Tag: American Quilt Retailer

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Podcast Basics: What You Need To Know

podcast

Everybody has a podcast these days. Should your business be one of them? Find out everything you need to know before you jump in.

Podcast Basics

As business owners we already have one thing many people who start podcasts don’t: a following. Before you decide to push a podcast to your audience, make sure you can provide enough information. Without the content, you don’t have a podcast.

The next thing to think about is your podcast format. Will you be the host? Will you cohost? What about special guests? Once you figure out your style you can determine how long you want the episodes to be (any where from 4 minutes to 2 hours) and how frequently you release episodes. This could be every week, every month, or seasonally to fill in your slow months.

Equipment

There’s a lot of information available as to what recording software is the best. The good news is starting a podcast is cheap; it shouldn’t set you back more than $100.

Another thing to consider is editing software. Again, you’ve got a couple of options so if you have any editing experience think about what’s important to you (ease of use? amazing features?). Do your research and tailor your decision based off that.

After you get the equipment, practice before you go live. (Talking in a microphone is more difficult than you’d think!) Plus you’ll get a better idea of how to script your episodes.

Once you start the opportunities are limitless! Eventually you can get advertisers and bigger-name guests.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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Know Your Break-Even Point

break-even point

Knowing your break-even point helps you to plan for the long-term. Plus, the more data you have, the better you can run your business. Check out the below to find out just how much it costs for you to keep your doors open.

Determining your break-even point

A break-even point tells how many sales you need to cover expenses (or where it breaks even for a given period). By knowing your break-even point, you can determine how viable your quilt shop is, and if it’s getting weaker or stronger.

The equation for calculating your break-even point (or really when your revenue equals $0 profit) is:

  • Revenue = Cost of inventory (goods) sold + Other expenses + Profit
  • For the equation:
    • Revenue = Sale price per unit x Number of units sold.
    • Cost of inventory (goods) sold = Cost of inventory per unit x Number of units sold (keywords are inventory and sold. Not what’s sitting on your shelves).
    • Other expenses = Sum of all non-variable expenses (or rent, utilities, payroll, insurance, taxes, etc.)

For break-even purposes, profit is $0. If you want a margin of safety, simply chose the number you want as a net and plug that into the equation.

Determining daily business costs

Once you figure out what your break-even point is, you can determine how much it costs to operate per day.

Most quilt shops separate this into two categories: fixed expenses per day and variable expenses per day. Some of these expenses include payroll, rent, utilities, and more. Knowing all of these equations will help you make smarter buying and selling decisions.

Inspiration for this post came from “Know Your Break-Even Point” by Jacob Curtis published in the June 2021 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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Hot Picks!

Hot picks

Need more inspiration? Check out our picks of notions and fabrics to freshen up the supply in your store.

Fabrics

  • Time For All Seasons: Janet Rae Nesbitt of One Sister Designs – If you’re a fan of gardening then this is the design for you. One quilt breaks down into seven different seasonal projects to be pieced and stitched.
  • Beginner Box Cuddle Kits: Shannon Fabrics – Help sewers get used to working with plush fabrics through this stylish project.
  • Gemini Flight Bag: Studio Kat Designs – Get ready for traveling again with this flight bag that includes two zippered areas.
  • Camping Quilter: Puppy Girl Designs – Going camping? Then take this embroidery design to stitch during your stay.

Notion Picks

  • Silicon Applique Mat: Sew Quirky – This 18 inch mat is clear to provide better visibility while working on your projects. It can sustain heat up to 428 degrees Farenheit and fabric won’t stick to it (even after it cools off).
  • 2022 That Patchwork Place Quilt Calendar: Martingale Wholesale – 2022 marks the 20th year of this calendar tradition. Each month contains a different quilt to inspire your creations (and even comes with the quilt patterns).
  • A Scrapbook of Quilts: Joanna Figueroa and Carrie Nelson for It’s Sew Emma – Carrie Nelson of Miss Rosie’s Quilt Co. and Joanna Figueroa of Fig Tree & Co. paired up to create over 30 projects with just six quilt blocks.

What new products have you brought to your store? Leave your favorite picks in the comments below.

Inspiration for this post came from “Hot Picks!” published in the June 2021 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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Decrease Your Expenses

Cut Expenses

One of the ways you can make more money is to decrease your expenses. Check out some of the questions to ask yourself below.

Questions to ask

Make a list of all the expenses you make on your business credit card and separate them into categories. Evaluate which expenses you should keep, and if you’re struggling, these questions should help.

