This is Part 7 of a 10-part series on the Start-Up Mix, which is the selection of goods a retail store orders prior to opening its doors. Why a 10-part series instead of a quick list of tips? Because as you’ll come to see, the start-up mix is pretty crucial to a store’s success in its first few months of business. And as you may able to see from looking around your town, the first few months are a pretty crucial factor in whether an indie retail shop thrives or fails.
Check out Parts 1-6 here:
See Part 1 in this series on the importance of nichification in your start-up mix.
And check out Part 2 for ideas around budgeting for your start-up inventory mix.
Part 3 explores start-up inventory principles unique to online stores.
Part 4 imparts one of the cardinal rules of retail: don’t overbuy.
Part 5 tells you which seasons of inventory you should focus on for your start-up mix.
Part 6 reveals why you need to carry both high priced and lower priced merchandise.
Okay. We’ve been talking a lot about money. Money is crucial to the success of an indepedently owned retail store. But let’s admit it — money talk can get a little dry. {Wrong! some of you are shouting at your monitor. Money talk is juicy!} And yes, you are so right. But so am I.
So today’s post is a bit less nuts-and-bolts and more along the lines of what aspiring boutique owners are truly jazzed about when they’re first starting out. Today’s Start-Up Mix principle is:
There’s a balance between what you, the shop owner, love and want to sell and what will sell.
Ideally, you’ll be able to fill your store with items that fulfill both criteria. But as every experienced retailer can tell you, this is not easy.
So many times, the items you truly love and would buy for yourself just sit there unnoticed and unmoving. And the items that you’re less thrilled about having in your shop — the items you believe in less — are the ones customers are fanatical for.
So how do you work this out?
Your first impulse is probably to eschew what you love and just try to figure out what “other people” {AKA “somebody”} would like.
Sadly, buying for “somebody” doesn’t usually work out either. Your merchandise mix just ends up middle of the road, all over the place, and not connected to anything that feels visceral or real for you, the shop owner {and what fun is that?}.
So, strangely, the answer is:
Trust your instincts.
Unfortunately, you probably won’t have innate instincts for what will sell that you also love at the very beginning of your shopkeeping adventure. It takes time to develop these smart, savvy retailer instincts and they’ll continually be challenged and honed the longer you’re in business.
But in general, if you wouldn’t buy it for your own home or as a gift for a favorite friend with great taste, then chances are your customers won’t buy it, either. Not every customer will have the same taste as you, but it never pays to fill your store with items you don’t truly love or at least like. That said…
You also have to sell what sells.
I carried many items at my shop, THE BLISSFUL, just because they sold crazily well, not because I really loved them or thought they were an awesome design. Though occasionally this felt like selling out, at the end of the day, retail is a business and you have to let the money come from where it wants to. You can stand your ground and hold onto your preferred aesthetic all day long, but if you aren’t selling what people want, then what you have is a hobby, not a viable business.
In the beginning, you won’t always know what will sell, but once you figure it out, keep buying it!
I have a feeling that this advice came out as clear as mud. But as any savvy retailer will tell you, balancing what will sell with what you love to sell is an ongoing challenge and a far from simplistic process.
Retailers, tell me about it. What’s it like to “sell what sells” versus what you love and are personally attracted to?
{ 2 comments }