Are you always looking for late night snacks on the vending machines around your dorm complex? Well if you are then that means that there’s many students who do the same thing. Selling snacks from your dorm room is something that you should consider doing if you’re looking for a way to start up a business for yourself to make some extra cash. This is something that will only take a one time investment and you’re sure to not have any loss at all. This is also something that will always be in demand and you’ll never have trouble selling after you let about 20 people know about your business. In this article you are going to find some tips that you should consider when doing this, good luck!
– Start out small.
If you only have 20 dollars to start your business out with, this is just fine! Don’t worry about having a lot of inventory from the start; that’s something that will grow with time. With 20 dollars what you need to do is go to a CostCo or a Sams Club and get one some of the product/s that you want to be selling and start out with just that. Once you start selling you can start investing those profits instead of out of your pocket investments.
– Keep track of what sells more
Before you start to sell snacks from your dorm room take about 20 minutes to start up an Excel worksheet in which you will track your sales by date and by item. This will help you to know what sells and what doesn’t. It will also let you know on what days you sell more and less. This can be very helpful if you wish to continue selling from your dorm to students. Note: If starting an Excel worksheet isn’t easy for you then just keep records of all of this on a sheet of paper. Tip: Doing this will help you to be able to estimate a monthly income or a yearly income for yourself later on.
– Ask for suggestions
If you see that your small dorm shop is getting more an more business, the next thing to do is to think about growing your business. You can do this by asking suggestions from your customers; ask them what they would like you to offer them more of, less of, or you can allow them to suggest new things for you to get. Getting suggestions is something that will allow you to grow your business as well as build a relationship with your customers. Create an online poll if you have a site, or take one from your daily customers.
– Set hours
This may seem like something very formal to you, and maybe at the beginning you shouldn’t do this, but after a month or two you should start setting hours for yourself. Post a note on your door mentioning your shop hours and stick to them. You can also send out emails or post a note on your website if you have announcing the new open hours. Having set hours will help you to have time for yourself, school, and other activities that you may want to do; you also want to avoid having students coming to your dorm at random times.
– Have specials
This is a great tip for those who decide to take this business on! Chose a time of day or a day of the week and reduce your prices by 5% or 10% on some or on all of your products. You will need to make an announcement of this or place something on your door letting your customers know this, but it will surely make you more money, bring you more customers, and your inventory will go faster allowing you to always have fresh products. Tip: Make sure to never reduce your prices too much; always make sure that you will be making enough to buy more products and to have some sort of profit.