WEBVTT 00:00:00.000 --> 00:00:02.160 Welcome back to another episode of the Reseller's 00:00:02.160 --> 00:00:04.559 Mindset Podcast. My name is Mike, also known 00:00:04.559 --> 00:00:06.580 as the Used Book Guy on YouTube, along with my 00:00:06.580 --> 00:00:08.599 friend and fellow full -time reseller, Johnny 00:00:08.599 --> 00:00:11.179 B. We help people start and grow their reselling 00:00:11.179 --> 00:00:13.580 businesses from the ground up. We also have a 00:00:13.580 --> 00:00:15.580 weekly Zoom call and private Discord for all 00:00:15.580 --> 00:00:18.460 YouTube members. Head on over to youtube .com 00:00:18.460 --> 00:00:20.820 backslash usedbookguy to join the channel and 00:00:20.820 --> 00:00:23.440 gain access to the full -length podcast, Zoom 00:00:23.440 --> 00:00:26.120 call, and private Discord today. Let's get into 00:00:26.120 --> 00:00:28.449 this week's episode. What is up, everybody? Welcome 00:00:28.449 --> 00:00:30.030 to another episode of Resellers Mindset Podcast. 00:00:30.250 --> 00:00:32.509 I got one question for Johnny today. And Johnny, 00:00:32.549 --> 00:00:35.950 where is my margin going? Because I feel like 00:00:35.950 --> 00:00:39.829 every year, everything is going up in cost. And 00:00:39.829 --> 00:00:41.609 I guess this kind of came to my mind because 00:00:41.609 --> 00:00:44.950 I shipped a box of books the other day to my 00:00:44.950 --> 00:00:47.270 grandmom because she likes the stuff that's no 00:00:47.270 --> 00:00:50.109 good for us. You know, the Clancy. She likes 00:00:50.109 --> 00:00:52.509 the courtroom drama stuff. My grandpa likes Clancy, 00:00:52.590 --> 00:00:56.030 Kessler. And I shipped it through pirate ship. 00:00:56.600 --> 00:00:58.340 Uh, they're not paying me to say their name, 00:00:58.439 --> 00:01:03.219 but who cares? Um, and it was, dude, it was expensive. 00:01:03.340 --> 00:01:06.840 It was actually cheaper to ship it ground cubic 00:01:06.840 --> 00:01:09.060 or whatever. I don't like, I don't ship a lot 00:01:09.060 --> 00:01:11.939 of stuff myself. Right. It was cheaper than media 00:01:11.939 --> 00:01:14.700 mail. And like, I don't, I haven't shipped media 00:01:14.700 --> 00:01:17.120 mail in a while. Like I remember when I sent 00:01:17.120 --> 00:01:20.019 you boxes for consignment, media mail was pretty 00:01:20.019 --> 00:01:22.319 damn expensive. Yeah. They're like 40, 50 pound 00:01:22.319 --> 00:01:26.799 boxes, but I think it's crazy how much. cost 00:01:26.799 --> 00:01:29.420 have increased over the past two years, I would 00:01:29.420 --> 00:01:32.819 say. Yeah, we can sit here and say it goes up 00:01:32.819 --> 00:01:35.579 every year, which it does. But I think the past 00:01:35.579 --> 00:01:38.239 two years, I think we're seeing a huge increase 00:01:38.239 --> 00:01:41.239 across the board with shipping, shipping supplies, 00:01:41.680 --> 00:01:45.519 just overall platform fees with promoted listings. 00:01:45.719 --> 00:01:48.439 Amazon raised their fees. There's a million different 00:01:48.439 --> 00:01:51.859 fees on these platforms. I hate to say it, but 00:01:51.859 --> 00:01:54.459 I do think it's the writing on the wall. they 00:01:54.459 --> 00:01:58.340 are going to continue to squeeze every penny 00:01:58.340 --> 00:02:01.519 out of us that they possibly can and they don't 00:02:01.519 --> 00:02:03.400 care whether or not we stay in business because 00:02:03.400 --> 00:02:05.620 there's always going to be another person to 00:02:05.620 --> 00:02:08.199 replace us but dude i don't know maybe it's me 00:02:08.199 --> 00:02:10.919 but i feel like the costs are just the costs 00:02:10.919 --> 00:02:14.439 are crazy anymore to be a reseller yeah and that 00:02:14.439 --> 00:02:16.340 kind of goes to one of our older podcasts we 00:02:16.340 --> 00:02:19.439 did with us talking about maybe you sell higher 00:02:19.439 --> 00:02:24.610 margin things because the the it catching up 00:02:24.610 --> 00:02:26.590 to those higher margin things is a long time 00:02:26.590 --> 00:02:29.189 the good old days i think of selling ten dollar 00:02:29.189 --> 00:02:31.530 items and being able to clear five bucks are 00:02:31.530 --> 00:02:35.650 long and gone um because i remember when i joined 00:02:35.650 --> 00:02:37.770 or started reselling it was like i don't know 00:02:37.770 --> 00:02:42.289 370 something to do maybe two something like 00:02:42.289 --> 00:02:45.289 275 or something to do media mail you know what 00:02:45.289 --> 00:02:48.189 it's north of five dollars these days to send 00:02:48.189 --> 00:02:51.939 anything And yeah, we got Uncle Sam going in 00:02:51.939 --> 00:02:55.460 our pockets more. We have the platform fees going 00:02:55.460 --> 00:02:57.879 into our pockets. We got the postal service going 00:02:57.879 --> 00:02:59.860 into our pockets. The shipping supply company 00:02:59.860 --> 00:03:02.620 is going into our pockets. Everybody wants theirs. 00:03:02.919 --> 00:03:05.860 And they want theirs, it seems, more and more 00:03:05.860 --> 00:03:08.479 every year. And I think with the postal service 00:03:08.479 --> 00:03:10.560 in particular, that's going to reach a critical 00:03:10.560 --> 00:03:13.120 point. And this has happened in other countries 00:03:13.120 --> 00:03:15.280 where the government really steps in. They're 00:03:15.280 --> 00:03:16.860 like, nope, we're regulating this stuff now. 00:03:16.960 --> 00:03:20.080 You guys are done. um this is astronomical and 00:03:20.080 --> 00:03:23.740 it's no it's not really better at usps or fedex 00:03:23.740 --> 00:03:26.979 or the other bajillion other little ones but 00:03:26.979 --> 00:03:31.979 i don't know um it's harder to do our job than 00:03:31.979 --> 00:03:34.680 it's ever been um harder in the aspect of we 00:03:34.680 --> 00:03:37.840 have to do one of two things either we start 00:03:37.840 --> 00:03:40.759 listing higher end inventory or we list more 00:03:40.759 --> 00:03:45.469 inventory to make up for it so equilibrium return 00:03:45.469 --> 00:03:47.969 um and a lot of people go the list more route 00:03:47.969 --> 00:03:51.650 which is fine it works um but i'm kind of leaning 00:03:51.650 --> 00:03:53.909 more toward maybe we should start doing higher 00:03:53.909 --> 00:03:57.150 end stuff i think that's smarter yeah i agree 00:03:57.150 --> 00:03:58.710 i think higher end's definitely