In today's episode, Whitney & Nicole discuss how to find inventory for your vintage shop and manage it with tracking systems and good storage.
Shop Talk is a livestream discussion for sharing tips and encouragement for online vintage sellers. New episodes launch monthly on Instagram, and replays are posted on KZread.
Follow Whitney on IG at @thrifty_whitney and Nicole at @vintagehavenshoppe for updates, seller tips, and antique sales.
DEVELOP A NICHE:
Decide what kind of inventory you want to sell: size, style, price range, period (midcentury, Victorian, etc.), and try to be intentional when you are out sourcing inventory.
BEST SOURCES FOR ANTIQUES:
- Antique stores: Bring your Retail Tax ID form, ask about dealer discounts. *Cash can often give you a better discount - each antique store / mall is different.
- Auctions: In-person live auctions and online auctions (i.e. AuctionZip, Auction Ninja, HiBid, MaxSold, Equip-Bid, ProxiBid, AProBid)
- Estate Sales: estatesales.net is a great resource - you can search by zip code and create a custom radius of how far you are willing to travel. *Bundling is key - you may get a better deal on the lot. Last day is usually discounted. *Bring cash.
- Garage sales *Bring cash
- Facebook Marketplace: for in-person pickups / meet-ups, and shipping options
- Facebook Groups: join local groups (town, county, regional, etc.) to see if anyone has things they would like to sell, and are not listing on Marketplace.
- Private picks: learn how to negotiate, ask for pricing (bundle where applicable). *Bring cash, gloves, and a flashlight.
- Flea Markets: look for local markets at churches, recreational centers (sometimes Elks Lodge, high schools, and fire houses host indoor flea markets), antique malls, etc. *Bring cash
- Large outdoor markets / antique shows: Brimfield (MA), Elephant’s Trunk (CT), Springfield (OH), Sparks (KS), 127 Yard Sale (MI to AL), Round Top (TX), Rose Bowl (CA) - there are tons nationwide. Highly suggest looking for markets in your state / region. *Bring cash
- Thrift Stores: Goodwill, Saver’s, Unique Thrift, 2nd Avenue Thrift, etc., Church thrift stores, Salvation Army, Habitat for Humanity ReStore
PROFIT MARGINS:
- Set up a personal “formula” or budget per item type
- Create your own resource / database on how much you can sell the item for (based on other shops, ebay sold listings, personal sales, etc.)
- Sources for looking up comps: ebay sold listings, Worthpoint (subscription)
- Take into consideration - how long will this item take to sell, how much capital can you afford to tie up in the item, does it require time to clean/repair/launder
INVENTORY TRACKING
- Digital tracking - Create your own Excel spreadsheet, or look into online software (Shopify, My Reseller Genie)
- Pad & pen records with loot shoot photos
- What to track: item name, date purchased, location of purchase, purchase price (basics - can expand upon these as needed)
- Use SKU#’s for items if helpful for you to match up the item to your spreadsheet.
STORING INVENTORY
- Bookcases, metal wire racks, boxes / totes - whatever works for you.
- Pack up like-items (seasonal / holiday) in boxes / totes to clear up some space and visual space.
- Organize like-items together, i.e. canning jars, quilts, brass items, butter pats, etc.
- Create a space for items that have been listed.