Auctions as a Balanced Approach

I've been doing some talking, and a lot more thinking, about how to incorporate the auction format into my listing strategy when reselling used clothing on eBay. As many of you know, I'm testing the auction format as a means to sell instead of just a means to clear out stale items.

I am running an experiment this month where I list 5 auctions every day. Some of these are new, some are older items from my store. I was originally listing them at MY price, the price at which I would accept the lowest offer in my store. I wasn't noticing a lot of action, and granted, it was a very small sample size so it could just be a fluke. But, through discussions on a Facebook group, I picked up a tip from another seller. She mentioned she starts her auctions at 4X (4 times) what she paid for the item. Her goal is to double her money after fees. Personally, I think this leaves money on the table, but for the sake of experimentation, I had nothing to lose by getting rid of some items quickly. So, I've been doing this.....and seeing a little better results. This stands to reason because the starting price is often $12.95 instead of $19.95. Of course things will sell better when you drop the prices 30%.

My goal is to unload 20% of my items once I move them to auction. This number would produce another sale per day on average, presuming I keep starting 5 auctions every day. I sell about 2-3 items per day in my store right now and this would allow that number to climb to 3-4 per day without accumulating any more inventory. In fact, it would purge inventory because I would be selling more items without buying more. I'm modeling after another seller I've seen use auctions to get from 4 items per day to 8-10. This seller only carries 400 items in their store! That's an inventory load I can handle.

Also, I'm watching a couple of other sellers closely and finding the ones that really shoot the clothing out the door are typically selling on rather thin margins. I'm seeing average profits of $7....even $5. Well, I'm not into selling 225 items per month to only profit $1500 when it's all over. That hourly wage is crap considering all the sourcing and shipping and listing and photographing you need to do to produce those numbers. I'm sorry, but I could work at McDonald's for better cash.

The answer, as always, lies somewhere in between. This is my Holy Grail, if you will. To find that sweet spot. Like centering a 98mph fastball in October, finding the center will have things leaving my store/ebay business like a homerun in October. Here is a quick note (not pretty, complete sentence typing) I drew up really quick noting where I stand in the auction challenge so far. I'm close to that 20%. Remember, though, I'm doing this all month so I can learn. Stay tuned.....and Make Today Count!

5 bids on 36 auctions. that's pretty close to 20%. however, the last two days, i listed at 4x the price i paid instead of my normal price. so, if bidding wars don't happen (which i suspect those are rare on clothing), then i don't know that it's worth much other than to get rid of clothing.

so, the theory becomes........store stuff at MY price in my store for awhile. and, at whatever predetermined time i decide is time to let things so (i'm thinking 3-6 months) then move them to auction at 4x what i paid.

Diversify yourself!

Thought I'd post a quick thought about diversification in what you sell.  This is a slow month starting out again.  And, most of you know me as a "golf shirt guy."  But, it's not half of what I sell.

I've sold 12 things so far this month (believe me I'm so frustrated I could throw something).  But, here is the break down.

Golf shirts- 4
Denim- 3
Hawaiians- 2
Ties- 1
Coffee mugs- 1
Tshirts- 1

So, what to gather from this?  DIVERSIFY!!  If I only sold golf shirts, I'd have only sold 4 things.  By branching out and selling in more than one niche, I'm not crushed when golf shirts slow down.

As you can see, they are still a BIG part of what I sell.  But, putting all your eggs in one basket is plain suicidal in this ever-changing marketplace.

Get out of your comfort zone and learn more niches!   Make today count!

Resist the Temptation to Push the "Reset Button".....AGAIN....

Many of us do this.  Heck, I still do.  It's a nasty habit and leads to unproductivity.  It's called hitting the reset button on life.

I used to play video games as a kid.  I used to want to get off to the best start possible to set myself up for the best game possible.  So, when one little thing went wrong, I'd just hit the reset button.  I got really good at the beginnings.  I got really good at setting myself up for success.  But, every time I hit a snag or a challenge, I went back to the beginning where I was most comfortable by pushing the reset button.

It wasn't until adulthood that I started to realize that life does NOT have a reset button.  You have to muddle through the tough parts.  You don't get to start over when things don't go as planned.  The only Eminem song I respect is "Lose Yourself."  Think what you want about him as a rapper and musician, but these lyrics really ring true here.....

You only get one shot, do not miss your chance to blow
This opportunity comes once in a lifetime yo

My point is:  We all get caught up in this "resetting life" from time to time.  And, we get frustrated in why we never seem to arrive at our destination.  We never tap our potential.  We need to learn to quit reaching for the reset button....stop trying to tweak every little thing....and just keep moving forward!

I've been reading a lot of articles lately on eBay's search engine, Google's search engine, and optimizing for mobile.  While it's important to keep up with the times and stay on top of things, we must resist the urge to go back and tear everything down just to start over from scratch.  This is killing you!  Just apply your changes as you move forward.  But, keep moving forward!

You have put a lot into your eBay business, or your Amazon FBA business, or whatever career path you chose.  You have hopefully read from trusted, proven successes that it can be done.  That you can achieve your goals.  Trust the path you are on.  If you are like me, and are constantly tempted to tweak little things and start over again and again, I write this to you so you will see the encouragement to trust your path.  I hope you make the decision today to move forward instead of sideways.

Make today count!
Chip

When it's time to change..

...it's time to rearrange!

Now that you're in the mood, here is where I'm heading....

I am incorporating auctions in my listings.  For the rest of the month of September I will list 5 auctions per day.  If I receive sales from just 20% of my auctions, I will add 1 item per day to my 2-3 per day average.......WITHOUT ADDING INVENTORY.

This is a space saver of biblical proportions.  I'll keep everyone posted.

Activity theory (Auctions vs Fixed Pricing)

Let's embellish something.  I read a statistic the other day about auctions hitting higher in search rankings than fixed listings.  Assume 1000 listings pull up and 100 were auctions and 900 were fixed.  And, 64 or something of the top 100 were auctions while the other 36 were fixed.  This means auctions carry a higher percentage of the top 100 and were over-represented based on pure numbers.  (I figure some of this gobblegook has to do with both new listing and ending soon bonuses, but whatevs.)