the play over 00:03:58.710 --> 00:04:01.270 listing more of the same crap we've been listing 00:04:01.270 --> 00:04:04.590 it's it's just crazy how you know even if you 00:04:04.590 --> 00:04:08.090 look outside the shipping like the line items 00:04:08.090 --> 00:04:11.240 on like one typical amazon transaction for the 00:04:11.240 --> 00:04:13.539 amount of fees you pay like in a month for all 00:04:13.539 --> 00:04:16.899 the different amazon fees it is it's just insane 00:04:16.899 --> 00:04:20.040 and it they try to like ease you into it right 00:04:20.040 --> 00:04:22.040 like ebay and amazon like they try to make these 00:04:22.040 --> 00:04:25.040 fee increases really not seem like a lot but 00:04:25.040 --> 00:04:26.860 like when you're building upon it year after 00:04:26.860 --> 00:04:29.300 year right and then they add something silly 00:04:29.300 --> 00:04:32.160 like their promoted list and things on ebay like 00:04:32.160 --> 00:04:35.800 yeah it's scammy but they can get away with it 00:04:35.800 --> 00:04:37.779 and if we're going to continue to kind of be 00:04:37.779 --> 00:04:39.860 on their platform like we have to deal with it 00:04:39.860 --> 00:04:42.620 i guess i just get frustrated because the thrift 00:04:42.620 --> 00:04:45.259 stores cost way more than they used to those 00:04:45.259 --> 00:04:47.980 prices at thrift stores have gone up you know 00:04:47.980 --> 00:04:50.800 in some cases in my stores i used to have a place 00:04:50.800 --> 00:04:52.959 that would sell books for a quarter and now they're 00:04:52.959 --> 00:04:55.220 like three dollars minimum three dollars plus 00:04:55.220 --> 00:04:58.339 everything individually priced i mean thrift 00:04:58.339 --> 00:05:00.459 store prices i'm pretty sure everybody listening 00:05:00.459 --> 00:05:02.600 can say have gone up at least a hundred percent 00:05:02.600 --> 00:05:04.839 in the past two years for anything on the shelves 00:05:05.339 --> 00:05:07.439 And it's not necessarily their fault because 00:05:07.439 --> 00:05:10.279 guess what happened to them? Their rent has gone 00:05:10.279 --> 00:05:13.759 up. So in order to compensate that, the stuff 00:05:13.759 --> 00:05:16.259 in the store has to go up. It's just like I was 00:05:16.259 --> 00:05:18.519 saying, we have to raise our ASP. And they've 00:05:18.519 --> 00:05:21.199 done that just to stay alive. And a lot of that's 00:05:21.199 --> 00:05:23.480 still not good enough because, well, that causes 00:05:23.480 --> 00:05:25.259 less people to come in the door and then they're 00:05:25.259 --> 00:05:27.420 out of business no matter what. They may have 00:05:27.420 --> 00:05:29.079 bought themselves a little time and still go 00:05:29.079 --> 00:05:30.980 out of business. Unfortunately, that's what's 00:05:30.980 --> 00:05:33.800 happening. Like my town, my small town, half 00:05:33.800 --> 00:05:36.620 the buildings downtown are closed, opposed to 00:05:36.620 --> 00:05:39.620 like last year, because the one guy who owns 00:05:39.620 --> 00:05:41.259 the majority of the buildings, he doubled the 00:05:41.259 --> 00:05:43.779 rent on everybody. And a lot of those people 00:05:43.779 --> 00:05:46.120 were barely making it as is. And that's why half 00:05:46.120 --> 00:05:50.720 of them are gone now. It is. And I think as long 00:05:50.720 --> 00:05:52.500 as people are in the stores, like buying the 00:05:52.500 --> 00:05:54.540 stuff, why not keep raising the prices, right? 00:05:54.620 --> 00:05:57.300 They'd be stupid not to, you know, we can charge 00:05:57.300 --> 00:05:58.860 five hours a book and people are still going 00:05:58.860 --> 00:06:00.870 to buy them. I mean, we only got to sell one 00:06:00.870 --> 00:06:04.290 book at $5 versus having to sell, what, 20 books 00:06:04.290 --> 00:06:06.269 at a quarter to make the same amount of money. 00:06:06.350 --> 00:06:09.110 So to them, they see, I've even seen it at library 00:06:09.110 --> 00:06:11.750 sales. For the past year, I used to go to library 00:06:11.750 --> 00:06:14.730 sales and it would be 50 cents a dollar, 50 cents 00:06:14.730 --> 00:06:17.870 paperback, dollar hardback. The books now at 00:06:17.870 --> 00:06:20.990 most library sales are at least $2 and it's usually 00:06:20.990 --> 00:06:25.370 $2, $3. So $2 paperback, $3 hardback. That is 00:06:25.370 --> 00:06:28.290 a crazy shift from what it used to be. And that 00:06:28.290 --> 00:06:30.970 cuts out a lot of the low dollar fast moving 00:06:30.970 --> 00:06:33.649 stuff that I used to like to buy. But I'll tell 00:06:33.649 --> 00:06:34.970 you right now, I go to library sales. Another 00:06:34.970 --> 00:06:37.730 benefit of not, you know, running to the books 00:06:37.730 --> 00:06:40.490 is the DVDs and CDs are still super cheap, but 00:06:40.490 --> 00:06:42.730 that's just a matter of time. That's short time. 00:06:42.850 --> 00:06:45.750 That's short time. Yeah, exactly. I mean, everything's 00:06:45.750 --> 00:06:48.389 going to continue to go up here and you just 00:06:48.389 --> 00:06:51.379 have to. As much as things suck and everything 00:06:51.379 --> 00:06:53.180 goes up in price, I think we have to account 00:06:53.180 --> 00:06:56.199 for it and figure out ways to mitigate losing 00:06:56.199 --> 00:06:59.759 our bottom line profit when things do raise. 00:06:59.899 --> 00:07:01.259 Because, I mean, the post office is like, what, 00:07:01.319 --> 00:07:03.560 three times a year now, right? And think about 00:07:03.560 --> 00:07:05.980 how big of a thing free shipping used to be on 00:07:05.980 --> 00:07:10.399 eBay. Everybody did free shipping because it 00:07:10.399 --> 00:07:11.639 wasn't that much. The margin, the cushion was 00:07:11.639 --> 00:07:16.329 there. When you charge shipping, you've got to 00:07:16.329 --> 00:07:19.310 keep the extra. Nowadays, eBay is like, no, no, 00:07:19.350 --> 00:07:22.509 no. We share that now. That's part of our money. 