{"id":22913,"date":"2022-06-05T20:19:55","date_gmt":"2022-06-05T14:49:55","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=22913"},"modified":"2022-07-07T11:29:50","modified_gmt":"2022-07-07T05:59:50","slug":"smart-tips-for-merchandise-business-owners-from-the-souled-store","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/smart-tips-for-merchandise-business-owners-from-the-souled-store\/","title":{"rendered":"5 smart tips for merchandise business owners from The Souled Store\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Do you own a merchandise company, but want more advice on how to see it become the best version of itself? We recently spoke to The Souled Store founder &#8211; Harsh Lal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A successful lifestyle brand that introduced licenced merchandising in this country, this brand has more than 4 million loved customers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Originally a bootstrapped company that started with 4 passionate young adults, now is a multi-core business with more than 150 licencing partners globally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This journey has had its ups and downs. Which makes them the perfect guys to tell us what you are doing right \u2026 and what you are definitely not.\u00a0<\/span><\/p>\n<p>Want to hear it straight from Harsh himself? Here&#8217;s the chat that we had with him live on <a href=\"https:\/\/www.facebook.com\/Instamojo\" target=\"_blank\" rel=\"noopener\">our Facebook page<\/a>! Follow us to stay updated on all our future live interactions.<\/p>\n<p><iframe loading=\"lazy\" style=\"border: none; overflow: hidden;\" src=\"https:\/\/www.facebook.com\/plugins\/video.php?height=314&amp;href=https%3A%2F%2Fwww.facebook.com%2FInstamojo%2Fvideos%2F575919820546290%2F&amp;show_text=false&amp;width=560&amp;t=139\" width=\"560\" height=\"314\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>\n<span style=\"font-weight: 400;\">\u00a0Let\u2019s look at the 5 takeaways from this conversation that can help all merchandise business owners.\u00a0<\/span><\/p>\n<h2><b>Quality will drive partnerships for merchandise business owners\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The Souled Started started by first approaching different brands for merchandising licences. Once brands saw the efforts that the lifestyle brand was putting into the designs and the quality of the material, life became simpler.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Brands now organically approach The Souled Store team to encourage partnerships.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fans and consumers want something unique. If you can offer designs that are especially appealing to fans, are unique and cannot be easily found in the market, your brand will have better brand recall value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pro Tip: Indulging in piracy may seem like an easier option. But to succeed in the long run, having licences gives you much more freedom, brand legitimacy and social credibility.\u00a0<\/span><\/p>\n<blockquote><p>Related read:<a href=\"https:\/\/imojo.in\/clOHsz\" target=\"_blank\" rel=\"noopener\"> Free eBook that gives you a step-by-step guide on building a lifestyle brand from scratch\u00a0<\/a><\/p><\/blockquote>\n<h2><b>Choose your revenue model wisely\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Knowing the unit economics of your business is very important. Are your business revenues mostly dependent on sales, discounts and external funding? If yes, then what happens when another pandemic arrives?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your business needs to have a profit-based economic model. If another crisis were to arrive you still have an <a href=\"https:\/\/www.instamojo.com\/blog\/emergency-fund-for-ecommerce-businesses\/\" target=\"_blank\" rel=\"noopener\">emergency fund<\/a> to dip into.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Especially now that we are in a recessionary period and seeing one of the highest rates of Inflation, being cautious about your profits is necessary.\u00a0<\/span><\/p>\n<p><strong>Related read:\u00a0\u00a0<a href=\"https:\/\/www.instamojo.com\/blog\/inflation-effects-on-small-business-and-how-to-protect\/\">Inflation at 17-year high: how to protect your small business from rising prices<\/a><\/strong><\/p>\n<h2><b>The holy grail of a good business\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As a business owner, there are 3 things that form the foundation of a good business.\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Team Culture\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Customer Service\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Quality of products\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you can invest your time and energy into improving these three, you have set the stage for business success.\u00a0<\/span><\/p>\n<h2><b>In house vs. external manufacturers\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Merchandising businesses centre around the proper quality of the products.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can partner with external companies to source products in batches.\u00a0<\/span><span style=\"font-weight: 400;\">Or you can have in-house manufacturing and printing. <\/span><\/p>\n<blockquote><p><strong>According to Harsh, having it allowed them to test out the products more efficiently. The changes were made in real-time and the team had a direct overview of the quality of the product.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">For example, different manufacturers would have differing product dimensions for the same labelled size. Having a centralised in-house manufacturer helps enforce uniformity and consistency in the products that you<a href=\"https:\/\/www.instamojo.com\/online-store\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=online_store\" target=\"_blank\" rel=\"noopener\"> sell online<\/a>.\u00a0<\/span><\/p>\n<h2><b>Conduct extensive beta testing for your merchandise business\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Unless fans love the quality and design of the merchandise, they will not purchase it. You might think a design is witty, but it just might fail to appeal to a wider audience.\u00a0<\/span><\/p>\n<blockquote><p><strong>Always conduct product testing with new launches. Have focus groups that will help give you well-rounded feedback that allows you to make the best end product.\u00a0<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">On Instamojo, if you are planning to launch a product. You can easily create a free online store and start experimenting with small batches of the product. Choose our free analytic tools from a library of marketing apps to gain insights into consumer behaviour.\u00a0<\/span><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #2bc470;\" href=\"https:\/\/www.instamojo.com\/online-store\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=online_store\">Start your Instamojo experience\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"Do you own a merchandise company, but want more advice on how to see it become the best&hellip;\n","protected":false},"author":67,"featured_media":22914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5323],"tags":[5591,5590,5589,5585,5584,5586,5588,5587],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 smart tips for merchandise business owners from The Souled Store\u00a0 - 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