Dirt Cheap just closed all of their stores in TX except one and I’m not surprised. They were a bin store and then they decided to go all over the place with pricing
Thank you for being transparent with these numbers! Been thinking about bin store but really needed to know the potential profit after all expenses. You helped me out quite a bit
Thank you Tom, I love watching ypur videos, I'm a retail seller on ebay but I want to get a flea market. But I'm thinking about getting into a bin store in the near future, so thank you for all you're videos, I'm getting a lot of information's. Keep up the good work!😊
KISS is a great NY term. It's true %100. You Mentioned you started at the flea market. We would love to know more. Starting in flea markets is the way we would like to dip our toes into the reselling market. Just not 100% certain the best way to do so. From a fellow New Yorker now residing in the south, thanks for all the informative videos you do. Greatly appreciated.
What about security cameras fee, cleaners, recycled boxes pickup service, taxes? Hard to see the profit with so many expenses plus all the physical work for tiny income.
Hello Grant Carrington! I’m Roma, Tom’s Assistant. On behalf of Liquidation Motivation, I want to thank you for your engagement on our channel. Questions like yours are what makes our community strong. I say this because there are others that may have that very same question. I know that Tom loves sharing the answers live on the air so we can all learn together, so I will be sure that he answers it this week!
I’m disappointed to hear that in a month, with all that work, you only make 6 grand a month. I thought for sure that more money was in it, sure it sounds ok a year but that’s a lot of work for only 6 grand. I spend this much money monthly on living expenses. I’m sure I can cut it down dramatically but I guess I’ll just shop at the bin stores lol not opening one.
A cool video idea would be if each person who works is put on camera, says their name, work title, and says something nice about working like a behind the scenes movies crew
Based on the breakdown, your expenses are $37,472 my man. That would only put you at a $2k profit. I appreciate the time you have taken to share this information. Very helpful to know before jumping into this kind of business venture. - Flippin Aint Easy
@@LiquidationMotivation You should probably correct that. I calculated $1,976 profit per month which is less than a 1/3 of your original number. If someone owned a bin store they would make only 23712 per year which you could qualify for welfare on that amount. All that work for just that amount, that sucks.
The trick here is not the expenses, its how much is he making on the inventory, he is only making 68% profit from 23.5K inventory, in this type of business you should be able to make easily 100% profit if not more, if you do the math on 100% minus the expenses you will be making $9,628.00 of profit, also keep in mind 2 things: 1- The store is in a small town which has only 15k population. 2- He is already making money on the inventory because he is selling it from his wholesale store to his Bin stores.
It’s a very risky business because you can’t control your expenses like what he said Rent you very hard or maybe impossible to get store as much space 10000 sf just for less 40 cent a square foot Also payroll you need to hire a cashier more than a full time because you will need to open 7 days a week also need a manager for full time Also need someone to clean a bins and fill in the bins it’s really hard work Also you can’t control the risk of selling your items because everyday has different prices so you can’t control it Because you don’t know which day you going to sell more It’s a risky business and waste your money and time and you going to loose your money 😢😢😢 You need to sell more than $100.000 to make a profit
Hi Tom, do you have an interest in opening a bin store franchise starting with the first one in Charlotte area NC? If so, please do let me know and get in touch. Thank you
You’re right. There is a prepaid expense in this compilation of what was spent in a month at an average bin store so profit is actually more. But It works out at end of year. this a great video to give the newbies an idea what it costs each month from an actual store. Great video Tom!! Very realistic info for your size stores.
hello liquidation motivation, im investigating how to open one here in puerto rico, just need the contact to buy the pallets or the meschandise and then find a place to start, i own a restaurant here in puerto rico to, if your looking to expand out of united states let me know, nice video att raul mirabal
I’m sorry, but based on your numbers, your math is wrong. Your profit is much less. Cost are $36,472, monthly profit $2,976, annual profit $35,712, based on my calculation.
Is this a test to see who is paying attention? lol your math is wrong! Your numbers add up to $37,474.00 for Total Expenses Take that from your Gross Revenue of $39,448.00 that leave you with a Net Profit of $1,974.00 Than you have to figure your Income Tax into the picture at around 25% so your actually left with $1,480.50 after tax's. Still a nice chunk of extra change...…. Especially if you have several locations doing this each month, as well as other sources of income coming in. P.S. Remember to change batteries in your calculator! Lol
I was just wondering about that. I currently do not even accept credit cards in a day of Zelle, Cashapp, Vinmo, Google Pay and that Apple one I don't see the need. However, I do nto run a retail Bin store either.