  • Is this a service or product that I am utilizing every month?
  • Does an annual subscription make more sense? Often times, annual subscriptions save two months of the cost.
  • Does it make sense to pay for this level of service? Look into free or cheaper alternatives.
  • Can I cancel the service? Do I use it anymore?

Other ways to cut expenses

If you justify some expenses by saying “it’s only $25 a month!” remember that comes out to $300 a year.

One way to cut expenses is by salaries. We all agree employees should be paid living wages with appropriate benefits, but are your staffing assumptions based on old data? As business models change, some skill sets can be adjusted or moved to better fit your customer’s buying behavior.

Another way is through rent. Rent is likely the highest expense your business currently makes. How much do you earn per square foot? Can another smaller location fill your business’s needs? If customers are paying for parking, moving to a place that allows for free parking is a great idea as well.

Inspiration for this post came from “Make More Money,” by Gwen Bortner published in the June 2021 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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How does your business need to change?

With any life-altering time, our businesses need to change also. We now live in a world of pre-Covid and post-Covid (similar to pre- and post-war). Check out some of the ways your business should consider adjusting (if you haven’t already).

Change in Hours

Have you ever sat in the parking lot of a big box craft or fabric store and watched customers go in during hours you’re closed? If you’re like most business owners, you likely saw a business opportunity.

We get it, it’s impossible to offer as much as those large stores, considering all of their resources. But just because your store hours are convenient to you, doesn’t mean those hours are convenient for your customer base. Consider altering the time your store stays open at half hour increments, and compare your numbers to see if it was the right decision.

Change in Payments

Along with your store hours, you should offer a range of payment forms as well. Yes, you can still accept checks, but you should also upgrade to accepting Apple Pay, too.

Discounts

Whatever model you were using in 2019 really doesn’t apply anymore when it comes to offering clearances. Wholesalers have reduced their schedule to a quarterly schedule due to the product shortage they faced the majority of last year. Consider decreasing the amount of weekly and monthly sales you offer also.

Communication

Since you can’t be open 24/7, look into alternatives to help get you there. Consider adding a chat bot to your website so you can respond to questions at all hours of the day. Or even upgrade your phone service so customers can shoot the store a text with a question they might have.

Inspiration for this post came from “What’s Different?” by Tom Shay published in the June 2021 issue of American Quilt Retailer.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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How to Write a Business Plan

Business plan

Some of you might be old hands at writing a business plan. But to those of you who aren’t, this post is for you!

There are a lot of resources available to help you in this process. Remember the goal of a business plan is to be a roadmap for where you want to go. A great business plan can help you increase capital, hire top talent, and guide your next decision.

Writing your business plan

Your business plan should be a projection of the next 3-5 years, and should be the roadmap to how you plan on growing revenues. Check out the pieces your business plan should contain below.

  • Executive Summary
  • Company Description
  • Market Analysis
  • Organization & Management
  • Service or Product Line
  • Marketing & Sales
  • Funding Request
  • Financial Projections
  • Appendix

For a description on these and what they include, check out this guide from the Small Business Administration.

Statistics

Still hesitant to get started? According to Quickbooks, businesses with a plan grow 30 percent faster than those without, and owners with plans are twice as likely to grow and get investments and loans.

And before you even begin, be sure you know who your target audience is. That way, you know who you’re speaking to the whole time you’re writing.

Of course, writing a plan is work, and to make your plan stand out, consider ideas for partnerships as you begin your research. Your business plan can be short and to the point, but should show why you care. Be objective, avoid jargon, and don’t be afraid to make changes to your original plan.

Finally, don’t forget to USE IT! Put all that hard work to good use.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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Market Research and Competitive Analysis

Market Research

We’re starting a series for anyone interested in starting their own quilt business. In today’s post, we’ll cover the first steps: conducting market research and competitive analysis.

Market Research

The first thing you should do to turn your dream into a reality is conduct market research. If you want your business to succeed, the below are pretty good indicators to start asking:

  • Demand: Does your community want a quilt store?
  • Market: How many people would shop there? (This can help determine the size of your operation.)
  • Economy: What is the income range of the community you will open in?
  • Saturation: How many competitors do you have? And how would your pricing compare to these competitors?

Compare all of these statistics against the information that’s available about quilters. Also check out the Small Business Administration for free services to help with your research.

Competitive Analysis

If in your market research you discover competitors (don’t worry, you will), the next step is to conduct a competitive analysis. This will be key to defining your business’s edge.

