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04/02/18 – 04/08/18
Total Items In Store: 364
Items Sold: 27
Cost of Items Sold: $74.77
Total Sales: $711.97
Highest Price Sold: $58.75 (Rawlings Baseball Mit)
Average Price Sold: $26.36
Returns: 1
Money Spent on New Inventory This Week: $ 250
Number of Items listed this week: 68A little late on my update this week, been sick for the past few days. Things are remaining at around $700 a week in sales, still primarily all clothes. Getting ready to start looking for a second area to move into, so if anybody has any tips on areas to move into, I’m always looking for information.
I liked the interview with Mark, it was actually by his new book that I set up the entire backend of my business.
Hope everyone has a good week, take it easy.
So far I’ve been primarily selling men’s clothes, with an emphasis on jeans and dress pants. I take extra care in research to ensure that I’m focusing on items that sell at a high rate because I’m very actively trying to build my inventory and the extra money is helping me get there. I’m slow to start buying more hard goods, but only because I haven’t done enough research to ensure that I’m not wasting money.
Jay,
Thank you for saying that. While I would say that I am entrepreneurial minded in general, I wouldn’t say that there’s anything innate about my understanding. More then anything I’m just very driven and willing to work. Add to that the fact that I actually enjoy doing research, and reselling becomes a pretty obvious path to the life I want. I just wish that I had found this path years ago, but I’m not afraid of a late start.
3/26 – 4/1
Total Items in Store: 318
Items Sold: 27
Cost of Items Sold: $76.85
Total Sales: $762.56
Highest Price Sold: $85.80 (Alden Dress Shoes)
Average Price Sold: $28.24
Returns: 2
Money Spent on New Inventory This Week: $205
Number of items listed this week: 75Topped last week in total sales by $0.23, but sold 8 fewer items so it was a complete win for my little business.
In regards to the bit at the beginning of this weeks podcast, as a newcomer to selling on ebay I find the perspective you two offer to be quite refreshing. I like the chance to be able to see the perspective of people who have taken the time to already do what I am attempting to do. It’s nice knowing that I’m not just chasing a pipedream, the model does work and you two are a great benchmark.
As for what keeps me motivated as a newcomer, well, I’ve seen the other side. I could spend the next 30 years punching a clock and working for someone else, or I can do this and have at least some control over my time. Plus, the rush of finding something that I know is going to sell for a decent amount of money is pretty great.
I have a roll of Savage brand photo background paper mounted on a curtain rod for my photo backdrop. It works great as when I’m done I just roll it back up and it’s out of the way. Just make sure if you go that route that you buy a couple of small spring mount clamps to put on when it’s rolled back up or it will unravel.
I’m generally looking for any reason to head to Ann Arbor, if for no other reason then it means I can go eat at Earthen Jar…
I spent a solid month doing research before I started making purchases and listing anything. To be honest though I never thought things would get going as quick as they have, not that I’m complaining.
I can be what some would call “hyper competitive”, but actually being dishonest in an attempt to manipulate someone is out of bounds. Fortunately as I’ve gotten a little older I think I could just walk past and ignore someone like that, young me…not so much.
No country of origin on any tag. I’m going with 70’s as well due to the pocket design. The weird part is that even though I looked through at least a 150 listings yesterday I can’t find anything with the small back patch on the pocket like those have or that inside tag design. I decided last night to list them for $50, since they only cost me $3 and I can’t find anything really similar to them.
Just listed my first 12 pairs of shoes yesterday, while I thought it a good idea to clean the outsides so they looked nice it never crossed my mind to do anything to the inside of them. They all seemed pretty clean and didn’t smell, but it’s something to keep in mind going forward. Also, shoes can sell fast and for much more money then it occurred to me that might sell for.
Sales tax laws very from state to state, but here in Michigan if you are purchasing something as inventory for a business you can get the sales tax waved if you have the appropriate sales tax exemption form from the State. Personally I find it kind of a hassle, and since you can just write off state sales tax paid on items as a part of Cost Of Goods Sold I don’t really find it something to worry about.
