A legit reason to miss Conference. Heather gets a pass.
More than one consignment, thrift, and resale shopkeeper has told me, in the past few days, that although they’d love to attend the NARTS Conference where I’ll be giving two workshops,
“I can’t afford to go to Conference.”
Well, far be it from me how to invest your business budget (hah!) but I beg to differ. If you truly want your shop to succeed, you cannot afford not to go. Here’s what I tell these folks:
Let’s take a quick look at the costs of attending an industry conference, and some real-life ways to “earn” it back. Let’s figure that you might spend $2500 on those few days at Conference. That includes travel, registration, extra help at your shop when you’re gone, maybe a new-to-you outfit and a fistful of index cards to take notes on.
First, of course, attending an industry conference is a cost of business, so you can write it off your taxes. Let’s say 10%, or $250, by decreasing your 2012 tax bill. So we’re down to $2350 “real” money spent.
Some things you may learn about, and about
how much “pay-back” time each idea might be worth to your business:
* Buyers’ fees. Let’s say you gain 50 cents on every item sold in your shop by implementing this. To earn the $2350 “back” you’ll need to sell 4700 pieces of merchandise. Piece of cake if you normally have average sales of 2-3 items per customer. Maybe a month? Two? A week? Of course, if your buyers’ fee ranges from $1 to $5, that payback time will be 50% to 90% faster.
* Learning how to handle just ONE more supplier/consignor per day. If you take others’ tips on how to do this well, that single consignor additional per day will make you, what, say $50 over the course of the year? So that $2350 you’re spending to go to Conference would be earned back with 47 consignors you now know how to handle. That’s less than two months’ worth of days with one extra consignor.
* Doing a terrific TV commercial, knowing how to negotiate, and learning where/when the commercial should run? Or learning how to put it on YouTube and get potential clients to see it? I’m sure just ONE good video or ad, will bring more than $2350 into your till lots faster than you imagine.
* Finding a source for supplies, or examining software, or borrowing an organizational trick from that nice shopkeeper at your luncheon table? Listening to how the resaler next to you at the cocktail party organized the local shops into a brochure? Seeing a clever way to make more space, or do a display, or word a sign during the bus tour (or in someone’s shop “brag book”)? Any of these ideas, or combination of ideas, seem like they could make you an extra $100 a week? Payback time for just one idea? Before New Year’s 2013.
* What size should your childrenswear shop go up to? How can you get more plus sizes in? Which menswear is worth the space? What do you do when something worth much more than your standard merchandise is offered to you? How do you know you can afford to buy out the remaining stock of a “new” boutique? How do you approach the elite of your town? Should you start buying outright? How do you manage a staff so you and they are happy? Every one of these issues, or any one you have an interest in, when you get to ask hundreds of resalers in one weekend their experiences and thoughts, is worth at least $2350 there and then!
And, of course, all the wonderful things you’ve learned at Conference will stay with you forever, so even after you’ve “broken even” on the cost of your educational weekend, you will keep benefiting from that knowledge.
Hey, ya do this right,
your education/ vacation will be paid back before the fall rush.
And then when the fall rush comes, you’ll be SO better prepared to profit from it!
Of course, a warning: Conference is only for those who are serious about having a viable business, who are interested in making their shops easier, more pleasant, more profitable to run. I’m sure you have seen resale businesses who would not benefit from the open discussion, open minds, open sharing that goes on. I doubt if that group includes any of you, of course.
More on Conference from NARTS. More of Kate’s opinions on Conference.
Auntie Kate The Resale Expert 
I’ve been wanting to attend conference for the last five years and I was always reluctant every year due to the cost. I decided to go out on a limb this year and booked my stay for 4 nights and even booked the bus tour and taste of St Louis tour. I’m looking forward to sharing ideas and meeting other shop owners that I can continue to share ideas with. Athough I feel that it is a huge expense, I also feel confident that it will be lucrative and worthwhile in the long run. Can’t wait to go!
Great! I think you’ll find Conference WELL-worth the investment in money, time and effort VERY quickly! I look forward to meeting at the TGtbT Meetup Thursday at 6pm in the hotel’s lobby bar (https://auntiekate.wordpress.com/2012/04/28/the-officially-unofficial-pre-narts-conference-get-together/)
Be sure to introduce yourself and your shop over on the KateAtNARTS.wordpress.com seasonal blog.
Kate, with all respect and with the understanding that I have attended one conference already and I may attend more in the future, I still think it is in poor taste, in this hard economy and in this sometimes low-paying industry, especially for those mom and pop stores who are just getting started and who need the help the most, to have the conference in the expensive venues they have chosen. It does rule out 90% of the industry, which may be the reason they do it? It does seem to be only the “top” stores that have multiple locations or very deep pockets that can attend. You can debate whether it’s the chicken or the egg.
I felt so strongly about it that I wrote to the NARTS member in charge of conference after I came back from the Ritz Carlton in Palm Beach. It seems to be a “free vacation” for well off store owners and well heeled non-profit volunteers. The information is very useful and I did appreciate the contacts I made and the workshops I attended very much… maybe you just have to pay to play on this one. But the information would still be as useful if it weren’t at a 5 Star luxury resort in the best part of town, with the most expensive restaurants nearby and the most expensive cab fare.
I’ve taken an informal poll in my local area and we all agree: Reality check NARTS! It can still be “classy” and full of great sharing and information at a moderate hotel near the airport.
Now I know that’s quite a mouthful but someone has to say it.
Jenni, have you looked into the smaller gatherings that NARTS has held for almost all of their 25 years? These used to be called regional seminars, I think they’re “Spring” and “Fall” meetings now. One day, in small cities (examples Grand Rapids MI, Sarasota FL, Columbus OH) and of course the cost is minimal and many attendees don’t even have to stay overnight. They attract around 100-125 participants, most within driving distance, and plenty of shopkeepers even bring staffers. Perhaps that’s more in line with what you’d feel comfortable with.
Thanks for the kind and considered response Kate ~ I have seen the smaller gatherings and just might turn up at one soon 🙂 I love the idea or NARTS and the conferences they put together. And thank Goodness for them too! Maybe if more of us turn up at the spring and fall meetings we can keep lobbying for more affordable options for the big one too.
Learning how to get rid of troublesome suppliers, customers and employees can save you a fortune. Also learning how to spot fakes in purses, shoes, jewelry and clothes may save you a big headache and keep you from getting arrested. plus everything Kate alrealdy listed. You can’t afford NOT to come to conference.
Hallelujah, Patti! Not attending Conference? Worst decision a shopkeeper will make all year. Well, except for not listing her/his shop on http://HowToConsign.com because you have better things to spend your dollar or two a week on. (Oh, did my evil twin say that?)