4 Sourcing Mistakes Nerfing Resellers’ Profits
Ever notice, on paper, we’re supposed to be making 3x - 4x ROI reselling our thrift finds but…
When we open the bank’s app on our phone the balance doesn’t seem to grow?
How did a cheap score at the bins turn into a barely more than the cost of goods?
These 4 sourcing mistakes could be the cause…
Spending Too Much Time Driving
Many Resellers will drive an hour or two,1-way, and be happy picking up a dozen items they can sell for a $10 profit each.
If they like all the driving? I tip my hat to ‘em.
Personally?
I’m weighing the time away from my wife and kids and…
The Opportunity Cost.
If I’m NOT spending hours in the car?
Can I find and make offers on closer deals with as good (or better) returns?
If we know how?
Often the answer is yes.
Listing Items Of Different Sizes, Weights, And Materials
“I sell anything I can make a profit on.” is the tagline of nearly every part-time seller I’ve met.
I understand the sentiment but I’m not sure it’s always serving us.
If our inventory is a hodgepodge?
How many hours a week are wasted figuring out the best way to photograph the thing?...
…Do we need to make an extra trip to Wally World for a box that’ll fit?...
…Do we need the box cutter and 20 yards of tape to build a box?...
…Who’s got the best shipping price?...
Will it be USPS, FedEx, or UPS? And will eBay be cheaper or Pirateship.com?
Heaven forbid we have a good day.
We’ve gotta answer these questions 10-20 more times.
No Supplier Relationships
Every single 6-figure reseller I’ve met has built relationships with people or businesses who can supply them with inventory on repeat.
Sure, there’s a fun factor in scoring a once-in-a-lifetime BOLO at a thrift, but…
Maybe fun should be saved for Disney World?
When it comes to Reselling?
Boring get’s us further.
Predictable creates cash day in and day out.
Without supplier relationships to bring us boring and predictably profitable inventory?
Reselling is like riding a roller coaster in the dark…
You never know if you’re at a high, a low, or how much longer the ride will last.
Thinking The Seller Has The Power
Know anyone who’s ever said:
“I probably paid too much for it… But I’ll still make something.”?
There’s a good chance they fell into the belief the Seller has the power in the negotiation.
They have “the thing” so they seem like they get to make the rules, right?
Not in my experience…
Solve All 4 Problems At Once
How can we ditch the hours on the road?...
…Cut down our shipping to a minute-an-item?...
…Build relationships for repeat inventory?…
…And get great deals from sellers who want our money more than the item?…
By understanding and getting good at…
Why? Because…
We can set our own meet up times and have people bring their phones to us.
Nearly every phone fits in one box and costs about the same to ship anywhere in the country.
And with 63 million Americans getting a new phone every single year?
We can create relationships, and get great deals, that’ll bring us new inventory all the time.
If you want?
You can figure out phone flipping on your own.
99% of the info is on YouTube.
I’d guess it’d only take 5-10 hours to understand what to buy…
… A month or so to spot fakes before buying them…
And under a year to create your own systems and build relationships to find your own direct buyers.
If you have the time?
It’s a worthy investment that’ll pay off for decades to come...
But if you’d rather have the “Should I buy this phone” checklists, Direct Buyers, and systems to grow to a 6 figure phone flipper handed to you?
This video walking through buying phones will save you a lot of time, money, and energy.
If you didn’t know?
Now is the best time of the year to flip phones.
Direct Buyers are paying top dollar so they have inventory for Q4 and…
Regular folks want extra dough for the final weeks of summer.
In your corner,
James Foster
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