00:07:22.970 --> 00:07:26.410 There's no workarounds, I guess. There's no way 00:07:26.410 --> 00:07:29.399 you can... beat the system anymore and try to 00:07:29.399 --> 00:07:33.300 like finagle your way to getting less or getting 00:07:33.300 --> 00:07:35.259 more of the money and them getting less like 00:07:35.259 --> 00:07:39.339 they have every idea figured out planned out 00:07:39.339 --> 00:07:42.379 so like they're they are super maxing every penny 00:07:42.379 --> 00:07:45.439 out of the resellers and where else can we go 00:07:45.439 --> 00:07:47.160 there's nowhere else we can go and if there is 00:07:47.160 --> 00:07:49.779 a new platform that says i think i forget what 00:07:49.779 --> 00:07:52.339 platform it was like no fees for a month or whatever 00:07:52.339 --> 00:07:56.120 like It's not sustainable. So eventually they're 00:07:56.120 --> 00:07:57.600 going to come around and you're probably going 00:07:57.600 --> 00:08:00.079 to be paying just the same amount, if not more. 00:08:00.680 --> 00:08:04.139 And promoted listings, that used to be 1%. What's 00:08:04.139 --> 00:08:05.939 up, Amazon tellers? We wanted to take a second 00:08:05.939 --> 00:08:08.220 to talk about GoToLister, the software me and 00:08:08.220 --> 00:08:10.540 Johnny both use to list and manage our inventory 00:08:10.540 --> 00:08:13.600 and grow our businesses. With the fastest listing 00:08:13.600 --> 00:08:15.540 speeds out there and built -in profit analytics, 00:08:16.100 --> 00:08:19.220 it's a no -brainer. Easily and quickly have items 00:08:19.220 --> 00:08:22.220 available for sale using 2D barcodes and get 00:08:22.220 --> 00:08:24.160 more for your items with its built -in smart 00:08:24.160 --> 00:08:26.779 pricing. Make sure to check out the 30 -day free 00:08:26.779 --> 00:08:30.319 trial at gotolister .com backslash Mike or using 00:08:30.319 --> 00:08:33.500 the link in the description below. Mandatory 00:08:33.500 --> 00:08:36.799 to turn that on, which made sense. Now it's 2%. 00:08:36.799 --> 00:08:38.820 There's nothing stopping them from continuing 00:08:38.820 --> 00:08:42.440 to raise that minimum 25 % to have your items 00:08:42.440 --> 00:08:45.190 promoted. I know, I know. And especially with 00:08:45.190 --> 00:08:46.909 the new, like if somebody clicks on your listing, 00:08:47.230 --> 00:08:48.309 it doesn't have to be the same person. Oh, that 00:08:48.309 --> 00:08:50.690 pay -per -click, no way. I'm not doing that, 00:08:50.750 --> 00:08:53.889 no. Yeah, it's pretty crazy. I mean, even just 00:08:53.889 --> 00:08:56.090 the recommended promoted listings, because I 00:08:56.090 --> 00:08:58.210 list like a few things here and there, and I 00:08:58.210 --> 00:09:00.629 always just do the recommended because my buy 00:09:00.629 --> 00:09:04.029 cost is zero. And the recommended is never under 00:09:04.029 --> 00:09:06.789 like 9%, dude. It's always like 9 % to 12 % for 00:09:06.789 --> 00:09:09.230 any category, don't matter what category it is. 00:09:10.120 --> 00:09:12.600 Most of my items, it's like an average of 11 00:09:12.600 --> 00:09:16.440 .2 or something. If you're not keeping track 00:09:16.440 --> 00:09:18.919 of that and you're just clicking the button, 00:09:19.080 --> 00:09:21.220 you don't even realize how much money is going 00:09:21.220 --> 00:09:23.120 out the window because you sell something for 00:09:23.120 --> 00:09:25.980 $100. Well, if you're paying 12 % promoted, that's 00:09:25.980 --> 00:09:30.559 $12 right off the top. So it adds up quick. Right, 00:09:30.659 --> 00:09:32.620 and people doing that priority pay -per -click 00:09:32.620 --> 00:09:35.490 thing. let's say the iPhone guys, right? I wonder 00:09:35.490 --> 00:09:38.529 how much money is just being given to eBay just 00:09:38.529 --> 00:09:41.590 to have iPhones clicked on. That must be insane 00:09:41.590 --> 00:09:43.730 to get that number one slot. Dude, I thought 00:09:43.730 --> 00:09:47.649 about that. When Deb used to be on Etsy and you 00:09:47.649 --> 00:09:50.110 had to like run your daily ad budget and it was 00:09:50.110 --> 00:09:52.980 based on clicks. So you could put in like how 00:09:52.980 --> 00:09:55.059 much you, at first they would let you pay how 00:09:55.059 --> 00:09:56.759 much you wanted per click. So you could put a 00:09:56.759 --> 00:09:59.059 max, right? Like me and you were bidding. I only 00:09:59.059 --> 00:10:01.419 want to pay 25 cents. You want to pay 35 cents. 00:10:01.620 --> 00:10:03.759 You're going to get clicks before I do. And then 00:10:03.759 --> 00:10:05.820 they changed it. So then you didn't decide how 00:10:05.820 --> 00:10:07.700 much you paid per click. You just set a daily 00:10:07.700 --> 00:10:09.820 budget, right? So all of a sudden your clicks 00:10:09.820 --> 00:10:12.139 now are like a dollar. Your whole budget can 00:10:12.139 --> 00:10:16.080 be one click. One click, right? I always thought 00:10:16.080 --> 00:10:19.000 about this. What if a competitor or somebody 00:10:19.000 --> 00:10:20.820 out there would just go through and click all 00:10:20.820 --> 00:10:24.240 the promoted listings and just basically waste 00:10:24.240 --> 00:10:26.980 everybody's money? Exactly. You can set up a 00:10:26.980 --> 00:10:28.840 bot to do that. I'm not saying that's ethical. 00:10:29.240 --> 00:10:31.120 I'm just saying. That's the first thing that 00:10:31.120 --> 00:10:35.320 came to my mind. Click everyone but mine, please. 00:10:35.960 --> 00:10:37.720 Well, now it's the same thing with eBay because 00:10:37.720 --> 00:10:39.879 if somebody clicks on any of your promoted listings 00:10:39.879 --> 00:10:43.159 and then it sells, you have to pay the promoted 00:10:43.159 --> 00:10:46.139 listing fee. Yeah, the only difference is we're 00:10:46.139 --> 00:10:48.379 in charge of how much we're promoting. It's not 00:10:48.379 --> 00:10:50.279 a blind thing. That's the only real difference. 