Month: July 2016

7 Things You Need to Take Your Flipping Business to the Next Level

When Dawn and I started reselling we did things very informally:

  1. Go to the store
  2. Buy a few items
  3. Take some pictures and create some listings
  4. Put the items away
  5. Pull the items out to answer any questions about measurements or condition
  6. Package and print a shipping label once an item sells

It definitely wasn’t the most efficient process, but we didn’t have a ton of inventory. With maybe 20-40 items in stock and listed at any given time, we didn’t need to invest in infrastructure or look for better processes.

But as our respective inventories grew, so did the amount of work. It wasn’t long before the flaws in our process started to become apparent.

We were spending too much time trying to answer product questions that we could have just addressed when first creating our listings. Once items sold, we were spending more time trying to locate them. And with higher sales volumes, finding packaging materials on the fly was proving to be both challenging and expensive. The new stresses made doing the work less enjoyable. All of that compounded, and before we knew it we were building a backlog of inventory that hadn’t even been listed.

We had two choices:

  1. Stop acquiring new inventory and keep things small
  2. Scale up with better processes and improved efficiency

The first choice wasn’t an option. We had lofty goals, and the only way we were going to achieve them was to re-evaluate our processes and invest in our businesses.

These are the 7 things that have taken our flipping businesses to the next level:

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How to Create Powerful Listings, Part 1: A Primer

Selling items online is hard.

Sorry, let me qualify that — selling items well online is hard.

Actually, it isn’t even hard. It just takes some effort.

The actual act of taking some pictures, writing a description, clicking “Create Listing” and waiting for a sale doesn’t take that much time or thought. It’s doing it well that takes some effort.

And trust me, the extra effort is well worth it.

If you’ve ever bought an item online, think about your experience as a buyer. Here at Debt Free Dawn we specialize in clothing resale, so let’s use a related example. Let’s say a buyer goes to eBay and wants to buy a pair of second-hand Lululemon Pace Breaker shorts like the ones below:

Collage_PBShorts

They’re nice shorts. Super comfortable, clean, functional — definitely a great item. There’s no doubt these shorts will sell, and they’ll probably go for $30-$40. Because Lululemon products are in such high demand, you could take some lame photos and write a two-word description (e.g., “nice shorts”) and they’ll still sell.

But there’s also a ton of other people selling shorts just like these. So while your Lululemon Pace Breaker shorts will sell, they might sell after or for less money than someone else’s.

That’s a problem.

In the reselling business the goal is to find that happy medium between sale price and quick time to sale. Poor photos, bad headlines, and lackluster descriptions hinder your ability to sell items quickly or for their full value.

Take a look at the image below, which illustrates this point:

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“…They Hurt My Feet”

I’m assuming that some of you stumbled onto my page because you’re in debt…a lot of debt.

Welcome!

I’m also going to make a prediction that a few of you have spent countless hours awake at night by the light of your cell phone under your covers (so as not to wake your significant other) googling things like “how to pay off [insert ridiculous amount of money here] as fast as possible.” Some of you may find yourself in that exact scenario now as you read this sentence.

My goal is to help curb those feelings of impending doom brought on by the one thing that makes the world go ’round: Money.

Photo: commondreams.org

Photo: commondreams.org

Until August 2015, I was that person pulling pointless all-nighters looking for a solution to destroy the $130,000 worth of student loan debt that I’d accumulated after 6 years of higher education. One time, I actually created a plan that would actually allow me to work for 24 hours straight (I mean hey, I wasn’t sleeping anyway!).

Well one night at the end of June, I finally stumbled upon the solution (at around 3 am) that has allowed me to pay off $34,697 in 5 months!

It was so simple I almost started kicking myself for not thinking of it sooner…

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