I live near Pete's shop. When I started my ebay store 3 years ago I would go to Pete for advise.. Pete has always been generous with his time. Everything he has coached me about has been 100%.. Pete is exactly the way you see him in his videos. Great guy.
@@user-kw9gy8ue1q Why??? Pete would have experience at buying and selling all sorts of goods. If you watch this channel regularly, you would know that Pete has a vast knowledge on most of the items that customers try to sell him. Pete is the ideal person to ask about starting a business, because he deals with all sorts of items.
If you are looking to get rich, this is not the business for you. It's a steady living and if you enjoy items, a good job to get into.@@ticketmastermike1615
I also live near Pete's shop and he has always been a tremendous help when I started my eBay store a couple years ago. I once had an incident where I was not sure if I had bought some legit merchandise, so I drove over to Pete. Pete walked me through step by step on how to cover myself. Long story short, Pete has always been passionate about his business and always lending a hand whenever needed. Thanks Peter!
Very interesting. I was a retail manager for 30 years. I'm not sure these 2 guys have the right vision or business mind for this project, but I wish them success either way.
Another retail guy here. Some of their ideas sound good in theory, but impossible to actually implement, like their big one, the TV. Who wants to go into a store that’s advertising things they no longer have? I’d have been making rain checks all week long! Of course, they can’t, so they’d get a reputation of baiting and switching.
I don't think they're ready. With their junk pickup business they, like Pete said should not open a retail shop, just sell it all online, either Facebook Marketplace or ebay or wherever.
I will say, just as a thrift store enthusiast, that if I know two thrift stores are in the same area I’m much more likely to go to both of them. I’m just a lot more likely to make a trip to an area if I know I can hit more than one store, even if they’re not within a few blocks of each other.
There's one my wife and I go to that neither of us really care for and I'm not sure we've ever bought anything from- but because it's near two others on the very same street, we still stop at that one 90% of the time.
Peter - you just gave a valuable education here free. You’re a really great guy for taking the time to do this and explain so much of things. I wondered what it would be like to have this business, I’ve done a couple of different ones but never this, and it looks romantic because you make it look so fun! I know like any business there are hard aspects, too. This was very valuable and shows there ARE good people left in the world.
Pete….thank you for your advice and relaying your personal highs and lows. Your advice is great for any type of business, both online AND brick and mortar.
As a thrift store owner for over 10 years I agree with everything that Pete had to say. We are a 4,000 ft store for the past 8 years and when we moved up from our previous location of 2,700 feet and thought we might have to take consignments to fill the space but quickly found out that we could stock any size store we wanted. We are a family of four adults, we work hard and this is our only means of income. We buy everything at storage auctions and have made money from day one in a small Texas town south of Austin. We sell some clothes but the labor to keep that area neat is not worth the money it makes but I agree having some clothing brings in more customers. My advice is get a good location at least 2,500 feet with plenty of easily accessible parking, price things to move quickly, don’t bring broken items into the store, don’t spend more than a minute cleaning or researching an item for every dollar it is worth. Keep your store smelling good, organized, and fresh inventory is a must. Don’t overstock an item just because you get them free such as drinking glasses you won’t sell more just because you have more. Use efficient display shelving, not a mismatched bunch of bookshelves, space is expensive and using it efficiently is of utmost importance. We bought gondola shelving from an online auction and it was the best move we made and was relatively inexpensive. Although we are the only thrift store in town, I think that being within sight of a goodwill would be great but I think goodwill will have a stipulation in their contract that no other thrift stores can open in the same plaza. Good luck guys, this is a very good business, profitable, and you never stop learning about items.
Lots of crossed arms and rocking side to side. I am inclined to agree with the majority consensus that these fine fellows will be recalcitrant and immovable in regards to their 1000 square foot plan
It is crazy that you posted this. Lately I’ve been really wanting to open a thrift store/buy & sell shop. I have so many questions and I’m hoping this video can answer them. Thank you.
Grandpa had a pawn shop in Times Square when I was a kid, we would watch the Macys' Thanksgiving Parade floats being inflated before the parade. I've always loved the thrift store/pawnshop "community", smart fun people who recognize quality in both things and people.