I also saw a video blog of a seller than lists auctions first and moves them to store after they don't sell.  But, she lists HIGH on the first auction shot.  She does this because she saw this over-representation, too.  And, because she swears it drives traffic to her store and keeps her numbers up.

Hmmmmmm.  Of course, this gets me thinking.

Why not list an auction, at YOUR price, and see if you can't flip a few things in a week?  So, I tried it today. I usually just dump things directly in the store with a Best Offer on them to cover my range of acceptance.  For example, a $25 shirt may have an offer on it for $20.  I don't care what it sells for in that range.

The auctions I put out there today were on some bigger ticket items, too.  I started the auction price at what I would typically put as my low offer acceptance.  If I felt it may work, I placed a Buy-It-Now on for what my original asking price would be.

This allows me to offer free shipping on auctions.  It also means since eBay dropped it's tiered auction pricing (where everyone used to fear going over the 9.99 mark) I can ask pretty much whatever I want.  I only need one bid......I don't need a war to start to get MY price.  However, the listing fees were higher.  In some cases, double.  I felt that's ok for the sake of experimentation, but don't know how I feel about it long-term.

The shirts I put out there were Hawaiians.  I put out two Reyn Spooners, a couple cheapies, and two Tommy Bahamas (one NWT).  These "should" get some attention at the least.  I'll be interested to see if a few of them sell.  If so, this will be one seriously quick way to get paid for some great thrift store finds.

Make Today Count!
Chip

Monday Results..8/26/13

Quick post here.  I had a nice weekend.  Sold over a dozen items.  Here is the biggest one.

Bought for $8 about 4 months ago.  Cashmere Sportcoat

As for the rest of the numbers, now sold 60 items, gross sales of $1207, net over $600.  I'm sure this is because I'm back on the listing train again.  Sales have really picked up since.

Later, peeps.

Reality Check..

That's right....I'm talking to you.  It's time to get off your ass and list that old stuff you have been overlooking because you don't like it.  Those things that aren't in your "niche."  Those things that aren't exciting to you.  Those things that sit in that corner and just mock you while you play with the toys you love.

Yes, I'm talking to you.  It's time to practice self-discipline and get your space in order.  It's time to rethink your organizational system.  It's time to rethink your shipping and storage process.  It's time to reclaim your house so company can come over once again.

Yes, I'm talking to you.  It's time to get off Facebook and list those things that are piling up.  It's time to take pictures of things even if your kids are screaming in the background.  It's time to get that stuff online before another Christmas passes you by without you giving it your best effort.  It's time to stop shopping for more until you get everything listed online.....SO YOU CAN SELL IT!

Yes, I'm talking to you.  It's time to get your receipts in order for tax time.  It's time to categorize things NOW so you don't have to spend time away from doing what you love later.  It's time to see where your profit margins actually lie instead of misleading yourself into thinking you are headed to Paris in first class seats next month.

Yes, I'm talking to you.  It's simply time to get real.

If you don't you know from experience you will regret it.  You will continue procrastinating and putting it off. You will keep accumulating things until you are on an episode of Hoarders.  Or, you will keep piling up receipts until the IRS knocks on your door for an audit.  This is a business.  It's not 3rd grade recess where we push the cute girl down or kick the kickball over the monkey bars.  It's real life!

Nobody said this would be easy.  If it was easy, and we could do what we wanted to all the time, everyone would be doing it, too.  You chose this life because you didn't want average and ordinary.  You didn't want what all the other "normal" people let themselves get trapped into.  You chose this because you are different!  You are special!  You are an amazing brain of untapped potential that just thinks differently than the rest.  However, the way you reward yourself is to stay on top of things.

Yes, I'm talking to you.  Don't take your foot off the gas because you are a little tired.  This is how it all starts to unravel.  You already know this.  I'm not sharing anything prophetic with you.  I am writing this letter to you to motivate you and inspire you to keep going.  No one ever got their dreams by sitting in a lawn chair with a beer.  And, they didn't stop until it was painfully obvious they were already there.

This can be you........if you only stay disciplined.  So, let's DO IT TODAY!!

(For those of you kind enough to read this, thank you.  Now, even though this may have been intended for me, myself, and I......I beg of you to go to your mirror and read it to yourself.  And, watch yourself take off! It's never too late to get a grip on yourself.  So, don't sit down........go!)

Make Today Count!
Chip

Flip vs Buy and Hold.....some math

This is the constant question poking in my brain.  I don't think anyone short of Alan Greenspan could get the answer correct.....and he likely can't.  

It's the question that forms the very bedrock of your business model.  Do I charge less and burn that inventory out (aka WalMart), or do I charge more and make more profit for less work while risking holding onto an item for awhile and having to store it (aka Tiffany's jewelry)?  Which one makes more sense for me?

I'm a geek when it comes to breaking down things to their simplest form.  It helps me understand things.  Granted, nothing is black and white.  There are always shades of gray.........about 50 to be exact, right?

Well, I've finally put some rough work into the details.  Let's assume (yes, I'm about to make an ass out of you and me) that we have an average profit of $10 if we can unload an item in a month.  And, let's assume we will make $25 in profit if that same item is priced higher and doesn't sell for an average of 4 months.  Which is better?

I buy my shirts for $3, but let's use $5 for ease.  If I sell that first shirt for a $10 profit, I can now buy 2 shirts.  Provided I get them listed quickly, that next month I should make $10 on 2 shirts, or $20.  Now, flip it again and it's $40.  Again, and it's $80.  So, 4 months later, I have netted $150 in profit, right?  Seems like a no-brainer vs letting the item sit for $25.  After all, $150 beats $25 hands down.

Oops.  Look a little deeper.  What is your time worth to you?  It will take significantly longer to pack and ship 1+2+4+8 items (15 items total).  To make the same $150 the 15 shirts made me, I only need to sell 6 shirts at $25.  All I need to do is build my inventory up while I sit around waiting.  If it takes me an average of a half hour to source, list, pack, and ship each item (random time here, but worth knowing about yourself someday), that's 7.5 hrs for the 15 items vs only 3 hrs for the 6 items.  Translate that to an hourly wage, and we have $20/hr for the $10 profit model vs $50/hr for the $25 model.  Assuming 40 hours/week is all you want/can work, we have an income of $800/wk vs $2000/wk.

