There could be many different factors that can contribute to the bottom line of your business.
Over the past months, I have been focused on my personal health which resulted in my business to take the back seat and that’s why I’ve focused so much on how I can improve my performance. Working smarter and not harder is a requirement for me to be able to manage my health and concurrently run my business.
- Check merchandise for mistakes – I recently thrifted this beautiful top from Banana Republic and as I got home, I found burn marks in it! Could you believe it?! So, my first tip is to slow down. Edit your cart before you checkout. We all know the lighting is not the best in thrift stores that’s why it’s crucial to edit your cart thoroughly to see all the flaws, missing tags, or other things that you normally wouldn’t purchase. If you do happen to get items needing small repairs, check out my Reseller Toolkit to find all the products I use to bring my inventory back to life.
Pro tip: Be very careful with missing size tags as they tend to be extremely hard to sell. Even though the item is in good condition, it wouldn’t sell as much as it would with a size tag.
- Sourcing for low-cost inventory – In Washington D.C. and Northern Virginia area, the thrift stores are very expensive. In order for me to find cheaper inventory, I need to drive out of town. I haven’t been driving as much as I usually do because my medicines cause me to feel a bit lazy to drive an hour back and forth. It is important to go out of town, travel and look for new places to find thrift stores and inventory. Obviously, buy low and sell high is the ideal business model but sometimes it takes more digging to find those hidden gem stores.
- Keeping up with my data – As of today, I am guilty. I am guilty of not maintaining my data and spreadsheets. I’m several weeks behind on my inventory tracking sheets but I am always up to date with my bookkeeping thanks to GoDaddy Bookkeeping. While my inventory data doesn’t auto-feed into my spreadsheet, I set up my GoDaddy Bookkeeping to have almost everything auto track. I log in daily to make sure all the transactions are in the correct category. For just $3.99/month, you can feel confident your finances are in order.
- Death piles – For the majority of resellers, shopping for new inventory is the best part of the job! We all know the thrill of finding new things and it’s way more exciting to go shopping than it is to be alone in your house taking pictures. But listing inventory is a crucial part of the business that will make you money. DEATH PILES = MONEY PILES. As I’ve always said, if you don’t know how to get started in your business, find the items you already have at home to list. Unused stuff laying around your house could be money in your pocket. With less clutter, your home and business will be more organized, and the best part of it all, you’re making more money! Trust me, you’ll feel better! It’s a win-win. Clean home + extra income!
- Not listing consistently – My number 1 tip is to list a small number of things EVERY SINGLE DAY, especially on eBay. Based on my data, it has been the number one reason for my consistent sales. It has never failed me. There are obviously a number of different ways to increase sales but I promise if you list 5 things a day, you will see positive results.
Just by adjusting these 5 things, you will increase the profitability of your business. Slowing down and taking the time to address these areas will not only make you more efficient but increase the money in your pockets!
Need help getting started? I created an entire Reseller Toolkit for everything I use in my business. You can also join me on Patreon for only $10/month to access my advanced training videos covering more than just reselling but how to grow many aspects of your small business.
Til next time,
Bexa Boss Lady