One thing that store owners get frustrated with is feeling like retail should be a little easier. And you are not crazy….it is easier for some store owners. They learned something you might not have…yet!
There is something that you were never taught. I learned it the hard way.
When my sister and I opened our store, we were wildly successful right away. We were sure that we were retail geniuses – so we opened another store right away. We had a bit of a good run and then it all went south. Really far south. Everything that had worked before didn’t work now. We had no tools, no resources, no idea what to do. Then we met an expert. He taught us the secret.
There is a science to everything in retail.
The art part is heavily advertised. You get to go buying and pick out great inventory. You get to design and merchandise your store. You get to create wonderful events and parties.
The science part isn’t taught. You have to know how much great inventory to buy and when to bring it in. You have to know specifically where to put exactly what items in your store for the best sales. You have to know what kind of parties and events to have and when to have them to maximize traffic and profits.
As we say in our manifesto, The reality is that for the independent retailer, great products and passion alone don’t lead to success. There is a science to building a successful independent retail store. To thrive, we must focus on how to become as profitable as we can be. Because the more you understand the science behind building a more profitable business, the more you can continue to enjoy and share your art with the customers that you love.
You weren’t crazy (well not completely!). Knowing the science is what makes retail easier.