Learning As I Go

Just completed a full year of reselling online I am still learning the ins and outs.  I am learning how to use social media to grow sales.  I just recently started an Instagram account for Big Woods Vintage.  Learning how to use it to share listings, share recent finds, and growing my business.   I am not comfortable in front of  camera, I do not know how to edit videos, I am still learning how to use my camera and my phone camera is a work in progress.  If you have any recommendations or suggestions for learning these skills leave links in the comments.

Reselling is a constant learning curve.  Not everything you pick will sell nor sell for a profit.  Not everything has a fast sell through rate.  Not everything picked is worth what you paid for it, a constant learning curve.  Also, learning to really exam each item carefully for defects, I still miss a chip or crack.

Learning how to price items effectively based on platform performance and sold comparisons.  I have heard from other resellers, never list an items for less than what your willing to take for it.  Meaning if you have an item you paid $5 for it, don't run an auction starting at $1, especially if it usually sells for $50, start it at $20 or more if that is the lowest amount you are willing to let it go for.  Same is can be said for listing on a non auction selling site.  I am learning to price items to keep them competitive with other listings. 

I am learning to find the right amount of items listed that is manageable for me.  I don't have a ton of room to store lots and lots of items.  I have a storage tote for my Etsy listings and I have 2 18 gallon totes and a smaller tote for my Poshmark listings, so far this has been manageable.  What has become unmanageable is the new inventory I have purchased, I am closing in on 6 totes of items I have sourced, which has slowed my sourcing to only a few items.  

Lastly, learning all about profits and hidden costs.  Hidden costs cut into profits, packing materials/shipping supplies, additional transaction fees i.e. credit card payments.  I am learning to include the cost of packing materials into my pricing.  How may sheets of packing paper do I need, how many sheets of bubble wrap do I need, will I need an additional box for added protection.  Cannot forget about boxes, I sometimes have to buy a box to fit an items. I am learning to keep better track of my expenses, I have designated accordion folder just for receipts.  Receipt's for my finds and receipt's for my shipping materials.