3 Secrets To Make More Money When Ordering Dance Costumes
May 27, 2020
It's that time of year again!
You stress and have nightmares about costume ordering; They won't come on time, you will receive the wrong sizes and will have to make exchanges, you forgot a costume, and now pay higher shipping. What does this mean for you?
That is something we NEVER want to do in our business, but sometimes, it seems that this happens more often then we would like.
So how do we STOP losing money, and make more of the 'Cha-ching'?
Listed below are 3 easy tips to remember and implement into your costume ordering process THIS YEAR!
1. UTILIZE VENDOR DISCOUNTS
This seems easy, but we all fall into the trap of not ordering on time or ordering from too many vendors and not maximizing the greatest potential discounts.
Make sure to have a task calendar and follow it faithfully! By ordering early, your guaranteed delivery, bigger discounts, and overall peace of mind.
2. MAKING A PROFIT ON THE RETAIL PRICE
This is also a no brainer, but believe it or not, a HUGE percentage of our business feels bad about making money... What?
Let me get one thing straight... We run a business, and DESERVE to make money for our time and our troubles! If anyone questions our pricing decision and feels that we shouldn't make money on costumes, all one needs to say is "Do you go into Victoria's Secret and demand to know the wholesale price for a bra, and do you expect to pay that?" Hell to the no!
Most retail sales mark up their prices by 50%. Although that might be a little steep depending on the price of the costume and your clientele, Just remember NOT to cut yourself short!
When I first started my studio, I felt bad about marking costumes up. I would only mark them up by $2! Fast forward 24 years, and we purchase a costume between $38-$45 and we mark it up to $83! You get my point! As a bigger studio, I pay someone to measure the students, organize the orders, charge my customers, and help package and deliver costumes.
3. UTILIZING CREDIT CARD REWARDS
I've saved the BEST for last because this is something I get SUPER EXCITED about!!! For years, I used my bank card for purchasing costumes, and I seriously wanted to kick my own butt.
There are so many reward cards that give you free stuff, and we purchase so many costumes! It doesn't take a rocket scientist to figure out that this is an awesome strategy!
So what are the best ways to go about finding a card that best suits your needs? What would you like your freebies to look like? Traveling to get away from the stress of your studio? Could you use the extra cash to purchase groceries or stuff for your home? Or do you just want cashback? You can google the best reward credit cards and compare them with the type of rewards you are looking to gain.
If you use a reward card for costume purchases, make sure to research how you can utilize bonus points or miles. To show you how to maximize your rewards, I'm going to give you an example of the card I use, and how I maximize points!
I'm totally in love with my southwest reward card, in fact, I just received my companion pass this year which enables a companion to fly FREE the rest of this year and all of next year, plus I have over 150,000 points (most local flights are around 25,000 points)! Here is a list of how I maximize points:
Enable southwest shopping app on your browser, buy online and receive anywhere from 1x-5x the points
When booking hotels (for competitions) I look at the Southwest.com and Rocketmiles and see which hotels are giving the most points (last year I stayed at 3 hotels for competitions and received over 10,000 points!)
I also pay most of my studio bills through my credit card
One last word of advice about credit cards, make sure to pay them off monthly!!
We hope that this year's costume ordering is easy and profitable for you and your studio!