As a reseller, are you facing a formidable challenge that’s impeding your journey to unlocking the full potential of your reselling business? The issue at hand is a common one: the transition from being a reseller to a genuine business owner.
Becoming a Business Owner
Many of us enter the world of reselling driven by the desire to enhance our lives. It may be the extra income we need to pay the bills, the means to fund a dream job’s commute, or the allure of a full-time entrepreneurial lifestyle.
Irrespective of our motivations, it’s crucial to structure our reselling ventures in a way that fosters growth and sustainability. It’s easy to get caught in the hustle, chasing the exhilaration of each sale like a dopamine-driven high. However, this approach can inadvertently lead us down a path where we become mere employees within our own businesses, overlooking the bigger picture that a business owner should embrace.
Employees are task-driven, focusing solely on their assigned roles. You can hire, train, and pay individuals to source inventory, list items, and manage sales. Alternatively, you might perform these tasks yourself if you prefer a more hands-on approach. However, if you confine yourself to an employee’s mindset, you may neglect vital aspects of business ownership.
Operating in this manner can indeed generate sales, but it leaves your business ill-prepared for the inevitable challenges that ownership entails. When market conditions shift, sourcing becomes challenging, or unforeseen obstacles arise, an employee mindset lacks the adaptability required to overcome these issues. Sales may decline, and you might contemplate whether reselling remains a viable endeavor for you.
In such circumstances, seeking like-minded individuals for solutions may inadvertently lead to defensiveness, dismissing valuable advice as mere excuses. This marks the beginning of a business’s downfall. A shift in your mindset occurs, making you uncoachable, and sustaining your business becomes increasingly challenging. To avoid this fate, prompt course correction is essential.
The Business Owner Mindset: A Key to Success
If you haven’t encountered these challenges yet, consider yourself fortunate. However, if you’ve noticed the initial symptoms, there’s still time for intervention. If you’re reading this, it means you possess the determination and willingness to roll up your sleeves and address the underlying issues.
But how do you develop a business owner mindset?
Define Your Business Plan
“Buy, sell, ship” doesn’t constitute a business plan. To think like a business owner, identify your overarching goals and objectives. Determine what you aim to achieve through your reselling venture. Regularly revisit and reaffirm these goals to stay motivated during challenging times.
1. Set Big Goals and Visit them Often
Understand your financial aspirations. It’s not just about making money, why do you need this money? To accomplish that goal, exactly how much income to you actually need to generate?
Assess the time and resources at your disposal to gauge whether your goals are attainable. If not, devise a strategy to bridge the gap.
2. Plan and Strategize
Consider your available time, workspace, and capital. Determine whether they align with your goals or if adjustments are necessary. As a business owner, you set the parameters. Ensure you’re not adhering to outdated practices and constantly seek innovative solutions.
If you want to list 50 items per week, but you’re consistently only getting half that much, why is that? What is not aligned that is making it so you cannot reach your objective? What adjustments can you make?
3. Foster a Positive Culture
Assess the culture you’re cultivating around your business. Acknowledge that certain external factors are beyond your control. Your attitude shapes the business’s culture, and in turn, your brand. Regardless of external pressures, choose responses that align with your brand’s values.
Investments are more than just financial. Do not expect to invest poor attitude and reap great consequences.
4. Define What You’re Offering to the World
Customer service can be challenging, but it’s pivotal. There are people out there who just do not share your values and may not value manners or grace in the way that you do. Regardless of the treatment you receive, maintain professionalism and uphold your brand’s reputation. Remember, you’re not running a business as a favor to others; you’re pursuing your own goals while offering quality goods.
There have been situations that have made me want to throw my phone against a wall or respond in a way that tells them exactly how I feel about my encounter with them. Ultimately, I am able to choose the response that best represents my brand without changing the polices that are set in place or push on the actions that I am or am not willing to do.
Just know that however you respond is entirely up to you. Determine what you’re offering, decide what you are or are not willing to do. Then, act accordingly.
5. Embrace Entrepreneurship
Entrepreneurship is more than just a buzzword; it’s a commitment to hard work. Be prepared to delve deep within yourself, acknowledging and addressing your flaws and challenges. Entrepreneurship exposes your impurities, and the question is whether you’ll confront and overcome them.
Choose Your Path
I have always thought of entrepreneurship like an exercise in silversmithing. When a silversmith wants to refine the metal they’re working with, they put that metal in intense heat and pressure to cause the impurities to rise to the surface. Consider entrepreneurship the oven and the heat the situations you’re put into. You have the choice to either let your impurities rise to the surface and deal with them, or adjust the heat and stay comfortable. Ultimately, it comes down to what you’re willing to endure for your goals. Accept the consequences of your choices and actions.
In conclusion, transitioning from a reseller to a business owner is a pivotal step toward achieving long-term success in the reselling community. By adopting a business owner mindset, you can navigate challenges with resilience and adaptability, ensuring your reselling venture thrives in any market conditions. Happy selling!