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We don’t track our numbers on a weekly basis, I don’t know how accurate that can be really, I think you need more time to really get a true reading. We track monthly. I wouldn’t get too depressed if your sales for a single week are down. Take a look at your average over a month, 6 months or even a whole year to really see your stores heartbeat.
Having said that we had a good week overall but I would have been just as happy if we had not because I know we will reach our STR goal by the end of the month which we are currently holding at a STR of .07% @ 17.00 APS.
With 2 weeks left to go I have no doubt we will meet or exceed our STR goal of .09% and maintain or exceed our current APS.
Wishing everyone great sales !
- This reply was modified 2 years, 5 months ago by Mississippi Pickers.
Our normal payout is $1 to $2 per item, we will go up to $4 on a few things but they have to be a high dollar item to go that high. Our method definitely would not work for everyone because some places things cost so much more. We are lucky we live somewhere where the things we sell are super cheap. It will be easy and cheap for us to reach 3000 items but for some people out there that is an unreal target.
MyCottage, yes unfortunately it doesn’t work like that and no that is not how we are projecting future income, It’s a lot more complicated than that. We thought that it was when we started and that is what was so depressing. You have to know several things about your business to project your future income and I suspect you already know 🙂
Sorry for the late response, the reason we failed the first time around was pretty much like I said, we didn’t know our numbers and more importantly we didn’t even know what that meant ” knowing our numbers ” so the whole endeavor was doomed from the start.
Jay, I have heard you say know your numbers for what seems like forever but it never really sank in and I don’t know why. I heard you say that over and over but I was so caught up in learning brands and what vintage items were worth looking for and how ebay worked that I guess I just let that part go by.
We were on track to do well and if you want to know what we will be doing differently it’s really easy. The last time around we got to 1000 listings and stopped because that is how many free listings we could have at our store level. We never once thought it would take more than that to have a great business but again we didn’t know our numbers.
We didn’t know anything about our stores financial health, I mean seriously we had no idea what you were even talking about when you said know your numbers, I mean it was a great catch phrase but we didn’t know what it meant.
It wasn’t until I was watching a youtube video one day when this guy, I don’t remember who, was talking about his numbers and he went over in depth how he arrived at his numbers, that it really hit me and it was for me a AHA! moment.
I took what he was showing me and ran my old stores numbers through it and saw where we went wrong. With what we are selling, at the average price sold and our sell through rate it would have taking us 3000 listings to become viable and that is where I am headed this time around.
We don’t have to change anything except DON’T STOP LISTING. It was really as simple as that and I feel pretty stupid now looking back that I couldn’t see that then but I’m not that smart and it has taken me this long to fully understand.
Other than that, don’t buy junk, don’t buy stained or broken merchandise, keep buying cost low. Unfortunately for me I am alone on this now, my wife went back to work. It’s all on me, Challenge Accepted. I will succeed this time, it’s not even a question, I mean I know it for fact. The question is only how long will it take me alone to reach 3000 listing? 🙂
I have wanted this since I first started listening to you guys back in 2013 so I am more motivated than I have ever been to run this business like a business, no excuses, get it done. I have a work schedule now and I have a minimum amount of listings I must do each work day ( 5 days a week ) before I can call it a day.
When I reach 500 listing I will give you an update on how consistent my numbers are. Right now my average sold price is 16.00 and my sell through rate for the store per month is .09%. I look for that rate to increase slightly with the influx of new higher quality merchandise.
Well that is my story and I know it was a bit long but this has been a 5 year journey for me and now it’s time to get back to work, thanks for reading.
Thanks Sharyn !
I hope so, if I get any takers i will let you know. I hope you will talk about any success or failure you have with this on your next podcast. You guys have such a huge inventory I think your experience with this feature will be a much better test than anything derived from our small inventory.
Thanks Ryanne !
Tony10/09/2018 at 3:41 pm in reply to: Scavenger Life Episode 380: What Do Lifetime Sales Really Mean? #49883
@retiredtreasures719 Yes I have been getting those nearly everyday and your right it is very annoying. I also would like to know how to opt out.10/09/2018 at 9:46 am in reply to: Scavenger Life Episode 380: What Do Lifetime Sales Really Mean? #49843
Oh yeah i forgot to mention, for Mark The Shark, when you are listing on the mobile app your now getting a question at the end where ebay ask if you want them to auto lower your price on the item if it doesn’t sell after a set amount of time. If your not careful you can click yes on that if your not paying close attention.10/09/2018 at 9:16 am in reply to: Scavenger Life Episode 380: What Do Lifetime Sales Really Mean? #49839
great podcast as always!
I’m saving up for a flying car with my ebay money 🙂
Paypal is in a total panic, I got that email from paypal too. Not sure what becomes of paypal after ebay, I think it could be a boost for platforms like bonanza if paypal starts promoting them. Weird zone ahead, grab your hardhats.
Thanks to everyone that has contributed on this subject, very informative. I know my formula was missing components but the reason I did that was to try to make it very simple for someone who knows absolutely nothing about business or accounting to get a ball park idea of what is possible no matter what level of NET or sell through your seeing from your sales. Like Jay said in the beginning, it’s a Big Picture explanation. The hope here is that this will inspire someone who may have thought this life wasn’t possible to push forward.
I used to think this wasn’t possible where I live because of the lack of great items. The truth is this life is possible no matter where you live as long as you have the drive to do it.
Motivation is a powerful tool, if you have it you can accomplish almost anything.
I agree 9.00 net profit is a crazy low amount as is the sell through rate but my hope is to show that no matter how horrible your items are where you live the dream is possible if you want it.
That storm is massive, I hope everyone stays safe.
Hi Jay, glad to be back, it’s been a long road for us but well worth the journey. I don’t think I can summarize everything we have learned over the last 3 years but I can say without a doubt one of the main things that really turned it around for us was switching from all clothing to a mix of vintage hard goods and clothing and making the change from mostly Women’s clothing to mostly Men’s and only brands that sells for over 20.00 each.
I never gave plush a second thought, all I could see was dust catchers but there are some of them worth a lot of money if you know what to look for. For example those small fat american mills plush animals go for over a hundred dollars each some of them.
Old couch pillows never caught my eye before but with a good design, a kilim pillow can go for over 30.00 and really this list could just go on and on. I think the point is there is money all around you if your clever enough to spot it. Something you and Ryanne figured out early on, it took us a bit longer It’s hard to teach an old dog new tricks but it is possible… speaking as the old dog here, lol.
Good to talk to you Jay, I always listen to you and Ryanne every week but for whatever reason I can’t get the name ebay scavengers out of my head and that’s what I still remember you guys as even to this day even though your name has changed. I am really excited to see what the new building you and Ryanne just got turns into. I love that you guys go from one adventure to another. It sure keeps life interesting, doesn’t it? lol.
My very best to both of you and we will keep listening.
Tony and Deidre