When you decided to open a resale or consignment store, what reason did you give yourself for making that decision? Some of the reasons that owners have given me are:
“I wanted to do something to would not add additional material into the environment.”
“I love vintage and enjoy the history associated with things made in the past.”
Another reason given was that my investment was not as big as buying all new items.
Or “I had an opportunity to buy a business from a retiring owner at a good price.” Owners have also said “I had a lot of stuff that I wanted to get rid of and opening a store would help me do so.”
What ever your WHY is, whether you know it not it governs how you approach your business and what assumptions you make about how to make it successful.
By defining your WHY you will be able to focus your business on what is most important to you. For instance if your WHY is to create lucrative business to support your family then you might invest conservatively so as not to risk losing any money.
Another resale owner’s WHY might be because she loves vintage. She loved shopping for vintage with her grandmother and wants to create a beautiful shop so that the grandmothers and granddaughters who buy in her shop can experience that bonding and love she experienced as a child.
If you understand your WHY you will set your goals to reflect what you goals are for your business.
Here are five questions to help you define your WHY. Think about your answers and write a detailed them to refer to when you have to make difficult decisions. Having a well defined WHY can help you operate your business more efficiently.
1. What are you passionate about?
2. What do you enjoy doing?
3. What would success look like to you?
4. What are you willing to do to be successful?
5. Where would you like to be in 5 years?
After you have answered the five questions, check to see whether your business plan reflects your WHY. Your WHY should be a part of your business story. It should a part of your unique selling point. When you enumerate the benefits and features of buying from or selling to your store, your WHY should be embodied in the list. If not, make the needed adjustments so that your goals and your WHY concur with one another. Your chances for success will increase if the activities you are performing to operate your store nourish your spirit and motivate you to keep moving forward to accomplish your goals. Challenges that make you question whether to quit or to go continue towards your goals when looked at through your WHY lenses help you make better decisions. Your WHY can be the compass that guides you when you are unsure about what direction to take. Keep your WHY written down in sight or easy to access. When you review your reasons for being in business, your WHY can help you keep your goals in focus, rebound from failure, move towards success and continue to work on your business until your business is successful.