Keeping most of your valuable finds for yourself rather than selling them as planned. If you have more money going out to these items than coming in for an extended period of time, and you see nothing wrong with it, you may need to reconsider. If you get too overly attached to certain items in your inventory, you can create a lot of clutter from mixing your “personal items” with things that you will actually allow to be sold. Hoarding can quickly become the poison apple in your reselling business.
Have you ever been given some quality advice or information that helps your business but don’t want that helpful person to share the same with others?
Having one hand open and the other hand closed stops you from making valuable friends and relationships that can sometimes lead to deals that you could never imagine.
Although being a Reseller seems as simple as buying low and selling high, and working at your own hours it requires more discipline than a regular 9 to 5 because you are self employed. If you do not show up for work: (sourcing, listing, shipping, buying supplies, customer support), you will eventually have no profits to show for it.
Most Resellers can take care of the basics, but do not know how they are doing in regards to Bookkeeping and time management. This makes the difference between hobby and business. Poor research on items leads to having a surplus of items that sell very slowly, or not at all (resulting in loss).
Customer service is a crucial part of the sales equation and skimping on compassionate care in lieu of automated systems or lending a deaf ear to the voice of your customers will result in failure.
The Popup Guru:
Having a good amount of knowledge in one item niche does not equal mastery of all. Don’t be the seller that is new and a few months later knows it all. Reselling has a simple component, but there are subtle nuances that can take time to pick up on and use to your advantage. You may get excited with your first few home-runs, but you main goal should be finding a sustainable flow of flippable inventory.
No matter what level you are in reselling, you will want to make sure not to get ahead of yourself, or dive into large investments without due diligence. Even if you have a lot of initial funds to begin with, you are low on experience, and poor choices will eat away at your flipping fund.
Boasting about your sourcing scores only gives your competitors more information on what you buy, and your potential profits.
Lastly, diverting your efforts from flipping more to the fame side of being a reseller is tempting, but if you have no clear plan to profit, it can distract you from what actually makes you money.
You may be seeing many other Resellers with excellent scores, and killer craigslist deals and wish that you lived in Super Seller’s state/region/country. Then you would actually have a chance to make a decent income reselling_
It’s easy to get caught up in the glamour of high profits for seemingly no effort. The downside is that you start fantasizing and you stop focusing on how to improve your business. Your inventory and sales begin to stagnate, and make the other sellers seem to have all of the good opportunities.
When you are evaluating items to flip, you are guesstimating what you an sell it for instead of knowing the hard facts.
Instead of looking at others and planning for when all your ducks are lined up perfectly, take an audit of your progress and see what can be done to get to the next level.
When you are to the point that you despise other Resellers and their opportunities and cannot even see the opportunities that you have you can become bitter. You are running from one Reseller guru to the next trying to do all of the latest tactics and tricks to get some recognition from other Resellers.
It takes months and even years of trust and help to gain a good reputation and the trust of other sellers and buyers.
You put sugar in their gas tank by pretending to be a buyer but are really a vengeful competitor there to take them down a peg, get their account banned, cost them money, heartache and trouble.
When you do the math on a product and you see 30 of them on the shelves and clear it within a blink of an eye, you had a quite a good day. If you are the type of person who will come back everyday that month and clean every store in your area out of the item each restock day, you may need to rethink your sourcing. (Wholesale instead of retail)
Have you ever found a rare item and instead of charging acceptable market rate on the item, you took advantage of the exclusivity and want to charge 2-3x the recently sold value? There’s a thin line between Good Selling and Bad Scalping. Selling water for $27 per bottle in a hotel is a extreme markup and changes how consumers see you.
Its one thing to take advantage of someone’s needs and desires, but its another thing to exploit them and milk them for all that they are worth.
Be careful not to have your reuptation get away from you, or your past history may sour future deals.
When you feel like people have wronged you, or blame you for something that you do not feel responsible for, you bottle it in. Whether it be customer or competitor you’ve had it up to your neck and one more complaint will send you into a frenzy. Whether they are customers, competitors or people that you source from, you will do what you can to inconvenience them for the suffering that they’ve caused. Sometimes its petty things like shipping items out as late in your shipping coverage dates as possible because they annoyed you with too many questions, or turning the price of the items up to get rid of overly interested potential buyers.
You may get mistreated or talked to roughly in retail store by a cashier or management. To “level the playing field” you feel it’s time to just leave your cart and storm out or come back with items you bought before for a mass return. Getting even to you may be badmouthing other sellers to the community or just trying to take an eye for an eye.
All of that focus takes away from how well your are doing in your business and in your personal happiness. If we all spent the time trying to exact revenge for every transgression against us, we would never have time to enjoy our lives and share it with the people who matter to us the most.
What are some things that you wish you could have told yourself to avoid before starting reselling? (post them below!)