00:10:50.539 --> 00:10:53.019 Yeah, so you're only paying the percentage that... 00:10:53.019 --> 00:10:56.419 I wish there was more data about that too. I 00:10:56.419 --> 00:10:58.240 think there needs to be... I don't think we'd 00:10:58.240 --> 00:11:01.340 be as upset about increases across the board 00:11:01.340 --> 00:11:03.539 if there is more data, right? If they gave us 00:11:03.539 --> 00:11:07.360 analytics that said, hey, here's how much more 00:11:07.360 --> 00:11:09.440 you're going to make if you promote your listings 00:11:09.440 --> 00:11:12.259 at 2%. Amazon, here's how much more money you're 00:11:12.259 --> 00:11:15.649 going to make. If you send in this type of inventory 00:11:15.649 --> 00:11:18.789 or like actually fact -based raises, even the 00:11:18.789 --> 00:11:20.830 post office, Hey, we have to raise it again in 00:11:20.830 --> 00:11:24.169 January because here's how much we paid for gas 00:11:24.169 --> 00:11:27.809 and wages and whatever. But it's just like, they 00:11:27.809 --> 00:11:29.570 just say we're going to do it. And they give 00:11:29.570 --> 00:11:31.570 you like the most half -assed explanation or 00:11:31.570 --> 00:11:34.230 no explanation at all. Or like they'll give you, 00:11:34.250 --> 00:11:36.690 Amazon gives you like this two paragraph, like 00:11:36.690 --> 00:11:40.529 almost AI written thing. I'm like. Oh, due to 00:11:40.529 --> 00:11:43.970 rising costs, we really love you and your family 00:11:43.970 --> 00:11:46.629 and your bank account. But due to rising costs, 00:11:46.809 --> 00:11:50.309 unfortunately, we're going to have to raise fees 00:11:50.309 --> 00:11:53.889 by 25 cents and 50 cents. Like they try to lay 00:11:53.889 --> 00:11:57.090 it on so easy. And no matter how easy they try 00:11:57.090 --> 00:11:59.940 to put it on us, we're always like. just cut 00:11:59.940 --> 00:12:02.019 out the bs and just be like hey we're raising 00:12:02.019 --> 00:12:04.159 fees by 50 cents promoted listings are going 00:12:04.159 --> 00:12:06.200 to two percent here's why we're going to do it 00:12:06.200 --> 00:12:08.039 because we think doing this is going to get you 00:12:08.039 --> 00:12:10.220 more sales which means more money in your bank 00:12:10.220 --> 00:12:12.799 account instead of just trying to do like the 00:12:12.799 --> 00:12:16.370 corporate style uh garbage that they put out 00:12:16.370 --> 00:12:18.090 to us when they decide to raise fees and the 00:12:18.090 --> 00:12:20.269 post office is just like this is a temporary 00:12:20.269 --> 00:12:22.470 increase and we all know it's not temporary this 00:12:22.470 --> 00:12:24.429 is just for the holidays well for the past six 00:12:24.429 --> 00:12:27.389 holiday seasons the holiday increase stays it's 00:12:27.389 --> 00:12:31.210 not the holidays every day all year long yeah 00:12:31.210 --> 00:12:34.320 the best we get i had a Go on to a listing to 00:12:34.320 --> 00:12:36.200 see the exact percentages. But for my general 00:12:36.200 --> 00:12:39.559 thing, which is what I only use, you get 90 % 00:12:39.559 --> 00:12:41.940 more visibility on average, it says. And that 00:12:41.940 --> 00:12:43.899 priority, which is that pay -to -click nonsense, 00:12:44.419 --> 00:12:52.679 170 % more visibility. Yeah, I guess. And you 00:12:52.679 --> 00:12:56.139 can set the daily budget. But again, it's like 00:12:56.139 --> 00:12:58.340 we were saying, one click and your whole budget's 00:12:58.340 --> 00:13:00.700 gone. You just put in the dollar amount you want. 00:13:02.360 --> 00:13:04.820 Visibility don't pay the bills, dude. Uh -uh. 00:13:05.700 --> 00:13:09.240 I don't think it does. If it did, I sell one 00:13:09.240 --> 00:13:11.639 -offs, right? It's not like I'm selling Replens, 00:13:11.639 --> 00:13:15.000 Oprah's book club list over and over again. If 00:13:15.000 --> 00:13:17.080 I was doing that model, I may have to do that 00:13:17.080 --> 00:13:18.840 priority thing, but I'm going to have super slim 00:13:18.840 --> 00:13:22.059 margins doing so. Yeah, I think it's, you know, 00:13:22.139 --> 00:13:25.379 not just the actual platform side of it. Look 00:13:25.379 --> 00:13:27.679 at... How much everything else costs to run your 00:13:27.679 --> 00:13:29.840 business? You know, the labels. I buy the cheapest 00:13:29.840 --> 00:13:32.179 damn labels I can off Amazon. I don't know what 00:13:32.179 --> 00:13:34.299 country they're from, but I'm like, all right, 00:13:34.320 --> 00:13:36.019 this one's five cents a piece. This one's six 00:13:36.019 --> 00:13:38.519 cents a piece. Give me the five cents a piece 00:13:38.519 --> 00:13:39.980 labels, right? Because I actually tell you like 00:13:39.980 --> 00:13:43.460 how much per label in the listing. It's just 00:13:43.460 --> 00:13:46.299 crazy that. A lot of that stuff gets overlooked. 00:13:46.500 --> 00:13:48.740 And I think it takes real business like sense 00:13:48.740 --> 00:13:51.299 to actually try to start seeing where you can 00:13:51.299 --> 00:13:54.519 possibly save money as costs continue to go up. 00:13:54.580 --> 00:13:55.980 I mean, we've got a guy in the group that dumpster 00:13:55.980 --> 00:13:57.580 dies. We talk about him all the time. I feel 00:13:57.580 --> 00:13:59.500 like because you don't want to pay for boxes. 00:13:59.559 --> 00:14:01.559 I don't know anything mad about it. Right. I 00:14:01.559 --> 00:14:04.159 think, you know, especially if you're just starting 00:14:04.159 --> 00:14:07.139 out or the box, you work at a place and get the 00:14:07.139 --> 00:14:09.980 boxes. I used to do this. I used to when I was 00:14:09.980 --> 00:14:12.379 an eBay everything seller. you used to be able 00:14:12.379 --> 00:14:15.139 to find guitar hero guitars and every goodwill 00:14:15.139 --> 00:14:17.320 for like three or five dollars and they could 00:14:17.320 --> 00:14:19.620 sell for fifty dollars a piece all day long well 00:14:19.620 --> 00:14:22.740 finding a box that fit a guitar hero guitar was 00:14:22.740 --> 00:14:26.659 like impossible impossible luckily i was privileged 00:14:26.659 --> 00:14:29.700 with being a cbs store manager and we got tons 00:14:29.700 --> 00:14:32.980 of boxes in so i would you know i look like a 00:14:32.980 --> 00:14:35.480 guitar hero box setting that thing aside for 00:14:35.480 --> 00:14:38.120 when i need it right so like i see i seen even 00:14:38.120 --> 00:14:41.039 back then i was like trying to finagle my way 00:14:41.039 --> 00:14:44.480 to kind of make things you know i guess cheaper 00:14:44.480 --> 00:14:46.860 for me it didn't make it necessarily easier because 00:14:46.860 --> 00:14:49.500 the easy way would have been measuring that box 00:14:49.500 --> 00:14:52.240 and just buying them you know, online and getting 00:14:52.240 --> 00:14:53.919 a pack of 10 of them. Like I do now with the 00:14:53.919 --> 00:14:56.279 Lowe's boxes. I know the box size. I know what 00:14:56.279 --> 00:14:58.179 I can fit in there. It makes my life easier. 00:14:58.259 --> 00:15:00.559 Do I pay for it? Yeah, but it's a business expense. 