10 Characteristics of a Successful Consignment Store Owner
If you want to be successful as a consignment store owner, then you need to have the skill set to make it happen. You have to be many things when you own a consignment shop. Those ten characteristics are what make or break a consignment store, so the question is; do you have what it takes?
Being a Risk Take with an Eye for Bargains
The first few characteristics of a successful consignment store owner are important. They deal with being able to not only find the good deals, but also with being able to take the big risks in the hopes of achieving big rewards.
1. Do you have an eye for bargains? You need to be able to recognize what products will sell and what products won’t. With a talent for seeing products, you will be able to visit flea markets and other second-hand stores to find exactly what you need for your own store.
2. Can you take the risk to buy a product that may or may not sell? When you buy products for the consignment store, they may not sell and if you worry too much about that, you will never take the risk that yields a big reward. There are diamonds in the rough out there and you need to be able to take the risk to buy them and sell them. Sometimes you need to make a quick decision and you need to be ready to gamble on certain types of merchandise.
3. Can you negotiate? Can you get the best deal for yourself and therefore, the best deal for your customers? As a consignment store owner, you need to be able to negotiate deals on your rent, on the products you buy and on the products you sell to your customers. You want to have a win-win situation with the sellers that you get your merchandise from because that is how long-term business relationships succeed.
The Business Skills
Sure having an eye for bargains is great, but if you can’t run a business, how are you going to sell anything? This is why having business skills are so important and why you need the following skills to succeed.
4. If you buy too much and sell too little, you will not make a profit. This is why you need to be a financial manager who can maximize their profits while limiting how much they spend on expenses. If you can’t manage money, then you can’t manage a consignment store.
5. Are you organized? If you are going to own a store that sells everything second-hand, then you need to keep it organized. Customers won’t come into your store if they are confused by the jumble of products. Not to mention, you need to keep things organized between yourself and your consignors. A great way to destroy a good consignor relationship is to fail to pay them what they are due.
6. Can you spot new trends? If you only buy things that people don’t want anymore, then you will not make sales. However, if you can spot a new bell-bottom trend beginning, then you can begin marketing the bell-bottoms that you have in stock. That way you clear stock, make money and therefore build a large profit.
The Interpersonal Skills
If you can find a deal and you can manage a store, then you are on your way to being successful. If you want to be as successful as possible though, then you need to have good interpersonal skills with your customers, clients and employees. This is where interpersonal skills come into play.
7. Are you a people person? You need to be if you want to own a consignment store. When you own a consignment store, you not only deal with consignors, you deal with customers. You need to be a likeable individual who enjoys talking with people. Some of your best merchandise will come from people you meet, who you strike up a conversation with.
8. To be successful owning a consignment store, you also need to be a good listener. People will want to talk to you, tell you stories about the items they want you to sell, and you need to listen to them. As a good listener, you will get a lot more customers and a lot more consignors.
9. As a business owner with employees, you need to have good verbal skills. Whether it is motivating employees, or talking with consignors, you need to be able to get your point across effectively.
10. Most of our language comes from body language. What we say is shown in how we move and a business owner should know the signs. If you are negotiating with a consignor and they have crossed arms, you know you are getting nowhere, so it is time to change tactics.