...so few politically correct ways to say them.
I read the Source last night, and...I'm literally biting my tongue. It behooves me to shut the fuck up.
So I will.
I won't say anything.
I'm going to tend to my own knitting, by god. Till my own garden. Mind my own business.
I was talking to a customer that I hadn't seen in years, and he was marveling at the growth of the store. He asked me why I was doing so well, when others were suffering.
First of all, I'm surviving, which is good, but I'm not exactly getting rich.
But as to why we're surviving: I think everyone is allowed one bubble to learn from. Unfortunately, (fortunately?) big bubbles may only come around once or twice in a career, and often wreck the business before any lessons can be learned.
I didn't know it at the time, but having gone through at least 7 bubbles, really prepared me for the big one. Hell, I didn't even learn enough from the first bubble, (sports cards) and proceeded to make nearly as many mistakes on the second bubble (comics). So much for being smart.
I then continued to make mistakes on the third and fourth bubbles (magic and non-sportscards) , and probably only really figured out how to handle the process with the fifth, sixth, and seventh bubbles (pogs, beanie babies, pokemon.).
This would be the 8th bubble, and while it's certainly economy ranging and a major bubble, it isn't even in the top half of the bubbles I've experienced, in terms of drop in sales.
So, just surviving a few bubbles has been the experience I needed to see another one coming and prepare....
Like being inoculated with cowpox to avoid small pox.
(That doesn't mean there might not be some other, unforeseen plague around the corner. In fact, I expect there is one. Which is another lesson from experience....)
Yesterday was kind of a declaration of intent. I'm going to earn a good profit.
It's a way to stiffen the old spine.
This will work if and only if I can stick to my budget. So this morning I woke up, checked the Sales online, did a modest order, looked it over and decided it was all very marginal and deleted.
I'd be much better off spending that money on the good boardgames I'll be selling all summer....
Reading over the first part of this post, I realized I didn't really say anything about HOW I prepared for the bubble.
1.) Eliminate debt.
2.) Keep overhead well below the break-even point.
3.) Keep your margins, don't panic.
4.) Fill your store with product.
5.) Don't preorder too much stuff.
6.)Don't spend the 'boom' money.
7.)Have a fall back plan.
8.)Mind your own advice.
9.)Don't overextend (or expand.)
10.)Work your own store.
There are plenty more, but these are off the top of my head.
5 days ago