If you’ve started a home business and you’re currently managing stock at home, we know how overwhelming it can be. So, we’re here with a few ways to help you stay organised and manage your stock efficiently whilst you continue to watch your business grow!
Have A Dedicated Storage Space
Firstly, the last thing you want is to have bits and pieces of stock all around your house, as things will go missing and it will feel stressful. Plus, you’ll probably struggle to ever really switch off! So, choose an area of the house, whether it’s part of your spare bedroom, a corner in the conservatory or a section in your living room, then find the right storage solution to fit the space. You can get so many different options for shelving and then you can add boxes so you can divide up your stock however works best for you to keep everything really organised. If you can, try to keep some contingency space for busy periods, for example if you sell Eid outfits and know that you’ll need more stock over this period.
We’d also recommend having small whiteboards attached to the front of your boxes, so you can do a full stock take, then every time you sell something, you can reduce the number so you can visually see when you’re low on something. Make sure every box is clearly labelled and organised in a way that works for you. This will take up space but hopefully it’s a temporary measure before you can move your stock into a warehouse facility, and it’s worth taking up a bit more space in one room rather than it taking over a bit of every room!
Set Yourself Working Hours
When your work and home lives are overlapping, it’s important that you set yourself working hours. You might find yourself doing bits and pieces all the time, but try to be strict, as you’ll be much more focused over a shorter period of time. For example, rather than doing an order whenever it comes through, assign yourself an hour in the evening where you focus on getting them all sorted. There’s less likely to be issues when you do it this way and you’ll have a better work-life balance too! Creating separation when you’re working from home is so key.
Use Simple Inventory Tracking Methods
Next, you should set up simple inventory tracking methods that are connected up to your website. Some content management systems like Shopify have good ones built in, where you can set up the inventory tracking and it will automatically change the levels with purchases, then you can view the inventory really easily in the dashboard. You also have good options for integrations with other selling platforms, for example you can connect up Etsy and Shopify with a simple app, so your stock levels are managed across both platforms. Taking the time to set this up and update it when you get new stock is absolutely worth it, and it will make your life a lot easier as your inventory levels grow over time.
Setup Reorder Points
Another way to help you keep on top of your stock is to set up reorder points. This is a reminder when your stock gets to a certain level to make sure you replenish so you can keep your store fully stocked. Again, Shopify has these integrated and based on average sales this will calculate reorder points for you, which is a great system and one you should definitely utilise. You can also point it in the right direction if the reorder points aren’t quite right but they should be close! You can do this manually, however there’s a lot of spinning plates when it comes to running a small business, and so this just helps to take one thing off your mind.
Analyse Your Suppliers
You want to make sure that if you do run out of stock, you have reliable suppliers to get you what you need quickly. You likely won’t be able to hold lots of stock at home, and so if you have a sudden influx of orders, then you should be ready to fulfil the order as quickly as possible. So, go through your list of suppliers, identify any gaps where things are slow, then you can look for alternative suppliers. Having people you can rely on when you can’t hold a lot of stock will be really valuable and means you can hold slightly less stock at home!
