I'm thinking about adding a retail component to my practice to sell a few products to clients, and looking for advice and guidance from others who have already done this.
What resources can you recommend for learning things like: pricing strategy, how much stock to carry, displaying products to sell, making sales, special orders/requests ...
I'm interested to know what type of products people have found sell well and what not so well (and ideas why) What scope of products have people gone for? Niche therapy/home exercise program related, or broader including well being, exercise type products? Do you sell therapy type equipment/items to other therapists?
Retail 101?
Re: Retail 101?
Hello again!
Another great question!
So, firstly, some basics. Be sure to set yourself up as a wholesaler with the companies you contact (maybe a no-brainer, but thought I should mention it.) Pricing, don't forget to calculate in your shipping costs. Then tag on your mark up. Now, it depends on the item how much you can mark up and the perceived value. You may also want to see if the manufacturer has a suggested retail price. There isn't good formula. Some items you can double their price, others you increase price by 50% or less. Just make sure that it's worth it for YOU to carry.
What to carry: I think it makes more sense to have items that are rehab / health related:
Help-Em-Up Harnesses, HealFast Loops / Assisi Loops, Thermotex bed, Harnesses or Pet seat belts, Fitness Equipment, Non-slip booties / Toe Grips / Pawks, Supplement(s) that you feel comfortable recommending, Treats (these tend to be good 'impulse' buys), Diet Dog food if you run a weight loss program, and MAYBE some things that would help for a dog to pass his time if he's injured and cooped up (i.e. Kong / Chew Toys...) You don't want to become a pet store. People aren't going to rehab looking for a neat collar & leash, food bowl, or squeaky toy, etc, etc.
Items that are nice to have (for YOUR therapy use) would be things like carpal braces... but not put out on a shelf.
Oh, we also carry theraband, tensor bandages (ace bandages), & vet wrap.
How much to carry depends on how much extra $ you have to put into product. Items on shelves don't help your bottom line. That being said, some companies will wave a shipping charge if you buy a certain amount, and some wholesalers will require you to purchase a minimum. If you are carrying 'size-specific' items (i.e. the Help-Em-Up Harness) then I would recommend always having each size in stock (maybe 2 of each).
Display? We had installed those slatted walls where we can put specially made baskets, hooks, hangers etc - so it's all on one wall and not taking up floor space.
Check out Video Training 33 - Products I sell.
and see my new clinic location tour video for other ideas as well:
https://www.youtube.com/watch?v=Etl11CHYfbk
I hope this helps!
Cheers,
Laurie
Another great question!
So, firstly, some basics. Be sure to set yourself up as a wholesaler with the companies you contact (maybe a no-brainer, but thought I should mention it.) Pricing, don't forget to calculate in your shipping costs. Then tag on your mark up. Now, it depends on the item how much you can mark up and the perceived value. You may also want to see if the manufacturer has a suggested retail price. There isn't good formula. Some items you can double their price, others you increase price by 50% or less. Just make sure that it's worth it for YOU to carry.
What to carry: I think it makes more sense to have items that are rehab / health related:
Help-Em-Up Harnesses, HealFast Loops / Assisi Loops, Thermotex bed, Harnesses or Pet seat belts, Fitness Equipment, Non-slip booties / Toe Grips / Pawks, Supplement(s) that you feel comfortable recommending, Treats (these tend to be good 'impulse' buys), Diet Dog food if you run a weight loss program, and MAYBE some things that would help for a dog to pass his time if he's injured and cooped up (i.e. Kong / Chew Toys...) You don't want to become a pet store. People aren't going to rehab looking for a neat collar & leash, food bowl, or squeaky toy, etc, etc.
Items that are nice to have (for YOUR therapy use) would be things like carpal braces... but not put out on a shelf.
Oh, we also carry theraband, tensor bandages (ace bandages), & vet wrap.
How much to carry depends on how much extra $ you have to put into product. Items on shelves don't help your bottom line. That being said, some companies will wave a shipping charge if you buy a certain amount, and some wholesalers will require you to purchase a minimum. If you are carrying 'size-specific' items (i.e. the Help-Em-Up Harness) then I would recommend always having each size in stock (maybe 2 of each).
Display? We had installed those slatted walls where we can put specially made baskets, hooks, hangers etc - so it's all on one wall and not taking up floor space.
Check out Video Training 33 - Products I sell.
and see my new clinic location tour video for other ideas as well:
https://www.youtube.com/watch?v=Etl11CHYfbk
I hope this helps!
Cheers,
Laurie
LAURIE EDGE-HUGHES
-
Annette Bowen
- Posts: 6
- Joined: Mon Dec 05, 2016 12:58 pm
Re: Retail 101?
Thanks Laurie,
I'm going to start with some lower price items and see how it goes building up from there.
I need to work on how best to display products at my clinic. But I also plan on having a plastic crate of products in my car to take around to my home visits.
I found some interesting information on pricing strategies online, and I also find Deiderik Gelderman's newsletters and occasional free webinars interesting. He's an Australian Vet turned business coach, so it's all directed at vet practices but a lot of the concepts, psychology and target market are a closer fit to animal physiotherapy than much of the Physiotherapy/medical/human healthcare business information.
I'm going to start with some lower price items and see how it goes building up from there.
I need to work on how best to display products at my clinic. But I also plan on having a plastic crate of products in my car to take around to my home visits.
I found some interesting information on pricing strategies online, and I also find Deiderik Gelderman's newsletters and occasional free webinars interesting. He's an Australian Vet turned business coach, so it's all directed at vet practices but a lot of the concepts, psychology and target market are a closer fit to animal physiotherapy than much of the Physiotherapy/medical/human healthcare business information.
Re: Retail 101?
If you can post a link to Deiderick Gelderman's website... others might also be interested in checking it out!
Thanks Annette!
Cheers,
Laurie
Thanks Annette!
Cheers,
Laurie
LAURIE EDGE-HUGHES
-
Annette Bowen
- Posts: 6
- Joined: Mon Dec 05, 2016 12:58 pm
Re: Retail 101?
http://www.turbochargeyourpractice.com
I haven't done any of the courses or paid content I just get his free emails/videos/blog/ocassional free webinar.
I haven't done any of the courses or paid content I just get his free emails/videos/blog/ocassional free webinar.