@@robsdeviceunknown people feel zelle, Venmo, cash app are shifty in a retail environment. And since he doesn't take cash he cannot add a fee for credit cards, if you accept cash then you can charge a cc fee.
Thank you for this business feedback but you are saying that you are doing $6400/month profit?....$213/ day??? 😂😂😂😂 It's a joke. I think you are trying to discourage competition!! you are a businessman and I don't believe a word of the numbers you give. I did the numbers. Way Far from what you say!!!
Love this info though so thank you for sharing. I'm looking to open a bin store because there's none in my area so I'm hoping it will do well. Still early in the planning phases! What is the link to your Facebook group, I'd love to join and learn from others?
![[SFM] Risky Recital](http://i.ytimg.com/vi/RzNkY1_Nk3o/mqdefault.jpg)
Dirt Cheap just closed all of their stores in TX except one and I’m not surprised. They were a bin store and then they decided to go all over the place with pricing
Thank you for being transparent with these numbers! Been thinking about bin store but really needed to know the potential profit after all expenses. You helped me out quite a bit
You and Valet Stories are great.
Both of you talk about your businesses and love it.
wow I wish locations around here had rent like that! Most places in my city charge $1/SF/Month net rate.
Great video Tom, Very informative!
Thanks 👍
Thank you Tom, I love watching ypur videos, I'm a retail seller on ebay but I want to get a flea market. But I'm thinking about getting into a bin store in the near future, so thank you for all you're videos, I'm getting a lot of information's. Keep up the good work!😊
awesome! entertaining and informative!
Made because of Jon and Ashley! Great concept!
I need help finding suppliers/inventory in Utah
KISS is a great NY term. It's true %100. You Mentioned you started at the flea market. We would love to know more. Starting in flea markets is the way we would like to dip our toes into the reselling market. Just not 100% certain the best way to do so. From a fellow New Yorker now residing in the south, thanks for all the informative videos you do. Greatly appreciated.
Rent is $4 a sq foot
hard to achieve that low rent in most places.
What about security cameras fee, cleaners, recycled boxes pickup service, taxes? Hard to see the profit with so many expenses plus all the physical work for tiny income.
This was super helpful, thanks.
Thank you Tom and Stan!
Thank you for this video. What do you do with the empty boxes and trash? Recycle? How?
I really really want to learn more about this. This could be great for my family.
Hi Sir! Thank you for the information. I would like to know how much bins do you have at this location?
Thank you!
Thank you 😊 great info 👍
Thank you for watching!
What condition items do you put in the bin stores? New, Like New, A/B, Returns, All of the above?
Hello Grant Carrington! I’m Roma, Tom’s Assistant. On behalf of Liquidation Motivation, I want to thank you for your engagement on our channel. Questions like yours are what makes our community strong. I say this because there are others that may have that very same question. I know that Tom loves sharing the answers live on the air so we can all learn together, so I will be sure that he answers it this week!
I’m disappointed to hear that in a month, with all that work, you only make 6 grand a month. I thought for sure that more money was in it, sure it sounds ok a year but that’s a lot of work for only 6 grand. I spend this much money monthly on living expenses. I’m sure I can cut it down dramatically but I guess I’ll just shop at the bin stores lol not opening one.
What about health insurance and other employee benefits? Is that factored in?
Great video
A cool video idea would be if each person who works is put on camera, says their name, work title, and says something nice about working like a behind the scenes movies crew
I second that
e
What about Bainbridge Georgia or Dothan Alabama?
How does pme get a hold of you? I am considering this, but i have no idea where to start.
Do you have to pay worker’s compensation and taxes? That will reduce your take home income a lot. Prob. $50k or less
Based on the breakdown, your expenses are $37,472 my man. That would only put you at a $2k profit. I appreciate the time you have taken to share this information. Very helpful to know before jumping into this kind of business venture. - Flippin Aint Easy
Yeah, i screwed that up. Profit number is correct! Thanks
@@LiquidationMotivation You should probably correct that. I calculated $1,976 profit per month which is less than a 1/3 of your original number. If someone owned a bin store they would make only 23712 per year which you could qualify for welfare on that amount. All that work for just that amount, that sucks.
Not worth all the hard work
The trick here is not the expenses, its how much is he making on the inventory, he is only making 68% profit from 23.5K inventory, in this type of business you should be able to make easily 100% profit if not more, if you do the math on 100% minus the expenses you will be making $9,628.00 of profit, also keep in mind 2 things:
1- The store is in a small town which has only 15k population.
2- He is already making money on the inventory because he is selling it from his wholesale store to his Bin stores.
hi I was told to check you out. how can I start building a relationship with stores to buy return pallets etc?
