How Much is a Quarter Worth?
More than you might think.
How much is a quarter worth?
Take your number of items sold last month and add twenty-five cents to your average price per item. One of my stores sells around 15,000 pieces a month. Multiply a quarter over a year and you get $45,000. In one store.
What does $45,000 pay for in your world?
Sales divided by pieces sold = average price per item. You can do it for a day, week, month, or year. Whatever works for you.
In this time of high inflation knowing and moving your price per piece is a key to growing revenue as expenses go up.
A few ways to move the needle a quarter.
Make it a staff challenge! The Quarter Challenge. Explain what, and why, and have a fun team reward for hitting the goal.
Don’t be stuck on ending everything in .99 or .00, or even .49. Some merchants use the last digit to denote something specific. In my stores ending with 9 means, it’s a purchased item and recorded as such at the cash register. Other than that, .29, .79, and so on help add a little to the kitty.
Big-ticket items, provide bigger opportunities, small-ticket items, are smaller but important. It’s about the average.
What sells “too fast”? Raise some prices and see where the sweet spot is.
Price unique, unusual, and hard-to-find items a bit higher.
Pay close attention to what the resellers are buying. They are likely doubling, or more, whatever you are selling the item for. Add to your margin even if it costs them some.
If you sell purchased goods, adjust prices as your costs go up. It’s how the rest of the retail world works. From rugs to snacks, it’s the same thing.
Shop your direct and indirect competitors. In traditional thrift, TJ Max and Marshalls are near competitors, adjust accordingly.
Message, Message, Message about your cause or mission.
Don’t be squeamish about making money for your cause. People will always complain about prices in thrift. The “you got it for free” mentality won’t go away. As long as your prices represent a good value don’t take it personally.
Sell stuff, and support your cause!
Thanks for reading.
Lots of ways to connect with me:
I am happy to connect on LinkedIn.
Check out some great custom artwork at my Redbubble site.
You can also find me on Pinterest.
Check out my Online Sellers book on Amazon.
A simple production goals calculator.
Production tracker worksheets.