Look, I'm being overly simplistic here, but one person can only work so much.  There's only so much time in a day.  The difference here is working hard vs working smart.  The only trick is:  Are you buying items that can net you both $10 or $25 depending on how long you choose to wait?

I guess that's a topic for another blog post.....

Make Today Count!
Chip

Monday Results Update..8/19/13

Another horrid August weekend draws to a close.  For the second Sunday in a row, I sold nothing....zip.....zilch......nada.  But, I should disclose I sold 3 things on Saturday so all was not lost.

I have jumped back on the listing horse, though, and things are starting to pick up.  I seem to be selling some of my very old stuff.  It's interesting to watch things sell that I had all but given up on and was just waiting for them to come up for relisting again so I could move them to auction and just dump them.

Look out!  What I'm getting ready to show you is going to blow your mind with how rich I'm going to get....lol.

Bought for $2 and sold for.......
Dilbert Tie

Bought for $1.50 on an experiment to see if the brand sells....it doesn't....
Cremieux Polo

I know those are links and not pictures.  But, to save space on my computer, I toss my pics shortly after an item is listed.  If these links die, I'm sorry, but I have no other way to show you just a pic.

As for results, this month I have sold 35 items for a gross number of $598.  Margins are down because I'm purging old inventory by lowering prices to drive them out the door and recoup the cash.  But, even if my margins are 50%, that's a car payment for some.  I'll get back up there soon now that I'm listing again.  So, no worries.

As for today, I spent the morning at a few thrift stores and posted a video on YouTube here.  Feel free to check it out.  It's about 7 minutes long and I break down my profit expectations on paper at the end.  I also listed 7 things and redid my notes I take before I list items and my condition rating.  Remember, simpler is better.....as long as you get your point across.  I am really working on this concept right now, and I will blog about it when I have settled on a system I like going forward.   Happy Tuesday, and as always...

Make Today Count!
Chip

The Way It Was...

I have dabbled with a few methods of getting rid of stale inventory.  As a result, I have learned quite a bit about the different methods.  I have learned a little of what works and what doesn't.  I'm no expert....believe me.  But, I can share a couple of tidbits today.

As I started this reselling on eBay gig, I was having fun building my inventory and number of listings.  Things started selling on a consistent basis and my confidence grew.  However, so did my stale inventory.  As the months went by, I could start to see what may not have a prayer at selling.  What to do?  

I tried dropping prices.  I dabbled with Markdown Manager.  I have even been running what I thought was going to be the solution....Ki Markdown.  This ingenious little program uses Markdown Manager to put items on sale either randomly or by age or by pretty much whatever method you want.  The sales can be set to recur daily, weekly, monthly, again...pretty much whatever way you want.  I thought, "Why not put things on an increasing sale as they age?"  You know, like retail stores do.  I constructed 30 day, 60 day, and 90 day sales.  I noticed a bump in sales of older things, but not like I had hoped.

Nothing worked as well, for me, as this method I'm about to share...........AUCTIONS!  Yes, the old-fashioned eBay auction.  But, with a twist.

If I have stale inventory (and that definition varies for us all) over 6 months, I move it to auction at "cost + shipping."  Yes, with all the DSR talk lately, this is a risk.  It exposes your shipping cost DSR to being rated. But, you don't have to charge normal shipping prices, either.  If something is going to cost you $3 to ship, you can charge $2.  That insulates you as well from the whackado buyer hellbent on leaving you a bad rating.  To do this, though, you need to know your cost.  There are many "eBay fee calculators" out there.  Just search that term and find one you are comfortable with.

I simply price the auction to end on a Sunday and detatch any emotion I have with the item.  This works well because we all know we usually get only one bid.  I don't care.....I recouped my cost.  I'm out nothing.  Ok, ok, maybe I'm out a couple of listing fees.  But, I look at it as recouping some cash to go out and hit another homerun.  Sometimes, I mark things up a buck and start the auction at that price.  Sometimes I mark it up a few bucks.  But, the best way for me over the months has been moving things to auction and pricing them at my cost + shipping.  Any multiple bids I pick up are gravy.  If I get a bid, I can't lose money.  Auctions also bring different buyers to my storefront to look around for other possible values.  

Think a little about this.  I could go on and on, but don't want to bore you with long blog entries.  If you are like me, you suffer from UDADD (UnDiagnosed ADD).  I'm not much on pretty blogs and pictures to entertain you (although I'll try and play a little).  I'd rather keep things ridiculously content-rich so you come back knowing you'll learn something.  Or, at the very least have something to think about going forward.

Make Today Count!

Chip

Activity Update..

As of now, we've sold 27 things this month for a gross total of $475.  I am listing an average of 3-5 things a day.  I haven't really cracked down on a goal yet, as I'm just coming off summer with family and kids and going out of town to see more family.....and kids.  I'm cranking back up slowly.  I suppose I'm like that huge boulder sitting on top of the mountain.  If you can just get me rolling, I slowly and steadily pick up speed as I methodically roll along.  And, once I stop rolling, it's a real bugger to get me moving again.

That said, I ran through Marshalls for the first time today.  I've heard people talk about buying NWT (new with tags) items off their clearance racks.  I found a few things that I researched on the phone.  I didn't get what I felt were conclusive results from my phone app, so I decided to sit on the purchase until I could get home and check a little more thoroughly.  

I don't know about you, but my phone often reveals partial results compared to my laptop at home.  So, when I'm staring at something outside my comfort zone, I don't jump.  I do my research and go back if I still feel the gamble will pay off.  The reason this technique is outside my comfort zone is because 1- I've never done things this way.  I'm a thrift store guy where if I get burned, I'm out $3.  2- Looking at what interested me, I was going to have to shell out $34 on 3 shirts.  I can get 11 shirts at my local Goodwill for that price.

But, here is what was also weighing on my mind.  1- These were no-brainers even for the price.  (I'll go into detail in a minute)  2- If you don't leave your comfort zone, you never grow.  3- Bringing more NWT items into my store may reach a different audience I can get to come into my store and potentially find other appealing things.

