While Supplies Last: How to Use Scarcity and Urgency to Increase Sales

The fear of missing out can have a powerful effect on shoppers. A split test done by WhichTestWon showed that when a countdown timer was placed on a product page, it converted nearly 9% better than a variation of the product page without a countdown timer.

Countdown timer split test

via WhichTestWon

Creating a sense of urgency among your website visitors can help make more people buy and less people “go home and think about it”.

There is potential for visitors on your website to procrastinate and try to delay their decision to buy. According to a study done by Centre De Recherche DMSP, consumers that were seen as high procrastinators had a 73% chance to not make a purchase decision immediately. Consumers that were determined to be low procrastinators still had a 26% chance. Introducing a product or time shortage, your customers will be less likely to delay their buying decision.

A study was done by DigitalCommons at the University of Nebraska in 2013monitored and surveyed 14 shoppers. Study participants shopped at various stores, with most stores using perceived scarcity strategies such as limited quantities and limited-time sales. The study found that the retail stores that had perceived scarcity produced psychological effects such as consumer competitiveness, the urgency to buy, in-store hiding, and in-store hoarding.

While your objective isn’t to turn your website visitors into rabid shoppers, you do want to encourage people to act immediately, and that’s where scarcity comes in. You can introduce perceived scarcity to your store by creating a product or time shortage.

I’m going to share the two kinds of scarcity you can create in your store and a few actionable examples you can use to create urgency.

Limited Time Sales and Offers

Creating a time restriction is one of the easiest and most effective ways of creating urgency and scarcity in your store. This is because customers don’t want to miss out on the opportunity to take advantage of an offer. For example, putting together an expiring sale or offer can force customers to make a decision faster than they might have without a time limitation.

As noted in DigitalCommons’ study, this plays into the theory of loss aversion, where most people prefer to avoid losses than acquiring gains. Time restrictions ramp up that psychological trigger.

Offer Flash Sales

Pet Pro Supply Co. has recurring flash sales on their website, offering very limited-time discounts on hand-selected products.

Pet Pro Flash Sale

via Pet Pro Supply Co.

Pet Pro Supply Co. also has a separate Flash Sale page which is prominently featured on their website. The product page is optimized for the flash sale by showing the sale price, and more importantly, the exact date and time the flash sale ends. This reminds the person browsing the product page that they need to act soon or miss out on the deal.

Include Product Page Countdown Timers

Instead of just showing the date that the sale ends, include a countdown timer on your product page, like MakersKit does for their items that are on sale:

MakersKit countdown timer

via MakersKit

This visualization helps increase the effectiveness of the time scarcity of this sale.

While sales under a time limitation work really well, they aren’t the only thing you can use to create urgency.

Create Timed Shipping Offers

Express shipping offers, or even free shipping offers, for customers that act quickly enough, is another great incentive. Fab&GO, a womenswear shop, offers next day shipping if customers act fast enough.

Free next day shipping

via Fab&GO

If a customer wants to get her shoes shipped by tomorrow, she needs to act within the next 5 hours.

Another idea is offering free shipping to the customers that act quickly enough. Kit Out My Office, a store selling office furniture, uses a countdown timer across the top of their website. Free shipping scarcity

via Kit Out My Office

This is a constant reminder to those browsing the website that if they want to take advantage of free and quick shipping, they need to order within the next 2 hours. This keeps customers from putting it off later, and more often than not, forgetting about it altogether.

You want the customer to purchase, ideally, the first time they come to your website. It’s very unlikely they will ever return, even if they are very interested in purchasing. According to MarketingSherpa, e-commerce companies reported only around 30% of their traffic was returning visits.

Limited Quantity

You can use stock shortages to your advantage. Instead of looking at limited quantities of your products as a limitation to the sales you can make, look at them as a way to show scarcity to your customers and increase the perceived value of your products.

Show Stock Quantity

The easiest way of doing this is to simply show the quantity of products in stock on the product page itself and bring attention to the quantity you have left. Tradlands, a shirt store for women, does this effectively by showing the quantity when choosing a shirt size on their website.

Limited stock available

via Tradlands

Tradlands also instills urgency in the way they describe their quantity. “Quick, only 1 left” is a far more effective way to describe how many shirts are left than “Stock: 1”.

Similarly, Retro City Sunglasses shows the remaining quantity on their product pages as well as on a page specifically for sunglasses that are “Almost Gone!”.

Limited stock

via Retro City Sunglasses

Sell Limited Quantities

Another way to create scarcity with limited quantities is to tell customers how many you have to sell instead of telling them what’s left. In most cases, using this strategy works best when selling a “limited edition” or “limited run” of a product, where you only manufacture and sell a specific quantity.

For example, Mindzai sells limited editions of some of their toys.

Mindzai limited edition

via Mindzai

In this case, we see Mindzai is only going to create and sell 100 units, not only making this particular item special to own for collectors but also create scarcity.

Create Urgency in Your Copy

You don’t only have to show the quantity or sell a limited amount of a product to create scarcity. The language you use on your website, marketing materials and emails can create a lot of urgencies as well.

Just look at this email I received from Mizzen+Main the other day.

Limited quantity scarcity

via Mizzen+Main

Take note of the way that Mizzen+Main describe their new shirts. Instead of simply saying “hey, new shirts are on our store, check them out,” Mizzen+Main makes me want to head over to their store immediately by letting me know that “they’re going quick!”.

They also justify their scarcity claim with “Our last product launch resulted in our fastest sellout ever. Get them quick!” at the end of their email.

As I mentioned earlier, the way you describe your product or phrase you call to actions can create perceived scarcity as well. For example, across the top of JerkySpot is a call to action to “Order Now” but it also makes note that “Supply is Limited”.

Create Urgency in Your Copy

via JerkySpot

Letting your customers know that your product can sell out at anytime helps create a sense of fear and urgency. Customers don’t want to regret not taking action when they could have, and using the right copy on your website can remind them of that.

Use Scarcity Responsibly

Finally, it’s worth noting that with great power, comes great responsibility.

With the right product and customer, scarcity can work really well. However, creating false scarcity or trying to trick people is not the best way to go about this practice.

Obviously manufactured scarcity can turn off customers and hurt your brand.

The scarcity you create needs to be based on something. Why are you only selling those shirts for a limited time? Why is this a limited-run product? You can’t just throw a countdown timer onto a product page and expect it to sell more. The countdown timer should show an expiring sale or an offer (such as next day shipping).

At the same time, scarcity is not always a remedy for poor sales. There needs to be some demand for your products in the first place for this all to be really useful. Much like when Apple launches a new phone or tablet, the demand for their products is already there. The limited amount of Apple products at launch simply intensifies the demand and desirability.

