WHY ANTIQUE DEALERS FAIL IN THE BUSINESS of ANTIQUES
Hello There -
Tomorrow, Saturday 18 January from the Paris Flea Market we will be GOING LIVE with our 1st ever Business of Antiques Webinar - (Find Link at Bottom of Email).
In this webinar, we will discuss:
HOW TO MAKE 2025 THE BEST YEAR IN YOUR ANTIQUES BUSINESS
As part of the intro conversation we wil break down
Goal Setting
Time Management
Opportunity Mindset
Finding Your People.
Perfectionism
As well as, the main reasons antique dealers fail.
It´s this last topic, I want to dive into first in todays Substack.
Antique Dealers Fail For 5 Reasons:
1) They Don´t Have Enough Inventory to Actually Make the Money They Desire
2) They Have Not Accounted Fully for their Costs and Taken That Into Consideration When Pricing Inventory
3) They Don´t Have Enough Clients or Exposure to Reaching Their Target Audience
4) They Spend So Much Time THINKING ABOUT Starting an Antiques Store But Don´t Actually Start
5) They are Not Consistent in their Sales Strategy
I talk to alot of people. And this gives me intel.
I always offer my podcast listeners on Business of Antiques - a FREE ONE HOUR Consultation - and within 15 minutes on the phone call I can almost ALWAY identify the reason why an established dealer is not making enough money. Inevitably it is one of these reasons listed above.
Solving the first issue is easy
- 1) They Don´t Have Enough Inventory to Actually Make the Money They Desire
If you have an antiques store currently lets break it down.
How many pieces of inventory do you have?
What is the average profit you are making per item?
And how many items would you need to sell in order to make the income you desire. Also and this relates to #3 how many outlets are you selling?
Are there pieces that sell better than other pieces?
Are there pieces that sell faster than other pieces?
Are there items from certain vendors that sell faster that items from other vendors, even if the profit margin is not as high.
Money in. Money out. That is what you are concerned about as an Antiques Dealer. If you want to make more money, you need to move more items or make more money per item, its that simple.
By analyzing your inventory you currently sell, you can focus on what you need to be selling more of in order to Make More Money.
Figuring out a Solution to Reason # 2 is a bit more tricky.
2) They Have Not Accounted Fully for their Costs and Taken That Into Consideration When Pricing Inventory
Costs of running an antiques store are more than just the COG - Cost of Goods.
Restoration of Inventory
Rent or Mortgage for Retail Space or Antiques Mall or Storage Facility
Decorating (and Redecorating) Costs for the Space You are In
Utilities (electricity, gas, water, internet)
Purchase of Humidifers or Dehumidifiers
Additional lighting/lumination needs
Or Display Cabinet needs
Photo Editing Apps or Graphic Design Apps
Graphic Designer and Printing
iCloud Storage
Insurance on inventory as well as location
Advertising and marketing campaigns
Social Media Advertising
Newsletter service fees
Outsourced Help and Employees
Bookkeeping and accounting services
Packing supplies, Shopping Bags, Paper, Bubble Wrap or Peanuts
Shipping
Security
Travel Expenses for Sourcing
Time Out of Office/Lost Income
By accurately tracking costs you get a better feel for where you are spending money.
DID YOU KNOW?
Most antique dealers sourcing in Europe and reselling in America do a Mark Up of 3 to 5 Times Cost? *This margin is not the same for other countries, here I am talking to the American dealer. Occassionally an American client will tell me they want to operate on a 2X profit margin… and I find that those are the dealers who either ultimately end up increasing their profit margin or they go out of buisness. You train your clients in what to pay. If you start low and inch up pricing, your buyers will say ¨Wow John´s prices have gotten so expensive.” Train your buyers from the start - this is the price- this is 100´s of year old - and this is why the price is what it is. If they want it they will buy it. If they don´t buy it they are not your client.
A Crowd draws a crowd… 3) They Don´t Have Enough Clients or Exposure to Reaching Their Target Audience -You have the inventory, you have the right profit margin, but you dont have enough people to sell what you are selling. So the question is HOW Do You Find Buyers? That means identifying your target audeince.
While your Own Website establishes your presence - in all likelyhood it will not be where the majority of your sells come from.
Mostly likely your sells will come from 3rd Party Sales Platform such as Charish, Etsy, FirstDibs etc - they already have the following you need, you just need to hack their algorithms so you show up.
Definitely take time to create content for Social Media - Instagram, Pinterest, and TikTok - or even SubStack. Write a blog or record a YouTube video to get more followers.
There is no substitue for real life. Selling at antiques fair can be great marketing for attracting your target audience and building a loyal client base.
Consider partnering with Local Businesses to promote your business and theirs. If there is a welcome wagon in town, put a paid advert in their basket to find newcomers to town within your target income range. Partner with a local florist, restaurant or that French pastry shop to do joint promotions
Consider printable collateral which can be left in various locations - flyers, brochures, business cards, and other materials. Old fashion post card mailings still work.
Claim Your Google Page, to make sure when people google antiques in your town your store comes up without even using SEO. Targeted google adverts and are sometimes important to consider.
Stay in touch with previous customers. Send a personal note to let them know you are thinking of them and show them inventory. Go through your customer list and reach out with special offers.
Ask for a referral - give your previous clients and the new clients a discount when they bring a friend to shop with you!
If # 4 is you - 4) They Spend So Much Time THINKING ABOUT Starting an Antiques Store But Don´t Actually Start - then it is time to take action. Just get started. And by attending this webinar you are accomplishing the first step. Would you like to receive our google calendar prompts which help you all year long stay on track? Email me to get on the list. toma@antiquesdiva.com
And lastly # 5 - 5) They are Not Consistent in their Sales Strategy - Same song, second verse. Part of having a business coach, is we hold you accountable. We hold your hand as you start your store and make major life shifts that help you make more money. If you are considering hiring a coach - let me tell you some statistics.
86% of companies that could calculate their return on investment said that they at least made back their initial investment. 19% indicated an ROI of 50x the investment. 28% saw an ROI of 10-49x the investment. The median ROI is 7x the investment. (ICF Global Coaching Study)
According to a study, coaching has a 221% ROI. (International Society for Performance Improvement)
51% of companies with a strong coaching culture report higher revenue than their industry peer group. (Human Capital Institute)
Most clients find their coaches through referrals and word of mouth (46%). The majority (73%) of coaching programs last one year or less. (ICF Global Coaching Study)
If you would like to find out how we can help you - schedule your first call FREE - :)
Now if you are following me on social media I promised you 10 tips for helping your antiques business succeed and do better than ever before in 2025. The first 5 reasons are why Antique Dealers Fail. But do you want to know why they succeed?? Join us in the webinar.
XOXO,
Toma
Toma Clark Haines is inviting you to a scheduled Zoom meeting.
Topic: Business of Antiques Webinar
Time: Jan 17, 2025 04:00 PM Paris
Join Zoom Meeting
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Meeting ID: 858 5607 8829
Passcode: 906231
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