I’ve always believed that if you ask the right questions, you will get the right answers. As women, we are judged by our questions and labeled by our answers. I remember an old boss telling me at 19, that every morning, I should ask her 3 new questions (that practice completely impacted my life). Whether I’m meeting someone, at an event or over the internet, I’m never too proud, too big, or too much of a know-it-all to ask the right questions that will help me either solve a specific problem or provide me with additional useful information.
ASK MISS BUSINESS is a weekly opportunity for me to answer your questions and provide you with information or insight that can help you along your journey. I introduced this on Friday via Instagram (@missbusiness) and below you will find answers to 2 questions from Miss Business readers.
Hi Carolyn! Thanks for your question. Congratulations on completing your business plan and I wish you all the best along your journey. Consignment stores were always a place I frequent as a child and during college. Even now, I’ll take my old, gently worn or new items and resell to local consignment shops for pocket cash. Whether you’re texting your business or pitching it on an elevator, it’s critical to define it appropriately and entirely. Example: Luxury Consignment Boutique, Affordable Consignment Shop for the Budget Conscious, etc. Without knowing much details about your company, I’ll share my opinion on the subject matter itself. To effectively market a product or service, it’s crucial that you’re aware of the target market and the target audience (as each term differs). If I were opening a luxury consignment boutique, I would focus on three areas that could drive people, product and profit. Building inventory in a consignment shop can be challenging if people don’t know that the business exist. After identifying the business model, I would place emphasis on the sales structure. Are the clothes paid for upon receiving or will the customers wait until the item is sold? What is your commission and how are you determining the value of the product? I assume that you’ve answer these questions through your business plan. These are all questions that I would ask myself – not information that you need to supply me with. A big part of marketing is being believable but a greater part of sales is being trust-worthy. At the end of the day, people are influence by people and people buy people. If I were the head of luxury consignment boutique, it would be imperative that I present myself in a way that people will trust what I am selling. When buying consignment one must believe that the items are authentic and fair on value. First impressions sell business as well as create conversations and word of mouth. Some basic in-store ideas would be to provide guest with champagne while they are shopping, monthly shoppers may receive exclusive inside news via email on new merchandise 30 minutes before it hit the sales floor and/or customers receive in-store credit if their friend sells their items to the store. I would even consider adding a charity portion to the company, where guest have the option of receiving 100% of their funds or donating 10% to a cause. This is not only a community effort on your end, but it’s a decision that you are leaving up to the customers. I would have he/she place the funds in a special locked box – visible on the cash counter. I might also partner with a company that offers a service that compliments my business (hair salon, spa, etc) – I would either team up to host an in-store event, a customer giveaway or a holiday makeover for a woman. From time-to time, I would seek out an industry expert and host in-store events that teach woman about image, wardrobe, etc. I hope these tidbits helped.
Hi! Thank you for your questions. For some, one of the hardest things is focusing on one idea and growing it into a business. As mentioned in a previous post, this was an area that I struggled with about 4 years ago, before I started my marketing agency and decided to specialize in youth marketing. I was interested in everything from starting a talent agency, an online boutique, to working in the sports industry and running a personal branding company. One thing for sure, there was not a shortage of ideas. However, no matter how different each category was, the root of my ideas were the same : Marketing and Sales. After making a list of all of your ideas, try to find out if any of them have a common denominator. For each idea, answer the question “Why am I interested in this.” – Typically the one that you can ramble and ramble is not only the one that you are most passionate about, but it’s the one that you’ve thought about the most. I always encourage new business owners to stay in their lane. That was message that I gave myself 4 years ago and it helped me identify my speciality area; youth marketing. When you stay in your lane, it’s easier to maneuver through the traffic of other small businesses (if that made any sense). I chose youth marketing because I fit the age bracket of young consumers under 35. I knew that my opinion and my thoughts along with my information was an asset to companies who were looking to reach that specific target group. Assets equal leverage and leverage equals business. Another key part is fully knowing and understanding that businesses are designed to make money! Another thing that helped me was keeping things simple as far as what services I offered. At the time, I wanted to offer everything under the sun but I realized the specific I can be, the better (so now I only offer 3 services). I know first hand that passion always wins at the end of the day, which is why I started Miss Business in December 2012. For years, I sold services and I was “okay” with but I knew day in and day out that something was missing. I enjoyed my work immensely but I was missing that spark! Sometimes the spark comes in the middle of doing something that you thought you would want to do for a while. I believe in traveling the roads where my passion leads me and I awake daily understanding that as humans, it’s OKAY to be passionate about one or more things BUT it is wiser to work at a few common things to develop skills that help to achieve growth and consistent results. Had I not started my marketing agency, I wouldn’t be able to give sound advice through Miss Business. I would not be able to visualize a product line. I would not have developed the necessary skills that it will take to move a new idea forward. Whether you start with your most simple idea or the most intricate one, you absolutely have to start with something!