Lastly, don’t over do it. You don’t want to come across as if you’re pressuring your customers. The primary function of perceived scarcity in your business is to encourage procrastinators to make a decision, not to force people to buy things they don’t want. A consequence of creating scarcity, when used improperly, is that it can create buyer’s remorse.

If customers make a purchase they were pressured into, it can cause them to regret their purchase, want a refund, and feel differently about your business.

Your Turn

If scarcity makes sense for your store, consider applying one example to your business. Even a small change, such as how you describe the quantity left for a product, can have a big change on conversions. If you have any questions on how to create perceived scarcity and urgency, or you’d like to share how it’s worked for you, feel free to comment below. I engage and respond to everyone.

How a One-Woman Juice Bar Became an International Brand

Ruth Tal, against her parents wishes, quit high school to work full-time at her then part time retail job. “Tell me I can’t, and I’ll just want to do it even more,” she says.

She spent two years working for independent fashion retailers who became ersatz mentors, teaching her more about small business than she says she ever would have learned in school. Several years later, she would repeat her decision, opting out of University at the last minute, using her student loan to start a business.

That business is Fresh, a vegetarian restaurant empire with multiple locations in Ruth’s native Toronto, three locations in Moscow, and one in Mexico City. Fresh expanded its reach with a series of namesake cookbooks, gift cards, and cold-pressed juice cleanses, sold through a complementary ecommerce store.

And it all started with one simple glass of carrot juice.

fresh ruth tal

Let’s rewind 27 years. Ruth was returning from a seven-year traveling stint, working her way through places like Israel, East Asia, and Australia while picking up skills and experiences. Back in Canada, she happened upon a small shop that was selling pressed carrot juice—her first exposure to vegetable juicing.

While waiting for the juice to be pressed, she was introduced to a community of health-minded people. The shop, ahead of the juicing trend, also stocked books on the medicinal benefits of juicing and plant-based diets. Fresh Fruit and Vegetable Juices by Norman Walker and other books like it changed her perception on food. It also gave her a cause.

“Reading these books, understanding what was happening in the meat industry and where food was coming from, it was really hard to look at food the same. So, I pretty much became vegan overnight. I got a little juicer and started making these radical combinations at home. I was feeling so amazing. Everybody was like, ‘You look so good. Why are you glowing?’”

I pretty much became vegan overnight. I got a little juicer and started making these radical combinations at home.

Committed to her vegan lifestyle, Ruth set out to share her new knowledge and sense of wellness with the world. It was 1990 and she knew that, at the time, the concepts were “out there”. Juicing was not mainstream, and even organic farming was met with skepticism, reserved for the hippies and the radicals.

“I wanted to inspire people. I wanted them to change how they were eating, and how they were approaching their choices. Also, I think, deep down, I was looking for a cause. I was looking for something to champion, and, in the 90s, there really wasn’t that much to fight for.”

Though she had eventually finished her high school diploma and was accepted to a university Political Science program that year, she couldn’t ignore the pull towards entrepreneurship—a life path that she had been unknowingly cultivating since her first retail job.

With $10,000 earmarked for tuition and books, she bought two industrial juicers. Juice for Life, as it was called at its outset, was a one-woman outfit, a traveling juice bar that would pop up at music festivals, markets, and health conferences.

“I had applied for an OSAP student loan—it was about $10,000. By then, I had a sense that I could keep going in the direction I was going, and just continue to grow. So I didn’t go to school, and I used my loan money to start Juice for Life. OSAP caught up with me a year later. They were like, ‘Hey, where’s our money?’ I cut a deal with them. I paid them back, like, $100 a week. And that was how I started my business.”

I didn’t go to school, and I used my loan money to start Juice for Life.

In 1992, the business took the leap from mobile to stationary, with a permanent stall set up in the trendy and bustling Queen West Market. Within very little time, she realized she was already outgrowing the space.

“I had two or three people working with me. I was working 80 hours a week. And I knew I was onto something. I just worked my ass off. I built a following, and I grew incrementally. I didn’t get ahead of myself. Every time I maxed out the location I was in, and I had people lined up at the door, I made my next move, and I would grow into a larger space. I would make the menu a little bit bigger, and I would develop more categories.”

I didn’t get ahead of myself. Every time I maxed out the location I was in, and I had people lined up at the door, I made my next move.

Fresh Partnerships

At this point in her journey, she realized two things: first, that her dreams of opening a full-scale restaurant were actually attainable, and secondly, she was in over her head. Thankfully, the realization coincided with an introduction to a friend of a friend, accountant Barry Alper, who would soon become her partner.

She opened her first full-service restaurant in Toronto’s Annex neighborhood, and enlisted Barry as a business advisor and he helped with managing her books, and wrangling payroll, and food costs.

“I’d been doing my own books, but they were a mess. I was trying to keep it together, but I started to realize I was in the weeds. And the only way to have a healthy and successful business is to have a strong organized back of the house. A strong, organized office. I recognized that having someone who could give me feedback and be the backbone of the business, that would be the key to my longevity.”

The only way to have a healthy and successful business is to have a strong organized back of house.

Barry helped her write a business plan as she was preparing to seek to fund. Ruth offered him a chunk of the business in exchange for being her partner. She figured that it was a risk to ask him to bank on her, but she was also reluctant to bring someone else into the business who might question her decisions. But the two developed a partnership, still going strong 20 years later.

“My industry was so early days that it was hard to explain to a mainstream person why I was making certain choices. I’d had so much resistance from everyone around me. A lot of people laughed. It took a little bit of time for me and Barry to learn how to be good partners to each other. We started off with baby steps, and then, as the business grew and as our confidence in each other grew, it’s become an amazing partnership. It’s probably the best thing I ever did.”

It’s become an amazing partnership. It’s probably the best thing I ever did.

Together, they opened the brand’s second location.

Shortly after the expansion, the business suffered a blow: two women who were running the kitchen at the original location quit and stole the recipe book. A recently-hired Jennifer Houston stepped in to take over and soon became indispensable to the restaurant.

“When I wrote my first cookbook, Jennifer helped me test the recipes, and we ended up striking this great friendship and mutual respect. Eventually, Barry and I invited her to be a third partner, as well. We didn’t ask her to invest anything because we felt like just having her sign on to be a co-owner was good enough for us.”

Jennifer completed the trifecta, and the strength of the partnership guided the business to expand to new locations, publish several cookbooks, and launch a line of cold-pressed juices.

They focused on people and retention, building a strong team that has grown up with the business. “That’s why I’m sitting in LA right now, on my porch,” she says, “and the business is running without me.”

