https://blog.penelopetrunk.com/cdn/home/pt-logo.png 0 0 Penelope https://blog.penelopetrunk.com/cdn/home/pt-logo.png Penelope2022-11-29 09:13:012022-11-29 09:13:01Here’s my business idea that is low-risk and successful
Here’s my business idea that is low-risk and successful
What do you think about a reselling business focused on clothes? I’ve struggled with motivation and getting things done in the past.
I love that there is a very low risk way to succeed in the business – basically I shop at Goodwill Outlet stores where you pay $1-2 per pound for clothes, and I pick the biggest money makers and then sell them on Ebay/Poshmark for a profit that is 4-10x the amount I paid for them.
I found a group run by two guys on Ebay and they’ve taught me a ton on improving processes. Many people in the group make $50K to $150K in a year or two. I feel like I finally found something that I’m passionate enough about to get through early hurdles of the business.
I appreciate how excited you are about your new business.
Those guys are not making nearly as much money as they say they are making. If these guys were so great at selling on eBay, then they could open a store, sell a million dollars through that store, then open another. If they know how to teach you to make $150K/year then they should just do that instead of teaching you. It’s much more profitable for them to spend their time doing it than teaching it.
Teaching is not a very profitable thing to do anymore. People who make a lot of money teaching online have been doing it for 20 years — Ramit Sethi, Marie Forleo, Leo Babauta. The teaching market is way too crowded now for this guy to make a lot of money teaching.
So, I’m sorry to tell you that he’s not honest with you. He’s not telling you that the people who make lots of money have things he can’t get you: a special relationship with thrift shops to get to go through everything before it goes out on the floor. A deep understanding of how people search within eBay, and a deep understanding of a niche category. He isn’t teaching you any of that stuff, because he can’t.
100% what P said – faking income is easy and sadly common – nobody teaches what makes money unless there are huge barriers to entry and teaching helps the teacher somehow (Eg through networking, diversification of blocky income, etc – i’m thinking real estate)
Yes to relationships with thrift stores etc
Also deep understanding of trends, brand worth, sizing aspects, etc
Often a relationship with good seamstress to repair things
I have successfully (accidentally) done arbitrage on designer bags, but I know their value and can spot a bargain, which is hard to do and bargains are rare – most consigners have good relationships with wealthy clients looking to offload their items, good repute with buyers/sellers, etc.
If you are passionate about fashion consider some other related aspect