(Don’t miss the companion piece to this post, If I started today…)
Planning what you WON’T do in your shop is as important as what you will do. Here’s my top picks for things I wouldn’t do. See if you agree.
* I wouldn’t name my business anything too specific. After all, it might change. Having a name which conjures up an image that doesn’t suit my shop’s current focus can be dollar-draining.
* I wouldn’t stint on advertising. Yes, it’s expensive and no, you don’t know what’s working until it works. But still, who wants to sit lonely in a shop when you’re dying to share your enthusiasm with customers!
* I wouldn’t hog-tie my business partners. That’s precisely what your suppliers are. Why make it hard for the people who consign or sell to you? Makes no sense to me. Making it hard includes limited intake hours., bad parking and most grievous of all numerical limits. I won’t go into my rant here about how much you are damaging your business by setting limits per person or per day. You can read it all in the Manual.
* I wouldn’t be afraid of competition. I’d even join forces with them. Even the ones I don’t particularly care for. After all, the more the merrier in our industry of one-of-a-kinders. Group brochures, co-op ads, city-wide resale promos only increase each shop’s visibility. And since I’m the best all this helps me most!
* I wouldn’t ever touch the money I owe people. Not for nothing. Not for a day. In fact, if ever I were tempted to do so, I’d mail them all checks immediately just so my business wouldn’t go under. Ditto for my OTB (open-to-buy) budget if I were a BOR shop.
* I wouldn’t try to do it all just to save money. If you could see how I wash windows, you’d understand. If I will spend more effort and tears trying to do something which turns out half-a**ed than to stick to what I do know how to do and hire someone to create the results my business needs, I’ll just work harder at what makes money, so I can hire it done. Hear that, shops with under-utilized, less-than-wonderful web sites?
* On the other hand, I wouldn’t assume I can’t do something. Amazing what having limited money and time can teach you. And after all, it’s the journey that counts. Most of what I know I learned in consignment shops.
* And, to be honest, I wouldn’t overwork myself. I’d take the time to enjoy my life. Fortunately, something I really enjoy is going shopping (or visiting shops, because I’m not really there to buy but to observe and get inspired) so my “down” time is really brain-UP time.
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Auntie Kate The Resale Expert 
I am gathering so much information from your website and am anxiously waiting for the manual. Thank you!
I m debating where to open a shop. I live close to towns where they seem to be opening consignment and resale shops in their downtown areas.
Is is better to go into a town with more “boutique-style” shops or would it be better to go into a town that has more”antique-type shops, thinking a”boutique-type” shop will draw more customers?
Thanks Caron, your manual is in the mail! Hmm, business neighbors. You have the right idea, taking a look at how, together, you can attract shoppers from a wider marketplace. If I had to choose solely based on neighbors, I’d go with the “boutiquey” (if by this you mean well-run, fashionable, nicely-merchandised shops) choice. Why? Because it is dead easy to make your shop stand out from the “Sea of Sameness” even with competitors who are doing everything right, simply by paying attention to what MORE you can give your clients (both shoppers and suppliers).
The “antique-store” town isn’t a bad choice either, especially if you will have a mix of funky, vintage, tongue-in-cheek merchandise, but I have found that generally, antique-shop browsers come in couples, and consignment “boutique” shopping is more a solitary pursuit… which means that a woman who’s out antiquing with her husband won’t be as relaxed browsing with him in tow. (Unless there’s a nice sports bar in the town, natch! 😉 )
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Kate has a wealth of experience and wisdom she shares with shopkeepers and this list is right on the money. After 17 years in this business, I’ve learned that the one task you never finish is learning it all. Every day presents new trends to track, new customer needs, new challenges, new technologies – it’s never ending!
Great suggestions as usual Kate. I learned many of those things the hard way – like matching hangers and advertising. I’m still working on some of them, too – like keeping my website up to date.
Thank you for continuing to make me think about my business and what I want it to be.
“I wouldn’t try to do it all just to save money. … Hear that, shops with under-utilized, less-than-wonderful web sites?”
Since my businesses were online years before I joined NARTS and attended the NARTS Conference in 2007, I was flabbergasted by the large number of NARTS members without websites or even business email addresses! Thankfully you, Tracy, and NARTS have educated the “late adopters” and it’s gotten better.
It’s all about Google and getting found quickly.
Thanks for your transparency in writing this!
Thanks for the great article. I agree with you on so many points. Number one is the business name. If I hear one more shop open up that is called “My Girlfriend’s/Sister’s Closet” I will scream! The point on advertising is right on target but hard for people to accept when they don’t have any extra dollars coming in. What you said about getting along with the competition makes sense, as I have done joint advertising with some of my competitors and it has certainly saved me a lot of money. Here are a few other important things I personally wouldn’t do: I wouldn’t rely on the advice of shopkeepers who have outdated ideas about the way a consignment shop should be run. I wouldn’t be closed on Monday just because everyone else is (Mondays are one of my better days of the week because the rest of the competition is closed!). And I definitely would spend some extra cash to make my shop as appealing as possible. That means no old rusty racks, hangers, etc. My biggest selling point is the fact that my store does not look like your ordinary consignment shop and my customers absolutely love it!
I like the opposite reflection that most people take. It really lets you know what you have learned. I also see a reoccurring theme here that says you’d learn to leverage yourself more. Leverage is key in a business and if executed properly makes your job extremely easier.
good post
-Eric
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