Thank you for this video ! I didn’t even know the name of this income stream, it’s actually the first time I saw a small buisness owner talk about it ! I have a few questions that came to mind : did you have to rise your prices a little to make up for the 50/50 profit? . And did you sign a contract with the shop owners or made some sort of agreement to seal the deal ? Thank you 🥰
You're welcome, Bianca! I didn't know it either, but glad I came across it! For the greeting cards I consign, I do not charge higher than my usual amount. Luckily, I I'm still able to make some profit even if it's halved. I sell them currently at $5 but I've seen people sell for $6 (it makes me nervous to think of whether that price might start turning ppl away or not...but maybe will think about it later in the future). But if there's something you want to sell as consignment and you think it's still at a good price point where people would buy, I say go for it! And as for contracts, I haven't signed any formal contract with any of the shops I consign with. They're pretty small shops / coffee shops and it's kind of more like a casual agreement that they'd work with me. However, one shop has started asking me to write them invoices for every time they write me a check to indicate how much product has sold in that given time period for their bookkeeping purposes. I think having a contract would be super helpful, though you might be the one to come up with that if you rly wanted it! I'm sure the bigger stores probably will require you to sign a contract. I hope that helps!
Thank you so much for creating this video and sharing your experience! I’m still new and have only done wholesale with one shop. But as for consignment, one question I have is what happens if items are damaged or stolen? I’m guessing as the maker we accept those losses?
Hi Danielle, I'm glad you found the video helpful! Unfortunately it generally would be the maker/small business' loss, however depending on the shop / manager, they might compensate you if they had the knowledge something was stolen. I think it depends on each shop you work with (I'd ask about this if you're just starting to work together to make sure). I currently have ACT insurance which I use because I go to outdoor markets, but I know it provides protection for my products so I'm not sure if that might come in handy should I get anything stolen or damaged!
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Thank you for these information ❤
You're welcome!
Your videos are always best ❤
Thank you so much! ❤️
Thank you for this video ! I didn’t even know the name of this income stream, it’s actually the first time I saw a small buisness owner talk about it ! I have a few questions that came to mind : did you have to rise your prices a little to make up for the 50/50 profit? . And did you sign a contract with the shop owners or made some sort of agreement to seal the deal ? Thank you 🥰
You're welcome, Bianca! I didn't know it either, but glad I came across it! For the greeting cards I consign, I do not charge higher than my usual amount. Luckily, I I'm still able to make some profit even if it's halved. I sell them currently at $5 but I've seen people sell for $6 (it makes me nervous to think of whether that price might start turning ppl away or not...but maybe will think about it later in the future). But if there's something you want to sell as consignment and you think it's still at a good price point where people would buy, I say go for it!
And as for contracts, I haven't signed any formal contract with any of the shops I consign with. They're pretty small shops / coffee shops and it's kind of more like a casual agreement that they'd work with me. However, one shop has started asking me to write them invoices for every time they write me a check to indicate how much product has sold in that given time period for their bookkeeping purposes. I think having a contract would be super helpful, though you might be the one to come up with that if you rly wanted it! I'm sure the bigger stores probably will require you to sign a contract. I hope that helps!
@@Tiramaesu_Thank you for the answers! I will save this video for later ☺️
Happy to help! 😊
Thank you so much for creating this video and sharing your experience! I’m still new and have only done wholesale with one shop. But as for consignment, one question I have is what happens if items are damaged or stolen? I’m guessing as the maker we accept those losses?
Hi Danielle, I'm glad you found the video helpful! Unfortunately it generally would be the maker/small business' loss, however depending on the shop / manager, they might compensate you if they had the knowledge something was stolen. I think it depends on each shop you work with (I'd ask about this if you're just starting to work together to make sure). I currently have ACT insurance which I use because I go to outdoor markets, but I know it provides protection for my products so I'm not sure if that might come in handy should I get anything stolen or damaged!
@@Tiramaesu_ yes I’d definitely ask to see what the shop says about loss/theft when I get the chance to do this! Thanks for answering 💛