I hope you enjoyed last week's discussion on the value of the having a business plan. Today I am going to discuss what I got out the review on the Stitch Silly's business/strategic plan. Without further ado, let's get into the details.
So how am I doing compared to my initial vision? Let's explore by section.
Products and Services
I've learned a lot in the first six months since Stitch Silly has been open, but there is also a lot I still need to learn. The landscape of my initial products and services has drastically changed. Initially I was going to try to break into daycare centers to be their primary linen supplier. At this point, that is not where Stitch Silly is going, nor do I foresee Stitch Silly going in that direction. That would eventually turn me into a mass producer potentially putting me in competition with the "Walmart's" of the world.
We really want to focus on boutique (high end) quality items for all ages. The inventory is still primarily based on infant and children's items, but I am actively pursuing expanding the inventory both in product numbers and product lines. For instance, I have recently sold some gloves, scarves, and hats for older children and adults, but these were custom orders so they haven't actually made it onto the Etsy site.
In addition to the boutique style of products, I've also recently introduced "Knitting Nights," which is something I hadn't even envisioned when we opened in May, but is something I'm super excited about and hope to build on in the near future.
The initial goal was to average 2 sales a month. To date, the average sales have been 2.3 sales/month so slightly above the initial goal, hopefully this will continue to increase, but I'm not ready to modify that 2 sales/month goal yet.
What are those? No really, I wasn't planning on turning a profit in the first 18 months of business, but here I am just six months and I've paid off all current debt! Now, that's not to say I will be turn a profit this year. I am planning on making a few investment purchases in the next few months with my recent move. That will probably eat into the current profit, but it will make life at Stitch Silly much more efficient which means more profit, right?
In general, after an initial review I'm feeling pretty good about where Stitch Silly is and where we are heading. There are some adjustments to be made in the business plan, but as I said previously, this is a living document, as you vision changes so should your plan.
Don't be afraid to make changes. Change is good and enviable, but should be taken in context!
How are you doing in response to your business goals? Share your stories!