I started with one antique booth and now moving into my 3rd all in same building and all large booths. I have been at four locations but this one I am at is the best. now I am expanding my square footage sale space. It has been around for years and is well established and respected. I pay less rent per square foot then any warehouse or building I don't have any overhead other than 13% commissions. I don't need to worry about slip and fall insurance, employees, advertising, internet, alarm system, credit card transaction costs, cameras upkeep over all and etc. I know exactly what I pay each month. I can sell furniture and large stuff and the rest on ebay and Etsy. There is so many low cost good items out there to get and resell there is no need in my opinion to worry about the low dollar items in a thrift store. Key for me is to keep the overhead costs down! it may take time to find the right antique market but it can do well and I am not committee to be there or committed to a lease or anything else. Thanks for the video Pete.
Repeating the tv idea after you explained pros and cons, means they are not listening to you. They want you to tell them, Great idea! Great content, you keep being you Peter!
1000sq ft is barely enough room for a woman’s clothing section, I hope they listen to you because you nailed it 100% !! Clothing is 90% or more is where Goodwill and Salvation Army make their money if they want a shop to drink coffee and have buddy time they should just do garage sales opening a store is a whole new venture, one said car parts… and furniture that’s such a grind look at it this way if all they got in this is a box a doughnuts they’ll be getting off cheap
Add to that, you can get the best deals on furniture at the Goodwill because they price it aggressively so it moves. They don't want it sitting there taking up space. The problem with that for these guys is that they won't be making much money on it.
One of your best videos. It's honest. entertaining. and answers many questions with your experience. Thank you for the video. Pete, have a Happy, Healthy and propose New Year.
These guys were literally saying "I dont know how Im going to advertise" but then act resistant to all Petes advice. Unteachability is a trap, this business isnt easy
I like in a small town and it seems like the only stores that open and close with regularity are thrift stores. As soon as our newest one opened up i told my wife that it will be gone in 6 months and it was gone in 5. Im not sure why people go right to thrift stores to fulfill their dream of owning their own shop. I can think of many different shops that would be more succesful than a thrift store. UNLESS your thrift store is known for the BEST _____. Whatever that best is. If you expect to just open a bigger thrift store than the last one, to me it just means your store can hold more junk.
Yes but how do u say to a 60 year old guy that he needs to learn how to use the internet or hire somebody who is. These guys are screwed bet the house on it.
I once took a stained glass class and the teacher taught us things that she first had trouble with when she was new into stained glass. I cannot tell you how much time and money she saved me by her sharing her mistakes with me. The information Pete is giving these guys is priceless and they may not even realize it. Experience is the BEST teacher of all. I do hope they listen to him. He has years of experience and has made many mistakes that these guys can learn from for FREE!! I cannot stress the importance of experience enough.
100% agree. I just opened a thrift store 2 years ago and we outgrew our space SO fast! As soon as you open a thrift store, you will get donations pouring in!
exactly...after being in the estate sale/auction/reselling/pawn/consignment world forever - im still not sure how Pete stays afloat with his awful margins. Buying at 50% value and then paying eBay and his fixed costs overhead doesnt leave much meat on the bone. God Bless him .
I had an antique shop in LA 1987 - 1996. Closed and moved for 4 reasons: 1, slow traffic because of G Bush shenanigans in the Middle East, Earthquake, Rodney King Riots and 6 years of audits from State Board of Equalization. We moved to Oregon - no sales tax.
You can tell Pete is hitting these guys with things they didn’t think of. Which is a good thing considering they haven’t 100% gone for it yet. Hopefully they take the advice and go back to the chalk board for a better launch
Your 100% Right about the space. My first store was 800 sq ft. I was so excited it looked plenty big when it was empty. I was there 3 months and outgrew it. i left moved to a 4000 sq ft spot. (2000 Store front) 2000 Back room, which i used for processing and ebay. Luckily my first store was a month to month lease because building was for sale. Another thing that got me in the very beginning was how much i spent on shelving and setup. I figured 5k would get me going when i moved to the big store. i ended up spending almost 30k It adds up very quickly
These guys don't have a clue, they have no business plan, no space and no idea what it takes. They should keep their warehouse and only sell online till they establish the business, bank a little money then expand into a retail location.
