Are you thinking of starting an online business during this pandemic but don’t know which one to go with? Consider starting an online thrift shop that is perfect for this pandemic.
What is a thrift store?
Thrift stores sell used — or pre-loved — items at a fraction of their original price. Contrary to what other people think, thrift stores do not sell rags for clothes. These items are usually in good enough condition that they can still be used by other people. In fact, a lot of items have only been used once and have already been disposed of. You might even get lucky and get an unused item with its original tag still attached. And although there are several types of thrift shops, they are all pretty much the same.
How well do thrift shops perform?
While thrift shops aren’t exactly the best way to become a millionaire, it does give you some pretty solid cash, provided you know what you’re doing.
Your bottom line will depend on how thrifty you are. See what we did there? But seriously, profit also has to do with how wise you appropriate your resources. It doesn’t just come from higher mark-up prices. Talk to any financial expert or planner, such as representatives of Jacobsen Capital Advisors, and they’ll tell you the same thing. After all, a penny saved is a penny earned.
Why should I go online?
One of the ways that you can reduce your overhead expenses and increase your profit is by selling your merchandise online.
Many thrift shops have established a strong online presence to widen their reach, especially when the pandemic hit. Some have closed their brick-and-mortar to cut down on their expenses. But just because these sellers have made it onto the digital platform doesn’t mean they’ve captured the entire market only for themselves. There is still plenty of fish left in the sea. You can still get in the game and have your own share of the market.
How do I get started?
Before anything else, you need to have a clear vision and reason why you would want to start an online thrift shop. As we already mentioned, it is not the way to millions, so if your goal is to be filthy rich, this might not be the best idea for you. However, if you want to generate extra cash or make it your primary income source, you have a pretty good chance of earning a decent amount monthly. You need to have a clear battle plan outlined.
Here are some of the things you need to do to get an online thrift shop off the ground:
Set up a decent workspace
First, you will need a place that’s big enough to house the different needs that go with an online thrift shop. You can set up your workspace in an extra bedroom, garage, basement, or attic. It has to be big enough for the following:
Typically, the main things you need to do for an online thrift shop are to
- Display your items
- Store and organize them
- Pack and prepare them for shipping
Here are the fundamental things you need to get started
- Storage boxes and racks for organizing
- Paper and printer
- Camera equipment
- Shipping supplies
Be on the lookout for inventory always
If you’re worried about where you will get your stocks, the answer is pretty simple: they’re everywhere. In your closet, your storage, flea markets, estate and garage sales, and even online. Keep your eyes peeled everywhere you go.
Set up a system that works best for you
When it comes to business plans, there is no one-size-fits-all approach. Each establishment has its own unique system that’s best suited for the company’s culture and goals. Similarly, we can’t tell you how to exactly run your business. It will boil down to what your goals are, what your timeline is, and what situation you’re in. But it is still recommended to follow the typical business practices and ethics and slightly tweak them to conform to your needs.
Have a regular shopping schedule
No matter what you put in your business plan, you will need to find time for shopping for inventory. Setting aside regular time to look for stuff to sell ensures your shop will always have an ample supply and never run short.
Connect with your target market
It is important to know your target market and what they’re looking for, especially if you’re going after a niche market. Connect with them using social media and see the things they’re into and the latest fashion trends.
On top of that, you need to establish a strong online presence to remind your audience of your brand. Out of sight, out of mind. You don’t always need to sell to them. You need to come up with creative and effective content that will keep you at the top of their heads.
One last word: your success won’t come overnight. It will be an uphill climb at the start but keep pressing forward. Once you gain enough momentum and learn the business’s ropes quickly, things are bound to get better and easier.