Resale Shop Guide: Bargains, Profit Ideas, Free Management Advice
Resale shops thrived during the last recession. People were looking to convert unneeded items to cash that other venues may not have taken. Getting a little something was better than getting nothing so resale shops cropped up like tulips in spring.
People were losing jobs left and right and taking pay cuts. Selling others' merchandise seemed like a great idea - no-cost inventory, great time for negotiating with building owners who saw falling occupancy rates - a plug-n-pay idea if there ever was one.
Lots of entrepreneurs failed miserably, even at the height of probable success, because they had no experience and no way.
Resale Consignment Shops
'Resale Consignment' is a bit of a misnomer. The meaning of the word 'resale' is so broad across the spectrum that it can mean 'buying and reselling' to 'consigning'. The majority of usage seems to tilt toward buying something from a person and reselling it. Hasten to say that buying something from an entity (a company, wholesaler, supplier, manufacturer, craftsman...) falls under 'retail'.
'Resale' also differs from selling things that the reseller owned previously. Often the cost basis can't be known and there is no income tax due if the selling price exceeds the purchase price.
One last twist: Items donated to a consignment store also have no cost basis and can be thought of a resale items.
Resale Shops Reselling Clothing
Talk about labor intensive! If you're going to make a decent wage per hour invested, the profit must be made in acquiring resalable items at bargain prices. Keep in mind that those cleaning out their closest have choices: Goodwill, trash barrel, relatives and you. If you can just give a few bucks and fill your racks with profit-laden stuff, paying people up front for the tossed threads will better your chances of success. Of course you'll need the dinero up front to get the ball rolling.
Resale Clothing Stores Online
Thinking of selling clothing online? Not to rain on that parade but "forget it". I could wear my fingers to the nub here explaining "not" but just watch the Netflix movie, "Girl Boss" for a lesson learned without the pain. The Internet is an incredibly beautiful contribution to the better of commerce with the exception of the millions of vampires looking to use the credit cards to get your stuff, get their money back (for the weakest of excuses) and keep your stuff. Amazon is your competitor. Next idea...
Resale Designer Clothes
Focusing on high-end clothing will reduce your inventory, attract a better crowd and halve the amount of time you spend making the same net profit.
Buying and reselling only designer clothing allows you to reject all else.
If you can pull it off - giving an attractive amount for incoming inventory and doubling, tripling, quadrupling your money, then hats off.
Resale Furniture Stores
What an undertaking. Opportunities to succeed are matched with equal opportunities to fail. Filling your space with things that sell and provide you with big profit margins is the highway to nirvana.
Location is very important. Your ability to find bargains, negotiate and keep your expenses to a minimum are key. We've seen resellers succeed by buying at estate sales. They've prospered by filling their stores with purchases from wholesalers, manufacturers and other providers of new merchandise with great markup potential.
Pump the breaks. This isn't the time to dummy up with assumptions like "They're all the same".
The right decision about the software, the vendor providing the software, will save headaches, sleepless night and dollars.
Off the top, detour around the one-man show in Miami, 'Consign-pro'. He offers a cheesy program aimed at gullible people with poor judgement. Kidding me? $1300 for a $50 program and forever fees? Just stop it.
Download the demo for Best Consignment Shop Software. Take them up on the 'free live demo'. get all your questions answered. Get all the assurances you need before you but and make their software part of your sequence of smart decisions on heading your business up the right path.