No-brainers?  Here is what I was looking at.  A Tommy Bahama silk camp shirt for $20 that retails for $110 in store.  Problem is it's a small.  I also saw two Perry Ellis polo shirts for $7 each that were 4XL shirts.  Problem is Perry Ellis is an "ok" brand, not a great one.  But, 4XL speaks for itself.  I also saw a Sean John shirt that looked cool and it was an XL or 2XL, I can't remember.  I think it was $10.

I looked all these up and it appears I can sell the 3 shirts I mentioned (the SJ would be the shirt I'm not including) for $56 in profit.  Not bad for 3 shirts.  So, after consideration, I think I'll go back and grab them when I take the kiddos for Friday Pizza.

Let's do something fun, ok?  The Tommy Bahama is a red, solid, silk camp shirt....size small for $20.  The Perry Ellis polos are 4XLs for $7 each.  All are new with tags.  Post a comment and tell me what you would list them for AFTER doing the best research you can do.  Let's learn together!  I already know what my price points will be, as I've done enough research to see what they will sell for and this is why I'm going back to buy them.

I'll post the listings soon.  Gawd, this reselling is fun!  You walk into a store and just never know what you are going to find and/or learn.  Am I right?

Make today count!

Chip

Search Ranking Conspiracy?

I have been reading a lot about eBay and it's search engine, Cassini.  I will summarize what I've read someday after it all digests.  This may be the quickest way to insanity!  But, of course, like fools we read all we can anyway....knowing it will only serve to raise our anxiety levels.

Well, lately that has been happening to me.  I have been reading about search rankings, and found a theory called Rolling Blackouts.  This theory explains, however unproven, that eBay could possibly be rotating who is visible in their search engine.  This also can feel like it explains why our sales suddenly shut down for a few days and then come back.  None of this is proven, of course, and eBay would NEVER admit to any of this. But, one can't help but wonder.

Last weekend, for the first time since I've been reselling on eBay (I started in November 2012) I didn't make one single sale.  Neither Saturday nor Sunday!  It had to rolling blackouts, right?  Well, that or August's doldrums.  So, I decided to check it the only way I know how.....by looking up my items myself.  Yep, all there.  And, then I thought that if eBay put me on some rolling blackout there's no way they'd show it to me. Of course all my listings would show up to me.  And, of course, they'd appear high in the rankings, right?

How do you get around this?  Call a friend.  Someone that doesn't live close to you.  I have a friend in eastern Florida and another in northern Idaho.  I called them both.  I live in St. Louis, MO.  Can't get a lot farther away that those two spots.  I had them look up the same items I was looking up to see if we both got the same results in search rankings.  (This was actually really fun!)

I figured I would find my item ranked #6 out of 140 or something, and my friend would find it ranked #130 out of the same 140.  Nope.  She found it exactly where I did..........and ranked high.   Hmmmmm.  Now what?

I suppose it can't be a rolling blackout killing my sales, can it?  The point of all this is to tell you that I don't know how much there is to any of this conspiracy theory.  I'd really like to believe it because I'd like to have something to blame for poor sales.  But, the fact is, it's all likely a coincidence timed with a slow sales period.....summer.

But, rest assured, I'm going to overthink this stuff now that I'm back in the saddle and pushing again.  However, I can't get past the feeling that I'm trying to sell sand in the Sahara right now.  Lol.  Either way.........

Make today count!
Chip

Get in Line with Ebay's Requests

I don't know about you, but I'm always looking for ways to make my eBay items appear higher in search rankings.  With the switch over to and evolution of eBay's new search algorithms, Cassini, we need to pay attention to more factors than just keywords.

I believe, without being told, that one of those parameters is paying attention to "warnings" eBay issues.  Whether it be that your DSRs (Detail Seller Ratings) are low, or that your photos aren't the correct size, I believe we should hop-to and fix things before we agitate the powers that be.

Ebay now rewards us for being customer-centric sellers.  The more convenient we design our listings for buyers, the more Cassini rewards us with higher placement.  Ebay has made no bones about focusing on the buyer, and it behooves them to do so.  They don't want the buyer running off to Amazon or another rival.  Those sellers that get in-line with this concept will outperform the sellers that don't.  It's that simple.

I received a warning today that 2 of my listings didn't fit the photo profile eBay wants.  So, I'm jumping on this right away to fix it.  At the very least, I am pulling the listings until I have time to rephotograph them.  But, I also noticed eBay is giving me suggestions for 9 other listings regarding adding Item Specifics.  Well, it would probably behoove me to fix those, too.

In the recent past, many sellers (15,000 to be more precise) have been suspended or banned from selling on eBay because they didn't adhere to multiple warnings eBay gave regarding customer service.  I am just taking this one step further and staying ahead of the game.  I suggest you contemplate doing the same.

Where do you find these warnings?  I found them under the Selling Reminders section under the My Ebay tab.  This is what mine looks like.

When poking around your eBay page today, take a look in the Selling Reminders and see if you don't have anything to correct.  I will report back if I see a bump in sales after fixing these.

Make today count!

Chip

Autumn Push!

As I push into August and deal with the doldrums of retail selling in summer, I plan to get more active with the blog.  I will try and turn this into a diary of my activity and results with more frequent postings............so people will actually start to follow this blog.

Here we go!

July is over!

Whew, my month of traveling all over the Midwest and summer vacationing is gone.  Time to start fresh and push for the holiday season and end of year.

Simple post of what happened last month.....my first July.  55 items sold (not bad considering how inactive I was).  $1056 in gross sales (profit margin has dropped due to me dropping my prices and flushing out old inventory).  Estimated net of $500-$600 profit.

I'll take it since July is supposedly a slow retail month.  When I asked Google, this is the answer I received, "Any month but December."  I chuckled and searched a little deeper and found this pearl....."The absolute slowest months are January through Spring Break (usually March) and mid-July through August (vacations)."

I'll push harder in August and see where we land.

Happy Trails!

Dear Diary...