It takes a special person to successfully run a business, I sure as hell couldn't pull it off. I hope they take Pete's advice. Personally, I don't think these guys stand a snowball's chance in hell .... good luck
Pete this was very informative...I watched the whole video. Very nice of you to share your expertise with these guys! Hope you and your family have a Healthy New Year and Years of great business!!!!!
Another thing I think not mentioned that people dont get about brick and mortar vs a contract business... with a store you have to be there every day from open to close. Unless a person has worked a job with a cash register they have no idea what it is actually like to have to show up every day at the same time and to see it through to closing time, day after day, month after months, year after year. It can be a grind.
No way in hell open up a thrift shop in today's economy with ridiculously high rent and overhead and insurance and utility bills... good luck with that...
Some businesses like Pawn shops actually do better in rough economies. I would think a resale shop might as well, but I do get your point, especially when it comes to a new business vs an established one.
I owned and operated a business for 30 years and had potential individuals seek advice as I was successful I always said overnight success only takes 10 years. You learn from your mistakes and you cant predict them. If you are not a good manager of people or your organizational skills are slack you will fail. You live eat breath that business and that does not guarantee you make it, If you want to sell you make your money when you buy and if you cant buy your done. I often had people say oh the rent is only this LMAO your least expense is the rent its the advertising and day to day upkeep insurance heat hydro and goodwill and you now work for every customer who comes in. Never underestimate your desires but its never a guarantee.
Making a real business plan (one a bank would accept to give you a loan) will open your eyes to all the things that don’t show up in your dreams about owning a “Business” I started my business only because I had quit my job and my customers asked me to do it to continue working with me. I first learned how to and then actually made a business plan. You learn to consider things like, what is your market and its value, who are your competitors, what is your price point, what are the costs for things like telephone, paper electricity, accounting….. Most businesses fail, because they don’t plan on the worst case scenario and don’t have money to pay the government 😂
It’s always good to speak to someone who has a similar business in the same town. The two guys let Pete speak rather than interrupt him and act like they know it all. That is how you learn from someone who has years of experience. Really cool episode, I think we can all take something from this.
Its sounds like to me they would be better off supplying their inventory to already established thrift stores rather than trying to open a brick and mortar themselves. They could "cherry pick" the good stuff from their cleanouts to put online and dump the rest off to other stores at a cheap price. That would be ideal if you ask me.
Peter you’re a gem I may not be a full time reseller but your videos and everything I’ve learned from you over the years has helped so much . But this video really helped open my eyes and was very informative I wish I had someone like you to speak about stuff like this with it’s hard doing everything on your own nobody knows the true struggles of owning your own business the pressures responsibilities everything that comes with it. Seriously on behalf of the reselling community I think I speak for everyone here. Thank you for being you.
They think average thrift store Price is $20!!! Crazy more like $5. You're selling junk that you got for free and donations name of the game move it. Better items yes you can ask more.
I think their TV idea is terrible. As a shopper, if I keep seeing a store advertising things they no longer have, I’d be pissed. “Every time I come in here, they don’t have the cool stuff they’re showing off.” Are they going to update the photos everyday, every week? That’s gonna to eat up a lot of time.
@@32ghostworld Maybe im just cynical or maybe its because i've been a sports coach for 6+ years but all i could think about is "So what if that doesnt work?" Im always thinking of the worst case scenario and can I pivot to another plan? Ive never owned a business but im sure every business has that moment in it where everything is looking bad and you have to make strategic moves to get in moving forward. This TV thing to me seems like a Plan D i would have. Definitely not my first one.
Open a laundry mat in the 1000 Sq ft location with monitors showing off the goods at the warehouse. Be the first laundry mat thrift shop. Then do the online stuff as recommended from the warehouse.
Interesting video. Pete asked a lot of good questions, and i think the two guys really did not think the idea thru and had a plan, before they talked to Pete. They want to sell clothing, and think of averaging 20$ per item, but then they mention most of it comes from elderly people that passed away? I think they are very optimistic on that outlook. Thats just not stuff that will draw lots of customer to you, if you compete with all the big thrift stores. In a 1000sqft shop, you need to specialize in something. Be that sports, electronics/appliances, collectables/memorabilia or antiques. You can't really fit a little bit of everything in that small space in my opinion. Specializing into some market makes it easier to actually learn to know the ins and outs of the merchandise and it's customers. Keep up to date on trends and build a network. And Pete was right in hinting to them to actually look into the numbers a bit more. How much do you have to sell per day or month to cover ALL the obvious and less obvoious expenses, and how much do you actually want (need) to earn on top to keep a roof over your head and feed yourself (and your family)? Do a budget/business plan, crunch some numbers, and see if you can land in the green without expecting 30 people per day walking into your store every day that spend money on your "junk".
