150. Finding Profit

Balloons are generally a profitable business, but there are always those traps where we overspend and let money slip through the cracks. In this episode I'm sharing the tools and strategies I believe contribute the most to my profitability. First, it's my actual balloon inventory. I've created a custom color chart that limits the number of choices available to my customers. This means I'm spending less time ordering, I pay way less in shipping, I can easily find the color I need and my inventory is far less likely to go bad.  This custom & limited color chart has already been a game changer in my business, but I can also see how it'll continue to save me time if I decide to have my part-time employee purchase inventory in the future. Another part of my business that contributes to my profit is my 17hats CRM. Emails, invoices, workflows... so much of it either runs on autopilot or happens with just one click. In fact, Grab and Go Garland sales are entirely automatic through 17hats! So not only does it save me the cost of an admin assistant, it helps me to actually make money, too. Now let's talk about actual money management. You may have heard me mention Profit First in previous episodes. It's my cash flow system that essentially makes sure I take profit. Without a doubt, implementing this system has been a major part of my profitability. I'd say it's actually increased my confidence with money in general - mainly in my spending. I used to never know how much I could or should be spending, but now I know what the limits are and it keeps everything in check. I can't recommend the book and system enough! Finally, the last thing that has contributed to my profitability are my rental items. To be honest, I resisted them for a long time because I know it can be a slippery slope. But now I have a limited stock of rentals that I'm proud to say have almost all paid themselves off, meaning they're practically 100% profit at this point.  I've quickly realized that rentals are not only a good way to make money, but they're also great for installations because you know exactly what you're working with. If you feel like you're not making as much as you should in your balloon business, I have a recommended order of things to examine and implement so that you can find your way to profitability. (And speaking of rental items, in this episode from the UGlu Hotline we cover backdrops... which ones I have, whether I use customers' backdrops and a resource to create free-standing garlands.)    RESOURCES MENTIONED: 50% off your 1st year of 17hats  Balloon Suite  Havin' A Party Wholesale (save 5% with code BRIGHT)  UGlu by Pro Tapes (save 5% at Havin’ A Party with code BRIGHT)  Balloon Boss Summit & BalloonCoach.com   Call the UGlu Hotline- ‪(262) 221-8514‬ *For a limited time, callers will receive 100% off any download from The Bright Balloon Store Inventory System w/ Custom Color Chart | Multi-Brand  Ep. 51 - Set It Up September | Profit First  Ep. 80 - Profit First Revisited with Elizabeth Fiore  ____________________________ Join the book club  50 Ideas for Email Marketing | Join the Bright Balloon email list  courses | templates | planner  @thebrightballoon  The Bright Balloon on YouTube