Greetings!
Finding the Stuff.
I’ve always been a collector and a spender when it comes to finding treasures at thrift stores, pawn shops, antique stores, etc. I am usually very conservative with my spending and this has both furnished our house as well as brought some goodies to our store. The first items we listed on eBay were items we had around the house. Once we felt like we sort of exhausted our inventory options there we decided to take out some money to go shopping for inventory. Antique stores are ok as long as they are not super prissy high end stores - they might have some stuff in a box in the corner here and there that is cheap, but this is probably not ideal. Pawn shops are probably a “no no” since they are already doing what you are trying to do with your store, flipping items for more than they paid. Thrift stores can be hit or miss depending on what you are looking for and what kind of a thrift store it is. If it is a smaller, non corporate thrift store - excellent. Corporate stores seem to have become savvy to what we are doing and are jacking up their prices on vintage and antique items, however you can still do pretty well at thrift stores and if you live in a more rural area (like us) and especially in an area with harsh winters (like us) you will need to do some thrifting because yard sales just won’t be available. Yard Sales and Garage Sales are hands down the best. You might go to 10 yard sales and only buy something from 1 of them, but if you find just 1 item at 1 yardsale that you pay under $5 and sell for $30 to $200, it was worth it in my opinion.
The kinds of items I look for personally when I'm out hunting are antiques and vintage stuff. Vintage to me is anything earlier than 2000. I think there is value to be found in nostalgic 1980s and 1990's stuff ... and fashion value in clothes. Anything older than the 1980s I'm REALLY interested in. I will look for appliances, toys and nick knacks that have the original box and are still in working condition. I've found that sporting goods, camping items, nautical themed, hunting or animal themed stuff is all pretty good. Stuff with a brand name, nice advertising and a date are always great. If I find something that is just strange or bizarre I will absolutely pick it up. The more unique and interesting the better. Don't be afraid of an item just because it has a little rust or some cobwebs on it ... you can research ways to clean items and that item that most people are passing up because it looks dirty could be your honey pot!
If you have a smart phone I would try to (covertly) research all items before you buy them to see what they are selling for (not just what they are listed at). Sometimes a yard sale seller will see you on your phone and call you out as a reseller and that instantly makes the negotiating less successful. So just try to be a little subtle with your researching while holding the item in your hand.
Profit Margin. Buy it Now with Best Offer.
Ideally I'm looking to make 15 to 30 times more than I paid for an item. So if I pay $1 for an item, I am planning on listing it for a minimum of $14.99. Depending on the item I might list a $1 item for $199.99 with the Best Offer in place. It really depends on the item. After that I am usually hoping to make around 75% of my asking price. If the item is still pretty new in our store and someone offers me less than 50% of what I'm asking ... I will usually give them a courtesy counter offer which is closer to my asking price ... and in most cases they never accept. We haven't had much luck with counter offers so far. Basically ... if you think their offer is pretty close to what you want, and you are making a profit of $20+ on the sale and you are ready to let the item go ... I'd say you should consider accepting it. If you get super picky over negotiating over $5 on a $30 item ... you will more than likely lose the sale and that item might be lurking in your store for 8 months and you are kicking yourself.
Once in awhile you don't accept a best offer ... and then the next day someone pays you full price for the item. You just never know ... you have to sort of just start listing and selling to get your own flow and your own idea of what you are comfortable selling for and accepting. If someone is giving you a really low-ball offer ... chances are they are a reseller like you who sees a value in your item and wants to sell it in their store for the price you are asking ... don't give in to these fools!
There is no written law about how much to spend on an item and how much to sell it for. It's on a 'per item' basis. When in doubt list higher than you think it's worth just in case it's a real gem!
Happy Hunting!
The eBay Freshman
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