I worked about 3 hours yesterday and photographed my thrifting pile from Monday.  I have 37 items completely ready to list, and got 5 up online.  Sold one shirt for $17.50....not great, but I'll take it.  We've knocked the lid off of July.

Here is a sample of what is coming to my store soon!


Brooks Brothers vintage tie...

Banana Cabana Camp Shirt with vintage trucks and palm trees on it...

More to come as the week progresses.

Golf Shirt Tuesday..

Golf Shirt Tuesday...

Here's a fun one. This is a brand I don't normally sell, Greg Norman. I, personally, LOVE his shirts. But, they don't do as well on eBay....under $20 on the average and tend to sit awhile. This particular shirt, though, I had to have. I debated keeping it for myself, but knew it would sell for higher than average. Why? It's pattern! Sometimes you just know.

I listed it and within 24 hours it had half a dozen views and a watcher. The next day, a couple watchers. Then, 3. I had it listed at $22.50 and BO of $17ish, but no one pulled the trigger. I kept peeking in on it for a couple of days, knowing it would eventually pop. Usually, when an item picks up views AND watchers quickly, it is a good sign it will sell. But, I was a bit confused at why someone wouldn't pull the trigger at $22.50 or below? "C'mon, people....it's priced to sell," I would think to myself. Yet 4-5 days in and.........nothing.

Here's the trick. With 3-4 watchers building that quickly, I KNEW it would sell. So, I RAISED the price. Too many people think the answer is to lower the price. Raising it also produces activity. I don't think any of the current watchers were serious; I wasn't after them. I wanted someone knew that wouldn't see that I had changed the price.......or I wanted someone on the fence to panic and pull the trigger thinking, "Oh no, the price is going UP....not down. I'd better grab it before this guy gets too greedy."

I raised the price to $24.95, I think, with an offer at $20. Boing! Within 24 hours, it sold to someone in the middle at $22.00ish. I got what I was originally asking, but they still got a deal because it was under what they saw me asking, if that makes sense. It was a quick sale on a slow selling shirt because it was a great pattern AND because sometimes raising your prices triggers movement, too. Give that a try on some stale items with watchers.

Bought for $2.50....sold for $22+.  

The Big MO!

Thought I'd put up a thought...

People like to debate flipping vs buying and holding.  I'm always on the prowl for the middle.  But, I would like to say something to those that are just beginning the search for their selling style.

Buying and holding requires a bit of patience.  It is like a farmer planting seeds.  They aren't ready for harvest immediately very often.  And, the more seeds you plant, the bigger your harvest when it comes to season.

Most get excited about selling on eBay, do a bunch of work photographing and listing, then proceed to sit and watch their listings like watching a telephone when you just went on a date with a woman out of your league.  A lot of folks get impatient and begin a downward spiral of self-doubt when items don't sell for the prices they see others sell for.  These folks often become flippers (not anything wrong with the style) because they don't like the waiting.  Let me give you one tidbit that may help get you over that hump.

You need more listings.  You need to build momentum!  If selling for higher prices, you need a bit of patience to let time take over and harvest your seedlings.  'Tis true that the more you list, the more you sell.  But, once the momentum starts the reaping process, it doesn't stop for awhile, either.  This is the phase you desire.  This is when your business starts to get consistent.

It may be a slower trickle of sales, but it builds.  You start selling an item every few days.  You keep building your momentum (planting your seeds), and you start realizing a sale a day.  Then, two a day.......and onward as you list more and build.  The beauty is you take awhile off from listing and your sales continue.  The momentum keeps rolling like a big snowball down a hill.  Yes, you have to add to it to make it grow/speed up, but the proverbial ball will continue to roll.

In my opinion, this is where I want to be.  I don't want the pressure to list 20 things to create income.  I don't want the pressure to buy more inventory because I have nothing to offer.  

I would rather have a campfire going and only need to add a few logs to keep it going instead of having to continually babysit said fire hoping it never gets blown out.  I can always add more logs and build a bigger fire.  What I can't do is give the energy to keep starting over with a pile of wood and a flint rock.

As I draw my half dozen analogies to a close, I hope you can see where I'm ultimately coming from.  Patience.  Building on faith.  Knowing that you just need to see the start of the momentum to excite you to keep going.

I see too many give up short of realizing the momentum.  If you like to flip your items, by all means flip them.  But, if you are the type that likes a buy and hold strategy...............by all means, buy and hold.  Don't change your mind half way through.  Stick it out and realize you just have to give your seedlings time to sprout, and it takes time to get those seedlings to harvest.  But, when you start to reap, you continue reaping.  The choice is yours.

Logo Watch..

Pine Valley GC in New Jersey is routinely ranked #1 in the state, country, and world.  And, it has been ranked in some form since at least 2003.

Golfers seek out logos on their golf shirts as a form of status symbol.  A lot of us collect them like badges.  Logos can be souvenirs from our travel vacations.  Heck, some of us lie about where we've played.  I don't know the reason everyone collects logos, but they can definitely add value to your typical golf shirt when reselling.

Be aware of the value some of the bigger ones can add.  It's easy to google the "best golf course top 100" or look at the PGA Tour schedule to learn which courses are more popular.  And, of course, google images can show you most of the logos so you can learn.

Sunday Tip: Pricing

Tip on pricing:  (Caveat....it may not be the best way, just my way).  

Many wonder how to price things.  They all go to the completed listings and see most things selling for $20 and think that's all their item is worth.   WRONG!  Follow these steps instead...

-Search the completeds/solds for your listing and organize by "selling priced highest plus shipping."
- Start with the top dollar item that is similar to yours (if not selling in a lot, disregard these results and scan down until you find a single item like yours)
- Look up at the number of listings returned by the search and go down 25% of the way.  For example, if the search returned 100 items, go down to number 75 (25 from the top since you are organized by price from highest to lowest).
- The top dollar number and the 75% number is your "range."  Price your item somewhere in there.

Don't be the guy that comes in at $19 because you saw three things this week sell for $20.  If you are that guy, you are contributing to killing your own market and costing EVERYONE money.  Sure, you may make a quick buck on a sale......but you are setting the new standard for buyers to expect and killing the entire niche for everyone else.