It’s a very risky business because you can’t control your expenses like what he said
Rent you very hard or maybe impossible to get store as much space 10000 sf just for less 40 cent a square foot
Also payroll you need to hire a cashier more than a full time because you will need to open 7 days a week also need a manager for full time
Also need someone to clean a bins and fill in the bins it’s really hard work
Also you can’t control the risk of selling your items because everyday has different prices so you can’t control it
Because you don’t know which day you going to sell more
It’s a risky business and waste your money and time and you going to loose your money 😢😢😢
You need to sell more than $100.000 to make a profit
I'm gonna do a small bin store of about 1000 square feet. I'm retired and don't need to make a lot of money. if I can do $1000 a month I'll be good
Hi Tom, do you have an interest in opening a bin store franchise starting with the first one in Charlotte area NC? If so, please do let me know and get in touch. Thank you
I doubt he’s interested in franchising, a lot of these bin stores are closing down. Getting too saturated.
What is the starting pay for the Manager and employees at your bin stores
where you buy truckload for bin store?
I think the profit is more coz the inventory must be at end of month more than zero,
I am a big fan of you
You’re right. There is a prepaid expense in this compilation of what was spent in a month at an average bin store so profit is actually more. But It works out at end of year. this a great video to give the newbies an idea what it costs each month from an actual store. Great video Tom!! Very realistic info for your size stores.
How do you find a trustworthy supplier that wont rip me off
hello liquidation motivation, im investigating how to open one here in puerto rico, just need the contact to buy the pallets or the meschandise and then find a place to start, i own a restaurant here in puerto rico to, if your looking to expand out of united states let me know, nice video att raul mirabal
🔥🔥🔥
I’m sorry, but based on your numbers, your math is wrong. Your profit is much less. Cost are $36,472, monthly profit $2,976, annual profit $35,712, based on my calculation.
A 10,000 square foot commercial property for under $4k per month? That's unheard of. Everything around here is $3 a square foot.
What is the FB group? It’s not even listed on your FB Page? Is it invite only, or another reason it’s so hard to find?
What’s the Facebook group I can’t find it? Thanks
Has Tom ever said what rent is for that huge location.
Sir where can u buy those untouched pallets from u that u mentioned in the video
Who is contract holder I wanna buy
I would love to talk to you about opening a store?!!
Is this a test to see who is paying attention? lol your math is wrong! Your numbers add up to $37,474.00 for Total Expenses Take that from your Gross Revenue of $39,448.00 that leave you with a Net Profit of $1,974.00 Than you have to figure your Income Tax into the picture at around 25% so your actually left with $1,480.50 after tax's. Still a nice chunk of extra change...…. Especially if you have several locations doing this each month, as well as other sources of income coming in. P.S. Remember to change batteries in your calculator! Lol
Not really especially with all of the labor that goes on. Too much work for little profit
what is the name of the FB group?
Bin store and truckload buyer coop
Thanks
Profit is $1,976
Making 6k a month is very little.
👍
Your expenses come out to $37,472 not $33,022🧐🧐🧐
Yeah, i screwed that up. Profit number is correct! Thanks
Checking which profit is correct. The one at $6000 or at $2000?
@@seandonalds8640 2,000
@@LiquidationMotivation Did you actually make around 2k or 6k that month? Have following months been similar? Great content!
It's not worth the time opening a bin store especially in Florida
In your bin stores do you charge the customer the processing fee for credit cards?
I was just wondering about that. I currently do not even accept credit cards in a day of Zelle, Cashapp, Vinmo, Google Pay and that Apple one I don't see the need. However, I do nto run a retail Bin store either.
@@robsdeviceunknown people feel zelle, Venmo, cash app are shifty in a retail environment. And since he doesn't take cash he cannot add a fee for credit cards, if you accept cash then you can charge a cc fee.
Too low margin ,, Any mistake you loose money 💰,, You almost break even ,
Thank you for this business feedback but you are saying that you are doing $6400/month profit?....$213/ day??? 😂😂😂😂 It's a joke. I think you are trying to discourage competition!! you are a businessman and I don't believe a word of the numbers you give. I did the numbers. Way Far from what you say!!!
I will update that video soon.
Love this info though so thank you for sharing. I'm looking to open a bin store because there's none in my area so I'm hoping it will do well. Still early in the planning phases! What is the link to your Facebook group, I'd love to join and learn from others?
That math is way off
What the Facebook group name?
Middle aged male
Hi, can you post your Facebook group link or name? Thank you.
🔥🔥🔥