163 | Coaching with Katie: Which Revenue Stream Should I Focus On?

Hey friends! I know right now has been a very confusing time for so many of us... I actually brought on Meg Sutton today for a hot seat episode to really dive deep into where she should be focusing in her business.

You might be familiar with Meg as she has been on the podcast a few times before and is a long time client of mine. Meg Sutton is the boss lady and doodler behind Belle and Union and As her company has evolved and COVID has changed the economy, she’s felt unsure of where she should be focusing her time and energy to ensure long-term stability for her business.

We take a look into her numbers including income percentages, expenses, the challenges she’s facing and her future goals. We did an exercise and I gave her some of my best advice to help her gain some clarity around what channels of her business she should make her priority.

The chat I had with Meg revealed some things that she could focus on and think about over the next few months. I advised her to take a deep look at what she could do to cut down expenses in her brick and mortar shop and why she should do some forecasting when looking into her next brick and mortar location. I know many seasoned business owners are facing similar situations to what Meg is going through right now so I wanted to share this conversation in hopes it could inspire you and help bring clarity for you in your own business!

ON TODAY’S EPISODE:

What Meg does in her business, Belle & Union
What she’s working on and what she needs help with right now in her business
The things that Meg is hoping to rethink business-wise
What her business revenue looks like for the wholesale, retail and custom channels
What her time, money, heart and impact looks like in relation to those channels
Katie’s advice for Meg about referring out for the custom side of her business
What Katie advised Meg to do about the wholesale and retail side of her business
Meg’s experience with the landlords for her retail space and thoughts about moving spaces
Katie’s homework for Meg around vision planning, trimming expenses and forecasting

RESOURCES:

130 | Balancing a Brick & Mortar Shop and Wholesale Line with Meg Sutton of Belle & Union
007 | Research & Development of New Products in the Handmade Space With Meg Sutton, Belle & Union

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KEY TAKE AWAYS

“Do your best to make the best decisions with the information you have available.” - Katie Hunt

“The grass is greener where you water it.” - Meg Sutton

“To have something that I love not financially be where it needs to be, it's a struggle.” - Meg Sutton

“It was a bit eye-opening to kind of do those numbers. I knew where we were, but to see it broken out on paper, the way that I did for this, was a little intense.” - Meg Sutton

“Back before the shop was officially open, I even said if I could walk away from wholesale, I would.” - Meg Sutton

“We may just be selling cards and gifts, but we are making an impact on people's lives.” - Meg Sutton

“Having the brick and mortar allows me a platform to give back to the community.” - Meg Sutton

“Ultimately I want you to think about where can we drive additional revenue to the business, and then where can we get our expenses down even further from where they're at right now.” - Katie Hunt

“There is a lot of potential for you on the retail side if you move this brick and mortar shop to another area where there's less overhead.” - Katie Hunt

“I want you to focus on the things that are working well right now and that also have your heart.” - Katie Hunt

“Lean into the things that are already working for you.” - Katie Hunt

MEET MEG:

It all started in 2012 with a relationship: a Southern art student and a Northern soldier fell in love along the sandy beaches of Tybee Island and the shady moss-draped oaks of Savannah, Georgia. Everything you'll find here is steeped in Southern hospitality, from the deepest grooves of our letterpress greeting cards to the very (literal) fiber of our signature tea towels: all proudly American made. We've got a soft spot for vintage American wit and wisdom and goods that tote a bit of a foodie twist. To us, nothing says home and comfort quite like the scents of Mawma's kitchen; it's the heart of the home and the memories made in it feed our souls.

CONNECT WITH MEG

Website: belleandunion.com | Facebook: @belleandunionco | Instagram: @belleandunionco | Twitter: @belleandunionco

Connect with Katie Hunt

Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.

Website: prooftoproduct.com | Instagram: @prooftoproduct