If you took any help from anyone ever, you owe it back to them to keep things in line with what you were taught.  If you continually undercut everyone, you should have been charged all the money you are leaving on the table by the person that shared all the info with you for free.

Just one guy's opinion.......have a great weekend, all.

Sunday Tip..

Patience is a virtue.

I don't know if that famous saying is from Aristotle or if it's perhaps a Chinese Proverb.  What I do know is it's true......and a test.  As I sit here watching the US Open unfold on tv, I remember my more competitive golf days.  When courses are set up this tough, patience is truly a virtue.  You learn to take what the course offers....what your day brings.  You do what you can to set yourself up to the best of your ability for those quality opportunities, but when things don't fall........you just wait it out and grind up another opportunity you will hopefully cash in on.  More championships in sports are lost rather than won.  Remember that when struggles start rearing their ugly heads.

Case and point...........new niches in Ebay.  Try to remember back to when you were brand new.  Heck, you may still be there in your opinion.  I often think I am.  How often did you check to see if something was getting views, watchers, interest?  How often did you listen for that app on your phone to ching?  All the time, right?  But, what was the advice you received when you found groups online that contained the experienced sellers?  List more!  Wait it out!  Do your research and you'll be fine.  Am I right?  This is exactly what you need to remember when you venture into a new niche of selling.

When you leave your comfort zone, you are a brand new rookie in a sense.  Yes, you have experience to draw from.  BUT, you are so anxious to do well that you often revert back to your old newbie self and start staring at the phone....hoping it chings.

As I venture into blue jeans, I see the same thing happening to me.  I am here to tell you to exercise PATIENCE.  You have a little experience.  You know how to construct a title.  You know how to take photos (maybe not perfect, but likely perfectly effective).  You know how to find the correct pricing value.  You just have to build your listings and let the opportunities come to you.

Many run out of patience and start lowering their prices in a panic.  I equate this to the stock market daytraders selling on the dip.  They don't wait it out....trusting their abilities.  Instead, they freak out a bit............and cost themselves money.  Don't take me wrong.  There are times when flipping is fun, or can fill a void in your selling strategies.  But, there needs to be balance in your selling structure for a few higher priced items you are willing to sit a little while on and maximize your profit margin.  And, that requires............PATIENCE.

So, join me and take the fingers off the phone.....off the computer for a minute.  Be the veteran you are and let the opportunity come to you.  Just keep listing and keep setting yourself up like a golfer on a tough course.  The opportunities will come to you.............if you exercise patience.

Hybridized system in the works..

I have hit over 2 sales/day this month....which is great. But,

 honestly, it's still not enough. And, I'm noticing I have to

 really build inventory to accomplish this....which means

 space WILL become an issue to reach my goals.

 BUT.............I am working on a hybridized system right now

 that will be a combination of flipping and sitting for top-

dollar with NO additional work from me. Flipping takes work,

 no doubt there. And, I just don't know if the margin

 provides enough for ME to do so without burning out by the

 end of the year. So, I have to get creative, and I think I've

 found something that may work. I will revisit this when I

 have something to report, but think I'll be rather quiet on

 this subject through June, unless things happen faster than

 I think. So, we'll see. I will be VERY vocal about it when I

 feel confident in the system working.

More on this idea later.

May Checkpoint..

Just a "stat update" here.  I tend to set goals for myself and try and hit them....something I learned from a shorter career in sales about a decade ago.  But, the theory has served me well by teaching me to keep stretching to keep myself pushing a little harder at whatever it is I'm trying to accomplish.

My original goal with reselling on eBay was "just sell something."  Once I did that, I moved onto "a sale a week."  After that, "a sale a day, or 30 in a month."  I hit that in about March, after beginning this adventure in late November.  I've slowly pushed past "a sale a day" to a little more, but not quite 2 per day....my next goal.

Well, May just might be the month after a slow April.  (And, April was my fault to be honest.)  I started off with a big inventory grab and a big listing push.  It's paying off.  Where do I stand now?

May 20th, I'm sitting on 55 items sold....gross sales of $1074.  That's just under $20 per item.  I would like to be above that, but I'm also purging some dead inventory right now, so that gross ring is going to be low.  It looks good to finish the month strong and surpass 60 in May.

Now, to get a picture of where things "could" be heading, I looked back at the past 31 days.  Since April 22nd, I have sold 73 items for a gross ring of $1408.

Nothing prophetic to say.  Sadly, more is possible.  I don't know how far I can take this, but the profit margin is there and things continue to grow quickly.  I wonder where my personal limit is for how much time I can invest.  But, I can tell you there' more I can give.  It'll be interesting to find the ceiling and look back at the numbers.  And all this from 0 sales and $0 in November....

Monday Sold!!

Good weekend.  Sold 10 items, 2 internationally (Germany and Mexico).  Here are a few of them...

Bought for $3, sold for $25...C/B shirt

Bought full price for $11 (see backstory below), sold for $30.50... STL mug

Bought for $3, sold for $25 (this was bought, never paid for, and sold again...so sold twice, technically)... Rainbow Polo


So, the backstory behind the mugs....  Starbucks does collectible "city" mugs.  If your city has many Starbucks floating around, especially in malls, you may be able to find these on the shelf.  The Global Icon Collection of mugs is being replace by the You Are Here Collection.  These were released on May 1st.  I happened to notice this on pure accident when in a Starbucks.  I bought a couple and figured I'd be first one online to list them for St. Louis.  I was.  I also wanted to set the market by using the auction format and see if I couldn't spark a bidding war.  Nothing like the old days of Tickle Me Elmo, but I sort of did.  Now, I know what they sell for.  I know they sell for profit.  I can now go into Starbucks and grab a mug to sell worldwide for quite awhile.  Collectors can't all get to St. Louis just to buy a mug.  Odds are your city falls into this situation, too.  Go buy a few and see what they sell for before someone else in your city does.  Every $10 profit is $10 you didn't have.  And, once you have the listing put together, the work is completely done.....just grab a mug, change your quantity listing in eBay, and ship the one that sells out.

But, here is what the old mugs are starting to go for as people are realizing they are going out of print....

