Arts:Fashion & Beauty
A range plan is an essential tool for any product business. Without it you are setting yourself up for failure.
Yet many of the small businesses that I speak to that are developing products say they don’t have a range plan. Or they don’t even know what it is!
So in this episode, I explain what a range plan is and why it’s a valuable tool for our business.
And if you really feel like geeking out on why you should not offer your customers too much choice, take a look at this study I mention in this episode.
Discover:
- What is a range plan? 01:45
- How a range plan can help you to calculate how much you need to spend on stock 03:08
- When should you create a range plan? 03:28
- How a range plan helps you to assess whether you are offering your customers too much choice 04:28
- What to include in your range plan 05:58
- How to work out how much you need to invest in stock 07:19
- What's the best way of creating a range plan? 10:15
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