What I've Learned in Nine Months Reselling on Poshmark | Beginner Reseller | How to Start

hey everyone welcome back to my channel this is Essie Jane and I am a new reseller on Poshmark eBay mercari Etc and I am continuing my series of what I've learned as a reseller so far today my first video on this channel was what I had learned in six weeks reselling I followed that up a little bit later with what I learned in three months and today I'm going to talk about what I've learned in nine months as a reseller so each video kind of Builds on the next you can very much see my Evolution as a reseller in those videos so if you haven't watched the first two please go back and watch those and then this one will make more sense since this is stuff that I have learned since I filmed that last video I would have done a what I learned in six months reselling but at that point I had kind of been taking a break to work on some other projects for a little bit so now that I'm back in the full swing of building my business figured this was a great time to update you on what I've been learning and what's been most helpful to me recently alright so I have five things that I want to talk about today and they're all going to be a little bit related because what I've been focusing on is treating my business more like a business so the first thing is understanding sell through rate and that even though I might come across an item that seems like somebody would want it I really need to look into how saturated that item is on the platforms so if it's a dress that has been listed by eight other sellers there's just a lot more competition and it's a lot more likely to sit in my closet so I've been trying really hard to pick up items that are rare or where I have the only one in that color and size or things like that so that it will give it more of a chance to sell quickly obviously this applies to purchasing seasonal items also sometimes you find a really great deal on an off-season item and I'm definitely buying those knowing that they're probably going to sit a little bit longer um there are obviously people that are going to vacations in places all over the world all year long so a dress might sell in the winter a coat might sell in the summer you never know um but I have been paying more attention to cell through rates a great tool to use for this that I learned about from martzy chicks Channel check her out if you don't already follow her um she has some really really great informative videos but one of the things that she mentioned was terapeak which is included in your eBay store subscription if you have one of those I think I pay like five dollars a month for my store um and it includes Tara Peak subscription so you can enter any item in that and it will tell you for the last I think 90 days or a year what the sell-through rate on that has been so out of every 100 items listed how many sold within that one year or 90 day time frame so that'll tell you how quickly things are moving or if it's an item that's more likely to sit a little bit longer number two is that I have been resourcing the same item items over and over again so when I find an item that sells quickly at a good profit or that just seems very desirable I want to sell the same thing again so I will seek it out again and obviously this takes a little bit of time to find those Styles especially if you're sourcing in person most of the time it's unlikely that you're going to come across the same great item multiple times over but if you do find something great at your thrift store and it sells really well for you seek it out online check Poshmark eBay mercari thread up and see if you can find that again to try to sell it again the other great thing about doing this is that you can copy your listing from before so any stock photos you already had any description you already had you don't have to put all that work into it again you can reuse those and just update with new product photos and obviously condition description and things like that so that's been a big Time Saver and it's been really fun to just repeatedly sell the same item um there have been a few of these lately that I've really enjoyed there's like a specific cut and wash of jeans that I found sells really well for me so I've been sourcing them over and over again um there's Stuart Weitzman over the knee boots I've been sourcing over and over again um yeah a few different styles like that find what works for you it's going to be different for everybody but once you kind of hit on a style or two that works for you really well seek it out and just repeat the process over and over again and that's consistent income for your business the third thing I think I mentioned there's a few videos ago is that I have set a goal for profit per item and I calculate backwards from there when I'm sourcing so my goal is that I will make at least a 40 profit on every item I source so when I am looking at things at the store or online I calculate backwards see if I list it and sell it at this price it seems reasonable will I make the profit that I want and sometimes it's an item that I'm really excited about but it's just not hitting those numbers um I think in my last video I talked about how Suzanne is a brand I really love sourcing their pieces are beautiful their stock photos are gorgeous and it's one of the first brands that I started sourcing online but I can get sucked in so easily to buying items that are just not going to hit that profit so quick rule of thumb for me is if I want to make a forty dollar profit I know that an item that I sell for a hundred dollars I have to buy for less than forty dollars an item that I sell for 125 dollars I have to buy for less than sixty dollars and so on um so that I kind of keep in the back of my head as I'm sourcing if I come across a Suzanne piece that I'm like okay this will sell for 125 then I have a budget for what I can spend on it so