Today's Tip: Manage Expenses
Here are a few key lessons I’ve learned over the past year in my print-on-demand business that you may be able to benefit from:
- Wholesale vs. Retail Margins – This may seem obvious, but watch your profit margins closely, especially the balance between wholesale and retail activities. The latter is almost always more lucrative per order. Don’t let wholesale overtake retail unless the volume makes up for smaller margins.
- Cost Control is Critical – Expenses will creep up over time if you don’t actively monitor them. You have to balance investments in growth with keeping costs contained. I got too focused on revenue growth without enough emphasis on protecting profit margins.
- Change is Constant – No matter how much you plan and forecast, your business will go through ups and downs. Don’t get too attached to one way of operating. Be nimble enough to adapt when needed.
To read more lessons and hear the story behind them, check out Travis Ross’ full-length article on his journey in the POD space.
