It seems nobody really knows where the UK economy is headed. It occurred to me that to assist in being prepared for potentially rocky times ahead, we should look at ways in which to maximise our profits and deliver something different to the customer at the same time.
Everyone, regardless of who they are, has expertise in something, and being a shop owner, you can turn that expertise into products and keep 100% of the profit.
For instance, my wife takes home bananas that are past their best and bakes banana cake. We then slice it up and sell it off at £1 a slice. The profit per slice is enormous, the customers love the home-baked product and it sells faster than we can make it. This is just one example of using your skills to generate profit for your store at almost no cost to you while eliminating wastage.
Some other ideas for high-profit, self-produced items include:
• Making your own ready meals. If you can cook a curry, package it up and sell it on, your customers will love it
• If you knit, make beanies and scarves for the winter
• Make toffee apples
• Make greeting cards
• Make postcards of your community
• Make jams and preserves
• Set up a community business card board and charge a fee to display cards
The list is actually endless and enables you and your staff to turn talents to profit.
Whether in good times or bad, maximising your profit and, at the same time, motivating and complimenting your staff for a job well done will continue to reap benefits long after the products are on the shelf.