Thanks for the video Isaiah! I always feel my business is similar to yours and in a similar space. I have been growing my cashflow by shopping at the bins but being very picky about my minimum profit per item. I used to pick up low profit items and try to list a bunch per day, but am moving away from that for the high profit lower volume of items. I'm slowly expanding to sources that have a higher COG but also present a higher quality of items and ASP. I agree with you that storage units can be rough with how quickly they raise the prices. I've moved multiple times to a different unity because they give a cheaper price for the same space but a different unit. I'm hoping I won't need to increase storage space as I list better items with a faster sell through and replacing them with my old low profit items that take longer to sell. Keep working at it and I always appreciate the updates!
Respects to you! It takes courage to tell the truth, so we can see the struggles of reselling and how to learn to fix it! Thankssss u da best! Keep consistency here and u might gain tonsils of followers u deserve!! I love the Questions and answers with ur wife! U guys are a great dynamic combo!!
Good video. The reason why I (and I imagine many others) enjoy your content so much is that it's so down to earth and real. No glitz, no glamour, no glorification like most other content creators - just you sharing what amounts to so many of our experiences, more or less. Thanks as always
If you owned a house with a big enough yard you could buy a shed. I just bought a 12x32. It’s the 4 building I’ve bought since I’ve had this property because my business keeps growing.
I thought i was already subbed ive been watching your videos and learn so much from your transparency. I think youtube is sharing your videos!! I first found you from technsports podcast and its one of the most enlightening. This is so inspiring thanks for sharing. Hopefully someday youtube can bring an additional 1k 🎉
Great video. Id suggest not going back to 2 or 4 buck stuff usually they are worst quality and also slow sellers. You can also increase your cash flow getting stuff that moves quicker. Just an idea idea since you have the store location put out an ad by appointment only that you buy shoes for cash maybe credit down the road. So you could get new product and they would buy some of the shoes you are trying to move already. Maybe get some of the people who are going to donate to goodwill or something but would want few bucks.
I reached my limit in storage at home and storage unit, so we got a much bigger house and have room for like 10k items at home now. I thought it would cost more, but because we moved to a bit less expensive neighborhood, we came out spending $5 less for house and $150 less from storage. $155 in my pocket every month and everything is stored at home now. The amount of errors I have shipping went to almost zero once I got everything in one house.
$1000 for storage seems excessive for where you're currently at. I'd be thinking hard about how you could possibly cut that down as much as possible or all together. Do you have a yard you could put a big shed in? Maybe a family member with a building they aren't using? I'd be getting creative. And I might try hitting yard sales and estate sales to find $50+ items for $5 or less to get that extra $30 a day. Maybe furniture flipping on Facebook marketplace. A $100 profit furniture flip would get you 10% there. Good luck
Unfortunately no yard, but there’s definitely made areas to use some resourcefulness to make it happen. I’ll be sure to keep you guys updated on how it goes as we progress through October
I'm sure you & your wife will figure it out. I'll try not to be so pushy with my opinion here as I've learned people become experts at spending or saving other people's money.....meanwhile, their money is jacked up 😅. Something to think about if the space allows. Is there a way to get any indoor sales in the store? Like a monthly Saturday indoor yardsale or sidewalk sale. I'm not sure the set-up or space allows, but just a thought.
That’s what I did here, but we outgrew it. Had to get a unit. Then we got the retail space after outgrowing the unit. Wife and I have been looking for places with 3 car garages, but they’re not super common near me. So in the meantime, we’re just consistently building up the income until the opportunity comes to get a larger place.
You said that your landlord is a good guy, so why not just explain to him your situation and asked for a discounted rent for 6 months or so? He might say, "No," but he might also say, "Yes." That would help with a large part of the money you need each month.
1000 for storage, even if its a store front, just seems steep. That would be a hard bill to pay monthly just to store inventory. I guess the upside it is a write off
Could you sell your car and buy a different one with half the monthly payment? I agree with the others that you should ditch the store and get into a cheaper space.
Get rid of the store front and get a storage unit. All that excess money is pushing back your monthly earning potential and is costing you a fortune because it's not currently compounding.
