Posts Tagged ‘profit’
Prepping consigned items for the sales floor
Posted in economics of resale, Shopkeeping talk, tagged daily operations, profit on September 24, 2011| 4 Comments »
It’s September 23: Time for a Blast from the Past!
Posted in Shopkeeping talk, Slices of (my) life, tagged profit, success on September 23, 2011| 7 Comments »
As you may know, September 23 is the anniversary of when (more…)
Hidden delights
Posted in economics of resale, Shopkeeping talk, tagged Products for the Professional Resaler, profit, starting a consignment shop on April 26, 2011| 4 Comments »
As I was going through the Manual this weekend to prepare it for its next printing (I think this is the 13th or 14th edition!) , I ran across some little tidbits that even I had forgotten about.
And I thought I’d remind the many folks who use the Manual as an invaluable business resource of a couple of ideas that could take their consignment, resale, and thrift shops
up to the next level.
For example, right now might be a real good time to
have a fake sale in your shop.
See page 175 for this idea.
How one shop’s net profits went from 17% to 22% with one oh-so-simple change.
That’s on page 182 in the Manual.
The Preferred Consignor Club increases your shop’s uniqueness and perceived value.
If you don’t already use this way to differentiate your shop from the crowd, refresh your memory on page 65.
Can’t lay your hands on your copy of the manual without getting up from the computer? Scan through the Table of Contents to refresh your memory of the (possibly forgotten in the day-to-day flurry that is resale!) hidden delights that could be put to good use right now!
Oh, and for those who don’t use the Manual to make their shops all they dream it can be…or for those still in the dreaming stage…or for those who have the nagging feeling that they could do better? You too can have Too Good to be Threw The Complete Operations Manual for Resale & Consignment Shops for your very own. Place your order today here.
Be proudful. You’re the best consignment or resale shop around, right?
Posted in economics of resale, Shopkeeping talk, tagged advertising, competition, HowToConsign.com, profit on February 27, 2011| 4 Comments »
Hi guys…just a quick check-in with my consignment, resale, thrift buddies on a beautiful Sunday. I was searching around for a meaningful message to send to you, before I take off for places non-resale-related (and consisting of palm trees, pure quartz sand and mojitos. Sorry.)EVERYone wants to be associated with a winner.
So here’s today’s task: Take PRIDE in your business. Not only that, but TELL everyone how proud you are to be successful.
After all, you’re successful because your business provides your community with something they want.
Toot your own horn. Don’t hide your light under a bushel.
Why? Because everyone (read: potential shoppers and suppliers) wants to be associated with a WINNER. And if they don’t know that you just opened a second location “because OtherTown deserved the best, too!” or “showcased 10,000 new items last month” or even just “Come meet Stacy, our home-decor advisor and coordinator, who will make your shopping easy, fun, and stylish!”
But they gotta KNOW you’re a winner. So today, as I sip my mojito and stretch out in the warm sun, I’d like to think of you all, furiously listing all the ways and places and reasons you can tell the world that your shop is a winner.
Dreams do come true. So tell them you’re the best consignment, resale, or thrift shop around. And that they deserve the very best, to coin a phrase.
What it’s worth. There…and Here.
Posted in economics of resale, Not-for-Profit Resale, Shopkeeping talk, tagged buy-outright, profit, resale shopkeeping, success on January 27, 2011|
“It’s worth nothing in your closet…your attic…your basement.”
How often has any consignment, resale, or thrift shopkeeper said that phrase. After all, if something’s sitting, disused, in someone’s home, it is worth precisely ZERO to everyone.
This is the persuasion we use to get folks to give these items a chance to gain value, to be used…and to make the owner and the shopkeeper a bit of money.
We also use the “It’s worth nothing in your closet…” approach to emphasize that we are adding value to their items by providing a shop, customers, heat and light and showroom and credit-card capability. The amount of value we add depends solely on our skills, knowledge, and retail talents.
And our skills determine our profits.
So why, oh why, if you are buying outright, would you gift your seller with more than her item is worth to her, because of your work and expertise and ability to make money?
That’s what you are doing, if you base the price you pay on a percentage of what you can sell it for. . . rather than the value the seller assigns to her items. Pay X% of what you will sell it for? What you can sell it for to one of your shoppers has nothing to do with the seller’s subconscious appraisal of her goods.
Let’s take a look at some Traveling Pants. Josephine has them. She wants to sell them to you. How much does she value them?
Maybe she bought them on a whim and paid too much. Or bought them on sale or even at a garage sale. Maybe they were a gift from someone. Maybe she swapped the Pants with a friend.
Maybe she loves them and hates that they’ve never fit right. Maybe she hates the color. Maybe they have happy memories or unhappy memories.
Maybe she’s motivated to bring the Pants in to you because she’s a fervent recycler. Or maybe she’s really hard up for money. Or….
The point is, the Traveling Pants have a value to her, and that value, high or low, must be met before she will agree to sell them to you. Are you following me so far?
Now, consider. None of the above has a farthingsworth of influence on what the Pants are worth to YOU. Because what they are worth to your business has everything to do with the business you have built, that you run, that you finance.
In fact, the better a shopkeeper you are, the smaller your buy-outright cost of goods will be.
The smarter you are about your business, the more profit you are going to make. And that’s how it should be, right? The Traveling Pants aren’t worth more to Josephine because you are talented and pay attention your business. So why pay her X% of the value you have created?
Suspect that you’re not adding enough value to your incoming goods…whether you consign, buy outright, or turn charity donations into funding? Here’s a Product for the Professional Resaler that you need.
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