What’s the secret to getting to this place? Sticking with it, she tells me, because success doesn’t happen overnight.

“I have no regrets. I don’t look back and wish I had done anything differently because I wouldn’t be here today. Everything that I did along the way, even the mistakes that I made, brought me to where I am today. Even in the face of doubt, even in the face of resistance from people around you, if you really believe in what you’re doing, and you have a passion for it, it’s really about sticking with it and seeing it through. To build the business that I have takes time.”

Everything that I did along the way, even the mistakes that I made, brought me to where I am today.

Vegans in a Dangerous Time

When Ruth launched a business in the 90s, it was ahead of its time, and timing ended up being a huge factor in her success. She was a pioneer in the vegetarian scene. Ramping into the millennium, plant-based diets started to catch on, and inspire a rash of new vegetarian, vegan, and juice businesses trying to catch up with the trend.

Before the surge of interest, growing her business and winning over new customers relied on a soft approach.

“The trick was, as Barry always used to say, ‘Just get it in their mouths, and then we have a customer for life.’ The approach that we had, apart from having the confidence in the food or juice that we created, was the environment. We really focused on upping our game and leveling the playing field between us and all the other great restaurants by offering service, presentation, music, and seating that was just as great as all the other restaurants in the city.”

The trick was, as Barry always used to say, ‘Just get it in their mouths.’

The team’s strategy was to build an environment that was a sanctuary for then-under-serviced vegans, but also welcoming to anyone else.

“Ultimately, they’re like, ‘Wow. That was so awesome.’ It’s an afterthought that it was plant-based. At that time, that was really important so they wouldn’t feel like they were being preached to.”

Cold Pressed Dot Com

When Fresh launched their line of cold-pressed juices, it was the first time that they were producing a product that could be sold easily offsite. Fresh ingredients and preservative-free recipes made for limited portability of their core product.

The partners moved from another platform to Shopify in 2016 to have more independence over managing their e-commerce juice sales. They added cookbooks, t-shirts, gift cards, and cleanse programs to their roster of juices sold outside of the traditional restaurant model, says Barry.

“We have a wholesale operation and we wanted customers at those locations to be able to order products from our restaurants. The website allows us to expand our reach and provide an in-home experience for our customers that is similar to our in-store experience.”

Returning to her Roots

Ruth may have disappointed her parents with what they perceived as questionable life decisions as a teen, but, she says, they eventually came around.

“When I go get my mom to take her out for lunch, I try to go to different places, but she only wants Fresh because that’s the food that she likes the most. My dad used to always carry my cookbooks in his briefcase, and he used to give them away. He’d go to the dentist, he’d give them a copy. Go to the bank, give them a copy.”

My dad used to always carry my cookbooks in his briefcase, and he used to give them away.

Now, 8 locations later, and 27 years after her one-woman-with-a-juicer beginnings, Ruth has hit the sweet spot, that entrepreneurial idea: she’s hired the best people to take over many of the aspects of the business so that she can focus on what she does best. And for her, that thing is returning to her roots, bringing her lust for juice and plant-based food to the rest of the world.

“I’ve really been the one to go out in the world and bring fresh to other cities. We opened in Mexico City last summer. We opened in Moscow, five years ago. My new passion is bringing Fresh to other communities and cities that really haven’t been exposed to what we’re doing.”

 

Why You Need to Stop Worrying About Profit and Start Worrying About Cash Flow

Improving cash flow is a smart move for any business.

It doesn’t matter how great your business model is, how profitable you are, or how many investors you have lined up. You won’t survive if you can’t manage your company’s cash.

In fact, one study found that 82% of businesses fail due to poor cash flow management skills. If you’re looking for one area to focus on that will have a dramatic impact on your business, this is it.

Established businesses often have a buffer of extra cash to get them through shortfalls. Growing businesses often don’t because they are always reinvesting.

Years with the biggest growth—including the first few years—are also the most challenging when it comes to cash flow. This is one of the reasons it’s so hard to get a new business off the ground.

Getting good at managing cash flow is one of the best things you can do for your business. Not only that, it’s a skill you can carry over into other businesses, as well as your personal finances.

Note: We’ve put together a free template to help you manage your cash flow. Find it at the end of this blog post and keep reading to learn how to use it.

The Difference Between Cash Flow and Profitability

 

Cash flow is not the same as profitability. A profitable business can still be unable to pay its bills. Similarly, just because a business is meeting all of its financial obligations, doesn’t mean it’s profitable.

Profit is an accounting term, which really only exists on paper. Measuring profit is a very specific way of looking at a business. It doesn’t tell you a whole lot about how the business is getting by day-to-day.

Calculating Profit

Profit is typically calculated in two steps. The first is to take your total revenue and subtract the cost of the goods sold. The difference is your gross profit.

Revenue — Cost of Goods Sold = Gross Profit

For example, if you sold $100,000 in rocking chairs, and the chairs themselves cost you $50,000 wholesale, your gross profit would be $50,000.

Revenue:                    $100,000
Cost of Goods Sold   -$50,000
Gross Profit:                $50,000

Of course, you would probably have other expenses beyond buying the chairs. For example, you’d need a place to store the chairs, and you might want to run some ads to get more sales. These expenses are called operating expenses and they get subtracted from your gross profit.

Operating expenses include most costs that are not directly connected to what you’re selling. Things like rent, equipment, payroll, and marketing.

The second step of calculating profit it to subtract operating expenses from gross profit. The difference is net profit.

Revenue:                    $100,000
Cost of Goods Sold:  -$50,000
Gross Profit:                $50,000
Operating Expenses: -$35,000
Net Profit:                    $15,000

If your net profit is a positive number, you made money. If it’s a negative number, you lost money. This report as a whole is called the income statement or profit and loss (P&L).

 

 The Problem With Profit

The problem with income statements is that they don’t show your whole business. A few very important pieces of information are missing.

1. Debt Repayment

If you have any business loans or other startup capital to repay, it won’t show up here. Only the interest on those loans will be included on a P&L. Even though debt repayments can eat up a lot of cash.

2. Equipment Payments

Similarly, if you make a major equipment purchase, the entire cost will not show up here. Instead, that cost will get spread out over the lifetime of the equipment. If you spend $100,000 on a canning line and you think it will last you ten years, your income statement will show an expense of $10,000/year for ten years. Even if you had to pay all of it upfront.

3. Taxes

It’s also important to note that your net profit hasn’t been taxed yet. This means it’s going to shrink even more. Even if all of your profit is available in cash, you won’t be able to run out and spend it all in one place.

4. Cash Received

Finally, many businesses use accrual accounting, which records revenue even if you haven’t received the money yet. On paper, you might have $200,000 in sales but if nobody has paid you yet, you’re still going to have a hard time paying the bills.

