My 3 Biggest Mistakes As A Retail Tobacconist

After nearly thirty years as a retail tobacconist, operating multiple stores in different states, I am still haunted by regrets and mistakes I made.  I left a lot of money on the table by not being smart enough or wise enough.  

Control Your Real Estate
My first great mistake was not controlling or owning my own real estate.  Being beholden to a landlord and paying rent means you will never build an asset and get the benefits of appreciating real estate down the road.  I knew this in the early 2000s yet I chose to fund Tobacconist University (TU) instead of buying the building(s) my stores occupied.  I can forgive myself for this because my dream of helping other retail tobacconists and elevating the luxury tobacco industry became my real passion.   My next two mistakes are the ones that really haunt me.

Sell Your Own Brands
I spent most of my time and energy building other people's brands instead of my own.  I took great pride in procuring and selling popular and hard-to-get cigar brands that my customers wanted but neglected consistently building my own brand(s).  I should have dedicated 20% of my shelf space and focus to private label and house brands.  That would have greatly increased my profitability and given me a portfolio of dedicated and happy customers that I could keep forever.  They could continue to be customers beyond brick and mortar and be an asset and income stream indefinitely into the future.  

Embrace E-Commerce
Lastly, I failed to see the future and value of the internet in the 1990s when I opened my first store.  I was always focused on the physical environment and community of retail without seeing the power of permanently tethering my customers to my store with an ecommerce website.  If I had better foresight, I could still have proactive and enriching relationships with thousands of customers who were just 'passing through' town and loved my stores.  It makes me sick just to think of the lost potential.  And it is all my fault.

SOLUTIONS & STRATEGIES FOR YOU

On the bright side, my failures represent new opportunities for TU Certified Tobacconists.  I am trying to make up for my failures by creating solutions and resources for TU Certified Tobacconists.  Our TUECOM and TU Private Label programs exist so you won't make the same mistakes I did.  Above all, TU seeks to help retail tobacconists succeed because they are the keystone which makes the luxury tobacco industry so special!

Turnkey mail order websites for Certified Retail Tobacconists.  Our goal is to make it as cheap and easy as possible for retailers to operate their own mail order websites. 

We have partnered with extraordinary cigar makers to give TU Certified Tobacconists exclusive access to highly profitable cigars.  Having started with our R&D Cigars and moving forward with our private label cigars, we are shepherding products to market with an educational component.  In fact, we have created the only cigars in the world which require you to be certified to sell: a bona fide competitive advantage!

In Closing ...

I want to emphasize the key to capitalizing on these resources is to start early and take the long-term approach!  It takes time to reap the rewards and build the business so you must be consistent about investing in these programs now so you can benefit in the future.  There is no easy path or magic trick to success.  But by committing yourself now you will certainly be more successful in the future.  

Email info@tobacconsituniversity.org or call 609.651.2311 if you have any questions.