Women directors were seen as a “risk” prior to the success of the “Barbie” movie, according to Academy Award-winning actress Jodie Foster. Speaking with Variety on Friday, Foster praised the $1.4 billion success of the blockbuster film, claiming that this was “new” for female directors. “I’ve had the beauty of being able to be in … Continue reading Jodie Foster claims before 'Barbie,' women directors were a 'risk' in Hollywood
Author: Leo Pinero
New comment by sb6373 in "Ask HN: Who wants to be hired? (November 2023)"
Location: Missouri, USA
Remote: Yes (since 2022)
Willing to relocate: Yes
Technologies: C++, Python, R, RShiny, Minitab, SQL, SAS, Tableau, PowerBI, Google Analytics, Ms. Access, Jupyter Notebooks, LaTeX, GitHub, ImageRight Desktop, Microsoft Teams, Slack
Resume/CV: Available at [https://www.linkedin.com/in/shikha-bhattarai-/] and [https://shikhabhattarai09.wixsite.com/portfolio]
Email: shikhabhattarai09@gmail.com
Greetings! I’m a senior at Truman State University graduating this December with a BSc in Statistics (Data Science concentration). Throughout my academic and professional journey, I have honed my skills in underwriting, data analysis, and project coordination among others. Currently, as an Underwriting Intern at National Indemnity Company, I evaluate risk acceptability and communicate with underwriters and agents. My experience as a Data Analyst Intern at A.T. Still University involved transforming complex data into 22 Tableau dashboards and collaborating with clients to address their unique data questions. Additionally, my background extends to project coordination, where I excelled as a Project Coordinator at Truman State University for the Office of Advancement. You can further explore my skill set and data project highlights showcased on my portfolio website [https://shikhabhattarai09.wixsite.com/portfolio].
I am looking for a full-time opportunity to grow more in the field of data and to connect with professionals working in the same field.
New comment by frye3 in "Ask HN: Who wants to be hired? (November 2023)"
Location: Dallas, TX
Remote: Yes
Willing to relocate: No
Technologies: F#, C#, Javascript, Python, AWS, PostgreSQL, open to more
LinkedIn: https://www.linkedin.com/in/harvey-frye-codes/
Email: harvey@frye.codes
New comment by ibr55 in "Ask HN: Who wants to be hired? (March 2023)"
Location: Saudi Arabia, Jeddah
Remote: anywhere
Willing to relocate: Yes
Technologies: Javascript, HTML, CSS, React, Redux, NextJS, Ruby, Ruby on Rails, Bootstrap, PostgreSQL, NodeJS.
Portfolio: https://ibr55.netlify.app/
Email: ibr.s.ahmat@gmail.com
Instagram SEO Guide: 9 Tips to Improve Your Reach
Are you frustrated by the ever-changing landscape of social media? Are the algorithm changes making you feel lost? As changes arise, consistency is key.
If you’re looking to improve your reach on Instagram, you need to start thinking about Instagram SEO. Just like with Google or any other search engine, there are specific tactics you can use to help improve your rankings and visibility.
In this article, I’ll show you how to optimize your profile and content for better search engine visibility. Follow these tips, and you’ll be well on your way to reaching a larger audience on Instagram.
What Is Instagram SEO?
Instagram SEO is the process of optimizing your profile and content to increase your visibility in search engines. This can be done by using specific keywords, hashtags, and other strategies that we will cover in this article. By optimizing your account for SEO, you will be able to reach a larger audience and grow your following on Instagram.
There are two types of SEO that you need to be aware of when it comes to Instagram: on-page and off-page.
On-page SEO refers to the optimizations that you can do on your own account, such as using keywords in your bio or captioning your photos with relevant hashtags. Off-page SEO, on the other hand, refers to the things that you can do outside of your account to improve your SEO, such as building links from other websites.
Both on-page and off-page SEO are important for growing your Instagram following. In this article, we will focus on on-page SEO tactics that you can use to optimize your account and content.
Instagram SEO vs. Search Engine SEO
Before we dive into the specific tactics that you can use to improve your Instagram SEO, it’s important to understand the difference between search engine SEO and Instagram SEO.
Search engine optimization, or SEO, is the process of optimizing your website to rank higher in search engines. This can include using specific keywords on your website and in your content, as well as building links from other websites.
Here’s something to remember, though. Search engines like Google search all websites, including social media platforms. That means that when people are searching for the kinds of things you are posting about, Google may crawl your social media pages, too and pull results from there.