00:15:00.840 --> 00:15:02.600 I think there's a balancing act too when it comes 00:15:02.600 --> 00:15:06.279 to trying to be a cheap ass and just being completely 00:15:06.279 --> 00:15:08.259 inefficient. And I'm not saying a dumpster diving 00:15:08.259 --> 00:15:10.440 guy is being completely inefficient or being 00:15:10.440 --> 00:15:12.799 a cheap ass. Well, you're being a cheap ass irregardless. 00:15:12.860 --> 00:15:16.159 I'm not bad about it. I'm in the dumpster dive 00:15:16.159 --> 00:15:19.940 guy's camp. I have a dollar store. They just 00:15:19.940 --> 00:15:22.279 put them in a stack for me on the side of the 00:15:22.279 --> 00:15:24.320 door, and I just go around back and pick up my 00:15:24.320 --> 00:15:28.220 stack. But it's free, and they're less than a 00:15:28.220 --> 00:15:30.240 minute from me. There's one traffic light between 00:15:30.240 --> 00:15:33.279 me and them. So it's efficient for me. I don't 00:15:33.279 --> 00:15:34.679 know if he's actually – I'm not getting into 00:15:34.679 --> 00:15:37.259 dumpsters. If dumpster guy is, that's a lot more 00:15:37.259 --> 00:15:40.820 work than I'd be willing to do. Lazy, dude. I 00:15:40.820 --> 00:15:42.799 guess I'm lazy and a cheap ass. You're right. 00:15:44.899 --> 00:15:46.799 I'm trying to think, man. What else is going 00:15:46.799 --> 00:15:50.509 up a lot? I mean, I still have my resurfacing 00:15:50.509 --> 00:15:52.629 machine. Thankfully, this thing's lasted me years. 00:15:53.230 --> 00:15:55.350 Labels really are pretty cheap. You really don't 00:15:55.350 --> 00:15:58.149 need that many, I guess. What's your printer, 00:15:58.690 --> 00:16:01.129 your thermal label printer, if you get one of 00:16:01.129 --> 00:16:03.070 those? I don't know if those have gone up or 00:16:03.070 --> 00:16:04.889 if they stayed the same. They've gone, if you 00:16:04.889 --> 00:16:07.389 want like name brand Dymo or Rolo, they've gone 00:16:07.389 --> 00:16:09.389 up, but you can get cheap. They got cheap knockoffs 00:16:09.389 --> 00:16:11.169 now for like 50 bucks that are basically the 00:16:11.169 --> 00:16:13.970 same exact thing. There's more options, but if 00:16:13.970 --> 00:16:16.009 you want the Primo one, they've gone up. Gotcha. 00:16:16.409 --> 00:16:18.950 yeah yeah i just think across the board everything 00:16:18.950 --> 00:16:22.210 you know it's like the thrift stores crush us 00:16:22.210 --> 00:16:24.129 you gotta you gotta drive your car to get to 00:16:24.129 --> 00:16:26.090 the thrift stores gas ain't cheap no matter where 00:16:26.090 --> 00:16:28.049 you're at and i know we're talking about this 00:16:28.049 --> 00:16:30.909 right now when gas is through the roof because 00:16:30.909 --> 00:16:34.019 of the crazy world we live in but um you know 00:16:34.019 --> 00:16:36.960 gas has never been cheap even if it's 250 a gallon 00:16:36.960 --> 00:16:39.139 it's still it adds up when you're driving tons 00:16:39.139 --> 00:16:41.919 right it it quickly adds up you don't think because 00:16:41.919 --> 00:16:43.820 you just go in you fill your tank you think it's 00:16:43.820 --> 00:16:45.919 just part of the job when you actually look at 00:16:45.919 --> 00:16:48.019 your you know for me i use quickbooks i can see 00:16:48.019 --> 00:16:49.860 how much i'm spending on gas in a month and i'm 00:16:49.860 --> 00:16:52.879 like holy shit like this is a lot of money coming 00:16:52.879 --> 00:16:54.679 out every and you don't fact we don't factor 00:16:54.679 --> 00:16:56.500 that in when we're making a buying decision it's 00:16:56.500 --> 00:16:59.919 not like well i drove you know i spent an extra 00:16:59.919 --> 00:17:03.350 200 bucks on gas today i go out 10 days a month 00:17:03.350 --> 00:17:06.509 that's an extra 20 bucks a day i'm out right 00:17:06.509 --> 00:17:08.309 we're not factoring that in when we're buying 00:17:08.309 --> 00:17:11.329 the item to resell it we're just factoring in 00:17:11.329 --> 00:17:14.210 what we're paying for it in the store and what 00:17:14.210 --> 00:17:17.000 the sold comps are Most of us are not factoring 00:17:17.000 --> 00:17:19.619 in what the actual profit is after we sell it 00:17:19.619 --> 00:17:21.920 after all the fees because we don't have the 00:17:21.920 --> 00:17:24.119 software to do it, right? On eBay, we're looking 00:17:24.119 --> 00:17:26.180 at sold comps. Sure, you can run the quick numbers 00:17:26.180 --> 00:17:30.259 of like the overall eBay fees, 30%, 25%, whatever 00:17:30.259 --> 00:17:32.519 it is. So you kind of can get an estimate, but 00:17:32.519 --> 00:17:35.259 we're really not running our business decisions 00:17:35.259 --> 00:17:38.259 based off of actual profit after everything. 00:17:38.440 --> 00:17:41.140 We're just running it off of what it is at face 00:17:41.140 --> 00:17:44.920 value. Right. And toying into that, I mean, if 00:17:44.920 --> 00:17:46.440 you're on the road, you're going to have road 00:17:46.440 --> 00:17:49.160 food, right? So gas station food, or if you're 00:17:49.160 --> 00:17:52.119 stopping at a takeout, or maybe you go into the 00:17:52.119 --> 00:17:57.480 $6 hamburger joint. What's your go -to fast food 00:17:57.480 --> 00:17:59.779 when you're out thrifting for the day? It doesn't 00:17:59.779 --> 00:18:02.900 have to be a meal. It could be a snack. Those 00:18:02.900 --> 00:18:05.259 candy orange slices that come in those clear 00:18:05.259 --> 00:18:08.019 bags. They put sugar on them, but their orange 00:18:08.019 --> 00:18:10.440 slices are so good. All right. You ready for 00:18:10.440 --> 00:18:16.650 mine? Yes. Buffalo hard -boiled eggs. Interesting. 00:18:16.869 --> 00:18:19.109 Are they warm or cold? They're cold. They're 00:18:19.109 --> 00:18:21.710 in, like, the little fresh wraps that are in, 00:18:21.730 --> 00:18:25.470 like, the grocery stores. Okay, okay. Never had 00:18:25.470 --> 00:18:27.970 them. I can't say they sat. I would give them 00:18:27.970 --> 00:18:30.289 a try. I don't know if I'd like it, though, but 00:18:30.289 --> 00:18:32.829 I would try it. I also, there's one thrift store 00:18:32.829 --> 00:18:37.230 chain that sells the sour gummy worms. Oh, there 00:18:37.230 --> 00:18:38.890 you go. I get me a little bag of the sour gummy 00:18:38.890 --> 00:18:40.890 worms. They're only like 99 cents. Those things 00:18:40.890 --> 00:18:42.650 are absolutely amazing. So I feel what you're 00:18:42.650 --> 00:18:44.529 saying with the orange slices. Yeah, they're 00:18:44.529 --> 00:18:46.349 so good. You got that sour and the sugar thing 00:18:46.349 --> 00:18:48.829 happen at the same time. It's great. Full disclosure, 00:18:49.029 --> 00:18:51.329 I do not factor in the cost of my buffalo -style 00:18:51.329 --> 00:18:53.730 eggs when I'm buying things at the store, but 00:18:53.730 --> 00:18:57.029 it is an added expense that we really don't think 00:18:57.029 --> 00:18:59.430 about or take into consideration. And no, I don't 00:18:59.430 --> 00:19:01.950 write off my hard -boiled eggs for tax reasons. 