As a retailer, you know that profit margins are important. But what is the average profit margin on retail? We take a look at the data to find out. For our business, we need to make sure that we’re always aware of our margins. After all, it’s one of the key indicators of how well […]
Food inventory at a restaurant is key to keeping service running smoothly. If you’re not careful, one small mistake can lead to food shortages and inaccurate forecasting, which will impact your business’s bottom line. FoodPrint reports that up to 10% of the food purchased by restaurants is wasted, meaning they are paying for those items […]
When starting a new clothing store, the best thing is to have an organized business plan. If you plan to raise capital, take the time to create a clothing store business plan that will help potential investors have a clearer idea of what they are investing in. A formal document that outlines your intentions and […]
Do you want to know how to do a pop up shop or event? When a business is established in more than one location, it has an advantage over its competitors. Instead of sitting back and waiting for people to come into your existing storefronts, outdoor sales events or a pop-up shop can help you […]
In 2018, US restaurants recorded an impressive $853 billion in sales. This is mainly due to restaurateurs increasing their margins and developing a more strategic restaurant menu design. The restaurant industry is one of the few industries that are booming. You have an excellent opportunity to capitalize on this. But there’s also fierce competition with […]
When it comes to retail, the inventory is your lifeline. Without an organized and well-managed stock of goods, you’re running a business that’s just about breaking even. When it comes to retail inventory management, you should manage your inventory in a way that works for you, so there is no stress involved. What Is […]
Is experiential retail the future of shopping? Technology has modified the means folks look. With a number of clicks, we will purchase no matter what we would like and have it delivered to our threshold. Retail stores aren’t any longer simply places to shop for things. the aim of a store has been modified and […]
To be successful in the restaurant industry, employees and managers alike need to be familiar with standard restaurant terms. This will help when talking with customers or other staff members. The hospitality industry has developed its unique language (restaurant slang), which is efficient and peppered with expletives. While each establishment may use different restaurant terms […]
The top ten reasons why small businesses fail are as follows: It may be challenging to establish a business, and there are a lot of statistics out there concerning the success rate of startups: just approximately 20% of new enterprises survive their first year of operation. The US Census data reveals that new business creation […]
It’s hard to compete with other merchants in your area that offer similar products and services. In many cases, the only way you can attract customers is by having a loyalty program or an incentive system, such as a gift card program. Gift cards can serve two purposes: to increase revenue and customer loyalty. Gift […]
