In my roles with Tower Systems and NewsXpress I get to meet a great many store owners. Recently I had to opportunity to talk to a retailer who has owned their business for around 12 months. They commented that they were starting to get the hang of things and realised that a couple of the people they relied on, with years of newsagency experience, had been giving them poor advice.
When they purchased the business they kept on all the staff and fell into the routine of being told what to do by some of the staff. This challenged their confidence and, in hindsight, made them prisoners of the confident directions of some of their staff.
They told me they felt they had no choice because they’d never owned a newsagency before many of the business practices were new to them. It was only after one of the staff members left that they realised they had been given bad advice.
It’s not the first time I’ve heard a story like this.
My advice to people buying their first retail business is that they back themselves and immediately assert control over the business as the owner and manager.
It’s your business.
You need to work out the best way to run it for yourself. Okay get advice along the way, but make decisions for yourself. Don’t be told what to do. Don’t be made to feel inadequate in your own business. Sure you’ll make mistakes – embrace them as they’ll be excellent learning.
Because something has always been done a certain way does not mean it is right for the business.
Just because someone has been in the business for years more than you it does not mean they know what is right for your business.
Follow your instincts … it’s your money after all.