00:19:02.309 --> 00:19:07.059 You should. That's why I wind up in jail. Storage 00:19:07.059 --> 00:19:09.140 unit cost, if you're doing the storage unit game, 00:19:09.319 --> 00:19:12.660 that's gone up on me twice this year. Not happy 00:19:12.660 --> 00:19:16.779 about it, but it's out of my options are find 00:19:16.779 --> 00:19:19.920 a non -storage unit solution or drive 30 minutes 00:19:19.920 --> 00:19:22.460 away. So right now I'm eating the bill. And if 00:19:22.460 --> 00:19:25.920 they get up on me anymore this year, I've already 00:19:25.920 --> 00:19:28.400 talked about starting to move out of there. But 00:19:28.400 --> 00:19:31.279 they're really nice people. For some reason, 00:19:31.319 --> 00:19:34.140 they think we live in Dallas. But it's with the 00:19:34.140 --> 00:19:35.940 mentality of where else are you going to go, 00:19:35.980 --> 00:19:37.619 motherfucker? Where else are you going to go? 00:19:37.859 --> 00:19:42.819 I went from 105 to 126 last month. So, I mean, 00:19:42.819 --> 00:19:44.440 it doesn't sound like a lot, but it's like – 00:19:44.440 --> 00:19:46.980 When you're dealing in multi -units, it adds 00:19:46.980 --> 00:19:50.539 up. It's a 20 % increase for no reason. And the 00:19:50.539 --> 00:19:53.759 funny part is if I just go on their website and 00:19:53.759 --> 00:19:56.200 get a new unit, I'll get the first month free 00:19:56.200 --> 00:19:58.500 and then the next three months like half off. 00:19:58.680 --> 00:20:00.599 And I've done this. I've done it multiple times. 00:20:00.970 --> 00:20:03.549 And I would just literally carry my shit to whatever 00:20:03.549 --> 00:20:06.210 unit they put me at. And all of a sudden, I'm 00:20:06.210 --> 00:20:08.849 back underneath $100 a month for the next four 00:20:08.849 --> 00:20:11.809 months. They don't even offer a move -in free 00:20:11.809 --> 00:20:14.589 month, or I would totally do that. I'd move everything. 00:20:14.890 --> 00:20:17.230 Hey, employee, you'd be working a lot harder 00:20:17.230 --> 00:20:19.470 if they offer that. They don't offer that. Fortune 00:20:19.470 --> 00:20:23.470 for him. But it would be so much work to do that. 00:20:23.589 --> 00:20:25.730 It goes back down, dude. I went up even after 00:20:25.730 --> 00:20:28.490 the half -off. It starts at like $90 a month, 00:20:28.630 --> 00:20:31.019 and I'm already up to $1. 25 and i just moved 00:20:31.019 --> 00:20:33.779 like four or five months ago like they like johnny 00:20:33.779 --> 00:20:35.660 said they know they got you right most people 00:20:35.660 --> 00:20:38.000 most people aren't gonna be cheap asses like 00:20:38.000 --> 00:20:40.299 me and johnny like deb's like i'm like hey deb 00:20:40.299 --> 00:20:41.759 you got to come to the storage unit she's like 00:20:41.759 --> 00:20:43.940 shit we got to move everything don't like yeah 00:20:43.940 --> 00:20:47.259 but like when you factor it in over four months 00:20:47.259 --> 00:20:49.599 five months you're saving an extra 200 bucks 00:20:49.599 --> 00:20:51.700 like that's a lot of damn money to me i mean 00:20:51.700 --> 00:20:54.240 i know it's not exciting to some people but 200 00:20:54.240 --> 00:20:59.230 is 200 exactly and then If you're dealing multi 00:20:59.230 --> 00:21:03.950 -units, you got five units, that's a grand. That's 00:21:03.950 --> 00:21:06.750 real money. It's ridiculous. But those storage 00:21:06.750 --> 00:21:09.410 unit people, they got us by the balls, honestly. 00:21:09.690 --> 00:21:12.250 What choice do you have? We're the cheapest in 00:21:12.250 --> 00:21:14.950 town. We're the only in town. It's the same with 00:21:14.950 --> 00:21:16.730 platforms, dude. Where else are we going to go? 00:21:17.190 --> 00:21:20.269 You got to sell somewhere. You got to sell on 00:21:20.269 --> 00:21:22.009 the bigger platform if you want to actually get 00:21:22.009 --> 00:21:25.319 visibility and sales. We don't have options. 00:21:25.380 --> 00:21:27.220 All we can do is try to figure out how we can 00:21:27.220 --> 00:21:30.200 work it in. And there's really no definitive 00:21:30.200 --> 00:21:34.279 way to fully account for everything, right? The 00:21:34.279 --> 00:21:37.539 store subscriptions and Amazon land, all the 00:21:37.539 --> 00:21:40.000 damn software subscriptions that we have. There 00:21:40.000 --> 00:21:43.519 is just so many nickels and dimes that add up 00:21:43.519 --> 00:21:45.559 quickly. And I think a lot of people wind up 00:21:45.559 --> 00:21:47.880 really not getting off the ground because they 00:21:47.880 --> 00:21:49.920 have so many nickels and dimes coming out of 00:21:49.920 --> 00:21:51.940 their bank account that they didn't properly. 00:21:52.650 --> 00:21:54.569 Plan for or account for, because a lot of it, 00:21:54.609 --> 00:21:59.890 you don't know until you know. Pretty much. I'm 00:21:59.890 --> 00:22:01.829 trying to think of what else we spend money on. 00:22:03.289 --> 00:22:06.970 I think even tapes got up. And tape's like one 00:22:06.970 --> 00:22:09.670 of the most inexpensive things that we deal in 00:22:09.670 --> 00:22:12.390 reselling, right? Yeah, I hate my tape. Deb got 00:22:12.390 --> 00:22:15.230 me the Duck brand tape, and it sucks. It's the 00:22:15.230 --> 00:22:17.269 worst tape ever. I'm never getting it again. 00:22:17.569 --> 00:22:20.109 But, I mean, dude. It is the cheapest tape. But 00:22:20.109 --> 00:22:22.630 it's the crappiest tape as well. Yeah, it sucks. 