Lots of microeconomic truths here. My niche for 18 years was liquidation of one women’s underwear brand, until they disassociated with me, due to them deciding I was a competitor and not a partner. Now I’m in a position where all my money is going to paying off the monthly interest on my loans. I’m working just to keep up with the interest payments. Balances are not going down at all and everyday I have a little less inventory. It’s a scary corner I’ve backed myself into. I’ve been using this business to pay my mortgage for 12 years and my house has doubled in price. I’m getting older so my plan is to sell, pay off all debt, rent, invest about 400k that’s leftover and use my revenues to go to the casino. WSOP is my next gamble😬
This is tremendous insight! We have been moving toward value - focused inventory, and reducing overall inventory figures. This video makes so much sense in why we have been struggling when I just bought every new thing that got released! Thanks for sparking the great thoughts!
Great information, thanks. Along the same lines, another thing that works for me at a storage unit I rent is that I have fixed shelf units etc. along the walls and rolling shelf units packed in the middle. So the square footage is maxed because when I open the door I can't walk in. So I roll the racks out in front of the door and the whole space is open. The only drawback is that the weather has to cooperate.
i guess i don't quite grasp the concept of needing more space for the sake of having more space. like i don't understand this yet but will in a few years lol. i do get the part where people consider themselves profitable only because they do make money on the stuff they sell, but then hang on to old crap and refuse to take a loss so they won't be wrong and that's obviously stupid and leads to a life of clutter and wondering where your $ went
Mostly good advice, but I advise being careful not to take on bigger fixed expenses for the sake of an arbitrary standard of "more space." In 40 years of brick and mortar business, my biggest and most costly failures were centered around scaling up building size and expense, then finding I couldn't scale up the business model to meet the higher expenses. Economic downturns exacerbated the harsh results of outgrowing my profitable niche.
Why donate it? Mark it down, try Chris' SOLD method first. I learned a lot from forcing myself to make bad items sell. If you can sell bad items, you'll do very well with good items.
Business masterclass here!
Lots of microeconomic truths here. My niche for 18 years was liquidation of one women’s underwear brand, until they disassociated with me, due to them deciding I was a competitor and not a partner. Now I’m in a position where all my money is going to paying off the monthly interest on my loans. I’m working just to keep up with the interest payments. Balances are not going down at all and everyday I have a little less inventory. It’s a scary corner I’ve backed myself into. I’ve been using this business to pay my mortgage for 12 years and my house has doubled in price. I’m getting older so my plan is to sell, pay off all debt, rent, invest about 400k that’s leftover and use my revenues to go to the casino. WSOP is my next gamble😬
Your videos are helping me build my business so much!
Thank you.
This is tremendous insight! We have been moving toward value - focused inventory, and reducing overall inventory figures. This video makes so much sense in why we have been struggling when I just bought every new thing that got released! Thanks for sparking the great thoughts!
Great information, thanks. Along the same lines, another thing that works for me at a storage unit I rent is that I have fixed shelf units etc. along the walls and rolling shelf units packed in the middle. So the square footage is maxed because when I open the door I can't walk in. So I roll the racks out in front of the door and the whole space is open. The only drawback is that the weather has to cooperate.
Just completed my first lesson in reselling yesterday and now back to square 1 😂 Thank you for putting it all in a video so I can save it 🙏
Thank you, Chris - great advice, as always.
So ture!! Omg!! My big mistake 💯💯💯🔥🔥🔥
The Apple analogy was Perfect
Good stuff❗️
Top notch‼️
Thanks!
Make sense!!! Thanks!
Great information. Much needed as I am sorting through and purging. Thank you
Hello Chris.
I needed to hear this today
My issue right now!!! 😢 Thank you Chris!!❤ Pjm923
i guess i don't quite grasp the concept of needing more space for the sake of having more space. like i don't understand this yet but will in a few years lol. i do get the part where people consider themselves profitable only because they do make money on the stuff they sell, but then hang on to old crap and refuse to take a loss so they won't be wrong and that's obviously stupid and leads to a life of clutter and wondering where your $ went
70% you just break even? 30% is profitable? Please help me to understand how that works.
Mostly good advice, but I advise being careful not to take on bigger fixed expenses for the sake of an arbitrary standard of "more space." In 40 years of brick and mortar business, my biggest and most costly failures were centered around scaling up building size and expense, then finding I couldn't scale up the business model to meet the higher expenses. Economic downturns exacerbated the harsh results of outgrowing my profitable niche.
The advice is being profitable with half your existing space first, not getting bigger space…
I'm pretty sure that this is what he was talking about
❤❤❤❤
I was buying and buying and listing or listing slowly. I have a room full of death pile inventory. Should i just donate everything and start again?
Why donate it? Mark it down, try Chris' SOLD method first. I learned a lot from forcing myself to make bad items sell. If you can sell bad items, you'll do very well with good items.
@@criticalmass1884You nailed it
eBay’s endless MC011 suspensions destroying small and large sellers since 1999
🔥🔥🔥 advice! Thank you Chris 🙏 ❤ Pjm923