Instagram SEO is the process of optimizing your profile and content to rank higher in the Instagram search engine. This can be done by using specific keywords in your bio and captioning your photos with relevant hashtags. Just like with regular SEO, Instagram SEO is all about using the right keywords to help improve your visibility.
Instagram allows users to search for words, phrases, profiles, and hashtags. Being able to search by interest broadens your opportunities as a consumer of Instagram, allowing you to dive in and explore topics of interest without the limitations of specific hashtags. Users can search for topics or by interest, just as you would on Google.
To start, find the magnifying glass icon on your desktop interface or mobile app. That’s where you’ll type in your topic of interest. Let’s look at how it works.
Now the fun begins. You can start clicking around to find more ideas.
You can click on more ideas and dive down that rabbit hole, where Instagram and Instagram content creators hope you’ll stay for a while.
As we mentioned above, Google crawls Instagram and other social media sites like any other website. This is especially true for profiles or usernames. When people search for your brand on Google, your social media pages are likely to come up. So make sure that your username mirrors your brand name closely.
Here’s an example, using Google to search for fiddle leaf figs on Instagram. Of course, to get Instagram in the top results, we had to use the word “Instagram” in the search, but it shows you the power of having your top keyword in your username and bio.
When you are creating content to be optimized to Instagram’s search features, you may also want to think about how Google is analyzing that content, to get better traffic, whether customers are using the internal search on Instagram or Google.
Why Is Instagram SEO Important?
Instagram SEO is important because it can help you reach a larger audience and grow your following. By optimizing your account and content for search engines, you will be able to improve your visibility and attract more followers. As you go through the time and effort to create your Instagram posts, you want to make sure that you’re getting the most engagement and ROI on each of them.
There are two main benefits of improving your Instagram SEO:
- Reach a larger audience: By ranking higher in the search engines, you will be able to reach a larger audience. This is because more people will see your content when they search for specific keywords or hashtags.
- Grow your following: When you reach a larger audience, you will also be more likely to grow your following. As more people see your content, some of them will decide to follow you. Over time, this can lead to significant growth in your following.
While there are other benefits of Instagram SEO, these are two of the most important ones. If you’re looking to reach a larger audience and grow your following, then you need to focus on optimizing your account and content for the search engines.
Why Should You Care About Instagram SEO?
Now that you know a little bit about Instagram SEO, you might be wondering why you should bother with it. After all, isn’t it enough to just post great content and hope that people see it?
The answer is no. Just because you’re posting great content doesn’t mean that people will see it. In fact, most of your content is probably not being seen by anyone except for your most loyal followers.
If you want people to see your content, then you need to make sure that it’s optimized for the search engines. This is where Instagram SEO comes in. By optimizing your account and content for the search engines, you will be able to improve your visibility and reach a larger audience.
Instagram is a competitive platform, and if you want to be successful, you need to do everything you can to stand out from the crowd. Optimizing your account for the search engines is one of the best ways to do this.
Best Practices for Improving Your Instagram SEO
Let’s take a look at some best practices for improving your reach. Here are nine tips for improving your Instagram SEO.
*Note: You will notice that some of these tactics are similar to regular SEO tactics. That’s because they are! The same principles that apply to SEO also apply to Instagram SEO.
1.Optimize for Search By Interest
The first step to take is understanding what your target market is interested in. What are they searching for on Instagram? It’s important to optimize your profile with relevant keywords in your bio. Your bio is one of the first things that people see when they visit your profile, so it’s important to make a good impression.
The images below show how a user can search by interest in two ways. The first image shows the top accounts based on the keyword. The second image shows the top posts for that keyword.
When writing your bio, be sure to include relevant keywords that describe what you do and who you are. For example, if you’re a photographer, you might use keywords such as “photographer” or “photo tips.”
Including relevant keywords in your bio will help you rank higher in the search engines and attract more followers.
You should also use the correct Instagram hashtags to target a larger audience that is interested in your product or service. When you use relevant hashtags in your posts, you’re more likely to show up in the search results when people search for those hashtags.
For example, if you use the hashtag #photography, you’ll be more likely to show up in the search results when someone searches for that term. Including relevant hashtags in your posts is a great way to improve your visibility and attract more followers.
You can also use those same keywords in your caption. Just like your bio, your captions are another great place to include relevant keywords. When you use keywords in your captions, you’re more likely to show up in the search results when people search for those keywords.
For example, if you’re a photographer, you might use keywords such as “photo tips” or “how to take better photos.”
