How much inventory to carry?

I hear this question a lot- How much inventory do you keep for events? Well, that really depends on what kinds of events you plan on doing, and how often you plan on doing them. :) 

I know, I make it sound so simple, don't I? But really, if you think about it from a numbers perspective, that's what it comes down to.  If you plan on working every week/weekend, then you will need far more books than if you only work one event per month.  I know I carry more than I would like to, but I just cannot seem to whittle my inventory down much lower than about $8000 retail. I know it's more than I need, but when I do a bigger event, it's nice to have at least two of the books I sell often, and then a few extras of the really good sellers- like sing-a-longs and Yoga Pretzels.  A friend and fellow Ambassador has offered to help me make some cuts, so hopefully soon I will be down to about $6000- right where I want to be. I don't expect most Ambassadors to carry that much in inventory, but I tend to do some larger events in Chicago, so I need to be ready in case my replenishment order from last week's event doesn't make it to me before my next event.

So back to deciding.  First of all, I recommend building your inventory organically and slowly.  You don't need one of every book, just one of the ones that you sell well.  Start small, see what sells for you, then buy a few more of those items.  Keep a spreadsheet of each item and how many you have sold, so at the end of 6 months or a year, you can look back and see what is moving, and what is not.  Don't reorder things that are not selling.  There are too many other great things that will move- invest your money there.  On the "Shop" page on the website, click on "Our Best Sellers" and choose from there.  It's a good place to start.  I also have a list of books that I stock heavily because they move fast.  I am happy to share it with you, just email me.

Now, consider the types of events you will be doing.  How many people will be there?  Hundreds or thousands?  How much does the event cost?  How much do you need to sell to break even? To make a profit?  To make the profit you WANT to make?  Add about $500-1000 to that number to give people a bit of a selection, and you should have a rough idea of how much you need to carry.  Also, consider whether you are going to be taking orders at your event (like a home party or book fair), or if it will be a "cash and carry" event.  If you are taking orders, you only need one display copy of the books and items you want to sell.  It's a good place to start because you don't usually have to pay to do a home party or book fair.  It's all based on giving the hostess or school a percentage of sales- so no money outlay up front.

As much as you can, order your books through the Barefoot website.  Sometimes there are some great deals from retiring Ambassadors online, but keep in mind that you get no QV (qualifying volume) credit when you make these purchases.  It's ok to get an out of stock item here and there from another Ambassador, but keep your purchases through the system so you can get the credit you are due and work your way up the levels to bigger and better discounts.  
 
Also, keep in mind that the new compensation program begins in a few weeks on April 1, 2012.  I will be sharing a bit more about that in future posts, but right now I think we all need to settle into the changes a bit and give it a chance.  We will understand better how it benefits us once we've had a few months to get used to it.  If you have any questions about it, feel free to get in touch with me so we can discuss it.