![How to plan and track the budget of your sunglasses store [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-4_8c485d40-797a-4960-8c17-6426d21eee13.png?v=1715856513&width=1100)
If you don’t plan and track your sunglasses store budget properly, you're setting yourself up for failure.
When we developed our strategy pack for sunglasses store owners, we saw a lot of store owners struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial sales.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your store's finances around and set you on the path to success!
Get the budget tracker tailored for sunglasses stores
Most sunglasses store owners don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for sunglasses stores
Here is an example of a (very) detailed budget for a sunglasses store, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for retail space | $3,000 | $36,000 |
| Electricity | Power consumption for lighting and displays | $400 | $4,800 |
| Water | Water usage | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $150 | $1,800 |
| Waste Removal | Garbage and recycling services | $100 | $1,200 |
| Insurance | Property and liability insurance | $300 | $3,600 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Store Manager | 1 | $3,500 | $3,500 | $42,000 |
| Sales Associates | 3 | $2,000 | $6,000 | $72,000 |
| Inventory Specialist | 1 | $2,500 | $2,500 | $30,000 |
3. Inventory Costs
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Sunglasses Inventory | Stock of various sunglasses brands and models | $15,000 | $180,000 |
| Display Accessories | Display stands, cases, and racks | $500 | $6,000 |
| Cleaning Supplies | Lens cleaners, cloths, etc. | $200 | $2,400 |
| Packaging | Boxes, bags, and wrapping materials | $300 | $3,600 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Print Advertising | Flyers, posters, newspaper ads | $200 | $2,400 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Promotional Events | Special events and promotions | $200 | $2,400 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of display and store equipment | $200 | $2,400 |
| Uniforms | Staff uniforms | $100 | $1,200 |
| Licenses & Permits | Business licenses and permits | $100 | $1,200 |
| POS System | Point of Sale software and hardware | $150 | $1,800 |
| Contingency Fund | Emergency repairs and unexpected costs | $300 | $3,600 |
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Staff Training | Training programs and materials | $200 | $2,400 |
Some sunglasses stores make 5x more profit than you!
We have studied the strategies of the best sunglasses stores in the world. Replicate them now!
What are the biggest expenses for a sunglasses store?
Be careful with these pitfalls. Here are five major costs every sunglasses store owner needs to consider, along with some tips on how to handle them wisely.
- Inventory costsThese can take up a significant portion of your budget. You're dealing with fashion items, and prices can fluctuate based on trends, seasonality, and supplier terms. To keep these costs in check, focus on inventory management, negotiate better prices with suppliers, and minimize overstock. It's easy to overspend by buying too much or opting for high-end brands that don’t add enough value.
- Staff at your storeYour staff is your backbone, but paying for their wages, benefits, and training can be expensive. This cost is always high because you need a certain number of employees to provide excellent customer service and keep things running smoothly. You can optimize labor costs by scheduling efficiently, cross-training staff, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor service.
- Rent and utilities of your storePrime locations come with high rent, but they can attract more customers. Utilities like electricity, heating, and water are essential but add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient lighting and climate control. Overspending often happens when you choose a location that's too big or too fancy for your needs.
- MarketingYou need to get the word out about your sunglasses store, but advertising can be pricey, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we give in our pack. Overspending can happen if you invest in flashy campaigns without a clear return on investment.
- Store fixtures and maintenance costsThis includes everything from display cases to lighting fixtures. These are expensive because quality fixtures and regular maintenance are crucial for an appealing store layout and customer satisfaction. Optimize by investing in durable, energy-efficient fixtures and maintaining them regularly to avoid costly repairs. You can overspend by going for the latest high-tech displays you don’t really need.
How to spend less with your sunglasses store?
Here are practical tips to help you, as a sunglasses store owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Inventory Costs | Partner with manufacturers for bulk purchasing discounts and focus on best-selling models to reduce overstock. |
| Labor Costs | Implement a scheduling software to optimize staff hours and reduce overtime. |
| Utilities | Install LED lighting and energy-efficient HVAC systems to reduce energy consumption. |
| Marketing | Run social media contests for your sunglasses store and collaborate with local influencers for free exposure. |
| Cleaning Supplies | Train staff on efficient use of cleaning supplies to reduce waste and maintain store cleanliness. |
| Equipment Maintenance | Set up a maintenance log for regular checks and servicing of display cases and other store equipment. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider moving to a less expensive location. |
| Insurance | Regularly review insurance policies to ensure they meet current needs and compare rates annually. |
| Packaging | Use cost-effective, eco-friendly packaging and offer discounts for customers bringing their own cases. |
| Display Fixtures | Purchase high-quality, durable display fixtures that can withstand frequent use and enhance product visibility. |
| POS System | Choose a POS system that offers essential features with low transaction fees and integrates with inventory management. |
| Staff Training | Conduct regular in-house training sessions and use free online resources to keep staff updated on product knowledge and sales techniques. |
| Waste Management | Implement a waste tracking system to minimize waste and recycle packaging materials. |
| Technology | Invest in multi-functional devices like tablets for inventory management and customer service. |
| Uniforms | Choose durable, easy-to-clean uniforms and offer staff a stipend for maintenance instead of using an external service. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Transportation | Plan delivery routes to maximize efficiency and reduce fuel costs for any home delivery services. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital order systems. |
| Inventory Management | Use inventory management software to track stock levels and reduce overstocking. |
| Pest Control | Schedule monthly pest control services and maintain cleanliness standards to prevent infestations. |
| Music and Entertainment | Use a streaming service for background music to enhance the shopping experience. |
Copy the tactics of the best sunglasses stores in the world!
There are sunglasses stores that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for a sunglasses store
Yes, some expenses for your sunglasses store are just unnecessary. They don't contribute to increasing revenue or enhancing customer experience.
| Sunglasses Store Expense | Reason It's Useless |
|---|---|
| Luxurious Store Decor | Overly extravagant decor doesn't necessarily attract more customers and can be a drain on the budget. |
| High-End Display Cases | Unless you are a luxury brand, most customers are satisfied with standard display cases. |
| Excessive Inventory | Stocking too many styles increases inventory costs and can lead to unsold stock. |
| Top-Tier Security Systems | Advanced security systems are not always necessary and can be cost-prohibitive. |
| Print Advertising | Traditional print ads often have a lower return on investment. Don’t include them in the marketing strategy of your sunglasses store. |
| Multiple Uniform Styles | Having various uniform styles increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for music or magazines often go unnoticed by customers. |
| Exclusive Sunglasses Brands | Stocking rare brands can inflate costs and complicate supply chains. |
| Costly Furniture | High-end furniture is not always appreciated by customers and can be a significant expense. |
| Custom Printed Bags | Personalized shopping bags are a minor detail that most customers overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most customers are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Delivery Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Renovations | Constantly updating decor and layout can be costly and disrupt operations. |
| Expensive Store Centerpieces | Elaborate centerpieces are often ignored by customers and add to the cost. |
| High-End Display Props | Luxury display props are prone to damage and expensive to replace, often going unnoticed by customers. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Marketing Materials | Frequently redesigning marketing materials is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Event Equipment | Specialized event equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your sunglasses store!
Managing a budget for a sunglasses store when funds are tight can feel overwhelming. It's like being trapped in a situation where any unexpected expense can throw you off balance.
This constant pressure makes it nearly impossible to invest in growth opportunities, leaving you always scrambling to cover costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, pinching pennies and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more breathing room and more money to invest back into your business.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of sunglasses stores just like yours. Get them now!
Make your sunglasses store more profitable
We have studied the strategies of the best sunglasses stores in the world. All their tactics are explained in our pack!
