270 | Opening a Retail Store Front with Lisa DiVito, Tiramisu Paperie
Is a retail store an avenue you’ve been wanting to explore in your product-based business? Lisa DiVito of Tiramisu Paperie joins us today to share her own experience in opening a retail store as an additional revenue stream to her already successful wholesale business. Listen in as she shares what she’s learned through the process and shares advice for anyone looking to open a brick-and-mortar store.
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Exploring a Retail Store as a Product-Based Business
There are so many opportunities to explore as a business owner when you create products, like wholesale, retail, and e-commerce. For brands like Tiramisu Paperie, having diverse revenue streams can be beneficial in finding success as a business.
Back in episode 55 of Proof to Product, Lisa shared about watering our entrepreneurial garden, reminding us that what we give time and attention to will grow within our business. As she reflects back on that conversation, she acknowledges that it’s a big balance in trying to take care of one area of your business without neglecting other parts. There may be times where you feel like you should really only focus on one area, but if you love every part of your business, you can manage them all (you just might need another gardener to help you out).
After finding success in wholesale with her products in over 1,000 stores, Lisa of Tiramisu Paperie decided to explore the process of opening a brick-and-mortar store for her brand. The retail store now brings in about 30% of their revenue, while wholesale brings in the other 70%. Lisa expects the retail store to continue to grow over time.
Opening a Retail Store
Opening a retail store hasn’t been easy though! When you’re running both a retail and wholesale business, you may be packaging orders when a customer comes in or having to develop products for your brand and also source products that create a great experience for your retail customers. While it has its challenges, balancing them also comes with so many rewards.
There is nothing like seeing a customer experience your retail store for the first time and knowing that they stepped into a place that was made for them. Having the retail store also allows her to work with other creators that have similar values and missions that she’s connected with inside of Paper Camp.
Growing with Your Product-Based Business
Beyond just expanding her revenue streams, opening a retail store for her product based business has also expanded her mindset. Rather than just seeing things from her side of the wholesale transaction, she now sees from the buyer’s perspective, which has allowed her to adjust her mentality. Rather than being so focused on a minimum order, she’s grateful that businesses are buying and stocking her products at all.
From learning new inventory systems and processes to relying on more support from her friends and network, there are a few lessons Lisa has learned through the pivots and growth in her business. When asked what she would do differently, there were two specific things that came to mind:
If she were to start fresh, Lisa wouldn’t rush into working with too many sales reps. It may feel important to work with as many sales reps as you can connect with, it’s important to find the right sales reps. Find someone who understands your brand, connects with your product line, and knows how to sell it. After having 40+ reps, Lisa has scaled down to just 8 current reps who she loves and trusts. She’s even explored bringing on an in-house sales rep.
The second thing she’d do differently is focus on one thing (like her business) and not try to manage all of the different jobs she had. At one point Lisa was teaching graphic design, freelancing, teaching Zumba, and building this product line. She could have grown quicker and more thoughtfully if she’d focused on the business more closely. That’s not to say you can’t be multi-passionate, but making wise decisions in business is easier when you have clarity and focus.
Advice for Creators Opening a Retail Store
While it can feel scary to open a retail store, Lisa has a few key pieces of advice for anyone considering taking this path and building another stream of revenue.
Know what you want to make, what you want to do, and the numbers in your business. It is easy to make decisions based on what other people are telling you and what you’re feeling, but you have to build a business that supports you. Stay in your numbers and make decisions with those in mind!
Stick to your why in your business. It is so easy to listen to what others think you should be doing in your business, and of course there will be people who will push you to do things you don’t want to do. You run your business and at the end of the day, you get to make the decisions.
If you're currently feeling stretched thin, needing to refocus within your business, or you just want to connect with other product makers who are starting and scaling their sales and marketing, come join us in Proof to Product LABS. We'll be opening up the doors again at the end of the year and everyone on our waitlist will get early access to secure your seat.
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MEET LISA
After 20 + years in the advertising world, Lisa started her card line Tiramisu Paperie after losing her mother. Lisa wanted to create cards that were honest, real and a little pick me up which is what tiramisu means.
CONNECT WITH LISA
WEBSITE: tiramisupaperie.com | INSTAGRAM: @tiramisupaperie
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
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