Further, if you carry inventory, all that product has value and gets included on your income statement as well. Of course, in order to extract cash from your inventory, you need to sell it first.

You can start to imagine why profit has little bearing on cash flow.

 It’s All About Timing

Ultimately, cash flow comes down to timing. You may be profitable over the course of a month or year, but not a specific day or week. If your bills are due at the beginning of the month but you won’t have any money in the bank until the end of the month, you’ve got a cash flow problem. Even if at the end of the month, you made more than you spent.

Here’s the deal with profit. If you’re not profitable on paper, you’re in bad shape. You need to either increase your revenue or decrease your expenses if you want to stay in business.

But just because you’re profitable, doesn’t mean your business can run on autopilot. You still need to watch your cash—especially if you’re growing.

Benefits of Cash Flow Management

 

Although it may seem intimidating, there are clear benefits to prioritizing effective cash flow management.

1. Predict Shortfalls

The first and most obvious benefit to managing cash is knowing ahead of time when you’re going to have shortfalls. Don’t find out you can’t make rent after the check bounces. With a good system in place, you can predict shortfalls weeks, and sometimes even months ahead of time. This will give you time to come up with a plan. For example:

  • Call your landlord and ask them to cash your check a couple days later
  • Delay a shipment by a couple weeks to put off paying duty at customs
  • Run a promotion too quickly drive additional sales
  • Go on a collection to spree to clear up outstanding bills

2. Reduce Stress

Believe it or not, obsessing over cash flow will alleviate a lot of stress. Much of the anxiety entrepreneurs experience around paying bills comes from not knowing what’s going on, and worrying about whether or not it will work out.

It’s much better to know what’s coming, even if the outlook is not good. When you actually know where you stand, you’ll feel prepared. More importantly, you’ll be equipped to deal with it.

3. Know When to Grow

When you’re keeping an eye on cash flow, you know exactly how much money you have to spend on growth. Remember, just because your P&L tells you there’s extra money lying around, doesn’t mean it will materialize in real life.

Similarly, just because you have $20,000 in the bank, doesn’t mean you can spend it. You might need it to pay for upcoming expenses. When you look at your cash flow over the course of weeks and months, you’ll know how much have on hand to squirrel away or spend on growth.

4. Gain Leverage

Good cash flow management gives you leverage. If you need a line of credit from the bank to get you through a shortfall, or you want to get a supplier to give you a break for a couple weeks without interrupting service, a good cash flow system will back you up and establish trust.

Banks generally like to see this kind of planning, especially if you can clearly show when you’ll be able to repay the funds. Suppliers are much more likely to be flexible if you can tell them exactly how you’ll pay and when, rather than dropping off the face of the earth like most businesses do during tough periods. These people want your business and will be more willing to work with you through the ups and downs if they can trust you.

5. More Accurate

Cash flow is significantly more accurate than a budget. Budgets tell you what you want to happen. They’re wishful thinking and entrepreneurs are optimistic by nature. Cash flow projections tell you what is actually happening so you can deal with it—even if it’s not what you planned at the beginning of the year.

Most of us (myself included) would often rather not think about cash flow and just hope it works out. But it’s not worth the risk. You really will feel better staying on top of it.

How to Forecast and Manage Cash Flow

 

There are a number of paid tools out there to help you manage cash flow. Personally, I think the free one is the best one: Google Sheets. Anyone can use a Google spreadsheet to organize their cash. Although, it’s a manual process, it doesn’t take long to set up, and it’s easy to stay on top of.

More importantly, it’s easy to customize on the fly and adapt to your specific needs or situation. You can be as broad or specific as you want. And the time you spend creating and updating your spreadsheet is valuable for gaining a clearer picture of your situation.

The cash flow spreadsheet is basically an outline of where your cash is going. It shows you when cash will be coming in, and when it be going out. It’s a great way to quickly visualize and adjust.

Most businesses work best by planning week-to-week. However, some may need daily, others only need monthly. It’s also up to you if you want to include every single expense or just categories of expenses. These decisions will depend on the scale and complexity of your business.

Similarly, some businesses will be able to project their cash flow accurately for six months, others only two weeks. In general, try to project four to six weeks reasonably accurately. A good rule of thumb is that the farther you are into the future, the less accurate your predictions will be.

 Step 1 – Forecast Expenses

The first step is to lay out all your ongoing financial obligations. Start by making a list of all the things you have to pay, from rent, to salary, to advertisements, to software fees, to loan repayments. Anything that comes out of your bottom line. Write down what the expense is for, how much it is, and when it’s due. You’ll likely forget about a few things so go through your bank and credit card statements to see what else you come up with.

Step 2 – Forecast Revenue

Next, it’s time to forecast your weekly revenue. Many businesses experience fluctuations in sales so it can be a bit of an art. Try to be as accurate as possible. The more established your business becomes, the easier it will be.

Start by writing down any guaranteed revenue. If you sell subscriptions or have long-term contracts, you’ll have a good idea of what’s coming up. You can estimate if those numbers are going to go up, down, or stay the same.

If a large portion of your sales are from first-time customers, it will be more difficult to estimate. Still, you should have a good idea of what to expect over the coming weeks and months. The closer you can get to reality the better.

One thing that can really help with projections is to look at past data. In many cases, your sales from this week a year ago will be more accurate than your sales last week. This is because historical data takes annual cycles and seasonality into account. If you believe your sales will grow over last year’s, you can increase the amount, but it’s important to be conservative so you don’t end up in a sticky situation.

As you forecast revenue each week, be mindful any dips in sales due to holidays, the time of month or year, as well as any promotions or major deals that will impact your revenue.

Step 3 – Plug in Your Data

Now comes the fun part. It’s time to fill in your data. First, grab your free copy of the cash flow projection template. Use it customize a row for each expense and each revenue source. You can be as detailed or broad you need to be.

 

If you sell a bunch of products on one website, you may only have one source of revenue. If you use multiple channels such as web, retail, and trade shows, you might want to have a line for each because it will be easier to predict.

Make sure you add revenue to the week it will become available to you. Keep in mind, it may take a few days to end up in your bank account.

Similarly, fill in your expenses. Some will be weekly, some bi-weekly, some monthly, some variable. You’re also going to have a lot of miscellaneous expenses popping up. Use the row labeled “Other” to work these into the spreadsheet.

Add your opening bank balance for the first week. The following weeks will be predicted automatically based on your revenue and expense projections.

Step 4 – Update Your Spreadsheet

Your cash flow spreadsheet is a living document. If you keep it as a Google Sheet, it will be available anytime, anywhere. You’ll also be able to easily share it with someone else such as your accountant or another employee.

