If you want to be successful as a consignment shop owner, you need to have the skills to make this happen. You have to be a lot of things when you have a consignment store. Those ten characteristics are what make or break a consignment store, so the question is; Do you have what it takes?
Taking risks with a view to bargains
The first few characteristics of a successful consignment shop owner are important. They are concerned not only with finding good deals, but also with being able to take the big risks in the hope of big rewards.
1. Do you have a good eye for bargains? You must be able to recognize which products will be sold and which will not. With a talent for viewing products, you will be able to visit flea markets and other thrift stores to find exactly what you need for your own store.
2. Can you take the risk of buying a product that may or may not be sold? When you buy products for the consignment store, they may not sell, and if you worry too much about it, you will never risk a big reward. There are diamonds in the rough out there and you should be able to take the risk of buying and selling them. Sometimes you need to make a quick decision and be prepared to bet 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 rental, the products you buy, and the products you sell to your customers. You want to have a win-win situation with the sellers you source your merchandise from because this is how long-term business relationships are successful.
Business skills
Sure, having a good 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 is so important and why you need the following skills to be successful.
4. If you buy too much and sell too little, you won’t make a profit. This is why you need to be a financial manager who can maximize your profits while limiting how much you spend on expenses. If you can’t manage money, then you can’t run a consignment store.
5. Are you organized? If you are going to have a store that sells everything secondhand, you need to keep it organized. Customers will not enter your store if they are confused by product confusion. Not to mention, you need to keep things organized between yourself and your shippers. A great way to destroy a good relationship with the consignor is by not paying them what they are owed.
6. Can you spot new trends? If you only buy things that people no longer want, then you will not make sales. However, if you can spot the start of a new bell bottom trend, you can start trading the bell bottoms that you have in stock. That way, you liquidate stocks, make money, and therefore make a big profit.
Interpersonal skills
If you can find a deal and you can manage a store, then you are on your way to being successful. However, if you want to be as successful as possible, you must have good interpersonal skills with your clients, clients, and employees. This is where interpersonal skills come into play.
7. Are you a sociable person? It must be if you want to have a consignment store. When you own a consignment store, you don’t just deal with the shippers, but the customers. You must be a nice person who enjoys talking to people. Some of your best products will come from people you know, with whom you strike up a conversation.
8. To be successful in owning a consignment store, you must also be a good listener. People will want to talk to you, tell you stories about the items they want you to sell and you should listen to them. As a good listener, you will get many more clients and many more consignors.
9. As a business owner with employees, you must have good verbal skills. Whether it’s to motivate employees or speak to shippers, you need to be able to get your point across effectively.
10. Most of our language comes from body language. What we say shows in how we move and a business owner must know the signs. If you’re negotiating with a consignor and you’ve just sat down, you know you’re getting nowhere, so it’s time to change tack.