Including relevant keywords in your captions is a great way to improve your visibility and reach a larger audience.
2. Be Consistent
When it comes to Instagram SEO, one of the most important things you can do is be consistent. It’s important to post regularly and maintain a consistent posting schedule.
If you’re inconsistent with your posting, you’re more likely to lose followers. People will unfollow you if they see that you’re not posting regularly.
It’s also important to maintain a consistent theme with your posts. Your posts should all be related to a certain topic or niche. For example, if you’re a photographer, all of your posts should be about photography. The image below showcases a beautifully curated profile that is both on brand and consistent with photography.
If you post about a variety of topics, it will be more difficult for people to understand what your account is about. It’s important to focus on one niche and maintain a consistent theme with your posts.
Being consistent with your posting schedule and maintaining a consistent theme will help you attract more followers and improve your visibility.
3. Be On Brand
When you’re creating content for your Instagram account, it’s important to be on brand. All of your posts should reflect your brand’s values and message. Note that this applies across platforms. Whether someone sees your website, Instagram, Twitter, or Facebook, there should be a uniform look and feel.
Your posts should be visually consistent with your brand. Here are some examples:
- If you have a very colorful brand, all of your posts should be colorful.
- If you have a more minimalistic brand, your posts should be minimal.
- You should have a set of brand colors to insert consistently across all images.
- If you enjoy using a filter, use that filter on every image for a consistent look.
Your posts should also reflect your brand’s voice. Here are some examples:
- If your brand is very formal, your posts should be formal.
- If your brand is more casual, your posts can be more casual.
- Your captions should sound consistent across every post.
- Use the same hashtags throughout your account for consistency.
It’s important to make sure that all of your content is on brand. When you’re on brand, you’re more likely to attract followers who are interested in your brand.Users are attracted to brands that encompass the look and feel of whatever it is they’re selling. If you’re a makeup artist but don’t have any pictures of your clients, how would anyone know what your service looks like? Representing what you sell and who you are as a business is key to getting people to trust you.
Being on brand will also help you rank higher in the search results. When you’re consistent with your branding, it’s easier for people to find you when they’re searching for keywords related to your brand.
If you’re not sure how to be on brand, take a look at your competitors. See how they’re creating content and try to emulate their style. Being on brand is a great way to improve your visibility and attract more followers.
4. Be Thorough in Your Captions
Your social media captions are another great place to include relevant keywords. When you use keywords in your captions, you’re more likely to show up in the search results when people search for those keywords.
It’s important to be thorough in your captions and include as many relevant keywords as possible. However, you don’t want to stuff your captions with keywords.
If you stuff your captions with keywords, it will be difficult to read, and people will be less likely to engage with your content. You want to strike a balance between including relevant keywords and making your caption readable and natural.
5. Be a Real Person
All the tips and tricks aside, search engines are constantly working to be more human. And the more human you can be, the better. Some of the best tips for social media SEO include just being authentic, natural, and just showing up a lot. Keep the “social” in social media and be kind. The quickest way to get hidden or pushed down the algorithm is to just have poor etiquette on these types of platforms.
People are more likely to follow an account that feels personal and relatable. If you can show that there’s a real person behind your account, you’re more likely to attract followers.
6. Use Tools to Improve Your Instagram SEO
There are a few tools that you can use to help improve your Instagram SEO. Using these tools will help you find the right keywords to use, track your progress, and measure your success.
To really up your Instagram SEO game, you may want to explore the number of Instagram analytics tools and other programs that can help you learn how your Instagram strategy is working. Here are just a few to get you started.
- Iconosquare: A powerful scheduling tool that provides real-time analytics on how your content is promoted, as well as competitor and industry data to help you post well.
- Hashtags for Likes: A tool to research and uncover the best hashtags for your content.
- Plann: Integrating design tools like Canva, this tool lets you create, post, and monitor all in one place so you can keep an eye on how your Instagram strategy is working.
Using tools to track your progress is a great way to ensure that you’re making the most of Instagram for your business.
7. Take Advantage of User Interaction
User interaction is a great way to build relationships with your followers and get people talking about your brand. If you can take advantage of user interaction, you’re more likely to attract followers and grow your business.
One way to take advantage of user interaction is to run giveaways. Giveaways are a great way to engage with your followers and get people talking about your brand.
Another way to take advantage of user interaction is to create polls. Polls are a great way to get feedback from your followers and learn more about your audience.
By taking advantage of user interaction, you can build relationships with your followers, get feedback from them, and learn more about your audience.
