Use of layby is not only of advantage to the consumers, it can also be used to help the retailer grow and even manage to compete with other stores. It is a wise business move but you should only make it once you are well established and have cash to sustain the business.
As a businessman, it is important that you be attentive to the trends in the market and the new ways of ensuring that you are making a good profit at the end of each business year. A big percentage of shoppers tend to go to the marketplace looking to purchase an item only to end up purchasing even other things they hadn’t planned for. As the smart entrepreneur you are, you should at least ensure you are looking into ways of taking advantage of that. To ensure that you manage to get as many customers as possible, you should start to offer Lay by services to help you reach the customers who find something they like but happen to have spent most of their money on other items. If you do it right and manage to have the store fully stocked and running, here are three advantages that you will enjoy:
• Increased Profits
The business that you are running as an entrepreneur should always focus on making profits first and let other things fall in second. With that in mind, you should consider the repercussion of not selling to your customers through Lay by. You might not be getting the whole sum when the product is purchased, but you can be sure that by the end of your business year, you will have increased your profits as opposed to if you had asked the layby customer to move on. Apart from having people paying up their installments, you also get some money form the people who fail to pay their installments and end up paying you a cancellation fee.
• Business Growth
If you are looking to make more money in your line of business, you need to attract more and more customers. There is nothing that attracts more customers than a business that has flexible payment plans. People love to shop even when they do not have enough money to do it, this is where Lay by stores come in. You will be able to maintain and even attract new customers in a matter of time, which is a great way of ensuring that your business is growing. The better your services, the more customers you are going to gain, and with more customers comes a steady means of income.
• Competing Chance in a Market Dominated by Big Companies
Today you will find that there are all forms of businesses and they have both physical and online stores. This makes it very hard for the small and startup businesses to compete and it requires you to think of a way to give you an edge. If you are offering Lay by services you will stand a small chance of competing with the big fish in your line of business. You can make your laybys a bit interesting by not charging service fees and having manageable cancellation fees.
If you start and run and your Lay by business in a unique and customer friendly way, you will be in the right direction. You can also extend it to online if you are looking to tap in to a very wide customer base.