Dead Man’s Corner

I had never heard of this term up until about a day ago. Dead man’s corner refers to the retail space right in the corner of an “L” shaped retail complex. It’s called that because visibility is horrible for the store, making it tough for people to find. The article I was reading that taught me this term said that you shouldn’t be enticed by the lower price per square foot or extra floor space…a dead mans corner is not to be trifled with.

Whoops…where was this article three months ago?

This article couldn’t have come at a worse time. See, our store hasn’t been doing well for the past month or so (remember, we’ve only been open 6 weeks…) and were itching for an excuse to blame it on.

Our first two weeks were phenomenal. Better than any of us could have expected. Sales were high and our people loved us – life was good. Things took a pretty sharp turn during our third week for the worst. Sales slowly dropped, reaching a paltry level well below our required expenses.

At first we blamed it on the weather. Record rain in the area surely meant people weren’t out shopping…right? Next it was our signage…maybe we just needed a bigger sign?  Perhaps a different color?  Was it prices? People comment all the time on how great our prices are. Shopping the competition showed we were already well below market. Then it hits us…maybe it’s us. People seem to interact well with us, but maybe not. But if it is us, how are we supposed to fix that?!?

So here we are in the depths of self loathing, wondering what we’ve gotten ourselves into, when along comes this article. Of course!!! It’s not us, it’s the dead mans corner!!

Do you see how dangerous of a game this is? Actually, the whole thing has been a dangerous game. We cant worry about corners or people liking us or any of that. Sure, maybe it was the weather that first week. Maybe it was coincidental the week after that. Maybe the first two weeks were the oddballs, and this is the norm. None of that matters. (things like signage, smell and pricing, however, do matter, as we have control over them).

All we can do is keep trying new things to let people know were here and continue providing the absolutely best service we know how to do. We’ll figure it all out in the end. I wish I could end this post with the magic bullet that solved our problem, but sadly I haven’t found it yet.  More than likely, the “magic bullet” will probably turn out to be a combination of many factors that move things forward.  In any case, keep a close eye on our blog, as we’ll definitely be sharing our progress over the coming months!

 

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Your Store Smells

Or at least it should…

About 3 weeks ago my wife brought me a slice of apple pie for lunch. It tasted amazing…almost as good as it smelled…apparently. Within a few minutes of starting to enjoy it, customers began commenting on how great the store smelled.

That’s when it hit me, our store stinks.

Truthfully, I had never even considered how our store smelled before. After spending as much time there as I do, you tend to stop noticing those types of things. That’s unfortunate, because smell is often one of the very first things your customers will notice. We own a thrift store after all…and everyone knows that thrift stores aren’t known for their pleasant aromas.

Fifteen minutes of research later we stumbled across Fikes, a company that installed our scent dispenser for $5.00 and refills it every month for $9.00 each. Our store requires two, making it $18.00 a month…definitely worth it if you ask our customers.

Note: We ended up with Fikes mainly because of price, there were several other options in town that cost anywhere from $50-200/month…we just couldn’t justify $600/year for a smell.

To find a place near you that offers smells, I recommend you do exactly what we did. Pay attention to all the stores you enter until you find one that smells good…then ask them if they use a service. You’d be amazed at how helpful small business owners are towards other small business owners (or at least non-competing ones…). We even managed to get some company names from the local Macy’s department store.

Since installing our country apple scent, we’ve noticed our customers are more relaxed and willing to browse longer. It’s tough to quantify how it’s impacted our sales, but I’d definitely say it’s not hurting.

 

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Become The Store You Love

Note: If you pay attention, you’ll realize we’re not just talking about stores here…

We all shop the competition. Scope out how they display their products, how things are priced, etc… We may snag a tip or two, but really, all we’re doing is making sure that our store is better.

This is a great way to be good enough.

To be the best, we need to be shopping the stores we love. Who cares if they sell make up while you’re selling gold watches. Shop them anyways. Pay attention to WHY you love shopping there. Is it the customer service? The way the store smells? The look? The feel? Any and all of these factors play a part.

In short, become the store you enjoy shopping at. Doing so will attract like-minded customers and leave your competition in the dust

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A New Direction

It’s been a goal of mine for quite some time to open up a local, community minded store. I recently was given an opportunity to fulfill that goal, and I’ve decided to take it. Over the past four weeks, my brother and I have been working tirelessly day after day to open our very first thrift store. It’s been an interesting experience, and we’ve managed to make more mistakes than I care to count. But, mistakes are only a bad thing if you don’t learn from them, and that certainly wasn’t the case here!

Over the next couple of weeks I’ll be starting a new series that covers what we’ve learned while opening our first store. You’ll hear about picking the best location, what to pay attention to when looking at contracts, negotiating a good deal and more. This is an exciting time for me, and I can’t wait to share it with you all!

 

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Making Rest a Part of Your Business Plan

One of the unfortunate side effects to being self employed is a constant desire to be pumping out quality work hour after hour, day after day. Over time, this desire develops into an obsession, forcing us to feel guilty after taking even just a few hours off. Worse yet, we often don’t even realize we’re obsessed. We slave away each day, not realizing that all we’re really doing is spinning our wheels.

Enter the “minimum effective dose.”

The minimum effective dose is the absolute minimum amount of effort required for achieving your desired gains. In the case of running your small business, it means doing the least amount of work required for adequate growth and income generation.

Another, similar theory is the 80/20 principle. The 80/20 principle states that 80 percent of your output is generated by 20 percent of your input. So what about the other 80% of your effort? That’s you spinning your wheels for an additional 20% of results.

Why does this matter? Because there’s another minimum effective dose at work here: rest and relaxation.