I've worked for one of the top Junk removal companies in the past and I can tell them that it's an oversaturated market and most centers are full and have trouble moving their stock right now... which leads to why Junk removal are also oversaturated... world is over populated with furniture and stuff that's actually junk
@@timp3035 everything will sell if the price is right. What's junk to you, is the find of the year for someone else. I too ran a secondhand shop and loved every minute of it. What doesn't sell is something you think is wonderful and price accordingly, believing others too will think it's wonderful and be prepared to pay good money for it.Then it sits there for months and people stop coming because you have the same old stuff in the shop.............. A small profit is better than no profit.I had people who upcycled furniture, so could give them first dibs on an item with a good design if it was built solidly and get it out of the shop quickly. If they spent time on it and made a lot of profit I didn't care.
good stuff, Pete. Not many would lay out stuff like that for everyone to see. I never planed a business like that but I learned alot watching I never thought of. All the best to you.
Very informative, I'm wanting to start my own electrical business , and there are alot of hidden cost that will have to be looked into. I like the idea of start responsible, and find a niche , it relates to my trade and clientèle. Thank you for sharing Pete..from Canada 🇨🇦..
Pete love the Consulting side of you … my only suggestion is avoid telling people all the thing they could do wrong and focus on what success looks like. Your Target Market, Product Offer, Go to Market … originate customers, Drive Share of wallet & Retention … to focus on all the negative is never ending. Combine Retail and Warehouse - brilliant, product offer brilliant … etc. PS … your Intellect & Experience really are showcased on this video! 👍
I think it's most important to hear the brutal honesty and about what can go wrong. A big reason being people can get tunnel vision when heading into a business venture. You get all excited that you jump into it, only or largely focusing on the positives, and if you were essentially distracted from or were unaware of the down sides you would be kicking yourself in the ass for not realizing it sooner. It's best to be as aware and realistic as possible.
Wow. Everything you said Pete made perfect sense. Advice and knowledge about your business is very important. Home run with this video !! Have a great New Year’s
Everything stated here is real to any business. I do small repairs for just friends with amps, guitars and electronics. I couldn't imagine what it would take to turn me into a shop!
Wow incredible!!! Amazing advice thank you I needed to hear this !!! After Covid I am now able to start getting sales online. My garage is my storage and I agree store wise is not big volume because we living in ways where people like it to be easy for them “buy online and have it ship to them and this why a lot of business going bankrupt because amazon and Walmart is taking over but as a small shop we all are ok. Through the grace of GOD !!!! Wish you all a happy new year 2024 for the better
Worked for one of the top GW's in our region for years. Our sales were about 50/50 clothes/hard goods but we were also one of the top donation sites so got great stuff. We were also next door to the major grocery store in the area which made all those donations possible. Location couldn't have been better. Thrift is a flippin grind though.
Pete, you're awesome. I'm worried about the other two guys though. They don't seem to have a clue as to what they're doing. I can see why they close their store once before. They should not be in this line of work. My background is business and finance I don't think these two have the knowledge or business education to do what they think they want to do. They're also not good at communicating and Peter is much better at communicating his thoughts even though English is his second language. I can't believe that 20 minutes in, the one guy asked Pete what he would focus on if he only had a thousand square feet. Pete had just talked for 10 minutes about how a thousand square feet is not enough square footage. So why would you ask him again about only having a thousand square feet. He just told you not to do it. They're trying to fit square pegs into round holes. Same with how they keep mentioning they're going to put a slideshow of items on a TV. He told him that wasn't a good idea at the beginning and then they keep pushing the idea a half an hour later. Not smart. Pete was so patient with them. I would have lost my mind.
Super nice of him to take time out to give these guys advice. But what I'm hearing, and I'm sure he is as well, is that they came assuming he would tell them that their idea was great and they aren't willing to accept that it isn't.
