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Thoughts about today’s podcast in regards to the caller asking about how to find inventory when items are scarce/expensive.
My opinion will not be popular, lol….
There are some things you can learn from Youtube and many things you cannot.
Persistence is KEY to this business. In my mind there is never a scarcity thought. There’s no need for it because there will always be valuable stuff to find. As long as people are dying and as long as people are wasteful, there will never be a time when stuff can’t be found. I can guarantee those two types of people/situations will always be part of our culture.
Those that are successful in this business look for buying opportunities outside of thrift stores. Yes I frequent them, but more so elsewhere. Estate sales, yard sales, rummage sales, on the curb for free… if you look for inventory I promise you will find it. Sure it’s work, but this is a career. You’re supposed to work.
If your mindset is of the negative type, you most likely won’t succeed in this business. At the very least, you won’t reach your true potential because negative thoughts attract negative outcomes. If someone has to constantly spoon feed this business to you, this isn’t the business for you. And the reason for this is that your knowledge and the growth of it through trial and error will lead you to finding better products to sell. If you don’t take the initiative to learn/research this stuff on your own, you will be limited in how much you make.
Sorry to be blunt. I’m sort of a make it work kind of human.
@Troy I always tell my husband he’s lucky to have me as his personal chef. 🙂 I haven’t tried Mexican cream cheese, but there isn’t anything Mexican that I’ve tried and not loved. New Mexico is on my list of places I’d like to visit. Looks so beautiful there. Before I moved to Maryland I was a food writer. I used to live in the suburbs of Boston and the food scene was so good. Now I live in the sticks and have to cook most of our meals. Occasionally we drive up to Annapolis for something truly delicious.
Also, my name is Melanie. 🙂
Is anyone on Instagram? I’m an Instagram junkie. Would love to follow more people that do what I do.
@Troy I’m a taco fiend. I make Mexican at least three times a week. We have terrible Mexican food in Maryland. I’ve been to California multiple times and I am forever tainted on my opinion of Mexican food after having it out there. SO good! So now I make my own. 🙂
@ryanne I was raised by a businessman and we had a nice life due to his extreme work ethic. But when I graduated college I realized that nice things were’t exactly affordable, lol. My plush lifestyle quickly vanished. My father never gave me anything as an adult and I am thankful for it. Everything we have we earned. I can thank him for my desire for nice things and I can also thank him for instilling drive into my being. Work hard, play smart.
@T-Satt (your name is Troy, right?) Yes, we have our own list of places that offer killer happy hour deals. Our favorite is in Annapolis at The Chop House. Not only do they have great bar specials, they also have 1/2 price apps which are SO good. Sometimes we just have apps and wine for dinner. You can drop $200 easy for a dinner for 2, but during happy hour you can do the same for around $50-$60.
Ryanne, agreed. I’m for responsible spending. With some things you get what you pay for. So for you, a quality backpack/shoes is a wise investment. The way we go about it is we pay our bills, pay ourselves, invest in our account for our retirement home, pay my son’s college tuition, (retirement is auto deducted from our pay), and then what’s leftover can be discussed. And even when I indulge in something “fine” I buy it off eBay for less than retail always. Meals out are rare, but nice. We make sure to take advantage of happy hour to reduce our bar tab and we typically just enjoy main courses without apps or dessert. So while I say we indulge, it is within reason.
Here’s my thoughts on “disposable income”
My husband is approaching retirement. I’m 11 years younger, so I still have a ways to go. We’ve worked our butts off our entire adult lives. My husband is a retired USMC colonel and has a second career in the defense industry. I’ve been self employed my entire adult life.
A portion of what we make we spend on whatever we enjoy. For my husband that’s travel and for me it’s anything from good quality skincare products (turning 50 this year) to fine meals out. Some call this disposable income, I call this enjoying life.
In 2011 I was in a horrific accident when a distracted (texting) driver went off the road and ran me over while I was hiking with my then 16 year old son. I wasn’t supposed to survive as my pelvis was crushed and my lower spine had multiple fractures. Several of my internal organs were lacerated. I lived in a nursing facility for a time where I learned to walk and function again. ( I am fully recovered and the chief of orthopedics of Tufts NE calls me his miracle) So my perspective on life might be different than most people. We are not guaranteed tomorrow. So if a cute pair of shoes calls your name AND you are already sure your retirement is secure, enjoy the shoes and nice meals out. You’ve earned it.
That they fall off at all at any point makes me feel a tiny bit better about things. I still think it’s crap that we can’t fight obvious INADS for color or fit. Like, it’s completely lazy on eBay’s part that they won’t take the time to deal with those issues. Especially when they said that those of us who opted into free returns would have “protections”. Right. Or maybe they want that 14% final value fee.
None of us are normal. Like, not just in the reselling world. I’m talking worldwide. We all have issues. Sounds like you have some hard decisions to make. I wish you much wisdom in your choices. But understand that you can turn it all around with work and solid choices. I believe that for everyone.
The problem with doing this full-time is that a bad day can really mess with your mental health. eBay is the worst roller coaster imaginable. I can have a $600 day and then $40 the next. When you’re relying on this as your sole income, those down days can be literally frightening. So a regular job might sound depressing, but at least it’s reliable. And then have this as your side hustle which will help you save for your car faster.
You might want to consider taking a regular job for the time being so that you can earn the money for a car. Once you have mobility, it will be easier to grow. I live in rural Maryland. It doesn’t get much more rural than where I live. I drive at least an hour a couple of times a week to the D.C. suburbs and I spend almost the entire day sourcing. My goal with these trips is to source 2K of inventory value per trip. The other 5 days I list. My business is just at 6 figures. And this is in spite of my location. If I can do this, anyone can. Oh, and I have four kids. There’s that too. One more thing…. my thrift stores overprice, the estate sale companies also overprice, the competition is fierce, live auctions are inconvenient for me because of the kids, etc etc etc. I make it work. I find the stuff that the thrift stores miss or don’t have knowledge on. I go to flea markets, rummage sales, yard sales. Where there is a will, there is a way.
I think people like to commiserate. While it feels good for awhile, at some point action needs to be taken to correct what is wrong. Look for different things to sell. I myself am doing more jewelry now, both modern and vintage. I’m also looking at collectibles to add to my inventory because a well rounded inventory is a good thing. Vintage perfume is a big deal. Learn about that perhaps. Check out Terminal99 on Youtube. He sells some interesting stuff. Do a zillow search on neighborhoods in your area (even if you have to drive) that have high home values. Target those thrift stores and yard sales. Go to estate sales also if you don’t already do that. Get aggressive with turning the beat around.
James it’s the law of averages when it comes to clothing. The more you have the more you sell. I’m sure you already understand that. There are some brands that stand the test of time. Those are the ones I hunt for. Mall brands have taken a nose dive for the most part. That said, there are many mall brands that still sell great for me. Torrid, Soft Surroundings, Talbots, J Crew (newer tag) and Anthropolgie, just to name a few. But I drive to wealthy towns to find the better stuff that is holding on in value like St John, Misook, Johnny Was, Flax, Mountain Hardwear, Patagonia, SmartWool (Jay’s jam) and I could go on and on. So while some brands are declining, others are holding strong. Knowing the market is key to survival. And if I only had several hundred listings, I’d be searching for the better sellers. But I’m sure you already know all of this.
