Jun 12, 2023
With host retail coach Wendy Batten
https://wendybatten.com/161/
I recently hosted 12 of my Level Up Mastermind members
at a 2-day retreat in Orlando, FL. Members came from all over
the US, Canada, and even one from New Zealand! The experience
was profound on so many levels that I felt compelled to share some
lessons and takeaways with you here on the podcast.
First of all, there is a lot to be said about meeting
in person! Only a few members (me included) had met prior to this
gathering. We meet on Zoom once a month and have weekly
drop-in calls but the camaraderie and community seems to become
magical when you meet up with such a strong group of like-minded
people in person. It’s so important to remember that we are not
alone in running our retail businesses! Be on the lookout for an
upcoming episode of the podcast where my Level Up Mastermind
members share their best tips. It’s going to be so good!
Secondly, my retailers are all at different stages of
business, but most are in the “refinement” and “growth” stages as
identified below.
Three Seasons of Business:
1. Building: Becoming known in your community,
building your brand
2. Refinement: Finding your groove, the “messy
middle,” understanding your numbers
3. Growth: Role as CEO is expanding, adding revenue
streams, the “sweet spot”
But you came for the meat and potatoes of the
retreat. Here they are!
6 Lessons and Takeaways from my Mastermind
1. Find your momentum (or relocate it).
Feeling drained, uninspired, or unmotivated are common
and usually come from not having a clear direction. But
remember! Goals love action. Step into the role of CEO and
ask yourself: What do I need to regain that momentum? What needs to
change? Do I need to talk to a like-minded biz buddy? Join a group?
Take a vacation?
We can’t live in our comfort zone. We have to do
the work we don’t like or don’t want to do.
“The best we can do is to keep asking for help and
accepting it when we can. And if you keep on doing that, you’ll
always be moving towards better.” -Higgins, Ted Lasso
2. Revisit the goals you set for your business and
lifestyle.
Ask yourself: What do I want from my business now? Five years
from now? Am I building a brand that is an asset that is sellable
or an empire that serves you for many years? The bonus around being
business owners is that we get to choose who we serve.
You need to know what YOU need from your business. Ask
yourself: Am I getting the paycheck I need? Am I building an asset?
Do I have time freedom? Remember: This looks different for
everyone.
3. Understand where your money is going.
Stop chasing sales if you haven’t figured out your
margins, expenses, payroll, your paycheck, profits. You must dig
into your numbers and understand the basics of where all of your
money is going.
If you need more help with this topic, you need to be
in the Inner
Circle over the next two months as we deep dive into this ahead
of our Holiday Boot Camp.
“The person who doesn’t know where his next dollar is
coming from usually doesn’t know where his last dollar
went.”
4. Your brand message/image/personality is
crucial.
We had a special guest at the retreat, Mr. Adam
Blackwell. Mr. Blackwell owns an advertising agency and runs
many other successful small businesses alongside Mrs. Millie
Blackwell. Mrs. Blackwell attended as a member of my Level Up
Mastermind. Even across multiple seemingly different
businesses, their branding is unique and unified.
A great tip Mr. Blackwell gave us was to think of your
brand as a person. Give them a personality and even a name. Ensure
that across all platforms your brand is cohesive.
Check out their businesses on instagram:
@blackwellandsons and @thevillagebookshop
5. Stop wasting time on tactics and vanity metrics and
get real and curious about strategy and metrics.
Doing so will get you more predictable sales. We
worked on understanding how to implement SIMPLE REAL SALES and
MARKETING strategies.
Focus on the following:
-
Understanding your audience and
who needs to know us and HOW we can get better known and our brand
out there -
How to pull those people from
lurkers to shoppers and then raving fans -
Knowing how to measure so that you
can have more predictable sales, paychecks, time off.
If you need more help with this topic, you need to be
in the Inner
Circle over the next two months as we deep dive into this ahead
of our Holiday Boot Camp.
6. Brainstorming with a community of like-minded
retail shop owners is magical.
Hey! I built a container just for this! Why reinvent
the wheel? There are countless years of experience within my
Retailers’ Inner Circle. As a member you’ll have access to really
cool shop owners and their shops, tons of masterclasses you can
access on your own time, and the ability to brainstorm and bounce
ideas off of YOUR people. Not to mention, we have two scheduled
opportunities every month for live coaching calls and
Roundtables.
I hope this was helpful to you and remember, you can
always reach out to me via my website or on social. I would
LOVE to see you in my Inner Circle this month!
Related podcasts we think you’ll like:
Episode
149: Retailer Success Series: How Two Friends Turned a Creative
Hobby into a Successful Retail Business
Episode
133: Retailer Success Series: Community, Culture, and CEO
Mindset with Amy Cseh
Episode
132: Retailer Success Series: Community Marketing Strategies
with Millie Blackwell
Episode
122: Retail Success Series: CEO Mindset and Community with
Sylvia Davis from Louisville Mercantile
About your host, Wendy Batten
In case we haven’t met yet, I’m Wendy, a small
business coach and founder of the
Retailer’s Inner Circle, where I help other independent shop
owners learn how to gain the right business skillsets to see more
profits, paychecks, and joy as they navigate running their retail
business.
Through online classes, business coaching programs,
speaking, and a top-ranked podcast,
I’ve helped hundreds of retailers around the globe reclaim their
dream and see the success they want from their beautiful shops. My
signature private coaching community, The
Retailer’s Inner Circle, has helped retailers around the world
build their retail business skill sets and confidence.
I am proud to have been featured in several major
publications, including my own business column in What Women Create
magazine. I have been privileged to be a guest on top-ranked
podcasts and sought-after as a guest speaker and teacher for
several brands, associations, and communities that are passionate
about the success of independent retailers.
