Candle-makers and retailers know the importance of tracking inventory. Tracking helps you monitor what you’re selling and make better purchasing decisions in the future.
This article will provide a basic template to get started and tips for tracking inventory.
The Importance of Tracking Your Candle Inventory
Before discussing inventory management tips, we must first establish why this is a critical activity for your business.
Track What You’re Selling
As a candle-maker or retailer, you likely have various candle products for sale. Tracking your inventory helps you monitor which products are selling well. This information can be valuable when making future purchasing decisions.
Inventory management also helps you track which products aren’t selling. Every business has at least one product that isn’t selling well. Tracking your inventory helps you identify these products so you can make changes, such as markdowns or promotions. Avoid ordering or making more products you struggle to sell.
Know When to Buy What
Another benefit of tracking your candle inventory is knowing which materials and products to buy and when. Knowing this saves time and money.
Tips For Tracking Your Candle Inventory
Now that we’ve discussed the importance of tracking your candle inventory let’s look at some tips for doing so.
Organize Your Inventory
The first step in keeping track of your candle inventory is to organize it. You can do this in several ways, but we recommend using a spreadsheet. This will allow you to track various information about each candle, including the name, scent, quantity, price, and more.
Track Your Sales
Another important tip for keeping track of your candle inventory is to track your sales. This information can be valuable when making future purchasing decisions. Knowing which products are selling well (and which aren’t) will help you make better decisions about what to stock.
Record the Supplies You Order
We also recommend recording the supplies you use to make your candles. Knowing how much of each material you use will help you estimate how much you’ll need to buy in the future.
Invest in Inventory Management Software
If you’re serious about keeping track of your candle inventory, we recommend investing in inventory management software. This software makes it easy to track various information about your candles, including sales, stock levels, and more.
Create Your Own Inventory Management Spreadsheet
You can create your own spreadsheet if you don’t want to invest in inventory management software. You can do this with a program like Microsoft Excel or Google Sheets. Below is a template for you to get started.
How to Create an Inventory Management Spreadsheet for Your Candle Business
When creating a candle inventory management spreadsheet, you will need to track various information, including:
- Product name
- Wholesale price
- Retail price
- Supplier contact information
- Purchase order number
- Date purchased
- Shipment tracking number
- Received by
- Date received
This information will help you keep track of your candle inventory and make better purchasing decisions. To get started, we’ve created a basic candle inventory management template that you can use. This template includes all of the information we just mentioned.
Download the template here:
candle inventory spreadsheet template
Effectively Track Your Candle Inventory
Tracking your candle inventory is an important part of running a successful business. Monitor sales, product inventory, and material orders to get the complete picture of your business.