We are almost to the end of my FREE Reselling as a Business Mini Course! Next Wednesday’s post will be the last one in this series so please be sure to check out next week’s post on marketing and a course recap! Today, I thought that I would discuss a topic that many resellers rarely talking about: how your personal strengths and weaknesses affect your reselling business. Let’s get into it!
Running a successful business is hard work; It requires discipline, dedication, and strategy. How you go about running your business is largely shaped by your perceived strengths and weaknesses as both a company and a person. We are each born with a unique skill set that continues to grow and evolve as we progress through life. One reseller’s strength may be another reseller’s weakness and that’s okay. The key to a successful business practice is to be aware of which skills and talents come easily to you and which ones don’t. Being aware of your strengths and weaknesses can help you to make smarter business decisions, which in turn, help you to create a stronger business.
SWOT Analysis
When it comes to analyzing a business’ strengths and weaknesses, the most commonly used tool used is a SWOT analysis. A SWOT analysis reviews a company’s strengths, weaknesses, opportunities, and threats. It allows a company to assess their business, resources, and environment. Through the use of this tool, a business can have a better frame of mind and achieve their goals with ease. [I would suggest doing a SWOT analysis within your own business quarterly. It can help you to get a good look at how your business is doing as a whole. You can easily see what is going well, what can be improved upon, what challenges your business may be facing, and what opportunities are available for improvement.]
But can you do a SWOT analysis on yourself? Absolutely! [I don’t know that I would call it a SWOT analysis per se, but YES.] I would definitely take some time to learn and acknowledge your perceived personal strengths and weaknesses. For example, let’s say that your strengths include marketing and photography and your weakness includes accounting. Knowing this information will greatly affect who does what tasks within your business and how your business functions.
A Business Structure and the Importance of Time
They say that people should learn and focus their attention on the skills that are their strengths, while also converting their weaknesses into strengths. Although I do agree with this mindset, there is one other factor to consider: time! Time is extremely valuable in the world of business. There are only so many hours in a day so to make the most of your available time, time management is extremely important. Since I have become a full-time reseller in September, time management within my business is something that I have struggled to get a proper grasp on. I am a solopreneur, meaning that I wear all of the hats within my business, and it is not easy to juggle every task by yourself. It was only recently that I took a hard look at my business and came to the decision that I needed to start to outsource help in order to focus my efforts on the tasks that only I can do (aka my unique strengths.)
A few months ago, I read a book by Scott Oldford titled, The Nuclear Effect [I wrote a post about it HERE]. In the book, the author discusses the key structure to running a successful business. He discusses how a business owner should know their role within the business and when to hire outside help. According to the author, a business should have people who fulfill 3 different roles:
Starter– Someone who’s really good at coming up with ideas and implementing them. This person tends to be naturally talented at marketing and sales.
Operator– Someone who can operate a business that’s already gained momentum.
Scaler– Someone who can take an existing business and grow it.
Sometimes, a business owner may be skilled at all of these roles and other times, the business owner may only be skilled at one. And that’s okay! As a someone who is not looking to grow their business into a massive company, it is not necessary to have someone to fulfill all of these roles right away. However, as a business owner, it may be wise to have some knowledge on each of these business facets, especially if you are looking to grow your business year after year.
Another interesting concept that the author addresses in this book is how business owners should not identify themselves with their businesses’. Why? According to the author, it creates a mindset where owners do not feel open to allowing others to come in and help them with their businesses’. I will tell you from personal experience that it is 100% okay to allow others to come in and help you with your business, especially in areas that are your perceived personal weaknesses. This help doesn’t need to be a from person, per se, but it can be through the use of software and services. Personally, I pay for services that help me to cross list items across reselling platforms, share my Poshmark closet faster, and edit photos so they appear more appealing in listings and on my blog. Additionally, my husband who has a business background, will help me with all of my spreadsheets and accounting. In total, I pay around $70 a month for all these services but I consider it a wise investment as they give me more time to focus on the tasks that utilize my unique talents and strengths.
The Takeaway
All-in-all, I will never tell you how to run your business; only you know what is best for you and your business. Today, I just wanted to discuss with you a topic that is often overlooked in the reselling world. Don’t be afraid to take some time today to analyze your business’ and personal strengths and weaknesses. Being aware of these qualities can help you to run a more successful and sustainable business. That being said, don’t be afraid to hire help; foster your unique talents and continue to push yourself so your weaknesses become your new strengths.
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