I don't think these guys have refined their business plan enough. Can they make a retail area inside the warehouse? Do junk removal during the day, then have the retail area open 5-8pm.
I only shop at thrift stores and sadly, those men are men so don't understand how women shop. I go to the thrift store to look at the clothes, As I walk around, I see a little table, or a chair, or a picture or mirror or anything else and I like it so I buy it. Would I bother looking at a tv with a loop of furniture? Nope. I will buy something if it's in front of me and I like it. I wouldn't bother enquiring about a piece of secondhand furniture on a tv screen. If I'm looking for a new sofa or dining table or big stuff, I go to Ebay or Facebook marketplace. *Women* are their biggest clothes buyers. We shop for ourselves, our kids, our grandkids, our husbands. If you want to sell, you have to know how we women like to shop.
I run a small toy business out of my house thru eBay. I used to set up at shows, but then I was dragging all my stuff over to a show where everyone had a lot of similar stuff. Be there at 7am to set up, show was from 9am - 3pm. Then tear it all down and drive home. I had gas expense, food, table rent, and hopefully sold enough to pay for all that plus have operating money for the next one. Now sell from home, write off part of the house for business, have ebay fees, other operating expenses, but I can stay home and do other things like housework, repairs, or even go away for the day. I thought about a small store, but all the expenses would have eaten up all my sales. Sure enjoy your show on here!
Hey there! I just wanted to let you know that I watched your video and it was really cool! It gave me some amazing ideas for my own project. Thanks a lot for sharing it!
That was great information Pete !! I thought it was a great video and it gave me some advice to use in my own business so I thank you very much for that. Keep up the great videos
Peter you gave them a lot of great information, I hope they take it and not go ahead with 1000 sq ft. As for clothes, they not only take up a lot of real estate, they have to be sorted, hung and tagged which takes a lot of time. It is true though, clothing is a thrift store's biggest income.
I noticed one thing working in retails , the way things are displayed and presented play a big part on how so many shoppers are influenced , i swear …i worked in a beer store , sometimes i rearrange the way things were displayed by colours ,silly , but i used to rearrange those little shots on the counter , and every time i displayed them in colours arrangement ,i swear i sold more than my co workers that just did not care about how being neat matters ,i sold more on my shift than they did ! 100% , even the lotto tickets , it attracted peoples eyes and made it sellable , believe it or dont believe it …i sold stuff more than the other coworkers that left things in disarray , that is why front store display that are inviting and attractive works to have people come in to start with , this man have experience on what sells or not , but he could have even more influence on how his things are displayed and trust me it is not just from a woman’s perspective at all , most of my customers were men and they were influenced by display and colours and how things were placed and presented , it may sound silly , but it works and a fact .loved this video ❤
One other topic I didn’t hear being addressed was the impact of establishing a new, for-profit thrift store. Some folks will shop at non-profits first. Just another fact to consider.
I have a pretty long history of small business marketing, and promotions and the TV in the window idea for their concept is a terrible idea! If it was a nightclub, or concert venue it would work, but for their concept? They are telling people don't bother coming into the store, see what we have on our tv! They lose the people who came out of curiosity. It's just a horrible idea!
Great video! This explains so much about starting a business. You broke everything down so well and I hope the guys put more thought in planning. I wish them the best!
If you are starting a store with 1,000 square feet of space, you better cram the most dollars into the space you have.. Here's what I'd sell with 1,000sq feet. AMMO, KNIVES, Lighters, Jewelry, Coins, Expensive tools, Handbags, and higher end collectibles, because they are expensive and don't take up much space. If I had 1,000 square feet I wouldn't be selling clothes, DVD's, CD's or large electronics, because they aren't big money, don't sell fast, and take up too much space. In a store that small - each shelf better have a few grand worth of inventory. With a store that small you will have to pass on profitable items, therefore you will be throwing money away. You also better have a large social media presence, because you won't drag many people in off the street. Pete for instance, probably has 20 people a day coming to see him because they watch his videos.
These guys don’t have money for any of that stuff. They’re getting clothes from 70 year old ladies and getting pots and pans for free from dying people. Their plan is a plan of failure.
I think this is a cover/front store. I think these guys are washing money for some other people because nobody in their right mind would think this is a good idea or a long term profitable idea.
