Hitting Reseller Rock Bottom & Starting Over  

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Tech, I am 26, a single mom and have been doing this for one year. I so look up to you and thank you for all the videos you put out here. You have given me so much motivation and knowledge. THANK YOU! You show me I can do this solo and that is inspiring. Much love - Sarah from South Carolina!

In my business as an owner, my accountant, my bank manager, my landlord, my insurance guy and my clients hold me accountable. The best thing ever.

Technsports - that was brutal. " You go to the Doctor and pay him with Readers' Digest". But we need a good dose of your 'tough love'.

I love Mel! The stories she shares on her channel are inspirational on many levels, especially for women. Gratitude for bringing her on your channel again, Tech!

I tuned into this video to catch up on Mel’s progress since the first interview, but I got so much more! Mel repeatedly talked about the need for more discipline, and I related to that so much! I watched this video twice! But this part REALLY caught my attention: Knowing your fixed expenses and having a sourcing budget. I thought I did a pretty good job of monthly book keeping and “know your numbers” but you took this to a new level for me! My listing goal for this week is to find the most expensive items in my “opportunity pile” and list them first!

Mel is so right when the cha ching goes off and you have a sink in your stomach when you see how low the sale was and you can't even run a big sale because the item was so cheap. Working on all that myself. Also, the single mom I have to be the lowest to make a sale. That was gold! So true, know your value and I know you always say, it's not a race to the bottom. I love the part where she says make sure your totals are not just vanity numbers and an actual profit. I just love Mel and will keep watching the video. This is a great video!! Won't type any more or I'll have a book lol Will just keep listing while I listen.

Think I'll listen to this one a few times! Great episode. Bonus that you interviewed Mel. Really looking forward to following her new journey.

Love when you two get together, you two are my favorite resellers. I learn so much, and always leave more inspired 😎

Wow, what a huge wealth of knowledge in this call. Thank you Tech!

Be Disciplined...Have a Sourcing Budget...Know your average cost of goods...Get rid of that Death pile (now)--- This convo is fuel for me to keep going! So good!! THANK YOU

When I buy on eBay, the actual seller doesn’t matter to me. Whoever has it the cheapest is who I’m buying from. There is no loyalty.

What a great video , thank you both ! And Mel thank you for making me feel That I am not alone! This video made me realize so much about my numbers and where I want to be!!! And I am Ready for the next chapter as well

Thank you again for the great information. I am guilty of sourcing myself out of business. I’ve been trying to list my death pile but I keep on buying without a budget. I’m going to start applying the advice you gave Mel. I shared this video with a friend and told him that’s why you are a multi millionaire. Thanks again.

This was really helpful. Thank you Mel for being so transparent. Tech i am just starting to know my numbers. I know that all my money is in my inventory and need to change that😢. Will watch Techonomics next. Thank you for this

This was great ! Dear Mel .. love your videos ! The "cash stuffing - zero balance Dave Ramsy method " works fantastic for saving and keeping track what is being spent . There are so many videos on how to start this method. It works great for personal and business ! And your awesome spread sheets are great to see monthly totals at a glance. You've got this and I look forward to see more videos ! Take care out there ! Tech .. you are an amazing mentor ! Thanks for this video ! Stay well !

Techs passion is contagious 👊🏽🔥

Love your logic @Technsports Your words are on point.

Second time watching this fantastic episode 👏👏 I found u through Mel 😊

such an interesting discussion about value and setting price thresholds.

Books require a lot of space because in many cases the only way to profit with the cost of postage in Australia, you have to sell bundles so 1 listing might be 5 books in reality...then on top of that its a volume game with tight margins. ...so storage space is premium. Photographing books is way easier than clothing though but not always as easy to pack and post, especially the hardcovers sets.

Great show!!

Add in the cost of car up keep oil changes ,regular check ups, tires, exhaust,windshield wipers etc.business gas.

So eye opening about when to buy inventory or not. I am good on putting myself of no sourcing breaks, but I didn't look at it at a set number. I need to figure that out.

Hi great conversation. Isn't it an issue for Mel in respect of often only buying high quality stock (books) that she often has to buy in bulk. That would mean that she has to buy items of very mixed resale value? How can she accommodate this anomaly? Very best wishes, Roger.

Tech Talk. ❤

Hi Mel, I was glad to hear that you are averaging out your costs. I do the same. I figure sometimes I am paying $1.99 plus 10% tax which is $2.20 an item up to $12 an item, but most of it is between $3-$5. Occasionally I get things for less, but rarely. So I figure on $4 cost each - I'm not going to type in every single item and then run a cost average over a month...I'll just use this $4 cost which may be high. Now, does that include my monthly storage? my gas price to get to the store? the meals I have to eat out while sourcing? If $4 high, then it will cover these other costs as well. Right now I have about 1500 items in my 3 stores, that is $6,000 in inventory cost if I average all my inventory at $4 each. My average sales price is about $21 (yes its low and I'm working on increasing that). If I sell it all that will give me $24K + back on my $6K investment gross. or 14K net or just double my money. Not impressive! LOL. So telling you I think you should just average it...told ME I have to work on my sourcing more costly goods LOL. Good luck! PS We ALL have unconscious money scripts written in us from our childhoods, you are not alone. I heard that Michelle Wilson has a talk called Money Scripts TED Talk.

