Shoestring Budget Sourcing | How a Busy Parent Buys Inventory
If you're someone that has a full-time job and a family and you're trying to balance your job, your life and growing on Poshmark - sourcing online may be a valuable option for you.
When I first started on Poshmark, I pulled from my own closet and sold everything I had that I thought was in good enough condition to sell. I was serious about being successful, even if it meant selling what I still loved and could still wear.
I was dealing with a very depressing, stressful situation and I was determined to get out of it - gladly, Poshmark helped with that.
After I ran out of my own clothes, I had to restock inventory. I started by going to thrift stores and chasing down yard sales, but it started to be too much for me. I was taking the little time I had with the kids to run around town searching for deals.
So, I decided to start sourcing online...
If you're in this by yourself, like I am, anything that can be streamlined and made simple is always welcome.
You're already strapped for time and trying to balance life in general, so working smarter instead of harder should be a goal.
Before you get started, set a budget and keep shipping, handling and taxes in mind.
You will get more bang for your buck when your budget is larger, but if you're trying to run a household while investing on inventory, chances are you don't have a whole lot to spend at one time...
So you'll need to do some research and look for things that are wanted or searched for and balance that with quality, the cost per item and shipping costs.
If sourcing online is something you think you'll be interest in, there are 4 ways to do this
Buying wholesale is where you buy items at a highly discounted price in order to resell with a profit.
When searching for wholesalers, look for no minimum orders required. Meaning you can buy 1 bundle or 10, there's no minimum to spend and it's easier to stay within budget.
Also look for wholesalers that don't require a business license, you can always get a license in the future to broaden your choices, but if you're first getting started, this money can be used for inventory plus this is helpful on a tight budget.
The wholesaler must be searchable. You should be able to find reviews online if they're reputable. Click here to see my list of wholesalers.
This method is where you find a large distributor and buy bulk items that have been returned. These items are un-inspected, but it's still an opportunity to get good inventory at used prices. You can order anything from household good s to shoes. You can't pick and choose for individual items, but you'll get a matrix for what's included.
The downside to this method is the risk of getting duds, but it's well worth the risk if you're sales exceed what you spent. Shipping and handling is also high with this method, so keep this in mind in regards to your budget.
Sick stores are department stores that are going out of business and are having constant sales in attempts to generate profit. I won't call out the names, but these stores have large websites and have several brick and mortar locations.
When looking for inventory, go straight to the clearance filter. You can find really good deals at a fraction of retail. Many times, they also have a coupon code you can apply for more savings.
There are two ways to do this....you can find an online thrfit store, or you can search sites like Facebook or Craigslist.
Online thrifting is pretty much like thrifting in person, you're just at home instead of driving around. When using this method, be sure to read descriptions and only buy what you can make a profit on. If you want to learn more about online thrifting, click here.
If you choose to use Craigslist or Facebook, only operate in safe conditions. Meet in a well lit area, in a public location and take someone with you if possible.
Online sourcing is an option that can save time and possibly money depending on your location. If you're a busy person, shaving time on tasks when possible is essential in helping to create balance and staying mentally healthy.
I hope this article has been helpful in giving you ideas for sourcing. When you're juggling life and Poshmark, learning efficient ways to buy inventory saves time and energy, leaving more time for the things that are most important.