Starting Your Own Bin Store

[Music] [Music] so hey guys it's tom from liquidation motivation which is my youtube channel resale america is my store where we own the world's largest liquidation store 110 000 square feet in lakeland florida and today we're opening at bin store [Music] all right so if you've been following my channel you know already that we have a huge massive liquidation store in the lakeland square mall where we are the largest liquidator in the world the largest liquidation store ever so we decided to get into the bin store business the bin store business so what is a bin store a bin store is a store where you just build bins and then you dump the merchandise in it and then you bring the crowd in and they pick out the merchandise and they decide what they want so how we do it is on saturdays everything's five dollars sundays four dollars mondays three dollars tuesdays two dollars wednesdays one dollar you know why did i decide to open a bin store it's because our big store uh it does really well and you know it takes a lot of employees to to manage it uh we have to price everything we got to put everything out we got to clean every day we got to organize every day we got to do all this stuff but in a bin store you just dump the merchandise in a bin and let people pick through it and if they want to buy it for five dollars on on saturday they can buy it for five dollars on saturday if they think it's too much they can come back on monday and buy it for three or wednesday and buy it for a dollar okay so this is my bin store we have it built um let's start off with the bins so we just took plywood and two by fours put them together put a base in them sides on it and put them in the main into bins this side's a little bit lower than the other side so that people who are a little bit shorter can reach into it and then we just dump the merchandise we get a lot of the amazon smalls truckloads and we dump the merchandise we get a lot of amazon electronics truckloads we add that in there and we give it great plethora of merchandise for people to pick through um you can see in this bin there's everything from lotions cell phone holders you're gonna find stuff in here worth 40 50 60 and that's what brings all the people in they're always looking for the treasure they're always looking through the hunt they want to find the deals they want to find the bargains and they're they're going to line up outside the door and they're going to try to to get get the best value they can out of the merchandise you have in the bins so when you're looking for a space for a bin store you don't have to be in an a plaza b plaza we're in a c plaza because you want to get the rent price point low enough so that you can profit from these stores it's a destination location people will search you out you really don't even have to advertise because word of mouth will spread like a wildfire even our first day that we were open we had hundreds and hundreds of people in here only by doing a facebook video that's all we did but people want to save money they're going to come to your store and save money so if you look at this space this was a former family dollar so the floor you know is is not the best the walls aren't the best the ceiling's not the best but it's just a nice big open space and we just built the bins filled it up so how do we take payments so in my bin store we elected not to take cash we just use the square cash register system which is 300 on amazon got a square account goes directly into my bank account so customers come up here we count up the number of items multiply it times the day it is and then they put in their credit or debit card and it goes directly to my bank why don't i take cash because i don't have to worry about internal theft i don't have to worry about going to the bank every day and making deposits this has made my life so much simpler when it comes to cash management the biggest problem in a bin store staying ahead of your inventory you got to stay weeks and weeks and weeks ahead of your inventory because you might not get it for a couple weeks so i have excess inventory here these are amazon small box truckloads just thousands of different items we don't even know what it is we don't care what it is we don't care about value in this store we care about volume remember volume over value don't pick anything the nice stuff out of here because the customers won't come back they wanna they want to need to have to find a good deal in your bin store to make them want to come back these are electronic pallets here look at this this is gold here i mean i found this load huge truckload of electronics a lot of brand new stuff in here we mix these electronics in there you just never know bluetooth speaker five bucks or it might be here on a dollar a day one dollar you gotta stay ahead of your inventory in a bin store most important part if you can't source the inventory don't get in this business do not even attempt to get in this business it's all about sourcing the inventory so with a lot of bin stores do is they go out and maybe buy some extra good product that they can uh put in the bins or like we put the bigger more expensive stuff up front and then we bury these eggs inside the bins and if the customer finds an egg they get to choose one of these products our first week we did tvs some places do ps4s you know you just bury something in there so that all your customers are looking for that special item so that they can get the value in the big products so another thing that we do is we use these ikea bags and customers can fill these bags up on five dollar days when we get the maximum occupancy we only allow them to have one bag then they have to go back outside and come back in line so it does become challenging we buy these for a dollar from ikea and we let the customers use them if they want to buy them bags off us they can buy the bags and take them home with us to home with them but these bags are super important part of the shopping experience here at deal days another thing is we made these you go on ebay we can buy these posters these banners here they're really inexpensive everything we did here in this store we did inexpensive because you want to know why people don't care people don't care they just want to find value they just want to get a good deal and remember we work on volume but we don't take cash no bags no returns just deals just deals here here at deal days [Music] [Music] well this is what happens this is the craziness of a bin store you just dump it you worry about volume not value people love this concept they're willing to come shop here here paul come here okay let's go this way they dig they'll dig for hours and hours there would be no line to start because they're going to dig for an hour because they're going to try to find all the jewels inside the bins they're going to try to find the value we're doing a lot of resellers coming here take it to flea markets have their own stores maybe they sell on ebay maybe they sell on amazon but just look around at the craziness of what happens here in the bin store [Music] hey everybody welcome to deal days of winter haven where the deals are always dropping where our prices on saturday only five dollars four dollars on sunday three dollars on monday two dollars on tuesday and one dollar on wednesday we load up the bids we don't care what it's worth we just blow it out here at deal days remember no cash no bags no returns just deals at deal days we appreciate each and every one of you coming out here and supporting our business please be courteous of the other shoppers please try your best to social distance there's plenty of bins out there plenty of merchandise for everybody to get a bargain today once again thanks for coming out the deal days where the deals are always dropping thank you and would you like to purchase the bag for two dollars today you can reuse it bring it back yeah that'd be ready thank you that was such a great deal so i'm tom my youtube channel is liquidation motivation please like and subscribe we'll resale america to lakeland square mall and now we're deal days the newest bin store in florida in winter haven florida now go out there and make some money [Music]

Channel: Liquidation Motivation

Views: 8,068

Rating: 4.9203186 out of 5

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Id: zUmaJLnF9lA

Length: 10min 38sec (638 seconds)

Published: Thu Sep 24 2020