147. How to Reframe Your Mindset on Competition

03/06/23 • 29 min

Show Notes

They say success is 80% mindset, but what happens when factors outside of your control (in this episode we will talk specifically about competition) leave you feeling defeated? How can you get your mindset back to good? In this episode, I’m going to talk you through how performing a SWOT Test on your brand and business can help you reframe your mindset and leverage competition to improve your business.

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Doing this exercise will really help you brainstorm a bigger picture and overview of what is really going on in your business and where to focus your efforts.

Competition isn’t a Bad Thing

Forces you to stay fresh in your business
Brings more visibility to your shop and can actually funnel customers right to you
Gives you a chance to focus on what you do well and what makes you and your brand unique (your strengths) and improve upon the things you don’t do so well (your weaknesses)

Getting Your Mindset Right

1. Ask yourself these questions when performing a SWOT Test on your business.

Strengths - What is your unique selling point? What do you do better than anyone else? What do your customers love about your shop that is unique to you? What does your community say you are the “go-to” for? Focus specifically on the strengths of your brand.
Weaknesses - What are some things you struggle with? Where are the gaps in your skillset? What things might hinder your success? Where can you spend time ensuring your brand is strong and well-known? Are there aspects of your business where you are just “winging it?”
Opportunities - What external factors can help your business grow? What changes would your customers like to see? What additional revenue streams can be added? What emerging technology can you leverage?
Threats - What external factors can harm our business? Are there economic or social issues that can harm your business? What other risks/challenges do you face? When you assess threats, be sure to evaluate the truth in the things you are telling yourself.

2. Perform the SWOT Test on your competitor’s business.

Doing this will help you focus on reality versus the reality you’ve created in your mind. Don’t dwell on this step - it is meant just to give you a clear picture of what is actually happening.

3. Make changes to your business based on the results of the test you performed on YOUR business.

Push the gas on your strengths. Find a way to level up your weaknesses. Remember that by focusing on your weaknesses they become strengths. What opportunities did you identify that you can seize? How can you leverage your marketing plan, your community, and branding so that your competition feels like less of a threat? Focus specifically on the things YOU have control over.

If you are looking for additional support and someone to bounce ideas off of, my Retailers’ Inner Circle is a great resource. Not only will you have access to me and the bright minds of over 100 fellow creative retailers, but you will also have access to my signature course, Retail Made Simple, and countless masterclasses that will help you level up every aspect of your retail business.

Full show notes here https://wendybatten.com/147-2/

Show Notes

Competition isn’t a Bad Thing

Forces you to stay fresh in your business
Brings more visibility to your shop and can actually funnel customers right to you
Gives you a chance to focus on what you do well and what makes you and your brand unique (your strengths) and improve upon the things you don’t do so well (your weaknesses)

Getting Your Mindset Right

1. Ask yourself these questions when performing a SWOT Test on your business.

Strengths - What is your unique selling point? What do you do better than anyone else? What do your customers love about your shop that is unique to you? What does your community say you are the “go-to” for? Focus specifically on the strengths of your brand.
Weaknesses - What are some things you struggle with? Where are the gaps in your skillset? What things might hinder your success? Where can you spend time ensuring your brand is strong and well-known? Are there aspects of your business where you are just “winging it?”
Opportunities - What external factors can help your business grow? What changes would your customers like to see? What additional revenue streams can be added? What emerging technology can you leverage?
Threats - What external factors can harm our business? Are there economic or social issues that can harm your business? What other risks/challenges do you face? When you assess threats, be sure to evaluate the truth in the things you are telling yourself.

2. Perform the SWOT Test on your competitor’s business.

Doing this will help you focus on reality versus the reality you’ve created in your mind. Don’t dwell on this step - it is meant just to give you a clear picture of what is actually happening.

3. Make changes to your business based on the results of the test you performed on YOUR business.

Full show notes here https://wendybatten.com/147-2/

Previous Episode

146. Why Industry Trade Shows are Valuable for You and Your Retail Business with Darrin Stern

Show Notes

It’s easy to get bogged down in the day-to-day duties of running your business within the four walls of your shop. In this episode, my guest Darrin Stern and I will shine a light on the value and benefits of attending trade shows.

Darrin is the Show Director of the h+h americas trade show, a brand extension of a long-running show h+h Cologne in Germany. h+h americas unites makers and wholesalers of all crafting industries: a one-stop source for everything one would need as a professional maker, a retail shop owner, an e-commerce shop owner, and/or an educator.

The Value and Benefits of Trade Shows

The Human Element: When sourcing materials, it is our nature to want to see and feel things before purchasing. We benefit from hearing about the products and their stories through human interactions. We want to truly understand how it will impact our bottom line.

“Digital is a great way to source items to begin exploration, but when you're looking at a wholesale level, it's less of an impulse buy and it's more of a business decision.” - Darrin Stern

The One Stop Shop: You can save so much time and money by attending trade shows when so many quality vendors and educators are under one roof.
Building Relationships: Spending time and listening to equally passionate people talk about their craft/product is a valuable way to make business connections. Specifically, at h+h americas, there are multiple opportunities and components of education that make this trade show unique. There are daily keynote speakers, fireside chats, masterclasses, business courses, retailer meet-ups, and demonstrations.
Connection with Like-minded People: You’ll have the opportunity to see/hear stories from others that are all part of this passion industry whose jobs aren’t over at 5pm. These valuable conversations are where the magic happens.
You don’t know what you don’t know: You have to leave your bubble to grow!

Join Darrin Stern (and me!) at the h+h americas trade show if you are in the creative or craft business. Here are the details:

h+h americas trade show

Donald E. Stephens Convention & Conference Center in Rosemont

Chicago, IL

Dates: June 21-23, 2023 (Masterclasses start on June 20)

https://www.hh-americas.com/

Tickets on sale: March 15, 2023, use promo code CST23 to get free access to the exhibit floor

Full show notes here https://wendybatten.com/146-2/

Next Episode

148. Four Things Every Retailer Should Do Before Signing a Lease

Show Notes

It’s easy for us as passionate retailers to quickly fall in love with the “perfect” space and location, but how do we know it’s the right business move? In this episode, I’ll talk you through four things you need to know and do before signing a lease for your retail business.

As a retail coach and the daughter of a father who was a retail leasing “guru”, I can share from experience that I have seen a lot of lease agreements go sideways or have surprises.

Here are a few things shop owners need to consider when leasing a new location:

Set a budget.

Talk to leasing agents regarding price/square foot, average rental prices in the area you are looking to open a shop in. Be aware of what leasehold improvements you will want/need to make.

Do your due diligence.

What can you negotiate?

Lease length
Rent increases
Allowances

What should you look for in the lease that you might miss?

Hidden costs
Utilities/Internet
Tax/Insurance requirements

Be sure everything is in writing and have a mentor and/or professional look it over.
Know what YOU can afford.

Do you know what % of your gross sales should go to rent, or how much you will need to make to pay that rent? I share that industry average % and more in this episode.

“Our heart can convince our head of anything, so we want to make sure it doesn’t convince us to get into trouble. So put your CEO hat on and your heart and head can have a conversation with all of the right information.” - Wendy Batten

Full show notes here https://wendybatten.com/148-2/