If I had to start over tomorrow with no list, no team, and no safety net, the very first place I’d focus is inventory plan.

Why? Because inventory is not just products on shelves. It’s cash. It’s a strategy. It’s the engine that either fuels your growth or quietly drains your business.

In Part 2 of the Million Dollar Store series, I’m sharing exactly how I’d build a million-dollar inventory plan from scratch, using everything I’ve learned over the years working with retailers at every stage of growth. Here’s what I’d do.

Listen the full episode here:

1. I’d Start With a Sales Plan and an Open-to-Buy

Before I bought a single product, I’d build a sales plan and an open-to-buy. You have to know how much you’re planning to sell and how much you can afford to spend on inventory to support those goals.

Your open-to-buy is not a guess. It’s a decision. And when it’s tied to real sales goals, everything gets clearer.

2. I’d Treat Inventory Like an Engine, Not a Guessing Game

Inventory is your single largest expense. It deserves to be managed like a core system, not intuition.

When you treat inventory like an engine, something that gives and produces everything you need, you gain control. And when you gain control, results change fast. This is one of the biggest levers you can pull in your business.

3. I’d Curate With Intention

I wouldn’t fill my store with racks of random stuff. I’d curate with intention.

That means building collections and stories that serve my ideal customer. When inventory is intentional, it sells better, turns faster, and creates a stronger emotional connection in your store.

4. I’d Know My Ideal Initial Markup

I’d be crystal clear on my ideal initial markup by category and I’d plan for it on purpose, not accidentally.

With costs rising everywhere, margins matter more than ever. Some products will always be limited by vendor pricing, and that’s okay. The key is knowing where you can make margin so your average stays strong.

Fast lesson here: you don’t need to mark everything up more, you need to mark the right things up.

5. I’d Protect My Fast Sellers at All Costs

Fast sellers fund your future. Let me say that again, fast sellers fund your future.

I’d always know my “never-out-ofs” and make sure I never ran out of them. When retailers get this right, sales increase often by double digits. When they don’t, cash quietly slips away.

6. I’d Plan My Markdowns Early

I wouldn’t leave markdowns to chance.

If something wasn’t moving, I’d have a clear exit plan. A small markdown earlier in the season moves inventory far better than waiting too long and slashing prices later. Planning your exit puts cash back in your pocket faster.

7. I’d Buy Less and Buy Better

Finally, I’d stop trying to stock everything.

Buying less and buying better almost always leads to higher sales and lower inventory. When retailers truly tighten up inventory management, we often see inventory drop while sales rise. That’s not magic. That’s the intention.

The Big Takeaway

Inventory plan is not a guessing game. It never was.

When you manage it with intention, it becomes one of the most powerful tools you have to scale your store, free up cash, and build a business that actually supports your life.

Your Millie Moment:

• Review your current sales plan and establish an open-to-buy aligned with your sales goals.
• Audit your inventory for “never out ofs” and ensure you never run out of your proven best sellers.
• Calculate your ideal initial markup by category and plan pricing with intention.
• Create a markdown and clearance plan to move slow inventory early.
• Commit to buying less but focusing on better quality, curated products.

Resources and Links:

• Want expert guidance to create a Million-Dollar Inventory Plan? Apply for your free Gameplan Call, where we’ll identify your growth opportunities and map out the most profitable next steps to elevate your visibility, attract the right customers, and scale with confidence.
• Want a behind-the-scenes look at how our top clients grow profit without burning out? Our free training, Beyond Busy: 3 Shifts to Reclaim Your Time and Boost Store Income, walks you through the exact method we use in our Profit Club, focusing on your role as CEO, CIO, and CFO to grow a business that’s both profitable and sustainable.
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Join the community with ambitious store owners in our Richer Retailer Facebook Group

💚 Remember: Inventory plan is not a guessing game, it’s a powerful tool that, when managed with intention, creates clarity, confidence, and freedom. Every thoughtful decision made today is a step toward a stronger, more profitable future. With the right systems in place, retailers don’t just survive, they build businesses that support their goals, their lives, and the people they serve. Progress is happening, even when it feels slow, and every intentional choice brings that million-dollar vision closer to reality.

You are capable of building this. And you don’t have to do it alone.