8. Have A Measurement Strategy In Place
When you’re trying to improve your Instagram SEO, it’s important to have a social media measurement strategy in place. You need to be able to track your progress and measure your success. Different metrics may be more important based on the goals of your Instagram page.
One way to measure your success is by tracking your engagement. Engagement includes likes, comments, and shares.
You can also track your reach. Reach is the number of people who see your content.
Another way to measure your success is by tracking your traffic. Traffic is the number of people who visit your website from Instagram.
You can also track conversions. Conversions are the number of people who take a desired action, such as signing up for a newsletter or making a purchase.
By tracking your progress, you can see what’s working and what’s not. This will help you adjust your strategy and continue to grow your business.
Here are some helpful tools to better understand your Instagram analytics:
9. Don’t Forget The Basics
Even though Instagram is a visual platform, don’t forget the basics of internet presence.
Be sure that your copy is spelling and typo-free. Errors look messy and unprofessional.
Instagram is a visual platform. So it’s important for your images to be relevant and high-quality. A user should have a good understanding of what your business does simply by looking at your profile gallery.
Be sure you are keeping all of the links in your profile up to date. The last thing you want is for someone to click on your profile link and find an error message.
As much as SEO is important, if the people who are on your profile leave because of errors, low quality images, and broken links, you’ll lose credibility and your efforts could go to waste.
Conclusion
SEO is a key part of your entire content strategy. They are interrelated and critical in our ever-growing digital world, and that doesn’t stop with your website and your blog. Instagram SEO and all other social media platforms you are using consistently should also be part of this equation.
How are you planning to create captions that are more searchable for your customer base?
Haas announce MoneyGram as title sponsor
The Haas Formula One team will have payments and money transfer company MoneyGram (MGI.O) as their title sponsor from next season in a multi-year deal that will provide a welcome infusion of cash for the series’ only U.S. based outfit. The post Haas announce MoneyGram as title sponsor appeared first on Buy It At A … Continue reading Haas announce MoneyGram as title sponsor
New comment by McMoffun in "Ask HN: Who wants to be hired? (July 2022)"
Location: Ontario, Canada
Remote: Yes
Willing to relocate: No
Technologies: GIT, JavaScript, React, HTML / CSS, SCSS, React Testing Library, Jest, WordPress, Bootstrap, JQuery, REST API
Résumé/CV: On request
Email: ruildo5@live.ca
Website: https://ruildodcl.ca
Young & eager professional with an Interactive Media & Design background looking to transition to an entry-level Frontend Web Developer role. My design background lends to creative problem solving skills with a keen eye and attention to detail whilst developing frontend interfaces.
New comment by muc2sf in "Ask HN: Who is hiring? (December 2021)"
Qualified | Senior Full-Stack/Frontend/Backend/Infrastructure Engineers, Senior Applied ML Scientist | Full-time | Remote (US/Canada) or Hybrid (San Francisco)
Qualified is a conversational sales and marketing platform that provides innovative engagement tools and data-driven insights that help B2B companies effectively and intelligently connect with their buyers. We are a small engineering team within a rapidly-growing company in a new and quickly-evolving market and we are looking for help.
To learn more about who we are, our engineering culture, and whether this is the right place for you, read our Key Values profile: https://www.keyvalues.com/qualified
Our tech stack: Ruby on Rails, React, Redis, Postgres, ClickHouse, Heroku + AWS
Our open roles:
Full-Stack Software Engineer (All Levels) | https://jobs.lever.co/qualified/1f7e660d-5c37-4dce-a36f-7441…
Senior Applied Machine Learning Scientist | https://jobs.lever.co/qualified/778b83c9-0703-4705-af7a-5235…
Senior Frontend Engineer | https://jobs.lever.co/qualified/9cd27857-933f-42e6-84fa-7c67…
Senior Software Engineer, Platform & Infrastructure | https://jobs.lever.co/qualified/3d9074f8-485d-4be1-b74e-7a66…
To learn more and apply: https://www.qualified.com/careers
Tom Brady: I hope Kaepernick gets another chance in NFL
How to Make Money by Requiring a Minimum Order Quantity (MOQ)
If you run or are starting an e-commerce business, you might have heard the term “minimum order quantity,” or MOQ, floating around. If you have heard of it, chances are you feel conflicted.
There’s advice for and against this method. This makes it difficult to decide whether it’s the right choice for you, especially if you don’t understand how it works and how it can make you money.
