Preparing your mind for success is the first step on the path to extreme success in your home furnishing business during this new economy. In fact, I will even go a step further and predict that unless you address your mindset first, you are probably slowly or quickly going out of business right now.
Think it sounds a bit harsh? Well, would you rather me sugarcoat it and skim over the meat and potatoes or would you rather sit down and get a seven course meal that will have you bursting at the seams with ups, customers and profits?
See, the truth is, no matter how great the strategies are that you discover by searching online or reading books, you will never see one more thin dime unless you are willing, ready and able to make the changes required. And that, my friend, requires guts, boldness and the ability to move rapidly to follow the money in your local market.
Let me give you few examples of how powerful and profitable OR how broke and hungry a mindset can make you. There is a successful furniture chain in our area which promises delivery in 3 days or less. Do you have an idea of the average wait time for a furniture set before this local company decided to re-write the rules? Normal wait time was three to six weeks for in stock merchandise. In fact, I would venture to say that 95% of the industry still makes customers wait two to six weeks for delivery.
Now, before this home furnishing store came to our area, there were exactly zero retailers who were getting living room furniture into a customers home within a couple of days. Do you think these owners were scorned and warned by ALL the other furniture retailers who they asked for advice? Do you think manufacturers, vendor reps and delivery companies scoffed and swore that it could not be done?
Since you know the end of the story you already know that the owners of that home furnishing company had the iron resolve of a bear. They had a powerful mindset that allowed them to grow beyond belief, during a recession!
Now, take a look at how badly things turn out when retailers have a stubborn and poor mindset. Several years ago there were six or seven super-high end furniture stores within miles of each other in my area. These retailers were priced so high, that only two percent of the population in the entire nation could afford their furniture. As the economy turned, those retailers simply refused to change their business model to reflect the change in the economy. Therefore, within six short months ALL but one of those retailers went out of business.
Unfortunately, the stubborn and destructive mindset also affected many other home furnishing retailers who could have easily weathered the storm of this economy with just a few simple changes to their business model, but they chose to not make the changes and consequently went out of business.
So, now that you know how powerful a mind-set change is to your success, take a look at four powerful keys and realities that you must embrace to be successful today.
Do not feed me that garbage that customers in your area are not buying furniture. Yes, they are. There are dozens of furniture stores who are making generous profits during this recession. The real question is, “Will you be one of the stores that cashes in during this economic downturn?”
Every recession creates an opportunity for someone to profit. In our market, consumers want packages that include everything. They do not want to shop around for tables at one place, lamps at another, sofa at another place. So, the big opportunity is in packaging and bundling for a great value.
If you are listening to talk radio, news reports and any other media source that is pumping fear, doom and gloom into your head, then stop it right now! Those people are in the business of selling fear, not hope. You need to know what your local consumers want and then give it to them at a great value. Yes, it is that simple. Do not let the media drive you out of business, by slowly sapping your hope away.
Every day I meet so many furniture store owners who simply refuse to do things differently. But yet, they expect different results. That is the definition of insanity. You must be willing to change your staff, advertising, marketing, product and/or management, among many other things, in order to survive this recession.