I’ve been watching Instagram quite a bit the last few days and have noticed quite a few resellers posting their monetary gains. They are quite impressive! Some would be jealous or call them braggerts. I call them my inspiration.
I’ve watched 2 in particular that started the year with nothing or close to it. I, on the other hand, was entering my third year. One is reporting an average of $2,000 a week and another is almost at $25,000 a week. That is not a typo. I will not lie and tell you that I would not love to make that kind of money and let my husband retire now.
I am assessing my year a bit differently. It has been a rollercoaster ride of new experiences. These experiences have built a firm foundation of growth. Slow and steady will win the race. It does not matter where I started three years ago, it matters where I end up.
- I went from ZERO employees SIX employees, depending on me to provide work for them. They performed 30 hours of service last week. Social Media on Poshmark, Social Media on Facebook, Social Media on Instagram, Listing On Ebay, Photographing items, Packaging and mailing items. They are doing the work that I cannot do as efficiently as them, thus freeing my time to source.
- My inventory was stored in one bedroom and is now stored in 2 bedrooms and 2 storage units.
- I went from One basic Ebay store with 150 items to Two Premium Stores with almost 600 items. Zero to One Poshmark store with 200 items. Zero to 35 on Facebook Marketplace. I also sold in Facebook groups and closed down the Etsy Store.
- My average price per item went from $5 (yes really) to $17 with buyer paying shipping.
- My sales per week went from $35 to $250, however my profits are lower due to expenses. I’m not able to reinvest into my business as much as the beginning of the year, but I am hoping that will change in the short-term.
- The biggest change was where I source. I have had the chance to help someone clean out a living estate, go to the Goodwill Bins and a few estate sales and have found this to be a lot more fun than the usual thrift shop finds.
Part of assessing yourself is also making goals for the next year. I love to dream big, compete and hit the goals. Realistically this causes stress and that is something I can live without.
- I don’t believe I will increase the number of employees next year. Some have been with me almost a year, others have just started. It’s a good mix and I see everyone working in unison. It will take me, making sure that they have a consistent work load.
- Bi-weekly sourcing trips are something I am going to have to schedule after the new year. They may have to be overnight, given my last sourcing trip was finished by my photographer in 2 days and my lister in 1 day.
- Scheduling a true day off each week, that is not on the weekend.
- Max out my premium stores and possibly increase to an Anchor Store.
- Make $1000 a week, net profit. If I am doing all of the above, this is a realistic goal