Reflection on 2023
Dear esteemed reader,
Welcome to my first journal post of 2024!
I honestly wanted to run into the new year with a fresh start, big dreams and positivity for the future of Y&M. Although, in reality, it would be foolish of me to forget some important key learnings from the end of last year. I could just suppress the stress, chaos and sleepless nights that I had endured, but I will not allow my own ignorance to experience that again, especially if I can prevent it.
“Those that fail to learn from history, are doomed to repeat it.”
For context, I booked Y&M into it’s very first Christmas stalls throughout December 2023. There were 4 market dates in total and each ran for 4 hours. The lead up was very exciting and I was so keen to ramp up the challenge. It was all a very good idea, until it was not. I had over committed myself to holding too many stalls in one month, while maintaining my full-time 9-5 office job, and with no previous experience in doing this. These other business owners who know how do it are a whole other breed of magicians, superheroes or extraterrestrial beings.
Here is a list of important lessons that I learnt about being a small business/local maker and how to navigate in a physical sales environment.
Engage, Engage, Engage!
An effective sales approach was my undivided attention and proactive engagement with customers. This was a challenge in the beginning due to my expectations in previous retail experience, where many customers despised hovering employees in the store. On the contrary, the shoppers at a makers market appreciate good craftmanship and show interest in the story behind creators.
The atmosphere was also buzzing with action and excitement, which made me want to capture it with my phone for social media. While I was satisfied with my overall sales, I still cannot help but feel disappointed at a few missed opportunities to interact with other potential customers. This was mostly due to unnecessary time spent looking at my phone and also looking down while I worked on a crochet project (I can’t crochet without looking down yet). The simple and obvious lesson here is to be present and limit distractions as much as possible.
2. Brand It
I think this was something that I did well in, but I had certainly underestimated the power and effect that it has on a business. I had many pleasant conversations with kind and friendly customers who may have not made any purchases, but took a business card from me anyway. The residual response that I have had since then has been rewarding. Old school strategies are still important as is all this new stuff about social media, algorithms and etc. The usual common sense prevailed by confirming how far basic brand management can take you.
3. Networking with Makers
The support was real. I was so inspired by all of the other small business owners around me for their commitment, dedication and sacrifice that they put into their business. Some shared experiences on their successes and others about their disappointments. I watched and listened as other owners shared their own experiences between each other and knew that we were all in a common place regardless of background or level of success.
I alsso met a few who had given up their full-time coprporate jobs to do the thing they love. I was in so much awe to those who are living my ultimate dream!
“I will say the biggest skill you can develop, as a business owner, is learning from the mistakes of others and never repeating them.”
4. Planning
For my first time, I think that I had done sufficient planning for the markets to be a success, but there is a more efficient and less stressful way to get there. Now that I have experienced 4 separate markets, I have a better plan for my market display, product inventory and pricing structure. Setting up online systems and with good integrations can really set you up for efficiency and sales tracking. This is a large task and probably sits high on my to-do list at present.
5. Enjoy the Journey
While I am so proud of achieving the set challenge, I could have probably enjoyed it a lot more. I was beginning to crumble under the pressure and it was affecting parts of my life outside of Y&M. I could not wait for it to be over. Due to this, I place a lot more value in my time and work-life balance.
Next time, I will properly consider my decision to commit to markets with confidence that I will enjoy my experience with you and all of my keen handmade and maker lovers.