00:22:22.849 --> 00:22:26.150 So now I got to find a new tape. Yeah, that goes. 00:22:26.230 --> 00:22:28.130 I mean, it's funny, too, because Deb will do 00:22:28.130 --> 00:22:30.789 this when she'll buy something again. And she'll 00:22:30.789 --> 00:22:32.829 be like, it went up again. Like, because you 00:22:32.829 --> 00:22:34.549 can see what you previously paid for an item. 00:22:34.710 --> 00:22:36.369 And you're like, wait a minute. It's gone up 00:22:36.369 --> 00:22:38.349 how much? I just bought this thing two months 00:22:38.349 --> 00:22:41.410 ago. And it's gone up. It's crazy how fast everything's 00:22:41.410 --> 00:22:43.470 gone. But yet again, if there's somebody willing 00:22:43.470 --> 00:22:45.960 to pay it. then of course you're going to keep 00:22:45.960 --> 00:22:47.799 increasing your prices. If I had a product and 00:22:47.799 --> 00:22:49.460 I could sell it for more, of course I'm going 00:22:49.460 --> 00:22:51.380 to keep raising prices as long as sales support 00:22:51.380 --> 00:22:53.700 that. And if you raise it enough, you actually 00:22:53.700 --> 00:22:55.519 can have less sales and make more money than 00:22:55.519 --> 00:22:58.039 having all the volume. Right. I mean, if you 00:22:58.039 --> 00:23:00.299 go down the cereal aisle or the milk aisle, they're 00:23:00.299 --> 00:23:02.099 all within a penny of each other, right? But 00:23:02.099 --> 00:23:04.240 they're always going up because people always 00:23:04.240 --> 00:23:07.259 continue to buy cereal and milk. There is never 00:23:07.259 --> 00:23:10.259 going to be a state in the world where Americans 00:23:10.259 --> 00:23:12.619 stop buying cereal and milk. It's not going to 00:23:12.619 --> 00:23:15.230 happen. Yeah, that's so true. I think you just 00:23:15.230 --> 00:23:18.789 got to do your best to. give yourself almost 00:23:18.789 --> 00:23:21.809 like a padding amount of dollars in your business, 00:23:21.890 --> 00:23:24.990 almost like a slush fund to account for all these 00:23:24.990 --> 00:23:27.490 expenses, especially if you're newer. You and 00:23:27.490 --> 00:23:29.230 me have been doing this for years, so we kind 00:23:29.230 --> 00:23:31.390 of know what to expect when it comes from all 00:23:31.390 --> 00:23:33.869 the expenses that come with this business. We 00:23:33.869 --> 00:23:35.609 know the storage units are going to raise their 00:23:35.609 --> 00:23:38.210 rates every two or three months, and we have 00:23:38.210 --> 00:23:40.670 to make plans to get it back down to where it 00:23:40.670 --> 00:23:42.650 needs to be. But a lot of people just jump in, 00:23:42.730 --> 00:23:45.289 they get a storage unit, and then in two months, 00:23:45.819 --> 00:23:48.119 What they thought was a great introductory rate 00:23:48.119 --> 00:23:51.480 of $100 a month is now $150 a month. And you're 00:23:51.480 --> 00:23:54.180 like, well, I wouldn't have got this if it was 00:23:54.180 --> 00:23:57.619 $150 a month, but you're already there. And instead 00:23:57.619 --> 00:24:00.759 of trying to decide a way to get it back to where 00:24:00.759 --> 00:24:02.619 it was, you just say, well, this isn't worth 00:24:02.619 --> 00:24:04.420 it no more. And then you just don't even give 00:24:04.420 --> 00:24:07.240 it a chance. Well, we've talked about the problems. 00:24:07.440 --> 00:24:11.210 There are some solutions here. If you buy enough, 00:24:11.470 --> 00:24:14.069 you can get things reduced in cost. Like if you 00:24:14.069 --> 00:24:16.009 bought enough labels or you bought enough bubble 00:24:16.009 --> 00:24:18.609 mailers or enough boxes, you can get the cost 00:24:18.609 --> 00:24:21.450 per unit down, but requires some upfront money, 00:24:21.509 --> 00:24:24.809 a bigger thing than you buying a smaller quantity, 00:24:24.869 --> 00:24:27.549 sure. But you can get your costs down. Same for 00:24:27.549 --> 00:24:32.109 your bubble wrap. I use Do Not Bend stickers 00:24:32.109 --> 00:24:35.230 for my eBay business. I've gotten those down 00:24:35.230 --> 00:24:39.430 to a cent each instead of eight cents each. Little 00:24:39.430 --> 00:24:41.470 things like that, that can add up on the overall 00:24:41.470 --> 00:24:43.549 big picture of your business, even though it's 00:24:43.549 --> 00:24:47.309 a small cost per unit, but times X amount of 00:24:47.309 --> 00:24:50.309 units a year, it really does add up. Yeah, Deb 00:24:50.309 --> 00:24:53.569 used to get like thank you cards and business 00:24:53.569 --> 00:24:56.349 cards for all of her cat and dog toys on Etsy 00:24:56.349 --> 00:24:59.740 and Vista print. The more you buy, the cheaper 00:24:59.740 --> 00:25:01.539 it is per unit, right? So exactly what you're 00:25:01.539 --> 00:25:04.180 saying. So she would just one time a year buy 00:25:04.180 --> 00:25:07.220 50 ,000 and it costs you like half a penny instead 00:25:07.220 --> 00:25:09.720 of buying a thousand at a time. And they're like 00:25:09.720 --> 00:25:12.079 15 cents a piece. It doesn't seem like a lot, 00:25:12.140 --> 00:25:13.599 but it adds up, especially if it's something 00:25:13.599 --> 00:25:15.940 you know you're going to be using again and again. 00:25:16.960 --> 00:25:20.059 Margins are tough and margins what matter? What's 00:25:20.059 --> 00:25:22.759 going into your actual bank account? Nobody in 00:25:22.759 --> 00:25:25.000 reselling cares about sales anymore. If somebody 00:25:25.000 --> 00:25:27.339 cares about their overall sales numbers, they're 00:25:27.339 --> 00:25:29.119 an idiot. I'll go on record right now. I don't 00:25:29.119 --> 00:25:30.759 care if you're living in a world of what your 00:25:30.759 --> 00:25:32.500 sales are and not what's going into your bank 00:25:32.500 --> 00:25:34.940 account. We can't be friends because it's all 00:25:34.940 --> 00:25:38.299 fake. It means nothing to me. I don't care what 00:25:38.299 --> 00:25:40.180 your actual sales are. I don't care if you're 00:25:40.180 --> 00:25:43.200 selling a trillion dollars. Right. I've seen 00:25:43.200 --> 00:25:45.660 it so many times over the years. These people 00:25:45.660 --> 00:25:47.960 that post their sales numbers are bankrupt, making 00:25:47.960 --> 00:25:50.839 absolutely no damn money. And if you just took 00:25:50.839 --> 00:25:52.859 them after sales, you think they are the most 00:25:52.859 --> 00:25:55.140 successful person in the history of planet Earth. 