Hi guys! Today is day two of the chit chat with the two girls of School of Vintage. I hope you enjoyed yesterday’s post that featured questions about coming up with the “big idea” and ways to work to make it happen.
Today’s post will hopefully give you a few behind the scenes secrets of HOW to actually run a small business. These are the things you don’t necessarily consider in the beginning stages, but are really important in making the whole adventure successful. Let’s get started.
Q: For me, the thrill of the hunt is what keeps me going back for more. Where are your go-to trusty places to track down product for School of Vintage? Are there certain people out there that help you track stuff down?
A: We build our inventory by shopping at local thrift stores, not-so-local thrift stores, estate sales, yard sales, flea markets and, our personal favorite, the trash. We are a consignment business so some of our inventory is from outside sources but we’re very discerning with what we’re willing to sell. Jeannine’s fiancé, Chris, has consigned a lot of really great things with us and friends and family (and even some strangers) are always trying to give their “vintage” items away to us. Even though we don’t sell just anything, we always jump at the opportunity to check out what people want to give away. Always.
It’s so much fun!! If we could do this for our living without needing other jobs, then our dreams would come true. Even when we’re at our busiest with School of Vintage (hunting, listing, marketing, packaging, cleaning, answering messages, remedying issues, etc.) it never feels like work. And that’s when you know you’ve found something you really should be doing with your time.
Q: I noticed that both of you gals have other pretty full time jobs, when do you make time for School of Vintage and do you have any time management suggestions for new shop owners?
A: Yes. We both have other jobs (but hopefully not for too much longer). Erin works a full time schedule but she has flexibility and Jeannine just went from full time to part time (she could seriously do a whole interview on how momentous that was for her). But, either way, we work on School of Vintage ALL THE TIME. Literally. Before work, during lunch breaks, after work, weekends, holidays…all the time. We are completely aware that if we want to have a successful business, we have to put a lot of time and energy into it. There’s no other way around it. However, we certainly make time for ourselves and for our loved ones as well. That’s also super important. But when you own a business, you don’t clock in and out. You’re always clocked in. It’s just the way it goes.
Our advice for time management would be to maybe schedule a day or two a week that you’d like to have off and stick to it. Set limits for yourself. Everyone is different and learning how much personal time is needed to stay sane is a very individual process. Sometimes people are good with knowing exactly what they need and others need to go through some trial and error until they get it right. One thing is for sure…if it’s making you unhappy…something’s not right. You’ll have to find the right balance for yourself.
Q: Starting a shop and running a shop can be extremely expensive endeavors. Do you have any tips on keeping things balanced so you aren’t spending more than you need to and that you are able to make a profit in the end?
A: Start with a set amount in your business account and don’t touch it. Also, don’t ever buy anything that is overpriced to begin with. This takes us back to the question about doing research and how it’s very important. Make sure you know what you’re buying so that you know how much you can sell it for. If you have to dip into your reserves just to purchase something, you might want to hold off on that for a while until your business is profitable enough to afford it. When you make purchases, it’s not guaranteed that you’ll ever sell it. It sounds extreme but if you shop with this in mind, it’ll really help your business expenses – especially at first. Keep a very detailed log of how much you spend on every piece of inventory, sales tax and all business expenses. Always weigh the amount you spend, to how much you can lose, to how much you think you can make. (We’re sure there is a technical term for this but we haven’t learned it yet.)
Q: I tend to gravitate towards containers, anything that can hold something else while out at the thrifts and antique malls. Are there certain items you guys go goo-goo gaga over?
A: We each have our own niche. While we both share a passion for all things vintage, Jeannine tends to gravitate towards mod-style shoes and clothing while Erin has an eye for mid-century housewares and linens.
Q: Let’s be honest here…If you are a lover of old things it’s incredible hard to part with a great find. Is this something that passes over time or am I doomed? Haha
A: We have a rule. If we love something enough, we won’t sell it. We’ll keep it. All of our finds are filtered through us first. But, from time to time we can’t fit something in our house or on our bodies so we’ll have to sell it and, yeah, it’s hard and the feeling never really goes away. But it’s also nice to know that someone else appreciated it enough to buy it so there’s definitely some solace in that.
That wraps everything up and I hope you found a little nugget of info that was worth tucking away. I’ve really enjoyed getting to know these ladies and if you want to support other small business owners, go check out their stores and blog. I guarantee you’ll be pleased with what you find.
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