Reseller lessons I learned #1
From a a Q1 Social Sales Ambassador + Affiliate + Top Rated Top Seller ...who is still figuring it out daily.
Let’s dive in because key information is better than my whole personal story.
Know how to analyze and predict your sales or you’re probably already losing profit potential + making less than minimum wage on those top seller sales.
(Timing is 1 key) know the value of your time and you’ll know to cop or drop that.
PM app timers for tasks such as in Airtable are ♥️. If you bought one thing after a 2 hour sourcing trip and made $15 profit after time + expenses you may be losing money + capital on better sales.
Local to global arbitrage thrift breakdown: [ Timing ]
Seller Shipping cost: $3.28
$39 - $5.78 right? I made $33.22!
[ I expertly found the thing, sold the thing, and subtracted my cost from sold $ what more could you want from me? ]
1. Time your sourcing trip in the store(s)
2. /Step 1 by # of items sourced.
4. Time your prep/photo to listing completion
5. Add any marketing/social post
6. Track approx. total communications/share pushing
7. Approximate data/Receipt import/expense costing
8.Add totals for 2-7 For approx. Item Time Investment
9. Add this to expenses totals for supplies, item, fees, shipping.
10. Take your profit of item sale - cost - expenses & fees = Net Profit
11. Now compare Time investment vs Net profit vs recyclability aka time for capital return.
Add totals of true net profit for sourcing trip. Was that a good source?
[That was so much to do! That’s more time!]
[This blog + my tracking for this item was 14 min. I made myself a potential $200+ moving forward by learning. Worth it to me! Maybe it isn’t to you. Find what is worth it to you personally]
[That was so much to do! That’s more time!]
[This blog + my tracking for this item was 14 min. I made myself a potential $200+ moving forward by learning. Worth it to me! Maybe it isn’t to you. Find what is worth it to you personally]
Was that items sale worth your time?
Is crosslisting on that lower audience app worth it for this item?
Did this insight other sales through bundling?
Understand what your time is worth to you or if you just want to build good reviews, bait bundling, build an inventory focus brand etc. whatever you want make sure you know what that is.
This 400 pair of shorts looks great at even $25 at a glance here’s how it fairs as one of my first inventory sources starting out.
Net time: 28 min item time
Cycle approx. 90 days across 5 platforms.
Engagement : 30 likes per 1 platform, 3 offers, 1 Sale
Conclusion : Time = $18 / hr
[Still worth it to you? Here’s where the predicting with sales comparisons comes in]
Loss in potential profit recycle : -$248
So seems like a good find when I was new but 3 months later it’s obvious the lack of demand on this European brand for my primarily domestic based sales loses me a reasonable potential $248 of recycle compared to sales average per 90 days of 200 stickers for $12-$20 with one click online sourcing on a 5 min search
Maybe stickers are just a one off example!
6 min has also net me recently $48 on $15 for 2 hats.
I have 300 other examples + counting.
[Based on what? You can’t know that]
[You’re right but I can reasonably predict it]
Based on recycle and net of that item that is always available vs this “great find”.
[What if I don’t feel like doing this?]
You may be making $1/hr maxing out your bandwidth when you could be using less time consuming + more recycle friendly items at less profit.
How can I tell in the store? You can’t always because sourcing time varies. Cap yourself to 1 hour and focus your best margin items + biggest discount
Now you have a basis of timing approx. post store + 1 hour or less and can upc scanners to check potential profit from other peoples sales recently / your time approx.
Key into the in demand products and brands. What are you selling quickly? That’s the gold even if it’s less margins in many cases.
Unlimited capital? Could have been unlimited capital in more sales in less time.
I hope my journey helps! These are just personal realizations. Have your own? Let me know.
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