00:25:55.240 --> 00:25:57.480 And it's the furthest thing from the truth. So 00:25:57.480 --> 00:26:00.119 the reason we talk about margin is because we 00:26:00.119 --> 00:26:02.140 want you to be aware of what's actually going 00:26:02.140 --> 00:26:04.140 into your bank account after everything. What 00:26:04.140 --> 00:26:06.700 are some ways you can increase that or at least 00:26:06.700 --> 00:26:09.700 try to stay at pace with everything else going 00:26:09.700 --> 00:26:12.440 up around you? What are you doing on your business 00:26:12.440 --> 00:26:15.430 to go up to make you more money? to account for 00:26:15.430 --> 00:26:17.710 all of the rising costs. I think that's the big 00:26:17.710 --> 00:26:19.670 kind of thing you really want to think about 00:26:19.670 --> 00:26:22.569 here is not so much your sales are up every year, 00:26:22.670 --> 00:26:25.289 is your bank account up every year? Is your bank 00:26:25.289 --> 00:26:27.890 account up every month? Right. I saw somebody 00:26:27.890 --> 00:26:32.509 do 90 ,000 in revenue, but they're only taking 00:26:32.509 --> 00:26:34.849 home 10K. I told them right then and there, your 00:26:34.849 --> 00:26:37.069 business is broken. I don't know where, but if 00:26:37.069 --> 00:26:39.309 you're only taking 10 out of 90, something is 00:26:39.309 --> 00:26:41.890 broken along the way and you need to figure that 00:26:41.890 --> 00:26:44.660 out because... Your margins are way too slim 00:26:44.660 --> 00:26:47.759 to do 90 grand in sales and only be taking home 00:26:47.759 --> 00:26:50.779 10K. That's ridiculous. Yeah, I mean, in a reselling 00:26:50.779 --> 00:26:54.220 world, that's bankruptcy waiting to happen. Yeah, 00:26:54.259 --> 00:26:56.019 and they had employees too. I'm like, how do 00:26:56.019 --> 00:26:57.539 you pay them? They're like, I don't know. I'm 00:26:57.539 --> 00:27:00.160 like, there's so many problems here. So many. 00:27:00.200 --> 00:27:03.240 Yeah, I mean, in reselling, we should have a 00:27:03.240 --> 00:27:06.349 healthy margin compared to... uh comparative 00:27:06.349 --> 00:27:08.630 to any other type of business model because we 00:27:08.630 --> 00:27:10.970 can get our stuff for so cheap but the problem 00:27:10.970 --> 00:27:13.130 with that is we buy a lot of crap we shouldn't 00:27:13.130 --> 00:27:16.049 buy and it just costs us time and money so like 00:27:16.049 --> 00:27:18.869 you got to refine everything to get your margin 00:27:18.869 --> 00:27:20.750 up it's more than just worrying about your buy 00:27:20.750 --> 00:27:23.609 cost and what you're selling an item for it's 00:27:23.609 --> 00:27:25.430 what else do you have going on in your business 00:27:25.430 --> 00:27:27.910 that can add to your bottom line give you some 00:27:27.910 --> 00:27:29.930 time back to focus on the more you know money 00:27:29.930 --> 00:27:32.390 producing task in the business it's not just 00:27:32.390 --> 00:27:34.690 well i gotta buy things cheaper to increase my 00:27:34.690 --> 00:27:37.490 margin That is not always the answer. And a lot 00:27:37.490 --> 00:27:40.650 of times it's usually not the answer. If you 00:27:40.650 --> 00:27:42.809 have to decipher, if there's 10 people that sit 00:27:42.809 --> 00:27:45.369 down and they say, well, the way I increase my 00:27:45.369 --> 00:27:48.690 margin is buy things for cheaper. And then we 00:27:48.690 --> 00:27:50.869 actually have their whole business, every aspect 00:27:50.869 --> 00:27:52.609 of their business. I guarantee you nine out of 00:27:52.609 --> 00:27:55.369 10, it's not going to be them having to buy items 00:27:55.369 --> 00:27:57.049 cheaper to fix their margin. It's going to be 00:27:57.049 --> 00:27:58.529 something else somewhere in the business that's 00:27:58.529 --> 00:28:00.349 related to them actually making more money when 00:28:00.349 --> 00:28:02.450 it's all said and done. Right. I mean, there's 00:28:02.450 --> 00:28:04.740 two. Well, there's three ways to make money in 00:28:04.740 --> 00:28:07.400 business. That's to double down on what you're 00:28:07.400 --> 00:28:09.680 doing, more volume essentially, increase your 00:28:09.680 --> 00:28:14.269 ASP, or cut expenses. And not a lot of people, 00:28:14.309 --> 00:28:16.750 I think, do the third one. So once you've got 00:28:16.750 --> 00:28:18.730 your thermal printer, go shopping around for 00:28:18.730 --> 00:28:20.789 the cheapest labels at some point. I guarantee 00:28:20.789 --> 00:28:23.190 you can find them cheaper than what you've found. 00:28:23.410 --> 00:28:26.390 You found what works, great. Now find the exact 00:28:26.390 --> 00:28:29.529 same thing for the cheapest possible price. Whether 00:28:29.529 --> 00:28:31.450 that means buying more units to get the cost 00:28:31.450 --> 00:28:34.509 down or finding that one seller out there on 00:28:34.509 --> 00:28:37.130 the most obscure website that you think you're 00:28:37.130 --> 00:28:38.690 going to get scammed from that's actually legit, 00:28:39.009 --> 00:28:44.579 fine, do it. And that goes with everything. Just 00:28:44.579 --> 00:28:47.119 do a full audit of what you're replenishing every 00:28:47.119 --> 00:28:50.059 month and see how much money you can save annually 00:28:50.059 --> 00:28:53.039 by doing that one simple procedural task across 00:28:53.039 --> 00:28:55.920 all your replens. I agree. I'm going to wrap 00:28:55.920 --> 00:28:58.559 it up here. Remember. Actual money in your bank 00:28:58.559 --> 00:29:01.339 account is what matters in reselling in any business, 00:29:01.460 --> 00:29:04.660 not your sales. And there's ways you can increase 00:29:04.660 --> 00:29:07.740 it over time. And just be prepared because three 00:29:07.740 --> 00:29:09.500 months from now, the post office rates will be 00:29:09.500 --> 00:29:11.720 going up again. Next year, eBay fees will go 00:29:11.720 --> 00:29:14.119 up along with Amazon fees, along with everywhere's 00:29:14.119 --> 00:29:17.279 fees. And just try to start preparing for that 00:29:17.279 --> 00:29:19.740 change in the future. And I appreciate you all 00:29:19.740 --> 00:29:21.440 listening, watching over on YouTube. We'll talk 00:29:21.440 --> 00:29:23.450 to you all in next week's episode. Thanks for 00:29:23.450 --> 00:29:25.329 listening to another episode of the Reseller's 00:29:25.329 --> 00:29:27.970 Mindset Podcast. Today's full episode and all 00:29:27.970 --> 00:29:30.250 previous episodes are available to all YouTube 00:29:30.250 --> 00:29:32.930 members along with the weekly Zoom call and private 00:29:32.930 --> 00:29:36.309 Discord. Head on over to youtube .com backslash 00:29:36.309 --> 00:29:38.430 to use book guy and consider joining for as little 00:29:38.430 --> 00:29:39.509 as $2 .99 a month.