Want to know what goes into creating a successful resale business? The pros took the stage at PoshFest 2017 to bring you their best tips & tricks to making resale stick!
So what exactly is resale? It’s a strategic business model where you take items that have been previously sold, or highly discounted and sell them again. This can include tactics such as thrifting (buying something cheap and turning a profit) or consignment (listing for clients and taking a percentage when the item sells).
Where to Source Inventory
- When it comes to sourcing inventory or finding those hidden treasures, try places like Goodwill or scout out garage sales, charity organizations, and estate sales.
- #PoshTip: subscribe to a local mailing list to stay in the know of estate sales
How to Source like a Pro
- Look for items that are in good condition and always do a quick quality check before leaving the store
- Keep up with trend reports (like the Poshmark Trend Report Live) to see what’s in style and what brands to keep an eye out for
- Try thinking about seasonality in the off-season. For example, start searching for fall/winter during the summer so you’re stocked and ready to go when fall rolls around.
- Keep a “Thrift Kit” on hand (pill shaver/remover, Tide to-go pen, suede brush, etc)
- Building strong relationships with clients and thrift store employees can be key to help you get ahead of the game in the resale world.
How to Consign Like a #PoshBoss
- Easiest way to find clients? Tap into your personal network and your social media networks!
- Consigning for friends and family is great way to learn what does and doesn’t work in your closet as it familiarizes you with brands and sizing
- “Source low risk inventory. There is zero risk in the consignment model that I use since I don’t have to purchase the inventory up front.” -@nitnat
So, are you ready for resale riches? #YES