Your body simply wasn’t designed for non-stop performance. We’re physically, mentally and emotionally hardwired to perform best after periods of rest. Your mind uses this time to sort things out, match things up and test things out. Ever notice how your best ideas come while you’re taking a break or after waking up in the morning? That’s a direct result of your mind taking some time to process situations and conjure creative solutions to all your problems.

So take a minute and think about your typical workday. What actions are you performing that actually produce results? What doesn’t? What can you trim away? Delegate to other people? You’d be amazed how much time and effort you can save by simply trimming away the fat.

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It’s Time to Break the Rules

“Know the rules well, so you can break them effectively”

- Dalai Lama XIV

If your local business is ever going to thrive, you need to be breaking the rules. Not just any rules, but the right ones. Take your time, learn the ins and outs of your industry.  Learn how and why the rules are in place.

Learn, but always be looking for rules worth breaking.

Some rules are there for your protection, others are there for your customers; a few, you’ll find, are there for no good reason at all. Instead, they’re founded on ridiculous fears, risk aversion and greed. Follow them at your own peril.

Stand out.  Abolish the rules. Offer the “insane” guarantee. Shift some of the risk away from your customers and back on yourself. Create an experience your competition would never dream of.

Or don’t, and blend in. You’ll probably never know how much it’s hurting you, but it is.

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A Personal Reflection on Life Balance

This is something that I continually struggle with. I’ll force myself to go weeks with a set schedule, home by dinner each night, leaving work at the “office” (read: coffee shop) and great at separating real life from work life. Then one day it all comes crashing back together and I’m forced to spend the next week trying to sort it all out.

Largely, this problem is caused by my perceived self-value and the ability to properly value my time. There are some times when I have a healthy relationship with my job, and others where I feel useless unless I’m constantly working. It’s those moments when my perceived self-value has gone down that I require myself to work twice as hard for the same emotional gain. That’s really a shame, because ironically I do my best work when I’m feeling good about myself and “working” the least.

This issue actually creeps up in other ways as well. For example, I’ll often find myself saying yes to far too much, mostly because I feel like I have to to be “worth it” to my client. In the end, the quality of my work suffers, and my clients perception of me does as well (oddly enough). It would be better to place a premium on my time, say no more often, and really kick ass at the responsibilities I do take on.

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Maximize your income without spending a dime

If your struggling to make ends meet or just not growing as quick as you’d like, there are two ways you can relieve some of the pressure on your business and help it succeed. You can either make more money or spend less of it. Making more is obvious, and usually the path everyone decides to take. But spending less is just as important, especially now a days when starting and running your business really doesn’t need to cost much at all.

So think twice about all those monthly subscriptions. Go through your expenses and weed out any unnecessary items. As a general rule, the more you can do on your own, the less it’ll cost. Once you’ve removed all the unneccessary expenses from your business, turn to your personal life. You’d be surprised at how little money you need to get by.

It’s simple really. The less money you need to make just to cover expenses, the more room you have to take the risks necessary to move to the next level.

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What to do when you’re feeling discouraged

Without a doubt, sometime in the process of starting and growing your business, something will happen that makes you feel discouraged. Whether it’s a friend who gets a promotion and makes you feel uncertain of your path, a setback in your plans or some negative feedback, it WILL happen. It’s important that you expect it and know the best ways to deal with it.

Focus on your own success. We have a tendency of discounting our own success and overvaluing other people’s.

Focus on your goal. Chances are, you’ve already tackled and worked through whatever is discouraging you once or several times before. Always remember why you made the decisions or sacrifices you’ve made and focus on your goal.

Let yourself be. Feeling discouraged isn’t always a bad thing, and it often leads to a renewed sense of urgency and commitment to your plans. Give yourself some time to process whatever it was that made you feel down, but always be looking for your chance to move forward.

Learn from it. Once you’re feeling better, take some time to think back on what bothered you, why it bothered you and how you were able to overcome it. Next time, you’ll be prepared.

In the end, you just need to realize that feeling discouraged is just part of the ups and downs of running your own business. Unlike a paid position at an established company, being your own boss forces you to face your fears, tackle your weaknesses and take criticism. It’s worth it.

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Social Media Meltdown – How Not to Get Burned

Social media is often tauted as the next big thing in marketing your small business, and for good reason.  It’s free, easy to use and effective.  Unfortunately, most business owners just don’t get it, and their facebook page, twitter account or company blog ends up hurting them more than helping.  With just a few simple rules, you can make sure your business doesn’t suffer the same fate.

Pick one or two networks, and focus. Twitter, facebook, linkedin, YouTube, Yelp, aaawwwhhhh!  It’s enough to make anyone go insane.  Pick the one that works for you and stick with it.  Once you’ve gotten a loyal following, then you can look into expanding to others.  If you haven’t already invested much time into one, find the one that your audience is already using.

Learn the lingo and follow the rules. Whether it’s retweeting for twitter, liking for facebook or comments on YouTube, every social network has it’s own unwritten set of rules and lingo.  Take some time and learn it.  Your audience will appreciate it and more readily except you into their social sphere.

Personal use first, business second. Without a doubt, the easiest way to be successful in social networking is to already enjoy the process.  If you love facebook, that’s probably where you should setup your business’s hub.  If twitter is more your thing, then go that route.  If you haven’t tried any of them, I’d suggest you setup a few personal profiles before you launch into a business endeavor.  It’ll help you learn the ropes, get comfortable and prepare you for the next step.  Plus, if you already enjoy your network, you’ll enjoy working it as well!

Measure success with engagement, not numbers. I’d take an active facebook page with 20 fans over a dead one with 2000 any day.  Don’t worry about the numbers.  Engage your community and the numbers will follow.

Above all else, just have fun with it!  Experiment, make mistakes, try new things and always be on the lookout for an opportunity to plug your network.

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