I guess it just makes sense that you need to buy product before you can sell it, but how and where do you get it.
There are all kinds of things to sell from big to small and new to old, for the purposes of this article we will examine how to get product for antique, vintage and slightly used items.
To make it simple in general I get my entire product from three places, auctions, garage sales, and estate sales. That’s it, sounds simple doesn’t it well in one way it is, but in reality it is not, what do you buy.
Your job is to buy product at one price and sell it for a profit, the big question now is what to sell. Ok, you have decided to with antique and vintage items, find some auctions and some sales and your set. Now is where the confusion my start setting in, what do you buy, what can you sell and how much should you pay?
I don’t think I have an answer for what to buy, because that is something you will have to figure out for yourself. What will sell for you, that’s the big question, but if you are just starting you will have no real answer. In reality just starting out is a big leap of faith in buying products and leaving others for someone else.
I did not have a clue what would sell, I just started buying stuff, older tennis rackets, used footballs, vintage typewriters, vintage lanterns, used CD’s, on and on I went. In time I had myself a pile of stuff, to me it was all good stuff, because I bought it, but could I sell it.
Well, it is my third year in this business and like most others I can’t tell you what will sell from day to day. I buy hoping someone will come along and purchase, sometimes they do sometimes they don’t, and that is the hard reality in this business.
Now think of how much you want to pay for your product. The general rule is buy low and sell high, many vendors live by the double your investment if possible and so do I as a rule.
Before I purchase the product I sell it first in my mind, giving me a starting point for what I want to pay for it, sell at 50 buy it at 25. Even if I turn out to be wrong on the price I set for myself, I need that starting point or I will for sure pay too much. In the beginning I bought a lot of stuff at a high price my first big mistake, thinking I could just put profit on anything and resell it.
Learn as much as you can on what kind of prices are being asked for the items you sell, it will not serve you well if you charge twice as much as other vendors for the same product. I started selling at Flea Markets so I visited all the Markets in my general area and took note to how things were priced. It is a good way to see what others are selling also; I like to sell different things (tip).
Two things I do when pricing an object; I will give it the going market price for that object, or set a price on how much I paid for it, that is where double comes to play. (I like double plus, pays for gas)
If you are to sell, you need to buy product and at the right price.
Not many new adventures go without clichés and this game is no different. Mistakes are plenty and profit at times seems to be something other vendors have not me (you).
I have made my fair share of mistakes and they all cost, education is never free, on the other hand I have made a lot of sales with the product that I paid the right price for, because I was able to sell it at a good price.
“set a price and throw it against the wall and see if it sticks” if not lower it until it sells…
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