A good cash flow spreadsheet is updated on a regular basis. Once a week, log in and update your closing bank balance. If it doesn’t match up to what was previously calculated, it’s a good idea to figure out why. Sometimes expenses you forgot about pop up, or you realize you may have been too optimistic in your revenue projections.

Next, hide last week’s column. You won’t need it anymore since it’s in the past.

Finally, add a new week of projections in the last column. You always want to have a minimum of four to six weeks laid out so you can plan ahead.

Any time you’re projecting a shortfall, the closing bank balance will alert you by turning red. This will give you an opportunity to make some changes. In the template provided, you can see that a shortfall is predicted in the third week.

 

By knowing this ahead of time, this company could contact their product supplier and renegotiate their next payment. Instead of paying all $5,000 that week, they could ask to pay $3,000, and settle the remaining $2,000 the following week.

Free Business Cash Flow Projection Template

If you haven’t already, don’t forget to grab your free cash flow template. Simply click on the this link and you’ll be taken to the document in Google Drive. Click on “File” → “Make a copy…” to save your own editable version of the spreadsheet. You need to be logged into your Google account to make a copy.

 

Most companies simply can’t survive without good cash flow management. But anyone can do it. Take the time to get organized now and it’ll be easy to stay on top of it.

How do you track your cash? I’d love to hear about it in the comments!

Warning: You’re Losing Money By Not Using These 8 Inventory Management Techniques

I used to dread the word “inventory”. As a part-time cashier in high school, the word inventory only meant one thing: lots and lots of counting. It’s common for businesses to reconcile their inventory at the end of the year by counting up all their physical product and making sure it matches what’s on the books. For big companies like the one I used to work for, this requires everyone’s help.

These days, I understand just how important solid inventory management is. Inventory is a placeholder for money. You paid money for it, and you’ll get that money back (and then some) when you sell it.

Why Inventory Management Is Important

Holding inventory ties up a lot of cash. That’s why good inventory management is crucial for growing a company. Just like cash flow, it can make or break your business.

Inventory Management Saves You Money

Good inventory management saves you money in a few critical ways:

Avoid Spoilage

If you’re selling a product that has an expiry date (like food or makeup), there’s a very real chance it will go bad if you don’t sell it in time. Solid inventory management helps you avoid unnecessary spoilage.

Avoid Dead Stock

Dead stock is stock that can no longer be sold, but not necessarily because it expired. It could have gone out of season, out of style, or otherwise become irrelevant. By managing your inventory better, you can avoid dead stock.

Save on Storage Costs

Warehousing is often a variable cost, meaning it fluctuates based on how much product you’re storing. When you store too much product at once or end up with a product that’s difficult to sell, your storage costs will go up. Avoiding this will save you money.

Inventory Management Improves Cash Flow

Not only does good inventory management save you money, it also improves cash flow in other ways. Remember, inventory is product that you’ve likely already paid for with cash (checks and electronic transfers count as cash too), and you’re going to sell it for cash, but while it’s sitting in your warehouse it is definitively not cash. Just try paying your landlord with 500 iPhone cases.

This is why it’s important to factor inventory into your cash flow management. It affects both sales (by dictating how much you can sell), and expenses (by dictating what you have to buy). Both of these things factor heavily into how much cash you have on hand. Better inventory management leads to better cash flow management.

When you have a solid inventory system, you’ll know exactly how much product you have, and based on sales, you can project when you’ll run out and make sure you replace it on time. Not only does this make sure you don’t lose sales (critical for cash flow), but it also helps you plan ahead for buying more so you can ensure you have enough cash set aside.

Money spent on inventory is money that is not spent on growth. Manage it wisely.

8 Inventory Management Techniques

Inventory management is a highly customizable part of doing business. The optimal system is different for each company. However, every business should strive to remove human error from inventory management as much as possible. This means taking of advantage inventory management software.

Regardless of the system you use, the following eight techniques to will help you improve your inventory management—and cash flow.

1. Set Par Levels

Make inventory management easier by setting “par levels” for each of your products. Par levels are the minimum amount of product that must be on hand at all times. When your inventory stock dips below the predetermined levels, you know it’s time to order more.

Ideally, you’ll typically order the minimum quantity that will get you back on par. Par levels will vary by product based on how quickly the item sells, and how long it takes to get back in stock.

Although it requires some research and decision-making up front, setting par levels will systemize the process of ordering. Not only will it make it easier for you to make decisions quickly, it will allow your staff to make decisions on your behalf.

Remember that conditions change over time. Check on par levels a few times throughout the year to confirm they still make sense. If something changes in the meantime, don’t be afraid to adjust your par levels up or down.

2. First-In-First-Out (FIFO)

“First-in, first-out” is an important principle of inventory management. It means that your oldest stock (first-in) gets sold first (first-out), not your newest stock. This is particularly important for perishable products so you don’t end up with unsellable spoilage.

It’s also a good idea to practice FIFO for non-perishable products. If the same boxes are always sitting at the back, they’re more likely to get worn out. Plus, packaging design and features often change over time. You don’t want to end up with something obsolete that you can’t sell.

In order to manage a FIFO system, you’ll need an organized warehouse. This typically means adding new products from the back, or otherwise making sure old product stays at the front. If you’re working with a warehousing and fulfillment company they probably do this already, but it’s a good idea to call them to confirm.

3. Manage Relationships

Part of successful inventory management is being able to adapt quickly. Whether you need to return a slow selling item to make room for a new product, restock a fast seller very quickly, troubleshoot manufacturing issues, or temporarily expand your storage space, it’s important to have a good relationship with your suppliers. That way they’ll be more willing to work with you to solve problems.

In particular, having a good relationship with your product suppliers goes a long way. Minimum order quantities are often negotiable. Don’t be afraid to ask for a lower minimum so you don’t have to carry as much inventory.

A good relationship isn’t just about being friendly. It’s about good communication. Let your supplier know when you’re expecting an increase in sales so they can adjust production. Have them let you know when a product is running behind schedule so you can pause promotions or look for a temporary substitute.

4. Contingency Planning

A lot of issues can pop up related to inventory management. These types of problems can cripple unprepared businesses. For example:

  • your sales spike unexpectedly and you oversell your stock
  • you run into a cash flow shortfall and can’t pay for product you desperately need
  • your warehouse doesn’t have enough room to accommodate your seasonal spike in sales
  • a miscalculation in inventory means you have less product than you thought
  • a slow moving product takes up all your storage space
  • your manufacturer runs out of your product and you have orders to fill
  • your manufacturer discontinues your product without warning

It’s not a matter of if problems arise, but when. Figure out where your risks areand prepare a contingency plan. How will you react? What steps will you take to solve the problem? How will this impact other parts of your business? Remember that solid relationships go a long way here.

