So this month has turned out to be a great month for my little reselling venture. It was a huge month for sales, and I didn’t shop, or rather buy, as much as I have the previous months. Let’s not get things wrong, I did a lot of shopping, but instead of just buying because something was cheap, I was slightly more picky about what I bought. I’ve definitely learned a lot over the last few months and I feel like a tremendous amount of that was over this past month, but I’ll get into that a little later. Over all profit was great, product moved pretty good, and I’ve decided to make a few adjustments going forward.
What I’ve Learned
This was my third month into reselling and I feel like I really gained a lot of knowledge in the general world of flipping. As I’ve said before, I’m only doing this on the side of my normal daily life. This isn’t some full time job for me, it’s more of a way to have some me time and also make some extra cash. Even though this is more of a hobby venture, anything I do I tend to get very serious with at some point or another, so I have reflected on how this little business venture is progressing. I’ve analyzed what things are working, what things are not, and what areas need more or less attention. I think you should be consciously doing this with any sort of business venture, big or small; growth is something you should always strive for. Not in any particular order, here are some things I’ve changed, learned, or I am currently making adjustments to.
Products do not move as quickly as I imagined they would.
It doesn’t matter how cool or awesome I think an item is, it will not move any faster than the time it takes for someone to find it and make the decision to actually buy it. When I started I was buying things I thought were great and I figured they would all be sold the day after I listed time. Why wouldn’t they, the item is neat and it’s a great price. This one has been a big let down for me, I guess I just had some high expectations from my finds.
People will pay for shipping.
This may sound strange to some, but I absolutely hate paying shipping myself. When shopping I usually look for free shipping deals, or only buy from people who include shipping into the costs. So as a seller I have always leaned towards adding shipping costs into my prices. Then I realized one of the number one rules of selling anything, you are not your buyer. I sometimes forget this, as I’m sure many others do too, but I’m not selling to myself, others have different values and I have to remember this. Even though this is something I’m constantly reminding my husband. He drives me crazy sometimes because he feels that if something is worthless to him that everyone will think the same. My reselling venture is total proof that that’s not the case.
Reselling takes a lot of space, more than I have.
I wish I had some giant extra room where I could organize, sort, and keep all of my reselling items, but it’s just not the case. Currently, the laundry room is storing all of my wares and you almost can’t see the walls anymore from boxes and bags being stacked so high. This is one of the reasons I have been more choosy when shopping lately.
Making better buying choices leads to higher profits.
In the first two months I was so excited about starting this venture and getting a ton of listings, that I bought everything that was ridiculously cheap. My thought was that if I spend $1 or less on it, I will be guaranteed to make a profit. While this is true, you can see from almost all of my sales, I don’t think this is the best plan of action. Doing it this way has caused me to have to do a lot more work on the back end for a smaller profit that grows over time. What I mean by that is when I buy a lot of things for $1 each I’m having to take photos and create many different listings, where if I buy something for more that is worth more then I’m taking less photos and only creating 1 listing. I hope that makes sense if you’re reading this. For now, I’m just buying less things all together and spending on items I think will be more profitable in the end.
A great example of what I’m trying to say is by looking at January verses February sales. I had only 4 transactions in January and made just $22 less than in February where I had 20 transactions.
Ending March I had 20 transactions, $350 in sales, and made a total profit of $231.71. Numbers wise, I feel great about March. My profit was 66.15% of my total sales. Of those sales, I only spent $16.70 on product, which feels like pure magic to me.
As I said earlier, I didn’t buy too much this month mainly because of space but also for trying to make a higher profit per sale. Some of the things I bought were another children’s jewelry lot (you can see the video below), a big lot of Disney Princess dolls (video below), 2 different hauls of kid’s books (video of one haul below), a set of Simpsons family plush dolls, a gigantic lot of Lil Woodzeez and Calico Critters play sets, a Meade telescope, a few brand name bags, and some brand name kid’s clothes. I have most listed, but not all. Taking photos and creating the listings is the worst part for me, I’m either too tired or just don’t feel like it. Funny because that’s half of the job right. I joked to my husband that if only I could just do the shopping and someone else do the rest I would be happy.
One of the more exciting things that happened this month was that I walked into one of the local thrift stores expecting to shop as usual, and to my surprise the entire store was 50% off. That’s 50% off EVERYTHING! I ended up leaving with a buggy full to the top and only spending $9.60. I’ still shocked at the total price and the fact that I didn’t just buy everything.
Videos from March
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