Retail marketing is when you promote your store and products to make a sale. You’ve likely already engaged in tactics to get customers interested in your store and then your products. To make retail marketing more effective, it’s important to take a data-driven approach. And, as a small business, a lot of data resides in…
Retail Inventory Management: Definition & Best Practices
Retail inventory management is stocking products that buyers want, using pricing and promotions to sell profitably, and maintaining inventory at levels that meet demand without over-purchasing. An overall inventory management plan guides how this all gets done, from intelligent purchasing and pricing to procedures covering receiving, inventory counts, and location tracking. In today’s data-driven economy,…
POP vs POS: What’s the Difference?
POP and POS are two important transactional elements of every retail store. While the point-of-purchase is the point at which a shopper decides to buy an item, the point-of-sale is where they actually pay for that item. POP displays promote products and build awareness, while the POS system serves a virtual command center that can…
How to Start a Restaurant in 15 Steps
Restaurants are an enormous part of the US economy. There are more than half a million restaurants in the US, accounting for 4% of the US GDP, and 10% of the US workforce. Starting a restaurant takes six months to a year, and costs between $250,000 to $2 million, depending on the type of restaurant…
7 Keys to Negotiating a Restaurant Lease
Leasing a commercial property for your restaurant allows you to get your business off the ground without buying a building. Restaurant leases typically run from five to 10 years and may include a series of industry-specific clauses. Onerous restaurant leases are a common cause of restaurant closures, so it is important to get the most…
How to Choose a Restaurant POS in 5 Steps
A point-of-sale (POS) system for a restaurant communicates orders to your kitchen and processes cash and credit card payments from your customers. It also logs these transactions to create reports that help you analyze your operation for potential opportunities to lower costs and increase revenue. A robust restaurant POS can also be a time clock,…
How to Organize Inventory for Small Businesses
Inventory management is the process of having the right products, in ideal quantities, at the right time to sell to customers. Accurately managing inventory can increase revenue by preventing stockouts, overstock, and unsold products. When learning how to organize inventory for small businesses, the easiest solution is to use a software program to automate the…
6 Best Restaurant Reservation Systems
Restaurant reservation systems are a central communication hub between restaurants and customers. Especially in the era of COVID-19, these tools have become even more robust, to include options for online ordering, prepayment, capacity management alerts, and two-way texting. Average fees range from $150 to $500 per month, with some systems basing total fees on the…
10 Best Restaurant Uniform Ideas
You don’t have to have a uniform for your restaurant staff, but uniforms offer some advantages. First, they enable you to ensure your employees are wearing clothing appropriate for work. Second, they help promote your restaurant’s atmosphere and brand. Finally, most diners and employees actually prefer them. Uniform vs Dress Code A dress code gives…
How to Sell on Instagram in 7 Steps
Learning how to sell on Instagram is easier than ever with shoppable Instagram posts. The steps to selling on Instagram include using a business profile and having great photos since Instagram is a very visual platform. The real work is in marketing your products once you’ve got your account set up. Here’s how to sell…
20 Tips for Selling on Etsy
Etsy is an online marketplace for creative entrepreneurs who want to reach a global audience. But with millions of active sellers on the platform, standing out from competition can be a challenge. In this article, we share with you 20 tips for selling on Etsy, the value behind each, and how to get started. Etsy’s…
Pros & Cons of Third-Party Food Delivery Services
With the emergence of COVID-19, customer demand for food delivery has increased rapidly. In fact, some restaurants have only survived by converting to a delivery model. Third-party delivery services have played an important role by providing independent delivery personnel and an online ordering platform for a fee. This saves restaurants from having to hire new…