On the waiting list as we speak, surprisingly storage units are very competitive in my area (climate controlled ones, many of your shoes would separate if you tried to store shoes in the non climate controlled ones here. 200 sqft is about $300 a month. 300 sqft is $400-$550 a month. Once I cross over 2700-2800 pairs of shoes, I’ll probably need another unit which would put me over $1000 a month.) Whichever way things shake out, just gotta make it happen and increase my earning potential even further
Did you say F it up nephew? I must of heard that wrong. Only old people like me are allowed to curse on the internet. Don't think you get a pass for only using the first letter either 😅
Waaaay too much overhead and labor for that level of sales, 7 grand a month gross isn't a business that's a side hustle after you finish your W2 hours. And overhead should be a spare bedroom or $89/mo storage locker not a flipping $1,000/mo store for a fledgling business that doesn't even turn over 5 figures.
7 grand a month gross? I’m confused on how you got that. Right now I’m grossing about 180-200k a year in sales. (I did a whole video on this) From that, my cash collected (Money I can actually use) over the course of this year has ranged between $5000-$9000 a month. My storage costs $1000 a month. Leaving $4000-$8000 to pay my bills, reinvest into more inventory, supplies, etc… Idk how large your store is or how large your house is, so maybe that’s why you can fit your inventory in a spare bedroom. But I’ve personally found it very tough to put well over 2000 pairs of shoes in a bedroom and have enough space to walk through the aisles and find what you’re looking for.
Thanks for the video Isaiah! I always feel my business is similar to yours and in a similar space. I have been growing my cashflow by shopping at the bins but being very picky about my minimum profit per item. I used to pick up low profit items and try to list a bunch per day, but am moving away from that for the high profit lower volume of items. I'm slowly expanding to sources that have a higher COG but also present a higher quality of items and ASP. I agree with you that storage units can be rough with how quickly they raise the prices. I've moved multiple times to a different unity because they give a cheaper price for the same space but a different unit. I'm hoping I won't need to increase storage space as I list better items with a faster sell through and replacing them with my old low profit items that take longer to sell. Keep working at it and I always appreciate the updates!
Respects to you! It takes courage to tell the truth, so we can see the struggles of reselling and how to learn to fix it! Thankssss u da best! Keep consistency here and u might gain tonsils of followers u deserve!! I love the Questions and answers with ur wife! U guys are a great dynamic combo!!
Good video. The reason why I (and I imagine many others) enjoy your content so much is that it's so down to earth and real. No glitz, no glamour, no glorification like most other content creators - just you sharing what amounts to so many of our experiences, more or less. Thanks as always
You got this! Keep trucking. Maybe that extra $1000 will come from TH-cam eventually
100%
Man, this is the truth. This is how reselling and real life bills really are. I appreciate this real life and representation of reselling.
Locking in and dropping a comment for the algo
If you owned a house with a big enough yard you could buy a shed. I just bought a 12x32. It’s the 4 building I’ve bought since I’ve had this property because my business keeps growing.
I thought i was already subbed ive been watching your videos and learn so much from your transparency. I think youtube is sharing your videos!! I first found you from technsports podcast and its one of the most enlightening. This is so inspiring thanks for sharing. Hopefully someday youtube can bring an additional 1k 🎉
Goodbye store. Rent a larger home. Use the savings to pay off your car. There is your thousand. Create a saving for security. Then grow
Great video. Id suggest not going back to 2 or 4 buck stuff usually they are worst quality and also slow sellers. You can also increase your cash flow getting stuff that moves quicker. Just an idea idea since you have the store location put out an ad by appointment only that you buy shoes for cash maybe credit down the road. So you could get new product and they would buy some of the shoes you are trying to move already. Maybe get some of the people who are going to donate to goodwill or something but would want few bucks.
keep grinding you will reach your dream
Just keep going ❤
I reached my limit in storage at home and storage unit, so we got a much bigger house and have room for like 10k items at home now. I thought it would cost more, but because we moved to a bit less expensive neighborhood, we came out spending $5 less for house and $150 less from storage. $155 in my pocket every month and everything is stored at home now.
The amount of errors I have shipping went to almost zero once I got everything in one house.
