…how to open a (wildly successful) consignment shop, according to the statistics on my blog. Even thought that post is almost a year old, it’s still the second most sought-after topic. (The first most? Whatever’s the latest post.)
And to be honest, that blog entry doesn’t even really SAY how to be wildly successful. It’s just a memoir.
So today, let’s talk about how REALLY to open a shop, consignment, thrift, or buy-outright, that will succeed. Buckle up ’cause I may be telling newbies and experienced resale shopkeepers some stuff they would rather not hear. Especially those who get really comfortable trudging along. Not that there’s anything WRONG with trudging along, especially if you have other things in life that are taking time and energy. But I digress.
To be wildly successful:
* Never ever stop learning. So you read the industry manual. That’s good. What have you learned since then? There’s a wealth of information on TGtbT.com and a million other places. Surely there’s something new to learn that will help you succeed. Start with the links I’ve gathered for our industry, and wander onward and upward.
* Never ever close your mind. If something didn’t work for you (an after-hours event? Sunday openings? Bag sale?) don’t say that doesn’t work “for my shop.” Think about why something like this has been suggested by others on our Sharing Board, and why it wasn’t the resounding success for you that it was for them. Sometimes it’s as simple as you didn’t get the word out well; sometimes it’s more subtle, as in you chose to have your bag sale the same weekend as the biggest festival in town. Keep your mind open. Don’t be too ready to say “It didn’t work for me” without taking a hard look on why it DID work for others. WAY too many shopkeepers say Drop-&-Run doesn’t work for them… without knowing exactly what Drop-&-Run is.
* Never ever be envious, jealous, resentful, bitter. I see it every week: a shopkeeper who hates hates hates another shop for their success. Who blames another person for her failure. Get over it. If someone does better than you, analyze why, and use those lessons to improve your business. To do otherwise is to waste precious stomach acid.
* Never ever back-bite. Some competitors and some resalers may not have your sympathy for whatever reason. It’s a fact of life. Just keep it to yourself. NEVER breathe a word of complaint to anyone else, even if someone’s doin’ you wrong or you think they are.
* Don’t be a cheapskate. We resalers are a thrifty lot, and that’s good. But when you’re cutting your own business throat to save a few bucks? Learn to invest in your shop’s success. It is not careful spending to neglect to advertise your shop. It is not thrifty to close on Mondays because you can’t afford staffers. It’s not budgetary wisdom to have mismatching, wobbly racks and shelves and an amateur paint job and poorly-edited handout materials. That’s Cheapskate Suicide.
* Always speak well of others. Much as it pains us all, there is some good in all of us. The consignor whose items always need a serious steaming? Well, on the other hand, she never bugs you about pricing or reclaiming unsolds. The browser who never buys? Well, what about her long-lost cousin that she brought in (finally), the one who bought every last piece of Spode you could scrounge up? That negative nasty competitor across town? Well, she motivates you to do better. That’s a point in her favor, right?
* Always be absolutely straight-forward. You keep expired items on the sales floor, and when they sell, the consignor gets nothing? Say so: it’s in your agreement so don’t obfuscate. You donate things that get damaged on the sales floor? Say so. You pay less in July for summer items than you would in March? Where’s the shame in that? If you ARE ashamed of something, maybe it shouldn’t be a part of your business. I would never ever say consignors can’t reclaim unsolds, but that’s ME. If you’re good with that, fine. Just be sure that your consignors understand that point.
* Always keep expanding your definition of the ideal client. Why so many shopkeepers have an aversion to professional pickers is beyond me. Seems like, the more folks out there figuring out how THEY can make a profit by availing themselves of YOUR service, then better. And professional BUYERS? You should ADORE those Replacements Ltd. folks who show up: what they buy from you, at the price you set, is gravy (and aren’t you tickled to death to sell those gravy boats?). Just because THEY can get better prices than you can, is no reason to be envious, jealous, resentful, bitter.
* Always watch for opportunities that not only enhance YOUR business, but every other business you touch. If you can both do good…and benefit both your clienteles: do it. Call Replacements Ltd. Help your consignors become pickers. Send customers you can’t help to your competition. It’s better than letting them wander over to the mall and blow their whole budget, right?
* Always keep learning. Just because something worked for you three years ago, doesn’t mean it’s the best scenario today. Think like your target audience does. They’re a MOVING target, and you need to hustle to catch them!
Auntie Kate The Resale Expert 