A competitive analysis includes determining your strengths and weaknesses, your window of opportunity to enter the market, the importance of your services, and barriers.

The Department of Justice provides a diagram of Porter’s Five Forces that will help you to determine the answers to the above. These include:

  1. Supplier Power
  2. Threat of Substitutes
  3. Degree of Rivalry
  4. Buyer Power
  5. Barriers to Entry

If after you complete this research and determine your business will be likely to succeed, you’re ready for the next step. Stay tuned next week for tips on how to write a business plan.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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Easy Projects for Beginners

Easy Quilt Ideas

With summer in full swing, we thought we’d share some ideas for easy beginner projects for the new quilter in your life! You may find yourself spending more time with grandkids, and if you’re looking for something to do, why not teach them your favorite hobby. (Who knows, it might become theirs as well!) Check out the below ideas for simple ways to begin.

Easy project ideas

  • Pillow: What else is a pillow beside a single quilt block? Show your new quilter some quilt block styles and let them chose their favorite.
  • Baby quilt: The natural next step after making a pillow is to sew a baby blanket. Starting with precuts and patterns with simple piecing is going to be the best bet for a beginner piece.
  • Tote bags: Bags are pretty fun too. The best part is your new sewer will get exposure with different things (handles, curved edges, etc).
  • Large block quilts: Once you’re ready to to enter the big leagues, consider sewing a large block quilt to make their first full-sized piece seem a little more manageable.

How to reach new quilters

Do you have a favorite YouTube channel? Do your customers have a favorite YouTube channel? Help your new quilter learn from a different perspective by checking out what material is available on social media.

Of course, you can’t go wrong with books either. Dig through some of your old copies, or visit your nearest quilt retailer to see what they recommend.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you. And don’t forget, you can always purchase single issues if you prefer that instead.

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AQR Summer Camp: Learn more!

Summer Camp

The 4th of July is just around the corner! Before you take vacation, check out AQR Summer Camp on July 1st from 12:00 to 1:30 p.m. CST.

Camp Details

The theme of AQR Summer Camp is “Show Off Your Shop” plus “Let’s Talk Batiks.” Scott Fortunoff of Jaftex Corp will kick off the event with his challenge for quilt shop owners. The challenge will be a great opportunity to develop your video skills while also showing off your store. Who knows, maybe you’ll get some new customers along the way? Winners of the challenge will get a visit from Scott to your store!

Following Scott, Karen Gibbs for the Love of Batiks will teach you how to make your batiks shine. During Karen’s session she’ll cover the whole nine yards, including batik education, purchasing, selling through your current stock, and developing an action plan. Make sure your batiks are selling at the best of their ability and hear how Karen has tackled the post-pandemic batik landscape.

Pricing

Pricing for this camp is $65 for non-subscribers and $35 for subscribers.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.

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Summer 2021 Quilting Trends

Summer trends

Summer is officially here. To celebrate, we’ll be covering some of the hottest trends to keep your new quilters inspired. Did your business see a boom of new quilters this past year? You’re not alone, and you won’t be surprised to discover they aren’t going anywhere!

Picnic blankets – perfect for summer

People are making their own quilt staple these days—the picnic blanket. Try to keep fabrics around that encourage a summer theme (think fruits, the beach, and even astrology are hot topics right now). New quilters love to brag about their DIY projects. Now they can show off their skills over an outdoor lunch.

Framed quilts

Another way new quilters like to show their skills off are with framed quilts or wall hangings. These are more design oriented, with a focus on colors and shapes that bring rooms together. Color contrasts are hot right now (yes, even blacks) and hexagons are a popular modern shape.

Table placement

Functionality is important to new quilters too (hasn’t it always?). Think any sort of table decor including placemats, potato cookers, hot pads, push pins, table runners, etc. They’re great beginner and easy projects that keep quilters coming back for more.

Patchwork

Nothing screams quilter like patchwork patterns. You’ve likely noticed the trend already. Patchwork is appearing on all articles of clothing including jackets, purses, hats, and even socks.

Be sure to make yourself available as a resource to new quilters. Think about your preferred machines, tools, fabrics, and more. As they expand their horizons, they’ll be looking to someone with experience to guide them in the right direction.

If you’re looking for more information to guide you in owning a retail business, subscribe to American Quilt Retailer today. Already a subscriber? No worries—join our Facebook group for insights and dialogue from industry specialists like you.