In this life, you will have trouble...
I'm going to be honest.
Some months, money is just rolling in...
And some months...not so much.
Welcome to the family...this is the retail business!
The slump hit us like a ton of bricks the first year we went solo - meaning that CurbVulture was OUR ONLY SOURCE of income.
The summer months were golden. We were rolling. Had extra money in our Shopify account and spent accordingly.
October started the shift. We made less than half we had made in August. November picked up a bit, but then December was tough.
Not gonna lie...there were tears. 😭
By January, I was worried we weren't going to survive. Between people spending less after Christmas credit cards bills started to come in and tax time, I knew money was tight not just for me...but everyone.
SPOILER ALERT: We made it through just fine...and are better for it!
After that first year's slump, I learned a few tips that I want to share with you!
3 Ways to Save Yourself During a Dip
1. Be a Good Boy Scout & Prepare
Preparation is vital to your success.
We make sure our resell item is ready for a customer. We sit on it, clean it, and ensure that it's in usable condition.
But we often don't do the same for our own business.
Create a solid foundation for your business by saving some money you've made for those months that aren't so great.
Make a plan for how you can survive during those times.
Maybe you plan on doing some more pop-up events or running sales. Whatever you do...think ahead!
Tough times are a part of life, so BE PREPARED for them!
2. Mindset Game: Show Me the Weakness
While the slow months suck, they also show us where the weak spots of our business are.
Do we struggle with putting money aside? Did we not have enough diverse inventory? Did we miss something that should have been obvious.
While it's easy to get down in the dumps when money is tight and sales aren't coming, it's also a good time to do some soul searching.
Be grateful for the tough times, for out of the weakness, you can be made strong...if you let it teach you!
I love the saying: Hard times create strong [people], strong [people] create good times, good times create weak [people], and weak [people] create hard times.
Hard times make us better.
3. Do Other Things to Grow
Of course, we love the "cha-chings" and the "is this availables?," but sometimes we get so busy making sales, that there are other parts of our business that suffer.
Maybe you have those chairs in the back of your garage that have been waiting to be recovered for 2 years. You have the fabric. But you didn't have the time...until now.
Use the downtime to work on those "one day" projects.
Or perhaps, you've been wanting to up your social media presence...get out there and film a video or take a social media course!
Growth isn't just about making money; it's about scaling your business and sometimes the downtimes are a blessing in disguise to prepare you to take on the next season.
So, do the other things that help you grow that you couldn't do because you were so busy dealing with customers.
This Too Shall Pass
Nothing is Forever...
Just like winter comes and then gives way to Spring...your business will continue to survive if you just hold out and don't give up.
A wise reseller once told me these three things:
- Keep Buying
- Keep Selling
- Sales Will Eventually Come
With enough inventory in the pipeline...at some point money will come out the other end.
Just keep reselling.
Love, Coffee & Vintage,
Like These Tips?
Check Out My 2 Reselling Courses
Level 1: Getting Started Reselling
This course goes through the basics including:
- How I Got Started
- Mindset- Practical Tips for Starting
- Beginning Sourcing
- Cleaning, Repair and Staging Tricks
- Sales & Customers
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Level 2: Resell to 100K ecourse.
Level 2 Modules:
1. Selling, Sourcing, Staging: I spill ALL the tea. I don't hold back on anything. Wanna know my favorite sourcing locations? You got it!
2. Shopify & Sales Tax: This is the nitty-gritty so you don't get in trouble with The Man. I promise it's not as hard as you might think.
3. Social Media: I teach you how to hack your way into looking like a professional without having to go back to school. It's focused on selling, so you don't have to sift through all those tips that don't apply to your specific niche.
While I can't promise you'll make $100k...I will offer a 100% money-back guarantee if you don't think the information is worth it! No questions asked.