When I first started reselling many years ago, I did it purely as a hobby. The thrill of the hunt and ability to make some extra cash was something to occupy spare time and I never thought about turning it into a business.
This was only until about a year ago when I needed to make money for upcoming medical expenses and decided to take the plunge into reselling as a business. I remember my first shopping trip for “inventory” instead of just browsing for a few things for myself. I scoured the entire store, spent hours there and came out with about 50 items.
I had no plan. I had no clue what I should buy. I didn’t even know if these things would sell but I thought they were cute and brands I would buy for myself, so I took a chance.
I sold a few things but many of them sat in my inventory for months. I actually still have a couple things I ended up donating a year later because they never sold. As the months went by and I recovered from my surgery, I started to get a better idea of what people wanted to buy on Poshmark. But, even then it was still a gut instinct and not really an educated buying decision.
The one day my husband asked me what I was doing when I tried to find a sold item on my inventory spreadsheet. He started looking more at what I was doing, my process and tried to politely explain my processes were too difficult and time-consuming. There was a better way! It’s one of those things where I knew he could help me but I didn’t want to take the chance of it turning into a fight, so I just tried to do it myself. That was stupid. I live with “The Data Guru” and really need to take advantage of his knowledge!
So, he went through my spreadsheet and fixed a ton of stuff, but more importantly, he set up systems for me to see my inventory as knowledge to make better buying decisions. It’s helped my business tremendously. Now instead of guessing or buying on an instinct, I’m able to put more items back and purchase better inventory for my online reselling store. While I use GoDaddy Bookkeeping to track my sales on eBay and the other platforms, it doesn’t really do a great job with individual inventory items. I love the seamless integration with PayPal and eBay though, that makes it so much easier!
This sounds amazing, right? Well…. there are still a few things I’m working on and one of them is my inventory process. Check out this video to see how I’m still making mistakes in my reselling business and how you can learn from me!