Category: News

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Company Culture: If you can’t find it; make it!

Work culture

Culture. It may seem like a trendy word, but it is everything in the workplace. Read on to learn how you can improve yours.

What is culture?

Have you ever found yourself in a job you like, but the culture was holding you back? When you’re removed from the situation it can be hard to remember how horrible it was.

Before we jump into that however, what is it? Obviously, culture is about people, and company culture is how your work environment makes them feel. It goes without saying, but your business’s culture should make your employees feel welcome, secure, and optimized to succeed.

What benefits your employee benefits your company also. Recognizing and valuing your employee’s skill set, giving them opportunities to learn and grow, and leaving an open door for dialogue are all great ways to accomplish a positive work culture.

Pros and cons

The negatives of a poor culture are obvious. High turnover, struggling employee mental health (that ultimately impacts customer interactions), and feelings of defeat.

Being open to criticism on how you can improve is critical for improving your current work culture. It’s amazing that even in 2021 there are still books being written about things such as gender and strategizing around the workplace as it currently is. I’m just taking a stab in the dark here, but I think it may have something to do with the close-mindedness of managers in all industries.

Finally, keep in mind that the stress you feel about the direction your business is heading rubs off on your employees. It’s not easy to run a business, but it sure is rewarding. Make sure your employees can feel that too.

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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2021 Autumn Trends

Autumn trends

This week marks the first official week of autumn. With Quilt Market being postponed, we thought we’d help you get ahead of this fall’s trends.

What’s Trending

True to the autumn season, velvet is hot. More specifically, stock your selection with crushed velvets. The variegated tones are a nice change from the typically solid-toned texture.

Knitting is also back! Get people prepped to spend a winter indoors with patterns for sweaters and other applications for the chunky knit design. While stocking your yarn, keep in mind cream is this season’s favorite color.

Speaking of yarn, Western styles (with fringe included of course) is going to be everywhere. Fringe will especially be seen on scarves, coats, and other layering accessories.

Autumn Favorites

Earth tones have always been a staple to mark the transition to winter. This year’s top color is a warm brown-orange (think clay) or more specifically the color Adobe by Pantone.

On top of this, greens are back. Any green from the range of a true tone to a loud and bright one, verging on the brink of neon. This might be due to the hints of the 80s we keep seeing around. A lot of these hints include mixed prints also.

What are you waiting for? Add the above themes to your store (that I’m sure is already decked with pumpkins, gourds, and cinnamon-like smells).

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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Partner with an Influencer

Influencer

Partnering with an influencer is a great idea if you’re looking to expand your audience. Read on to find out what a partnership could look like.

Where to Begin

When you hear the word influencer, social media is likely the first thing that comes to mind. And you wouldn’t be wrong! The term influencer stems from marketers who utilize people with a strong social media influence. (Did you know there are now companies that act as agents on behalf of these influencers? Crazy times we live in!)

Just how influential these influencers are doesn’t really matter (and hasn’t really been defined). This is good news. This means you can reach out to anybody in your area with a large following to get your brand to a larger audience. Plus, the same works for them as well!

Influencer Campaigns

Before you reach out to an influencer, make sure you have a campaign in mind. This means your campaign will be different based on who you’re reaching out to. Also be open to their ideas and/or changes.

Starting with a charity event is a great place to start (or any other event without profit involved). This way you get a good idea of how you work together without getting into the weeds. If things go well, you can consider more frequent and larger campaigns.

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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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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Make the Most of Instagram Videos

Instagram videos

If you’re like most Quilt Retailers, Instagram is one of your best online selling tools. It might even be better than your website! Check out how you can utilize and incorporate videos into your feed.

Instagram Stories

Stories are 15 second photos and videos that are live for only 24 hours. This can be a great selling tool and you’d be amazed at how many views your story can get, so don’t wait; start posting!

Keep tabs on what other businesses do in their stories. How do they incorporate text? What sorts of polls could you do to gather information easier?

You can save Instagram stories as highlights on your page as well so customers can refer back to the most helpful ones. Businesses often organize highlights into different categories.

Reels

As you know, Instagram can do much more than just take photos. Videos are becoming more mainstream each year, and Instagram included a feature to store those videos on your profile.

Enter Reels. Reels are only 15 seconds, but that’s a much longer time than you’d think. You can use reels to highlight products that work well with each other, show off your new favorite fabric line, talk about top-selling how-to books, and more.

Consider posting reels in both your feed and your story for more views.

IGTV

IGTV is a standalone app for videos longer than reels. Even though IGTV is standalone, there are basic features and functionalities within the Instagram app.

Ideas for IGTV videos can include: education sessions, how-to videos, in-depth shop features, and more.

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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Events: Fall AQR Academy, Happy Hour, and More

Events

Missing events where you can network with your peers? Well you’re in luck! AQR is hosting two fabulous events in August and September. Get more details about each of them below.

AQR Academy Fall 2021

AQR Academy Fall 2021 is taking place Thursday, September 2nd from 9:00 – 3:30 p.m. CST. This event’s theme? Customer service.

The event includes three guest speakers. First is Training Director Julie Ressler, who will cover how to influence customer interactions in person, on the phone, or online. Second is Brand Profit Builder Ann Bennett covering how to turn your connections into customers. And finally, Mindset Chaplain Betsy Clark will cover how mindset matters and how to put your skills to work.

Looking for a deal? You can save $25 when you register for all three of the remaining AQR Academy Events. We’re calling this the AQR Trifecta, and includes registration for the below:

Thanks to P&B Textiles for sponsoring this fall’s event.

Want more events? Join our Happy Hour!

Do you have plans Tuesday, August 10th at 5:00 p.m. CST? If not, then join American Quilt Retailer for our first ever Happy Hour Soiree! Grab your favorite hot or cold drink and plan to spend an hour with fellow AQR Academy Alumni members.

Still not sold? We should mention the event will be hosted by Editor of AQR Heidi Kaisand, and it’s is FREE for all prior AQR Academy attendees (but you have to register prior to the event on Zoom to receive the link). Plus if you register now door prizes are available!

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.