Probably a silly question but I'd love some input. As you can tell, I am new to this.
I am about to start a new jewellery store and my goal is to have about 40-100 product listings. I will be selling relatively in demand products of high quality.
However, the thing that concerns me is that I am not entirely sure how to select the stock that will sell out – or at least most of it will. Because while the profit margins are good, becoming profitable is the goal. Should I expect to sell mostly 20% of my products, the rest being for appearance? And just keep reordering what sells, as well as adding new products, i.e. new releases?
How typical is it to have stock that never sells (out), and how should that be accounted for when aiming to make a decent profit? I don't want to build a store that simply breaks even when only 20% of my products actually bring in revenue.
Thanks in advance!