February 2019 Summary

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February was a little bit of a wasted month for productivity. I spent too much again on new inventory and not enough time on actually getting items listed! Thanks, Marie Kondo, I blame you for my over expenditure, which ultimately resulted in having negative cashflow for the month of -$52.75. This is only the second time this has happened since I started recording numbers. Not a massive issue considering I also built $548.30 worth of resale inventory, this is an investment into business growth after all and will translate into many times this number in time. What it does mean however is that I did not meet my goal for additional contributions to the investment property for the month of February.

The Death Pile

So by the end of January I had successfully photographed almost all of my death pile. In February I managed to make an entirely new death pile of clothes to get listed. I couldn’t help it, it seemed like everywhere I went I was finding bargains.

The Stats

You can see the difference in this months listing stats down below.

This month was mixed. Total sales numbers were the same yet overall profit was down, the number listings were up slightly though this figure is actually a bit deceiving as the majority of listings added were in a 3 day period towards the end of the month. The total value listed grew by another $2000 which is pleasing on the whole as this figure continues to grow month to month.

Sourcing Strategy

I hit Op shops almost daily in the afternoon after work for most of the month. Recently I have had some good successes with a couple of particular items which are also new to my knowledge base. I can’t reveal these just yet as they are a BOLO of sorts still at this point in time, and lately, I have been finding quite a few. Get while the gettings are good.

What I realised during February, however, is that I need to begin to automate some of my sourcing to begin to scale. Op shops are great and I found some really nice items this month with some great ROI’s, but, I am one person with a finite amount of time. I have not even been using Gumtree and Facebook marketplace to source items (which I used to some time ago) and so in March, I will be setting up saved searches for specific items on Gumtree and Facebook marketplace to attempt to find bulk lots of higher-value items that I can easily list and turnover for decent money. This will still involve some time initially obviously with research and search string creation but once set up properly should deliver great deals straight to my inbox with regularity. I have my first test of this concept coming up early next week.

My First Defect On My Account

So my inventory system is up and running as I wrote about last month. This month I sold a book for a grand total of $7, a Pokemon MewTwo Golden Book, and I just couldn’t find it. It didn’t have an SKU, it was from the pre-inventory management era.

I spent about an hour going through my whole storage room looking for it. I knew I had seen it but it wasn’t where I thought it should have been. In the end, I gave up and cancelled the order, refunded the buyer and received my first defect… Lesson learned on multiple fronts right there, wasted my time for $0 and simultaneously damaged my business standing with eBay. Not good for a $3 profit.

Everything going forward will have its location entered in the SKU. I can’t have this happen again.

Business Improvement Ideas to Explore in March

March has 3 main objectives.

• Find a schedule to get those listings up! To increase sales I need to post more listings on a regular basis, simple. I will shoot for a minimum of 5 per day.

• Explore more sourcing ideas. Recently I came across an extremely cool looking hat on eBay. Intrigued I clicked on the seller to see what other items he had listed. This seller was obviously another reseller from Australia and had some really great listings, I managed to glean a few ideas by simply perusing this seller’s active listings. An easy way to find ideas.

Setup search queries for Gumtree and Facebook Marketplace (if this is possible still?)

• Add some additional text expanders to my eBay Auto Hot Key script And explore how to automate the use of Sizely better. I already have the measurements to enter in (recorded while taking photos), maybe I can add some GUI buttons for specifics such as Tshirts and Jeans (my most common items). That could actually work well particularly whilst waiting for the photos to upload.

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