if I'm sourcing online I'll send an offer that will get me under that sixty dollar threshold so that I can make the Forty dollar flip side note speaking of Suzanne this is actually a dress that's listed in my closet right now it has this like metallic threading through it so it'd be really cute for the holidays so if you like it go check it out it is listed on my Poshmark eBay mercari everywhere number four kind of ties into number three and that's just not letting emotions decide what I Source or how I feel about my sales setting that 40 goal per item has been so helpful to me because there are items that maybe sell for a little bit less than I was originally hoping they would but I still had that 40 profit so I really have nothing to be upset about I hit my goal I can move on to the next item or maybe I fall in love with a piece that I really want to buy but it's not going to make me that profit and so I need to just cut emotions out of that and let that goal set the tone so that's really helped me in a lot of different ways if you watch my video about the emotional rollercoaster of reselling I talk about this too having a goal Set uh just really helps take all of that like up and down energy out of this whole thing so I know for the first several months I was reselling I didn't really know what made a good sale like I was watching all these other resellers on YouTube and Instagram and some really successful ones said what their goals were and I was like okay that'll be my goal but I was just I had all these different voices in my head so if one reseller said I aim to make a 15 profit per item I was like okay but then another one would say I hope to double my money with every sale it's like okay I have to at least make a 15 profit or double my money so what if I spend forty dollars on an item and only make a fifteen dollar profit is that a good sale is it not I don't know how to feel about it um anyway I needed to set my own goal and setting that 40 profit per item goal has just made everything feel much less emotional um so whatever that is for you set it work towards only sourcing items that are going to get you there don't feel bad about the things that you've already sourced that might not hit that number just get them out of your closet and replace them with items that are going to help you hit your goal and the last thing I want to talk about is what I'm really hoping to move into going into 2023 and that is treating this more like a business than a hobby and I definitely got started with reselling probably like most people because it was fun shopping is fun realizing that you can sell things you find for more than you bought them for it's fun and I think I've really fallen into treating this like a hobby and not analyzing the data in my business as much as I should the other part of that is that when you're getting started you don't have a lot of your own data to analyze you kind of have to build that up you have to gain some experience you have to see what are you able to Source in person around you are you better off sourcing online what brands sell well for you what styles do you enjoy selling are you somebody who knows a lot about certain categories like bags or are you somebody who prefers to sell jeans which I found I really enjoy selling jeans which not everybody does but they work really well for me I've kind of narrowed in on what sells well and so I have that data from the last nine months to use to make decisions moving forward I would say this first nine months to a year of reselling has been collecting data and I think that's okay but going into my second year of reselling I really want to run this like a business so moving forward I want to be budgeting my time I want to track how long each part of this business takes me and what I'm actually paying myself based on my profits I want to budget what I'm sourcing what so having a sourcing budget for every month knowing my average cost per item meaning I know how many items I need to Source in a month I know how much I can spend on each item on average I know how many items sell per month and how many items I need to replace to keep my store in a certain size so one thing I've been working on is getting my store to 150 items active and then I really don't want to grow beyond that I can't see myself maintaining anything bigger than that size of a store closet so now that I've reached that goal of having 150 active items in my closet I really want to just replace what sells so if I'm selling two items a day I need to be listing two items a day so that those numbers are really going to help me budget what I need to be sourcing what I need to be selling to be hitting all the goals I want to hit a lot of this comes from Concepts and aha moments I had from doing a business consultation with Isa Diaz at the global Collective Co she just released her course which I've heard is absolutely amazing so that's another thing I plan to do moving forward is to take that course and I'm sure that that will guide me into following through on this goal of running this like a business and not a hobby because that's what she's all about and super good at so stay tuned hopefully in three months or so I will be back here with my recap of what I've learned in a year reselling I can't believe that we're already getting close to that um but in the meantime I hope this video was helpful for you if you've had any Revelations or aha moments in your business in the last few months post them in the comments below uh while you're down there like this video If you enjoyed watching it subscribe if you haven't already I will be back soon talking about all of the platforms for buying and selling online and the pros and cons of all of them thanks again for watching have a great weekend and I'll see you back here soon

Channel: essie jane

Views: 1,787

Keywords:

Id: vK9_RHwinnk

Length: 12min 18sec (738 seconds)

Published: Fri Nov 11 2022