Bought for $10, sold for $40 each to the same buyer.... Global Icon STL

Can you say "cha-CHING?"  I knew you could.  (Old SNL Dana Carvey, Church Lady joke there...couldn't resist.)

Make it a great week!

Hope Motivates!

Maybe a useless Facebook post.  But, I thought I'd share anyway...

I see a lot of people talk about needing to make extra money.  I think a lot of people around the country/world are in this same situation.  But, the solution is pretty simple.  If you struggle with work ethic and motivation.......find something that gives you HOPE.  

For me, it's playing with numbers.  I can calculate my profit on items I sell and learn how many I need to list to sell a certain number per month, per week, per day, etc.  It's simple math.  But, when I start looking at the numbers, I realize the ridiculously small amount of effort it takes to push just a little harder.  You can honestly build your business as big as you want to.

The beauty is YOU control YOU from the time you wake up until the time you go to bed.  And, playing with the numbers and pushing just a little harder can demonstrate on paper just how much of your dreams you can realize.....and in how much time.

I encourage you, if you are struggling with hope, to break down some numbers on paper, pin them on your computer/work station/bathroom mirror/anywhere you will receive a constant reminder of how simple it is to list 5 things a day, or 10, or even 1....whatever it takes to get to your goal of $5000/mo or maybe just 1 sale a week.  They are YOUR dreams....none are too big nor too small.

And use that excitement you find to attack your goals head-on today.  For that excitement you feel inside.......is hope.  And, it motivates you when channeled properly.

Now, GO GET EM!

Sold on Monday!

Haven't shown any solds in awhile.  But, I have two tips for you this week....

1- "May the 4th Be With You" is a real thing among Star Wars fans.  And, it's lucrative, too.  Bought this t-shirt for $2, and sold it for... $20

Yoda T shirt

2- Brooks Brothers sells!  I buy every tie I can find in a thrift store.  I have yet to pay more than $2 for one.  They sell fast.  This particular one has a vintage label (older than 20 yrs) and went within 2hrs of being up for sale.  Sold for $20.

Vtg Brooks Brothers Tie

The fun to this "hobby" is what you find when you are out looking.

Oh, and since I haven't mentioned it, last month was pretty good.  Sold 45 items, Gross sales of $943.90, Net profit of $660.  Not bad for a "hobby."

Jeans, jeans, and more jeans..

Hit the jackpot at a thrift store tonight.  Was on the way home from dinner and noticed in the lighted window that there were new racks of clothing sitting on the sales floor.  Had to stop in and look through the racks before they were distributed.  All racks were duds.....very rare.

Kids were behaving and wife was looking around for herself.  So, I cruised the women's clothing looking for some fashionable summer tops.  Found a couple of things.  But, that went fast, so I cruised over to the jeans.

JACKPOT!!  Found 5 pair of Lucky Brand.  And, 1 super nice pair of Citizens of Humanity.  Got home and looked them up.  Here is what I discovered....

I paid $4 per pair.....total investment $24.

Citizens jeans will sell for $30 on the low end, $75 on the high end.
Lucky's will sell for $20 on the low end, $45 on the high end.

Profit after fees will be $75 on the low end, $207 on the high end.

Not bad for 30 minutes of work.

And, I didn't even tell you that the other two tops I found in the women's section were a Giorgio Armani sleeveless top that should bring about $50 and a Tommy Bahama top that should bring over $25.

I'll take between $150 and $275 all day long!

Thought for the week... Activity

Most of us focus on hourly wage....because we still think with a W-2 mindset.  We were all conditioned this way growing up and listening to our parents and/or educators.  In one way it's great because we can compare what we do with what any other job would pay.  If we make more, we stick with it.  If not, we may as well work at McDonalds, right?

Wrong.  We haven't mentioned the CONTROL we have over our lives.  There's no price to that.  We also have an unlimited upside to the amount of money we can make when WE control our time and efforts.

Most self-employed endeavors are back-end propositions.......momentum businesses.  We put TONS of time in on the front end (sourcing, listing, photographing, typing, etc) and reap nothing until an item sells.  Even then, most likely very few things sell......in the beginning.  But, as we build our inventory.......errrrr momentum.......we start seeing more results.  We can keep the momentum going and start seeing even more results.  This is now the busiest phase of our business...............and when most people take their foot off the gas.

But, if you want to reach your goals, you must power through this phase, mentally.  You must keep sourcing and listing.  You must keep pushing up front to receive the back-end benefits of selling while you sleep or eat or go to the doctor.  You have to keep your pipeline filled.

Think of eBay this way.....

Like a bathtub with a faucet and a drain.  The drain is how fast you sell (water draining from a tub).  The faucet is how fast you are building your inventory, and it's adjustable.  The faster you fill your tub, the higher the water level rises, in spite of some water draining out.  Once you turn off the water supply, your water level drops until your tub is empty.  Sure, it may take you awhile to notice, but that water level is always dropping.

To reap from a back-end business, you always need to focus on filling your tub FASTER than the water is draining out.

Happy Friday, all!

Last night was a blast thanks to Goodwill.  NCAA tourney time, and I have a church group I belong to with a bunch of social men.  Goes without saying we talk about brackets and colleges this time of year.  I'm a HUGE Jayhawk guy, since I went to school at KU, but they didn't play last night.  I have Louisville winning it all in my bracket, and as I was cruising my GW I look down and see a Louisville polo shirt in my size!  LOL....I pay the $3 and wear it to my meeting.  I'll wear my KU stuff tonight when they play.  I have picked up polos with all sorts of colleges on them from many of the major conference schools....and they sell well.

My new definition of "one and done" is buying the shirt I want to wear for whatever reason, washing it, and listing it for sale.  For non-sporting people, this time of year would be a great time to go through your NCAA logo golf shirts, if you sell them, and see who is supposed to do well.....and maybe put that in your listing somewhere.  But, the Masters golf tournament is also really close.  If you have any of those shirts lying in bins, I'd get them online in a hurry, too.

That was fun for conversation last night, and I would have never done it w/o eBay selling or my GW.  And, it was great for conversation on top of it all.  Maybe that's what people mean by "have fun with reselling....."