5. Regular Auditing

Regular reconciliation is vital. In most cases, you’ll be relying on software and reports from your warehouse to know how much product you have stock. However, it’s important to make sure that the facts matche up. There are several methods for doing this.

Physical Inventory

A physical inventory is the practice is counting all your inventory at once. Many businesses do this at their year-end because it ties in with accounting and filing income tax. Although physical inventories are typically only done once a year, it can be incredibly disruptive to the business, and believe me, it’s tedious. If you do find a discrepancy, it can be difficult to pinpoint the issue when you’re looking back at an entire year.

Spot Checking

If you do a full physical inventory at the end of the year and you often run into problems, or you have a lot of products, you may want to start spot checking throughout the year. This simply means choosing a product, counting it, and comparing the number to what it’s supposed to be. This isn’t done on a schedule and is supplemental to physical inventory. In particular, you may want to spot check problematic or fast-moving products.

Cycle Counting

Instead of doing a full physical inventory, some businesses use cycle counting to audit their inventory. Rather than a full count at year-end, cycle counting spreads reconciliation throughout the year. Each day, week, or month a different product is checked on a rotating schedule. There are different methods of determining which items to count when, but, generally speaking, items of higher value will be counted more frequently.

6. Prioritize With ABC

Some products need more attention than others. Use an ABC analysis to prioritize your inventory management. Separate out products that require a lot of attention from those that don’t. Do this by going through your product list and adding each product to one of three categories:

A – high-value products with a low frequency of sales
B – moderate value products with a moderate frequency of sales
C – low-value products with a high frequency of sales

Items in category A require regular attention because their financial impact is significant but sales are unpredictable. Items in category C require less oversight because they have a smaller financial impact and they’re constantly turning over. Items in category B fall somewhere in-between.

7. Accurate Forecasting

A huge part of good inventory management comes down to accurately predicting demand. Make no mistake, this is incredibly hard to do. There are so many variables involved and you’ll never know for sure exactly what’s coming—but you can get close. Here are a few things to look at when projecting your future sales:

  • trends in the market
  • last year’s sales during the same week
  • this year’s growth rate
  • guaranteed sales from contracts and subscriptions
  • seasonality and the overall economy
  • upcoming promotions
  • planned ad spend

If there’s something else that will help you create a more accurate forecast, be sure to include it.

8. Consider Dropshipping

Dropshipping is really the ideal scenario from an inventory management perspective. Instead of having to carry inventory and ship products yourself—whether internally or through third-party logistics—the manufacturer or wholesaler takes care of it for you. Basically, you completely remove inventory management from your business.

Many wholesalers and manufacturers advertise dropshipping as a service, but even if your supplier doesn’t, it may still be an option. Don’t be afraid to ask. Although products often cost more this way than they do in bulk orders, you don’t have to worry about expenses related to holding inventory, storage, and fulfillment.

It’s time to take control of your inventory management and stop losing money. Choose the right inventory management techniques for your business, and start implementing them today.

The Business of DIY: 10 Things to Make and Sell Online

Salted fish and tobacco are traded for fur and feed grains. A block of raw wood is whittled into a toy horse and sold in a stall at a local artisan market. Watermelon seeds, sowed and tended, become full-fledged fruit before exchanging hands at a roadside stall.

Making things from scratch, cultivating them by hand, and carving out a living by selling and trading them—these are the incentive transactions of commerce in America.

Commerce has evolved in the past few hundred years, with the biggest changes coinciding with rail transport, the manufacturing boom, and the Internet. As far as we’ve come—think same day shipping and chat-based selling—the roots of commerce remain firmly planted.

Today, thousands of Shopify merchants still produce made-by-hand goods—some with traditional and primitive methods—selling them at craft shows, pop-up shops, and through their online stores worldwide. E-commerce gives makers more reach, and apps help keep their businesses running more efficiently, letting them focus on what they do best: their craft.

 

But maybe you’re not quite sure what to make and sell. Maybe you’re looking for a new hobby to busy your idle hands (and make a little cash on the side). Or maybe you’re not crafty at all.

10 Things to Make and Sell

We’ve compiled a list of things to make and sell, something to appeal to everyone from the advanced craftsperson to the creatively-challenged, from skilled trades to relatively hands-off ventures. Each idea will include a link to a comprehensive guide, as well as a Shopify store to inspire your own.

1. Bath Bombs and Soaps

A simple Google search returns pages of tutorials to teach you to make your own soaps, bath bombs, and other beauty products at home. They range from simple recipes for bath salts to more complicated formulations requiring emulsions and preservatives. This business idea has low creativity requirements—soaps and bath bombs can be made using commercial molds—but packaging and branding are important in beauty, so consider hiring design help.

💡 Tips:

  • Keep your inventory tight—fresher bath bombs have more fizz, and natural ingredients (like essential oils) in soap can expire.
  • Check with your local government to ensure that your production facility (even if it’s your own kitchen) meets health standards. In the US, for example, the FDA sets guidelines for ventilation, air control, and surfaces.

2. T-Shirts and Printed Merch

This is a maker business for the non-maker. Your original idea can be designed (this is where the “made” comes in) and printed onto various goods like t-shirts, mugs, tote bags, and dog bandanas, and shipped directly to your customers. It’s a hands-off business that has a very low barrier to entry.

💡 Tips:

  • T-shirts and printed merch can supplement an existing business. Gyms, musicians, and charities, for example, can sell branded swag to current audiences, and help to build the brand.
  • Not a designer? Use Fiverr, Creative Market, or Upwork to find talent to help you turn your ideas into designs for your t-shirt business.
  • Use a print and fulfillment app like Printful or Teelaunch. They integrate with your Shopify store, and automatically print, fulfill, and ship each order.

3. Jewellery

Jewellery is another business idea that can range from simple and low-tech (say, beaded necklaces and woven bracelets) to skilled trades with special equipment (say, silversmithing). It’s a saturated market, so doing your homework up front is important—how can your designs stand out? Is there a niche market to target?

 

💡 Tips:

  • Fashion is fickle. Validate your idea by tracking trends in jewellery—use Google Trends, and follow popular fashion blogs and influencers.
  • Photography is extremely important, but also difficult because of the scale and reflective qualities of jewellery. Invest in great photos by hiring a pro. You can save money by partnering with complementary apparel brands to share the cost of lifestyle shoots.