Love the videos! Go threw clothing and bags, etc, you dont want anymore and list it! (Thats what im doing)😅 And look for a cheaper storage unit.
$1000 for storage seems excessive for where you're currently at. I'd be thinking hard about how you could possibly cut that down as much as possible or all together. Do you have a yard you could put a big shed in? Maybe a family member with a building they aren't using? I'd be getting creative. And I might try hitting yard sales and estate sales to find $50+ items for $5 or less to get that extra $30 a day. Maybe furniture flipping on Facebook marketplace. A $100 profit furniture flip would get you 10% there. Good luck
Unfortunately no yard, but there’s definitely made areas to use some resourcefulness to make it happen. I’ll be sure to keep you guys updated on how it goes as we progress through October
I'm sure you & your wife will figure it out. I'll try not to be so pushy with my opinion here as I've learned people become experts at spending or saving other people's money.....meanwhile, their money is jacked up 😅. Something to think about if the space allows. Is there a way to get any indoor sales in the store? Like a monthly Saturday indoor yardsale or sidewalk sale. I'm not sure the set-up or space allows, but just a thought.
Could you rent a larger house and bring your inventory home?
That’s what I did here, but we outgrew it. Had to get a unit. Then we got the retail space after outgrowing the unit. Wife and I have been looking for places with 3 car garages, but they’re not super common near me. So in the meantime, we’re just consistently building up the income until the opportunity comes to get a larger place.
You said that your landlord is a good guy, so why not just explain to him your situation and asked for a discounted rent for 6 months or so? He might say, "No," but he might also say, "Yes." That would help with a large part of the money you need each month.
can you not reduce your expenses further? find a cheaper store/unit? Or open the brick and motar store get in person sales!
1000 for storage, even if its a store front, just seems steep. That would be a hard bill to pay monthly just to store inventory.
I guess the upside it is a write off
💯 🔥
New follower here. Do you need to promote at high % to do great sales ?
I would not stop myself from buying 10 pairs of shoes if they are good.
Could you sell your car and buy a different one with half the monthly payment? I agree with the others that you should ditch the store and get into a cheaper space.
Get rid of the store front and get a storage unit. All that excess money is pushing back your monthly earning potential and is costing you a fortune because it's not currently compounding.
On the waiting list as we speak, surprisingly storage units are very competitive in my area (climate controlled ones, many of your shoes would separate if you tried to store shoes in the non climate controlled ones here.
200 sqft is about $300 a month. 300 sqft is $400-$550 a month. Once I cross over 2700-2800 pairs of shoes, I’ll probably need another unit which would put me over $1000 a month.)
Whichever way things shake out, just gotta make it happen and increase my earning potential even further
Dude that's not enough just go for 1k per day and you should fall around $600 a day by next year
Did you say F it up nephew? I must of heard that wrong. Only old people like me are allowed to curse on the internet. Don't think you get a pass for only using the first letter either 😅
I would never! Mustve been an editing mistake. Corrupted audio or something! 😂😂😂🤐❤️
$1,000 per month storage ? wow !
Waaaay too much overhead and labor for that level of sales, 7 grand a month gross isn't a business that's a side hustle after you finish your W2 hours. And overhead should be a spare bedroom or $89/mo storage locker not a flipping $1,000/mo store for a fledgling business that doesn't even turn over 5 figures.
7 grand a month gross? I’m confused on how you got that.
Right now I’m grossing about 180-200k a year in sales. (I did a whole video on this) From that, my cash collected (Money I can actually use) over the course of this year has ranged between $5000-$9000 a month.
My storage costs $1000 a month. Leaving $4000-$8000 to pay my bills, reinvest into more inventory, supplies, etc…
Idk how large your store is or how large your house is, so maybe that’s why you can fit your inventory in a spare bedroom. But I’ve personally found it very tough to put well over 2000 pairs of shoes in a bedroom and have enough space to walk through the aisles and find what you’re looking for.
@@Isaiahtmnwell if I needed another reason not to buy 2,000 pairs of used footwear I guess .50ea monthly storage costs is a good one.
I got 1k for u bro u give me 30% of the profit u make off the shoes
Haha, oh I appreciate the offer, but no need. We’re on track, just need to keep pushing myself