Maybe you are just getting into retail. Or possibly you are already a retailer, but you want to expand your offerings. Whichever the case may be, it’s not uncommon to make selling decisions that can ultimately impede your success. What are some of the self-created obstacles and common mistakes that sellers make?
- You fall for the latest craze - You might own a fidget spinner, but do you still use it? Popular in 2017, this hand-held device might have garnered the attention of the nation at the time, but I believe they have come to their demise. If you started sales of this gadget at the beginning, you might have experienced great success. If, however, you were late to the game, your profits might have been slim to none. This illustrates why it’s important to not fall prey to the latest craze unless you truly believe that the item is sustainable.
- You stick only to what you know - Maybe as a child, you had a ferret for a pet. You loved and cherished him, and now you are determined to create a retail store that only sells items for these tiny, furry friends. How many people own ferrets? What items do ferrets need to survive? How saturated is the market? Though you might love everything ferret related, if you don’t have an audience to purchase these items, you probably won’t be successful. Remember that you are not limited to only selling things that you know. You have the tools available to you so that you can learn about, and sell, almost any item with ease.
- You only sell things that you would use yourself - You’re a man, and it’s possible you would never think of using a curling iron, hair straightener, or nail polish. Does this mean that you should rule these out as possible items for sale? Even if we wouldn’t personally use an item, that does not mean that there isn’t a market for such. Be ready to expand your comfort zone to sell things you might never personally use.
- You don’t estimate profit margins before selling - This often happens when you are affected by one of the above...falling for the latest craze, only sticking to what you know, and solely selling things that you would personally use. When you have tunnel vision, you’ll often forget to look at the other factors that can affect your sales. It’s important to familiarize yourself with the costs related to selling an item and confirm that you can be profitable before you start selling. If you fail to do this, it’s similar to jumping in the deep end without first learning how to swim.
- You don’t do enough research - Research is the key to sales. The internet has made information easily accessible to people across the globe. You need to use the tools that are available to better your position. There is much that you can learn with a simple Google search. Before deciding to sell anything, do your research. Then do more research, and even more research, so that your business, your arsenal, will be ready for whatever comes your way.
It’s easy to fall prey to any of these situations. But if you know beforehand what you shouldn’t do, this can help you to know what you should do.
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