4. Curated Gift and Subscription Boxes

A gift or subscription box business is a great idea for those who are less crafty but have an eye for curation. Contrary to print-on-demand t-shirts, curated box businesses can be very hands-on. Assembly can be a tedious task, but the business has its advantages: subscription boxes are usually packed all at once at the same time each month, and in the same size box, making the shipping process simple.

💡 Tips:

  • Calculate your storage and assembly needs. Can your home accommodate your business, or do you need to rent additional space?
  • Ease your customers into commitment. Offer a substantial discount to those who pay upfront for subscriptions, or offer the first month free.
  • Use an app like Recurring Orders and Subscriptions to manage subscriptions.

5. Candles

The candle business in the US is a $2.3 billion dollar industry, and within that there are several niches to explore: religious, birthday, eco and natural, scented, beeswax, novelty, and more. Like with soap, there’s no shortage of DIY tutorials for novice candle makers, and basic melt and pour methods require little to no previous craft skills.

 

💡 Tips:

  • Get insured and use safety labeling. Due to the nature of candle use, and the increased risks of injury or fire damage, be sure to protect your business from civil suits that may result from the use of your product.
  • Tap into a niche to stand out in a crowded market. Frostbeard Studio appeals to book lovers with cleverly named candle scents and copy filled with literary references.
  • Pay attention to branding and packaging. Candles don’t differ much from an ingredient perspective, but your product can stand apart with beautiful packaging and strong branding.

6. Sweets

10 Things to Make and SellCandy, cookies, baked goods, chocolates, and jams. Sugar can be spun and dissolved and baked into endless things to make and sell. This is a category with unique complications—legalities, labeling, and shelf-life—but also with lots of room to get creative. Niche markets include: holidays and occasions, custom, novelty, catering, and gift baskets. Be sure to investigate the viability of selling your product online. Are fragility and refrigeration barriers to shipping?

 

💡 Tips:

  • Trace the supply chain, says food lawyer Glenford Jameson. Carefully select your raw ingredient suppliers to ensure that what’s on your label is what’s inside.
  • Consult with a lawyer or food inspection agency to be sure that your labeling meets local requirements for nutritional content, ingredients, and allergy warnings.
  • Rotate your inventory, says craft brewer Casandra Campbell, and stress the importance of doing so to everyone who handles it.

7. Art and Prints

Forget the story of the starving artist. It’s never been a better time to create the art you want to create, and sell it (without selling out). Whether you’re dealing in fine art, or reproduction prints, you can access far-reaching audiences and sell worldwide.

 

💡 Tips:

  • Work with an established gallery like Shopify-powered Spoke Art to show your work in person and help build an audience for your online store.
  • Have your work professionally photographed, or as a low-cost option, scan it on a flatbed scanner in pieces and stitch the image together in Photoshop.
  • Consider reproducing your art in multiple formats from prints and cards to t-shirts and mugs. Do it yourself through a print and fulfillment company, or licence your work to other ecommerce brands.

8. Digital Products

The digitization of goods shows no signs of stopping. The digital music industry alone was valued at $6.8 billion in 2016. Making and selling digital products like font licenses, wedding invitation templates, webinars, or Photoshop actions requires a little up-front work, but is relatively hands-off once you get started. The overhead costs are very low, and some typical pain points that come with physical goods (inventory, shipping) are non-existent.

💡 Tips:

  • Choose a delivery method. Apps like Digital Downloads and Sky Pilot integrated with your Shopify store to automatically deliver digital goods, or provide a download link to each customer.
  • If you’re hosting files on Shopify, make sure files are each 5GB or less. For larger files, try compressing them into .zip archives.

9. Enamel Pins

Enamel Pins have exploded in the past year and are still on a strong upward trend. It’s not to late to cash in. You’ll usually work with a manufacturer to make enamel pins, but the design component can be as involved as you make it. Design your own, or work with a designer to illustrate your vision.

 

💡 Tips:

  • If you choose to design your own pins, use Photoshop, Illustrator, or free alternatives like Pixlr and GIMP. Stick to solid colors (no gradients) and avoid fine details.
  • Whether you manufacture overseas or locally, be sure to ask the right questions of your manufacturer:
    • What are your clasp and material options?
    • Can you send me physical samples?
    • What packaging options do you offer?

10. Traditional Handcrafted Goods

Leather tooling, wood carving, embroidery, and pottery are all traditional mediums with thriving markets. The backlash against mass-production is driving trends back to slow food, one-of-a-kind and bespoke goods, and artist craftsmanship. Many of these disciplines require skills honed over time, but you can access your inner maker and learn these skills via online tutorials, local workshops, and trial and error.

Get inspired:

 

 

 

💡 Tips:

  • Much of the appeal of crafted goods is the story behind the maker. Weave your own story into product pages, a compelling About Page, and even packaging.
  • How will you scale? If your idea takes off, consider how you will maintain the handmade nature of your goods while producing in large quantities: can you hire contract makers? Can certain components of the process be outsourced to a manufacturer, then finished by hand?


How to Make the Most of Your Weekends to Grow Your Side Business

Building your business on the side is not easy. You come home after a long day of work, you spend the little time you have with your family and friends, and you try to jam in a productive session, working on your side business before going to bed.

Your weekends allow you to get much more done in much larger chunks. They’re usually where you’re most capable of growing your business or having the most impact on your business when you’re working a day job.

Having trouble focusing on growing your small business? Get access to our free, curated list of high-impact productivity articles.

However, are you making the most of your weekends? How often do you find yourself distracted or making excuses when you’re not getting enough done? How should you structure your weekends? What does a weekend, optimized for productivity and growing a business, look like?

I’m going to answer these questions and share what has worked for me, and continues to work for me. Additionally, I’m going to share my action plan, exactly how I structure my weekends, and what I do every weekend that has helped me grow my side business and maintain a great work/work balance.

Switch Up Your Frame

The first thing you need to consider is how do you think of your weekends.

What you do during the week should set you up to get more done on the weekend. Don’t use your weekends to support the stuff you do during the week, instead, whenever you come home from your day job and begin working on your business, make sure it supports what you plan to do over your weekend.

For example, if you’re planning to tackle your website’s design over the weekend then choose templates, design logos, draw layout ideas  and write copy throughout the week. That way, when the weekend rolls around, you can focus on the most important task – getting the website up.

Making Your Weekdays Support Your Weekend

Whenever you think up a task or project, but can’t make time for it during the week, David Allen, author of Getting Things Done suggests you add it to a “next actions” list instead of a “to-do” list. Throwing items into a to-do list is non-actionable. If you set an ordered list, of the next things you need to do for your business, it will require and encourage you to make quick decisions.

Think up a great, actionable idea for your business?  Put it in your “next actions” list. Come up with a new marketing idea that will take several hours to implement? Put it in your “next actions list.”

