what's up guys welcome to episode two of the resar podcast season two where we are helping Le Les build a $1,400 a week profit business today we're going to discuss how to find the most profitable model so I'm going to ask Les a whole bunch of questions just get a feel of what she likes so far so so far you've listed on four different platforms we've done Consignment you sold an item on Facebook Marketplace you've met people at the bins that will you can sell stuff too so what do you think so far of those different ways of earning money Consignment is definitely if you want money immediately it's a really good way uh my struggle is that sometimes in Consignment I'm like oo I know this item would sell more on Depot Poshmark online but it's the thing about just selling it immediately um so I feel like that's kind of been a little bit of a internal struggle of mine um Facebook Marketplace I feel like it's been an amazing way that I'm going to utilize that now for for example I listed a lot of baby clothes so now I'm going to use that as like cuz I buy boxes at the bin so now it's going to be like okay I'm going to do these little lots of the baby clothes and then that'll cover like gas laundry lunch expenses yeah so I'm going to clarify two things one she said Consignment boxes you can get pallets at Goodwill and um that's one thing so you can go to Goodwill and buy bulk most Goodwills have that option and every single Goodwill is different so not every single Goodwill have the same options are different even at the ones we going to they are different prices depends on who's working everything is different um second thing is the consignment shops that we are going to give three options one option is they give you cash up front yeah the other option is they can consign it and give you percentage of what it sells for they haven't even really offered that but they have that option and then the third one is store credit and I was thinking she did go to one store that ran out of cash and they only wanted to do store credit I think in that scenario maybe they will give a a little bit more maybe you do look around the store and see can you trade up can you show up with like 10 different items and leave with five better items I don't know but that store they have too much stuff so maybe in that scenario where stores are overpacked you can get even better stuff to trade up yeah and also because the store credit it usually ends up being it's 50% of your order so it is more than the cash that they give you and if you guys watch it on uh on YouTube if you watch pawn shops or whatever they're always like give you 300 store credit or 200 cash and people are really motivated to take that store credit and I think that people end up not having store credit used I have a Buffalo Exchange car with $500 on it that I've never used I don't even know where it is so what a waste I just essentially donated my items at that store I think owning a shop is another model that you could aspire to um Les could like if she wanted to own a store she could figure out she figure out like the bank what they need for a small business loan to open a store rent for a year all the fixtures cash register open right you can go that route or you can try to self fund one and organize your way up into that there's so many different ways of um setting up a different model so I always recommend depends on where you are um we live in the Bay Area there are 200 thrift stores there are Goodwill bins so for you do you think that thrifting would be a model that you would consider like going to 200 stores a day and just looking for $50 plus items cuz the prices are so high um I definitely need to take a visit to the bins in San Francisco because there are a couple Tik Tok videos that pop up on my feed and it's this guy he goes to the bins like every day but his bins have like items it the ones that I go to it's just clothes the bins that he goes to it's they have like a bunch of items and then also shoes and he makes the most profit from like solid items like plushies toys like electronic yeah and so if if I had a little bit more like accessible to maybe a wide variety of things yeah um but as of right now I feel like the bins that like I go to it's just really the clothes but I feel like a like having a really wide variety like I would maybe visit like 200 stores okay it it it is something to consider is thrifting dead I don't think so you can find great pieces to wear for yourself still um selling for Profit just requires a more Discerning Eye um I also think that Consignment really works if you are buying to resell and using store credit to buy cuz it's kind of overpriced to begin with at the beginning so if you have some store credit you're really getting a 50% discount on the item so you're not paying 30 you're paying 18 or 19 for the it yeah so you do get a little bit of a better price on it and if you a lot of people don't really have 40 bucks 60 bucks to buy something so like those stores those items are sitting so if they mark down a diesel jacket from 60 to 30 you can buy it for 20 now selling it on eBay for 80 now you're like in a really good situation at Savers they give you like a 30% off coupon or 15% off coupon if you donate something oh so people will like go donate a whole bunch of junk that they shouldn't have bought get the coupon go in and buy stuff that they should buy okay so different models different strategies depends on where you live how much money how much space earlier on our live somebody asked I have this much space I have this much money what should I do and when do I know when I'm ready for a new space you run out of space right now Les has this tiny corner of my warehouse when she's running out of room have to decide does she need to get her own space does she need to sell more expensive items what does she do next um so this is a really really important stage so I recommend you stick with something for a while before you change it we're going to do a twoe trial right now of less doing the exact same schedule yeah um but I do think that this is probably going to be the schedule it's pretty close to the schedule that'll be the rest of the year except for I don't know which store she's going to I do know that it's really nice that it's week two and she's already profitable and I like that Trend but I just want to decrease these Consignment items and increase the online store items so she can get more per piece cuz what I'm seeing is that she doesn't have more time to go to the bins she goes twice a week that's already so much like I can't imagine her going four times a week now she's like no life and all she's doing is working I don't know if that's a it becomes a little bit harder going to the bins with Consignment especially because even even though on Crossroads um they have an app which you can add your name beforehand on the wait list even then I've been adding my name beforehand but still having to wait like an hour and a half when I'm literally like when I'm there so yeah so just make sure you understand your model where you're at how much you're trying to get for each item how much face you have how much Capital you're working with how much time you're spending on the business but I usually recommend sourcing most of the time you're in business less as two full days of sourcing and processing that is I think what is required and I don't think that's going to change much over the six-month experiment for sure all right guys just plugging our first live event is going to be July 27th at 8:30 in the morning in Oakland California so check out the website daily retirement.com shoot me an email chrisad daily rein.com come to the event learn how to do it in person I'm really enjoying showing less how to do this in person it's a lot more enjoyable than doing on Zoom so see you guys in a couple weeks bye bye