Where is the love? In the beginning when the idea of having a resale or consignment business came into your mind, you started with weighing the pros and cons. After you decided the pros outweighed the cons, you conducted research to find out what it would take to open a business. You looked for funding, a location, merchandise and personnel. Then you decided to open a shop. Your love of the idea of a store of your own grew. You were on a high. It was the kind of high you get at the beginning of falling in love. The excitement of having your own business kept you going for months. Then all of sudden without any warning everything changed.
When the alarm clock rang at 6:30 am you did not bound out of bed as usual. You turned over dreading getting out of bed .Oh no, it was time to prepare for the day’s business at the store, again. Suddenly, for the first time you dread going to work. But since you own the store, you go to work whether you want to go or not. That day everything about the store got on your nerves, the customers, the consignors, the staff and the merchandise. You tried to shake it off. Finally you start to wonder, did I make a mistake?
Entrepreneurs have expressed several reasons for losing that loving feeling for their business. Some of the reasons were:
• Stopped resolving problems. Difficult situations went unresolved growing much bigger and business needs went unfulfilled.
• Expectations weren’t met. In the beginning, the main focus was to get the business up and running. Over time, however, sales, customer growth and the right merchandise mix don’t come together as expected.
• Discovered built-in characteristics of resale consignment business. Discovering that your business has features that come with running the business that you found out after opening the store can make you feel uneasy or unsure of your next move.
• The image of what being in business was about wasn’t built on a solid foundation. Perhaps you went into business as a result of being laid off, the business was started poorly, you moved too fast in the beginning, or you did not research the economy or the types of product that would sell quickly. It’s likely not rooted enough to withstand time or overcome any real business obstacles with making the needed changes.
• Mismatch. After being in business as the owner you get to know the industry better — and the initial fireworks die down — you may discover that the customers and consignors that your business attracts, don’t align with your personal style.
• Exhaustion. Exhaustion drains your energy. Lack of energy may give the false impression that the business has either lost its spark or become too much work for you to handle.
• Major life events changed things. Health issues, a new relationship or family problems can put you under pressure taking your time and attention. You may experience more of a sense of overwhelm than you would feel under normal circumstances.
If you want to continue in your business, your love for your business can be rekindled. You didn’t make a mistake it is just that the glow of love has faded. Your resale consignment store is still a good business. So take some deep breaths, calm down and think this through.
First of all, the resale business is an excellent way to make money. It’s time to take some actions that will produce excitement in you. Here are some suggestions to bring back the excitement which in turn will refresh the love you feel for your business
• Review WHY you choose the resale consignment business. The reasons that you started the business are reasons to continue the business. Looking at and reminiscing about your list of WHY’s can help you bring back that pumped feeling.
• Track business performance daily. Look for signs of improvement in total sales dollars, number of transactions, referrals received, the quantity and quality of merchandise consignors bring to the store, mentions and likes on social media and total new shoppers in the store. Make a graphic representation to see a picture of growth and improvement. If an area of your business is not growing, design solutions to address the problem. Track the results. As you see growth you will pat yourself on the back for doing a good job.
• Attend a seminar or business networking meeting. Learn something new about business or meet some successful business owners. Experienced entrepreneurs will tell you that there is a dip in excitement after the initial enthusiasm of owning a business wears off. They will also tell you that if you keep at it the letdown feeling will pass.
• Have a contest for the staff. Reward the staff member with the highest sales for the week. The associate who brings in the most new customers in a week receives a monetary prize. Have associates research and explain the history, benefits and features of one piece of merchandise with a prize for the best presentation. The energy generated because of the chance to win a prize ignites everyone’s enthusiasm. Alternate the performance that is rewarded so that every area of your business improves. Sales, new customers, displays or product knowledge are areas that can be enhanced with everyone’s focused attention.
• Make new displays in the store. Change will stimulate innovative thoughts to start flowing. You might imagine additional ways to attract more income, customers or consignors.
• Explore new venues. Have an in-store promotion featuring external personnel, have your store sponsor and attend a youth group’s games or support a cause that is important to you. Different people will come into your life as a result to moving in different circles. Your sense of excitement will slowly return. New interests and people bring new opportunities that will help your business. Those new opportunities will trigger fresh ideas as well as a renewed sense of love for your store.
Second, it’s difficult to maintain a continuous heightened level of excitement without it wearing your body down. Normal excitement levels feel like a letdown feeling without the surge of exhilaration running through your mind and body. In time you realize that normal feels just fine.
Last, the feeling of lost love will pass. You will start to love your business again. The new feeling of love will have a ripple effect. Your feelings will grow but at a deeper level. Your love for your business will include the full knowledge of the good and the not so good aspects of resale and consignment. As each challenge arises you will find a way to work through whatever difficulty confronts you. When you drive up to the store the feeling of pride and love will be more evident. You will know that your love for your resale consignment business has come back.