 

At the end of the week, organize these ideas, tasks, and projects into timeslots throughout your weekends, then pull each task from your next actions list and move  it into your calendar for the weekend. (More on this in the next section)

Now let’s get into what a typical weekend looks like for me, and how you should consider structuring yours to get more done.

How to Structure Your Weekend

Friday

While you won’t have as much time on Fridays to get as much done as you can on Saturday or Sunday, it’s a good time to reflect on what you’ve accomplished throughout the week and what you plan to do over your weekend

Reflect

It’s good to sit down for five minutes, before planning out your weekend, to reinforce what has (or hasn’t) been working for you.

Not taking the time to see where you went right and wrong can stunt your growth as an entrepreneur. Your business only grows when you do. Here are some questions you can ask yourself:

  • What were my top wins this past week?
  • What didn’t I get done?
  • Where did I waste time this past week?
  • What was the best part of my week?

You can answer these questions out loud or write them down in a journal or private document (like Google Docs or Evernote).

Plan of Attack

Now it’s time to schedule your weekend. Set blocks of time for each task and get your priorities in check.

Your weekend should be flexible. Things happen and you can’t always stick to your schedule. However, don’t use that as an excuse to procrastinate. Stay flexible for when “life” happens, but don’t stay flexible just because Game of Thrones or your favorite TV show might be on.

Before planning out your weekend,  ask yourself a few questions to get a better perspective on what needs to get done:

  • What must I get done no matter what this weekend?
  • Are there any potential distractions or commitments this weekend that I will need to account for?

Now it’s time to plan your weekend for success.

First, if you don’t know what you should be doing, use the Pareto Principle. Look at the 20% of things you’ve been doing for your business that have yielded 80% of your results.

Next, use a tool like Trello or even Google Calendar to set your schedule for the next two days. Pull the tasks you put off from your “next actions” list and start to schedule them into your weekend. If the task can be done in five minutes or less, do it immediately (yes, while you’re still scheduling your tasks) instead of putting it off for the weekend.

In the next section, I’ll talk about what your Saturday and Sunday might look like to help you figure out how to make the most of your weekend.

Here’s an example of what my Trello board, “Weekly To-Do”, looks like:

 

Generally, you’ll want to tackle the most difficult or time-consuming tasks first. If you don’t think you’ll be able to complete all your tasks for the day, do the most important things first. The most important task is up to your discretion, but generally, if it has a looming deadline or will make the most immediate impact on your business, it’s the most important task.

Saturday

Let’s carry over that excitement and momentum from Friday’s reflection and planning, and begin to tackle the most important tasks on Saturday.

“Airplane Mode” Saturdays

So, because you hopefully have scheduled the most important or difficult task first, that’s where you’ll be spending most of your Saturday. It’s also likely to be your most time-consuming task, which is why it’s also important to get it out of the way as quickly as possible.

The key to getting more done on the weekends is focus. Sounds simple, right?

On paper, sure, but in reality, there are a lot of distractions and excuses to keep you distracted.

My Saturdays are usually the most productive day of my weekends. I like to put myself into “Airplane Mode”. Much like how your phone’s Airplane Mode which disables all of your phone’s connectivity to the internet, I do the same thing by cutting myself off from distractions.

 

Though it’s unlikely you’ll be able to get much done without the internet there are tools you can use to help keep you from wandering off and browsing Facebook, while staying connected to the internet.

These are the Chrome extensions I use to put myself in “Airplane Mode” every Saturday.

  • StayFocused – Block out the sites that steal your time so that you can work on what matters.
  • RescueTime – Track all your time on the internet to later review where you waste the most time.
  • News Feed Eradicator – Sometimes, I can’t block Facebook using a tool like StayFocused because I use Facebook to manage my ads and pages. However, with News Feed Eradicator, my news feed goes from distraction filled mess to motivational or inspirational quote.
  • Momentum – This extension replaces your new tab screen with an inspirational photo and a reminder of your most important task for the day.
  • Simple Pomodoro – If you’re not familiar with The Pomodoro Technique, it helps you work in small intervals of 25 minutes of getting stuff done and a short 5 or 10 minute break. Instead of plowing through without taking a break, Simple Pomodoro is a timer that will alert you when it’s time to take a break and when it’s time to get back to work.

Sunday

I don’t like to lose the momentum I created on Friday and Saturday, however, even I understand that there are errands and things that need to be done on the weekend. That’s what Sunday’s for.

If I have time on Sunday, I will finish any other tasks, but if I can’t, I will add them back to my “next actions” list or simply schedule them for next weekend.

Schedule Content for the Week

Spend some time automating whatever you can for the following week. For example, every Sunday evening, I use Buffer to schedule all my social media posts until the following Sunday.

You can do this as well. Spend your Sunday evenings briefly scheduling out social media posts, planning out blog content, or scheduling emails to be sent to your email list.

Plan Your Week Ahead

I use Trello (you can use any scheduling tool you feel comfortable with) to plan out the week ahead. This way, I know exactly what I should (and need) to be working on when I get home from work. I’m not wasting time on deciding what to do or trying to figure out what to do next. I just come home and take action.

Set Goals

If you don’t already, I strongly suggest writing down and tracking weekly goals for yourself and your business. Some example goals you can set are:

 

  • I will easily launch my new e-commerce website by Saturday this week
  • I will easily go to the gym at least 3 times this week
  • I will easily get 10 sales to my store by Saturday this week
  • I will easily double my store’s weekly traffic, from 100 visitors to 200 visitors, by Saturday this week

 

 

Writing your goals down helps keep you accountable and brings you clarity. How do you really know what you want to accomplish in life and in your business if you’re not tracking it?

Prime Yourself for the Week Ahead

Stop dreading Mondays every Sunday night. Set the tone for an amazing week. Look forward to getting up early, tackling your morning routine and getting home after your 9-to-5 to work on your side business. Make your Sunday nights amazing!

Watch a few motivational videos on YouTube or an inspiring Ted Talk or learn something new before going to bed. You don’t have to over-stimulate yourself, just put yourself in the right mindset before going to bed.

Rinse and Repeat

Now it’s just a matter of repeating this process and becoming really good at adapting it. You won’t be perfect and won’t always have the most productive weekends – I know I don’t.

However, making an effort to work at it every weekend and putting in that work, even when it’s only for a few hours, can make all the difference. All of those efforts begin to add up over time and before you know it, you can have a full-time ecommerce empire on your hands.

What do you think? How do you, as a sidepreneur, manage to build your ecommerce empire on the side while working a 9-to-5? How will you make this upcoming weekend much more productive? Let me know in the comments below. I engage and respond with everyone.