4th Quarter Madness!
Halloween is right around the corner, which means that it’s that time of year again for sellers. The 4th Quarter is upon us!
By now, most sellers are already knee-deep in 4th quarter inventory and selling ahead of the season. But if you’re behind the curve, don’t worry; it’s not too late to prepare for holiday insanity!
Not sure where to begin? Start with some simple preparation tactics to help you stay profitable through the end of the year.
Figure Out Where the Money Is
Are you using separate bank accounts for inventory, overhead, etc.? Take a good hard look at how your profits are being distributed. If this isn’t your first time around with FBA selling, you probably already have a good idea of where and how you need to spend your capital. Make sure that you stick with whatever financial strategy you’ve adapted over time that works for you.
If you’re new to the world of FBA selling and navigating your first 4th quarter, you might be feeling overwhelmed at the prospect of getting through your first holiday season as a seller. Check out tips here and here from Cyndi Thomason of Bookskeep to help you stay on track with spending and allocating your money. If you’re not sure what to sell, check out these ideas about how to stay profitable not only during the holiday season but all year round.
Regardless of whether you’re a newbie or a seasoned seller, do your homework. Research what the current trends are and what the big sellers are going to be this year.
Use Your Time Wisely
One of the biggest pitfalls to any seller’s profitability is poor time management. Being a seller can be challenging enough on its own. Add to that the fact that many sellers have multiple part-time jobs or own multiple businesses and are trying to raise families, and it can feel nearly impossible to keep all the different parts moving.
Don’t be afraid to ask for help when you need it. Most businesses, especially successful ones, stay successful with the help and input of many different voices and points of view. You don’t need to be an island. If you have employees, family members, friends, etc. who can help you get through the busiest selling season of the year, lean on them. At the end of the year, you’ll be glad you did.
And speaking of asking for help…….
Take Care of Yourself
We often like to tell our loved ones that they need to take care of themselves, but how often do we heed our own advice? All the success in the world means nothing if we jeopardize our physical and emotional wellbeing. Working hard and being dedicated to your business is not only ok, it’s to be admired. But be sure you’re not sacrificing your own health in order to achieve success.
Stick with the basics; get plenty of rest, eat a balanced diet, squeeze in some exercise whenever possible, and manage your stress in whatever way works best for your lifestyle and schedule.
Have a Plan B. And a Plan C, D, E……
The holidays are stressful enough without life’s curveballs. But as anyone with a pulse knows, those curveballs will come at you hard and fast at the worst possible time. You may not be able to prevent the ups and downs that come with being a seller (or just being human for that matter), but you can mentally prepare for the unexpected. Taking a “hope for the best, expect the worst” approach with selling can help you focus on contingency plans for your finances, inventory, and sanity.
As you dive into the 4th quarter selling season, remember that help is out there! Check out some of InventoryLab’s latest product updates to help you survive the holidays.