Hey business babes and eclectic entrepreneurs!
Firstly, if you haven’t read my blog post on ‘Starting a Business’ then do that NOW!
If you’ve read it, and are putting your actions into play, then here’s some more tips and advice about running your own vintage business. I’ll elaborate on things mentioned and add some important lessons I’ve learnt.
Yay, you’ve started getting the ball in motion. Now make it work!
Tell your friends your hawking vintage. Chances are they’ll be your primary customers. They’ll want to support your venture and if they’re a walking advertisement word will spread quickly about where they get their fresh threads.
Tell other innovators about your venture! Networking helped me in my initial setup for the shop. People I’d met became major contributors in helping create the store and its brand. I’d befriended certain professional’s years before in which I received aid in graphic design, publicity and labour when it counted the most.
Now, this isn’t about using people its about creating a network where you’ll support their business too. It should be communal!
Next party you’re at when someone asks you what you do… You’ll confidently tell them: I sell vintage. Network, network, NETWORK!!! Hand out business cards, ask people to follow your Instagram and tell new friends to check out your next market. Be confident in what you’re doing and other people will believe you’re for real!
Understand Your Finances
Start a separate bank account. Don’t justify a fancy business bank account yet. Get a basic account and perhaps a savings account to keep things separate.
Use the basic account for incomings and outgoings. Incomings can include: Online sales, cash/Paypal deposits from market sales and investments you put in. Outgoings can include: Market stall fee’s, online platform fee’s, stock purchases and items you need to run the business e.g. hangers, racks, advertising material.
Keep your savings account for profits. This account can be used to pay yourself or for your savings goals. The savings account will have smaller deposits coming in but leave it to grow and you’ll feel protective of your hard earned savings.
Start a log or an Excel spread sheet to record your finances. This may seem boring or unnecessary to you now BUT I swear it’s beneficial in the long run. Focusing on finances means understanding the health of your business. It’ll give insight to operations, limit unnecessary spending and educate you on pricing. I love learning about how to make my business efficient and the best way to examine this is to frequently review my finances.
Teach yourself basic accounting. Tailor a financial template relevant to you. Logging incomings, outgoings and net profits are all you really need as a beginner.
Know The Costs
Putting a price tag on something and selling it doesn’t mean you get to pocket the cash immediately. Before pricing and collecting profits account for:
- The cost of the item (work out the average of what you buy pieces for).