Hey, welcome back to the Six Figure Mastermind.
Thanks for tuning in today.
Marianne DeNovellis here.
And we're going to talk how to
So, stay tuned.
So, maybe you went through junior high in high school and you really did well in home and class.
Or maybe you've picked up a sewing machine and you just have a knack for style.
Whatever it is you're thinking about starting a handbag business from home.
There's a couple things that you might not have thought of that you definitely need to be aware of when that comes into play.
Let's just walk you through some of those specific steps that maybe you didn't think of before.
First of all, you don't have
Which means you're buying these handbags at wholesale prices and then you're reselling them on e-commerce markets or maybe on Facebook marketplace.
Or maybe even in trade shows and farmers markets.
A lot of people will tend to do that and they'll go
Com.
You can go and check out the products there and you can even contact in many cases the manufacturer of those products and say look, "I think this handbag is great.
I even ordered a sample but this part I really don't like.
I would like for you to create a different prototype for me with this change or this alteration and then I can sell that one.
" So, that's a great way to get
If you do
What about handbags and specifically your pan bags makes your brand unique? Do you only work with natural materials? Do you only work with responsibly sourced materials? Do you only work with, you know, just to find what you want your brand to be and why people would come shop from you.
So, you can either
You can start off with reselling.
Either one will work the first thing you need to do before you actually can create some sales is create an inventory.
So, this is going
But here's a little hack for you, okay? If you want
You don't have to create 20 bags just to put them on the Internet.
You can create one or create a pro
Pho
And then put it up there to sell and then you can make them to order.
Now, as long as your cus
However long it takes you to make the bag, that's totally fine.
What you can also do is kind of a cheat
It was like a double hack, is create what's called pre-orders.
So, again, you just make one and then you say, "Hey, check this out.
This bag is just out on our line right now.
In fact, I'm taking pre-orders for this bag.
It's at a sale price right now.
Go ahead and put your pre-orders in.
That pre-order is going to be delivered by October 2nd.
" Or whenever you decide to have those done and ready.
That way, you can actually take pre-payments for the bags which will help you win the cost of supplies and the cost of doing business.
Then create all the bags that have already been paid for and then ship them out when it's time
So, in the cost of your bags, you also need to consider 2 things.
Is the cost of your bag going
— Cool.
People don't feel a nickel and dime.
If it isn't.
— Hey, that's cool, too.
People don't mind paying for shipping for things that they buy online.
That's something that is not very well known is that people actually don't mind paying shipping.
Now, Amazon users, they're not used
So, if you do sell on Amazon, I would roll the cost of the shipping into the price of the bag.
Just a helpful hint, make the shipping cost a little more than the actual shipping cost that you pay and here's why.
And I'm not asking you to be dishonest.
I'm asking you consider what it takes to ship a bag.
You need to consider the cost of materials, the cost of tape, the cost of boxes.
If you're driving
All of that is rolled into the cost of shipping.
So, that you are paid for the time it takes
So, for example, if it costs $5
That's called the handling fee, okay? And people just roll it all in to shipping now.
So, it's okay for you as long as you're charging responsibly
Again, if you're rolling it into the price of the bag, just roll that full thing in
So, you want
Average retail stores have a 40% margin.
Which means if something costs $100, the store is making $40 on that item.
That's considered a good margin for retail.
Now, your margins should be at least that much but it can be a little more as well as long as the price matches the value that the customer is getting.
You're welcome
In fact, you probably want to have a bigger profit margin on those.
Especially, as you're starting out and you want
So, remember that the price of the product needs to be reflective of a value that the customer is getting.
In fact, if your customer feels like they're getting more value than what they paid for, you're going to sell a lot more.
There's a website that I want you to check out that is a really great example of how
My friend Katherine from high school actually created a website called fit so swell you can check out the link in the description.
Check out that website.
It is a beautiful website.
She's got fantastic pho
I've asked her to do some custom word for me.
I can't wait to get my bag from her.
You got to go check her out and create something that has a specific feel.
When you go to her website, you'll see that that website has a very clean crisp, high-quality look.
Handbags are a high quality item, okay? So, create something that has your own flavor, your own flair to it.
But make sure it looks high-quality.
Go to retail establishments that has bags in the price point that you want
See how they're marketed, see how they're displayed, see how they're constructed and do what's called R&D.
Ripoff and duplicate, right? Duplicate what's working but give it your own flair.
Hey, thanks for tuning in today.
Tell me what your favorite part was in the comments below.
What was the most useful thing for you.
And in fact, if you want
Source: Youtube