In this post, you’ll learn what an MOQ is, how to set one that won’t make your customers run for the hills, and how to use the strategy to increase your profits and reduce your expenses.
What Is Minimum Order Quantity?
Before we jump into the good stuff (like how to make money with an MOQ), let’s dive into the minimum order quantity definition.
An MOQ refers to the minimum amount someone can order from a business.
For example, imagine you’re a wholesaler on Alibaba. You create an MOQ of 100 units, which means your customers need to purchase 100 units or more to do business with you.
You can also make your MOQ a dollar amount. For example, your customers need to spend a minimum of $500.
Why would you want to use an MOQ? Simply put, it protects your business and profit margins. If someone wants to order only five items from you, it’s sometimes uneconomical to start the production process. If you do, you’ll end up losing money.
With an MOQ in place, it ensures you’re covering production costs and making a profit.
Do MOQs only work for manufacturers or wholesalers? No. You can apply MOQ strategies in direct to customer circumstances as well. For example, you can set a minimum spend to qualify for free shipping or product.
How to Calculate Your MOQ
Calculating your MOQ is tricky.
It’s a key part of maintaining inventory control, but it differs wildly from business to business. There’s no fixed formula to calculate your MOQ, so you’ll need to customize it to your business.
How do you do this?
Follow the steps below to create your unique MOQ formula.
Step 1: Calculate Demand
Forecasting demand is at the core of your MOQ formula.
You need to consider your different products, seasonality, competition, and any other factors that will affect how many units you’ll sell.
The data can help you plan out your next purchasing order from suppliers and your production turnaround to make sure you can match demand.
Other things to take into account include:
- total time to ship your inventory
- freight transit times
- production times
- other delays that could affect your ability to meet the demand
Example: You sell phone cases and determine you’ll move 10,000 units each quarter. However, your sales are seasonal. During Q4, you sell 15,000 due to the Christmas demand, and your sales drop to 5,000 units in Q2. On average, your phone cases take one week to produce and ship.
Step 2: Calculate Your Break-Even Point
Next, you want to work out your break-even point.
This is the minimum number of products you would need to sell to recover your costs and start making a profit.
It’s the sweet spot where your revenue from sales exceeds your costs.
Example: If you sold five phone cases, how much revenue would that bring in compared to what you spent on production, salaries, and other expenses? You determine you need to sell 100 cases to break even.
Step 3: Calculate Your Holding Costs
Your holding or inventory costs is the price it costs to store your products before shipping to a customer.
It will cost you more money to hold your inventory over extended periods. The quicker you can move items, the lower your holding expenses and the higher your profit margin.
However, not all goods carry the same holding cost.
Some might require refrigeration, which will increase your electricity bill, while other items like phone cases can sit on a shelf for months at room temperature.
Example: You determine it costs you $2,000 per month to store 500 phone cases.
Step 4: Calculate Your MOQ
With all the data collecting out of the way, it’s time for your final calculation.
Let’s say your phone case customers currently purchase on average 200 units.
You need to sell 100 units to start making a profit.
You can make your minimum order quantity 200 units. It will cover your break-even point of 100, and you could drop your MOQ to 150 if you need to and still make a profit.
What Are the Benefits of Requiring an MOQ?
As a manufacturer and seller, there are many benefits to switching to an MOQ business model to boost your bottom line.
The main benefits of MOQ include:
- Cash flow: Worried about investing too much money in stock and it not selling? A minimum order quantity means you have less cash tied up in raw materials or product that isn’t moving. You can balance your costs and profit with item amounts your customers will accept, thus reducing waste and unnecessary expenses.
- Low inventory: You don’t want your product inventory to sit on a shelf collecting dust. By implementing an MOQ, you can lower the number of finished items in your warehouse. The less time you store your products, the less money you spend on holding costs and the bigger your profit margin.
- Increase in profits: The crux of MOQ is demand. You’re not guessing how much product or raw material your customers want. You have a clear idea of how much stock you can realistically move. Using your MOQ to find a balance between supply and demand, you can produce in larger quantities, bring your overall costs down, and increase your profits.
- Move lingering stock: Another benefit of the MOQ module is its ability to move stock. If you’re sitting with 100 phone cases and selling them one by one, it could take months to empty your inventory. By setting an MOQ of 50 or 100, it would only take one or two customers to clear out your lingering stock.
- Lower shipping costs: If you’re constantly shipping in raw materials or product to create your items, your freight costs will be high. However, when you set your MOQ at an optimum level, you’ll ship more product in bulk and lower your shipping expenses from suppliers.
