Running A Small Biz Means Making Tough Decisions
One of the toughest things about running a small indie biz, is being ruthless. In larger companies, there's a team of people making decisions but when it's just you, sometimes you've got to act from the mind and not the heart, just so you can trade another day.
I'm a big believer in making tough business decisions with data, not my feelings. Because your feelings can lead you astray.
For example, until I sat down and mercilessly crunched the numbers, I thought some of our product lines were doing well. Oh no, far from it friends.
While it's not possible for every product to be a best seller, at some point you have to know when to pull the plug.
And that's what I'm here to do.
Here Is A List Of The Soap Cult Products Being Discontinued From Today
Why Do Brands Discontinue Products?
There's a few factors involved in product discontinuation which I'll list below. Please be assured it's never an easy decision and it takes a lot of consideration.
For products you make yourself
- Supply chain and raw material availability (hello, Covid!)
- Sales history
- Cost of Goods Sold vs Profit
- Product is difficult or time consuming to make
- Low demand
- Does the product really serve a purpose within the range
- Too much choice in purchasing decisions often leads to no choice at all
For products you retail that someone else made
- Low resale value or high minimum orders
- Too many product lines
I know there will be some sad faces in the crowd because the products we are discontinuing did sell, just enough to pay their rent so to speak.
As you can see, there's a lot of factors to consider. For Soap Cult, it mainly came down to poor sales with a comparatively high materials/labour cost. Or, in some cases, the product has potential, it just needs a face lift to make it more appealing to customers and worthwhile to sell.
Plus - and most excitingly, freeing up inventory space allows us to release NEW PRODUCTS. *insert fangirl screaming*
So let's bid a fond farewell and look forward to some new releases coming out in the early to mid part of 2021. Remember: death is required for rebirth. At Soap Cult we don't fear the dark; we embrace it. Let it buuuuuurn.