibis World, the number of tattoo businesses is 29,235 in the U.S. as of 2021, a 6.2% increase from 2020. Are you interested in opening […]

If you want to grow your business, a good place to start is by reviewing your retail pricing strategies. A few good questions include: How close are you selling to the manufacturer’s suggested retail price (MSRP)? What do your sales displays look like? Do you ever sell your products at a loss? We will explore […]

Are you looking for ways to improve your company? You can’t do it without understanding your customers and studying different consumer behavior types. Consumer buying behavior is about the actions and decisions that people undertake to purchase products or services. As well-known neuroscientist and author Antonio Damasio has said, “we are not thinking machines that […]

To survive in the overly saturated retail market, every business seeks new methods to gain a competitive advantage. One of these methods is the direct store delivery model. Many small businesses choose to deliver their products directly to the retailer or consumer to save money and time. This article will focus on what is DSD […]

Marketing pioneer and visionary Morris Hite said: “Advertising moves people toward goods; merchandising moves goods toward people.” Cross merchandising is a way through which Hite’s concept can be implemented. So, what is cross merchandising? It’s about bringing together complementary products from different categories to make the shopping experience more convenient. 2019 witnessed a 2.8% dip […]

All businesses lose customers. According to Profitwell.com, this average customer retention rate by industry is: Retail: 63% Banking: 75% Telecom: 78% IT services: 81% Insurance: 83% Professional services: 84% Media: 84% While none of these industries can keep all their customers, it is possible to decrease the losses. The first step is figuring out why […]

When running a business, there are two types of costs: fixed costs and variable costs. Any alteration in the fixed or variable costs may affect your company’s net income and breakeven point. Fixed costs do not shift with the amount of the items produced or sold; however, variable costs do. What is a Fixed Cost? […]