5 Tips for Making Money by Requiring an MOQ
Okay, let’s get to the good stuff! We’ve gone over the MOQ definition, the benefits, and how to create an MOQ formula for your business.
Now we’re going to discuss how you can start making more money by requiring an MOQ from your customers.
I know it can seem daunting to set one. What if you scare your customers away and no one opts in? If that thought is swimming around in your head, here are my top tips for implementing an MOQ and increasing (not decreasing) your profits.
1. Eliminate Bargain Hunters
MOQ isn’t only about improving your profit margin. It helps you find a small number of customers who are happy to spend more money with you.
No matter what type of business you’re running, it’s often easier to have a small number of high-paying clients than dozens of low-paying clients. Small or once-off customers mean it will take you much longer to reach your desired income goals while taking up more time and energy along the way.
MOQs help you weed out all the bargain hunters who want the lowest possible price and make room in your garden for repeat clients who are happy to spend larger amounts with your business.
Say hello, recurring revenue, and goodbye to an unstable income flow.
Why should you care about generating recurring revenue?
- Loyal, repeat customers are worth 10x more than their first purchase.
- Increase your customer retention rate by 5 percent, and you can increase your profits by 25 percent.
2. Increase Spend on Your Orders
Want to incentivize your MOQs? Encourage your customers to spend a minimum amount by offering a discount.
You can:
- Reduce the cost per unit for a higher spend: For example, sell three bottles of shampoo for $60 instead of $30 each if purchased separately.
- Offer a minimum free shipping minimum threshold: For example, most online retailers will offer free shipping if you spend a minimum amount. It encourages customers to spend more to meet the requirement.
3. Make Pricing Attractive to Boost Inventory Turnover
Your MOQ will only work if the price is right.
You need your price per order to be enough to cover your expenses and make a profit, but it still needs to attract customers. If your minimum order amount is too high, you won’t get any orders, and you’ll sit with inventory for longer, driving up your costs.
After you’ve figured out your MOQ formula, do your market research. See what your competitors are offering and confirm a high enough demand before you start spending money on things you can’t recover, like warehousing.
4. Move Old Stock With Flash Sales
What happens if your stock isn’t moving? Maybe there is a lull in the season, or you’ve tried a new product variation, and not enough people are biting.
One of the best ways to recoup your money and free up your inventory is with flash sales.
An excellent example of how well flash sales can work is Black Friday. Activewear giant GymShark frequently uses this strategy during the biggest sales day of the year and has broken in-house sales records by generating $400,000 in 60-minutes.
A well-executed sale can do more than move excess inventory or help you break even on poor-selling items. When done right, it can also increase customer loyalty and customer acquisition, which will boost your profits in the long run.
5. Have a Good Inventory Management System in Place
An essential part of any business is automation. It helps you do more with the same number of hours in the day and focus on the actions that move the needle forward.
When using an MOQ strategy, your success relies on having a good inventory management system in place. With a few clicks of your mouse, you can set reorder points for specific items, streamlining your inventory management process.
Other advantages include:
- Keeping your customers happy by maintaining healthy stock levels and quick turnaround on orders.
- Track your inventory turnover ratio to make better use of your resources.
- Save money by avoiding tying too much money in inventory and not having enough inventory to complete sales orders.
How to Calculate Your MOQ
- Calculate Demand
Predict the number of sales you’ll make. To calculate this figure consider the products you’re selling, seasonality, competition, shipping time, and any other factors that may affect your sales figures.
- Calculate Your Break-Even Point
Determine the number of products you have to sell to make a profit.
- Calculate Your Holding Costs
Figure out how much it costs to store your products before sending them to customers.
- Calculate Your MOQ
Figure out how many units you have to sell to turn a profit, how many you predict you’ll sell, and determine your MOQ accordingly.
Conclusion
What’s one of the most off-putting things about starting a business? Capital.
Not all of us have access to a lump sum of money to invest in an idea, and the thought of going into debt for a business that isn’t seeing results yet is terrifying.
With a minimum order quality strategy in place, you can reduce your upfront capital amount, cost per unit, and expenses like storage costs. The MOQ that works for your business is unique, and finding it requires research, planning, and understanding demand in the market.
However, once you have it, an MOQ can help you scale, avoid unnecessary expenses, and run a profitable business.
Capital isn’t the only thing you need to start a successful business; you only need a great digital marketing strategy in place. If you need help with that aspect, reach out to our agency!
Do you think minimum order quantity is a good business strategy? Why or why not?