I definitely needed a couple extra cups of joe to get me through this Monday!
There won’t be a “Today’s Haul” post today as planned but I wanted to check in and catch you up on what I’ve been up to. I did go thrifting today (and filled a whole bunch of grocery orders… offering free shipping has really helped my sales it seems) but I’ve got a lot going on with the kiddos this afternoon so I won’t be listing and posting that update until tomorrow… stay tuned!
While I haven’t spent as much time thrifting I’ve been working on the wholesale angle of my business. I’d really like to get a larger portion of my business running as wholesale orders so that I can be a little less hands on and just fill in (and have fun with) thrifting.
Last week I listed a few wholesale re-orders that I received and also placed three new orders. One was from a company I have been wholesaling with for months now but I’m testing other areas of their line. The other two are for brand new companies that I just got approved to wholesale for last week and placed initial orders with.
I’m excited to get these items and list them so I can start seeing how they do and get a feel for how profitable the lines will be for me. I have a good feeling about both of them and I hope I am right!
I got shot down by a few companies this week too. In all cases because they either already sell on Amazon themselves (although not FBA which if you ask me is just silly) or don’t sell to online retailers (also silly). But, it’s their loss… once I have identified a type of item I am interested in selling I will typically stay at it until I find someone who will be a good fit with my business and who embraces online retail and then I become their competition.
Case in point, one company that I was doing wholesale for just let me know this week that they are now selling on Amazon and as such it is a conflict of interest and they won’t be able to offer me wholesale pricing any longer. They are not selling FBA though and because it is a pretty niche product I’m currently looking for someone else that makes it and I will be selling their brand FBA instead.
I’m also working on my wholesale pricing strategy. I’ve always looked to make at least $10 a sale (and preferably at least $20 a sale) even if it took a long time to sell. Now, I’m starting to realize that it is better to bring my prices down and make more frequent sales. In the end this leaves me with higher profits at a faster rate so I’m definitely moving in this direction as I move to expand my wholesale reach.
The problem with wholesale vs. thrifting is the cost and the risk. With thrifting there is very little cost and very little risk but wholesale is a different animal. I need to pace myself much more with it and make sure that I only make new orders up to the point where I can cover the cost with the previous weeks profits. Slow and steady wins the race but the money sure doesn’t go as far with wholesale. At least initially!
So, that’s it from me today. It’s a dreary, rainy Monday and I’m feeling kind of lazy. I’ll be back to it tomorrow and update you on today’s haul. Until then, have a wonderful day!