Month to Date..

Not bad so far.  Best month yet.  I surpassed my "baby goal" of selling one item per day on the 15th when I sold my 31st item.  I am pushing for 2 per day now.  I, however, am stuck at 36 on the 19th.  I'm falling a bit off the pace due to lack of listing time last week and unexpected slow sales over the weekend.  The past two Saturdays, I sold 7 and 8 items, respectively.

Here are a couple of the fun ones, though...

Brooks Brothers dress shirt bought for $3 and sold for $40...

Tommy Bahama silk shirt bought for $3 and sold for $36...

This is a very simplistic hobby with a low barrier to entry.  I have grossed $870 in sales in the first 19 days of the month.  My 60 day total is running well over $2k right now.

Sunday's Tip: Shipping system

I have found a simple, streamlined concept for getting items ready to ship.  I do this early in my listing process.

After I photo an item, I put it in a clear baggie and put my "thank you" sticker on it.  I number it and put it in my bin.  

Now, after I list the item, it just sits in the bin until it sells.  Once it sells, all I have to do is run downstairs, pull the item from the bin, put it in a poly mailer and print the label to ship.  The last part of the process is now the fastest.  This makes selling more fun because I hear my phone alert and know I can have the item in the mail in less than 5 minutes.  It would be a lot less rewarding if I had to go through all the bagging and printing and labeling after the sale.  In my opinion, it would become tedious and dreadful.....making the hobby far less fun.

Quick Math

I ran to my most hated store (Savers) today because I had a 40% off coupon burning a hole in my pocket.  I found a NWT LaCoste polo for $13 and the spree was on.  I decided since I was going to commit to using the coupon, I was going to burn the place down when I left.  Came out with 2 Brooks Brothers shirts, a Hugo Boss, 4 Nike Dri Fits, 3 Adidas (all 2xl), 3 Ping golf shirts, and a Callaway.  I looked at the price tag and it was a little much for me to take on (I was a little freaked by the fact Savers sells for $7 and $10 when my GW sells for $3 and $6).  So, I decided I didn't need absolutely everything and cherry picked my own pile.  As my "final decision," I walked with the LaCoste NWT (duh), 1 Brooks Bros, the Callaway, 3 of the Nikes, and 2 of the Adidas.....for $39. 

Here's the thing, though, for the newer guys.  I used the eBay calculator to calculate my profits....conservatively.  That 30 minutes and $39 turned into $141.50 pure profit after fees. Those 8 items are close enough alike it won't take me but 10 minutes per to list them.  30 minutes + 80 minutes = 110 minutes. $141.50 for 110 minutes is just over $70/hr.  You simply MUST think like this when you are working.....not the $5/hr mindset you get from checking FB and poking on eBay all afternoon.  You cannot keep up the pace of $70/hr across town day in and day out most likely, but you sure as heck can beat $5-$10 per hour. 

Have a great weekend, all!

Friday Sold!

Had a great weekend this week.  Sold 8 things on Saturday alone.  Here are some of the better ones.

Bought for $.50....Sold internationally for $35.  Marvin mug

Bought for $4....Sold for $35.  7 FAM jeans

I love collecting golf course logo polo shirts.  Bought for $3....Sold for $35.  Pebble Beach Polo

And, Barney lives!  Bought for $3...Sold for $30.  Talking Barney

A hodge podge of things always, but I tend to stick with clothing, coffee mugs, and stuffed animals.  Never know what you'll find!

A link to my eBay store where you will find an ever-growing mixture of collectibles and clothing.  My eBay Store!

What I Look For: Golf Shirts

I am a HUGE golf fan.  Have been since I was 5ish years old.  I may be the only person you know that begged his parents for a subscription to Golf Digest magazine at the age of 9.  I used to watch every tournament on tv every weekend.  Why do I bother telling you this?  Because I sell golf shirts I find at thrift stores.

These simple shirts are a staple in most men's wardrobes.  Lots of men wear them to work, play, or just cruise the house on a Saturday.  Polo shirts look nice under a sportcoat or with a nice pair of bermuda shorts.  Heck, they even look good with blue jeans.  They are worn by almost everyone everywhere.

That said, they are NOT created equal.  There are materials, brand names, plackets, open and closed sleeves, logos, and extended tails.  There are simply too many style choices to cover in this short blog entry.  However, here is an easy way to spot one in a thrift store that has a decent shot at reselling for a profit.

1) Condition.  Is the collar frayed?  Is it missing buttons?  Are the button holes stretched out?  Does the shirt collar have that annoying crease in it that you can't iron out no matter how hard you try?  If the answer is "no" to these, you may have a winner.

2) Brand.  Brand names sell!  Polo by Ralph Lauren will likely never go out of style.  However, many brands fluctuate in popularity.  As of 2013, Nike, LaCoste, Under Armour, Adidas, Cutter & Buck, Ashworth, Tommy Bahama, and Hugo Boss name a few that practically sell by themselves.  And, you can actually afford to gamble a bit with the condition of the shirt if you find one of these.  On the contrary, Tommy Hilfiger, Nautica, Eddie Bauer, American Eagle, and even Banana Republic look to be more difficult to sell these days unless you group them together in "lots."

3) Point of interest.  Here is where the rubber meets the road.  What does your shirt bring to the table?  What will catch the buyer's eye?  The logo.  Business men travel.  And, most play golf.....some when they travel.  This is your chance to offer them that shirt they didn't buy when they were in Wherever, USA.  Commemorative shirts and famous golf courses sell VERY well.  Iconic places like St. Andrews, Pebble Beach, Augusta National, and former US Open sites do very well.  Your rinky-dink, small-town country club likely won't.  However, that doesn't mean you give up on it.  Is the logo really neat looking?  Men tell stories, too.  If you can tell the buyer where that golf course is located, he may buy it and tell his buddies he played there once.  You just never know.  Things I notice don't sell too well:  Big, obtrusive logos that most people won't recognize haven't done well.  Also, beer and liquor logos have failed for some reason.

Those are the main points to consider from my experience.  If you see a golf shirt that meets these criteria in a thrift shop, you can likely sell it for a decent little profit.