I’ve always been a goal-oriented person. If I’m honest with myself, I’ve generally happier when I have a goal or task that I’m working towards – I’m not content to “just go with the flow” so to speak. This applies thrift store reselling as well.
(Please note that I use the term “sales” to mean the final ending auction value only. I am not including the shipping cost in these numbers. There also other factors to consider such as cost of goods, eBay fees, Paypal fees, and cost of materials, all of which will affect the bottom line.)
Some of you may recall that about a year ago I made it a goal of mine to reach $4,000 in sales for a month. This was exciting for me because, until then, I was averaging about $2,000-$2,500 per month in sales. These are decent numbers and definitely nothing to be ashamed about, but I wanted to challenge myself and $4,000 seems like a good number to work towards.
I remember being excited by this challenge and I remember how proud I was to achieve this goal last year. But after accomplishing it, I sort of just stopped and since then I’ve just been going with the flow. I was almost shocked that I achieved it so quickly and I realized that I may have set the bar to low.
I wanted to get motivated again and I knew that I needed another goal to strive towards – something extreme and that’s when the number $10,000 a month popped into my head! This happened before my trip last month and I knew that it would require some massive action on my part, which made it even more imperative that I recharge during my trip to Europe.
By the Numbers: My Plan of Attack
So how exactly do I plan to achieve this monumental task? I remember writing down “$10,000 a month” on a notepad and feeling almost overwhelmed by that number; after all, I’ve never even come close to reaching that number before.
After a few anxious minutes, I calmed down, began to crunch some numbers, and I actually started to have some hope that this was actually achievable.
It can be overwhelming if you concentrate only on “$10,000 a month”, but it becomes less scary if you break it down into smaller, more manageable task.
Here’s what I came up with:
1. $10,000 / 30 (days in a month) = $333.33 per day (already sounding better)
2. $333.33 / $30 (the average sale price of my items) = 11 (the number of items that I need to sell in a day to reach $333.33, based on my average sell price).
Note: Sign up for eBay’s FREE Sales Report to get your own average selling price.
So that’s been my focus ever since I returned from my trip: every day, I need to find and list at least 11 items that I’m confident will sell for at least $30. I hinted this in my previous Finds of the Week post, but I’ve decided to use more auction-style listings as oppose to the Buy-It-Now (BIN) format. I’m using the BIN format for Nike’s, Air Jordan’s and Ralph Lauren items, but 90-95% of my items have a starting bid of $24.99.
I opted to use auction-style listings because I like the fact that it has a definite ending day (7 days). If I list items every day, then eventually I’ll be in a situation where auctions are also ending every day and I’ll be receiving payments on a daily basis (assuming buyers are on their best behavior and pay like they’re suppose to, of course).
So far this has been the case. I didn’t receive any payments during the first week (since the first batch of auction needed 7 days to complete), but since then I’ve been getting paid on a daily basis (anywhere between $50-$300) and it’s a great feeling to have something coming in on a daily basis!
It’s still a difficult task no matter how you look at it but, for me, breaking the $10,000 monthly goal down into this manageable, daily task feels a heck of a lot better.
I’ve been executing this strategy for the past three weeks and there are already a couple things worth mentioning:
1. Understatement-of-the-Year Alert: This. Is. Not. Easy!
2. Between finding these items, listing them on eBay, and packing them for delivery, trying to make $10,000 a month in sales takes a lot of time.
3. I’m not going to find 11 item every day – some days are definitely better than others.
4. This challenge/goal has got me motivated again and it’s just what I needed!
5. The first week is the hardest because it takes 7 days for the first batch of auctions to complete. If you go to the thrift stores everyday during that first week, then you could be in the red before you finally start to see some payments arrive. Stick with it, though. After the first week, you’ll start having payments arrive on a daily basis and it’ll be worth the torture!
These are important things to consider and I’m sure I’ll eventually have to alter and tweak my strategy moving forward. Like I said, I’m not going to find 11 items everyday but I’m hoping that several of the items that I do find will sell over my average selling price to offset the unsold items.
Like these items for instance:
Polo Ralph Lauren Jacket
Sold for $47.00
Air Jordan Dub Zero
Sold for $49.99
Donald Pliner Boots
Sold for $63.59
I’ll be honest, there’s a part of me that thinks that $10,000 a month may be a bit of a stretch but I’m not afraid to try and I’m not going to back down from it either. In the mean time, I’m going to continue to visit as many thrift stores as I possibly can and see what happens.
Regardless of the results, this challenge has given me a daily goal to strive towards and, as I mentioned in the beginning, I’m the happiest when I’m working towards a goal. I’ve been having a blast so far!
Good luck at the thrift stores and I hope you have a great weekend!