Thanks!

"Inventory is a fixed expense." - tech

i turn the cha ching sound off

Very beautiful woman ❤

Sometimes, we tell ourselves this story of what the distractions are in our day. It sounds good, but if we were being filmed, the actual reality would likely tell a different story. All the little things add up : not setting a schedule, getting started late, socializing, long lunches, social media, making other people's priorities, our priorities...etc

The good Lord knew I needed to hear this conversation about being disciplined about not having extra inventory you don’t need because you owe the business x amount & you have a fixed need. Don’t rob your business.

Feel like I just got sent to the principal of RU-vid University 😮

I worked 15 yrs. in banking (including management/loan officer) - this is excellent business advice! Don’t spend money you don’t have… and if you don’t know your fixed expenses, you don’t know how much you can spend. It does require discipline, but that discipline is so worth the effort!

I hit reseller rock bottom .. many times , was homeless for a while during the process , in and out of County for a couple years dealing with life , it was rough ... but I always just adapted and started over , always had A Job GOD always had me the whole way , and By the Grace the path was laid out , and I just had to trust the process , keep a level head and MAKE the problems THE SOLUTION.. and instead of saying , oh I need to do this or I have to do that or it's not efficient enough .. I just thought about how I could do it without having the things ordinary people have on the daily .. and just kept grinding and keep grinding .. and adapting and evolving ... I see everyone I have talked to over the last 7 years making 6 - 7 figures doing it .. and I'm still at the bottom ... but my numbers are comparable, if not better , my End game is much different d items and knowledge base Much more diverse .. So I KNOW where I'm heading .. so starting over just means Im starting at Lv 1 with Lv 99 Stats ... straight OP ...

''We have a listing goal but do we have a buying goal'' - Technsports

Another GREAT conversation with Mel!! 💗The part about setting a spending budget really hit home. I am extremely budgeted in my personal spending.. but for eBay purchases for extra income... I am VERY lax. Just because we "have" the money to spend, doesn't mean we should. Otherwise, I'm just "shopping" and not really in the business of SELLING. THANK YOU!!!

Two of my favourite people! That word discipline hit me hard. Need that in all aspects of my life business and personal. Also like Mel I struggle with feeling like I deserve to make the money and that needs to change. Self worth is key 😊

I think when you come from lack. You feel like you need more.

Oh my god. I was sitting here looking at a near empty bank account I've managed to source myself into nearly bankruptcy. I so needed to hear this. Now to light a fire under my tail and get things turned around and working in the right direction thanks tech and thanks Mel.

I was thoroughly intrigued by this video. As Mel's bookkeeper, I'm fully committed and won't compromise on thoroughness. I'm enthusiastic about teaming up with Mel and seeing her business flourish and expand. As one of Tech's weekly hosts, I lead the Australian Business Improvement Call within the group. I get immense satisfaction from the benefits I gain personally from the group and the knowledge and growth I can share with others. I can't recommend this group highly enough.

Mel is so adorable. It's like she's talking to her Dad with you. LOL. We all need a Dad watching over our business to keep us on the right track. I know she's had a rough year so I'm glad she's got you to come to for support. Go Mel!

If you don’t know your numbers, you don’t know your business !!! Great advice Tech !!!!

You’re so right about Mel being so relatable. She’s the one that motivated me to tackle my death pile 😊

Sometimes a weakness can be a strength. Mel's perceived 'lack of discipline' may have removed some mental roadblocks that enabled her to get up and running in the first place because on the flip side sometimes overthinking and too much discipline initially can cause a paralysis... eg I have a tendency to over-plan things before diving into something which is counter productive to progress while missing out on the experiences learned while doing. I believe its called "Analysis paralysis".

23:ish If you don't ask, you won't get that price... You can always come down... Low price = what's wrong with ittt?!!

Thank you for this frank discussion Tech about sourcing and fiscal responsibility ……and thank you Mel for being vulnerable and willing to put yourself out there so that other people can also learn and grow and know that they are not the only ones dealing with these challenges - appreciate you both !

@37:14 not 1,66 per book, but 1,33 ! I understand Mel (having the same issues) and if she's talking about being able to buy 500 real good books for a nice price (even if you only need 350) you are tempted to buy them in advance because who's gonna garantee that you will be able to find the neccesary ones you will be needing next week/month? It's like FOMO.

Buahah "You gonna pay the doctor with reader's digest and national geographic?" Jeesh. Straight to my heart Tech lol.

This was really good. I need to stop buying inventory and really know my numbers as well, be responsible, and be wise. I really appreciate the transparency of this group. It helps tremendously! ❤ Still learning the app whenever I get a chance, but building a better business in the process.

Great one. Already ran through it twice. Mel puts herself out there and it is insanely valuable to all. Thanks Tech and Mel... another winning call!

It's like being a fly on the wall. Listening to a personal conversation. Which is meant for you too. It's time to take the info and fly!

One of your best videos, thanks for sharing this thoughtful conversation about business and life. I loved the part about sourcing with discipline. Mel was amazing and full of courage to have this open dialogue in front of all of us! A big thank you to both of YOU!

Question: I shipped am item and dropped it off, I noticed it is not getting any scans at all. I have tried twice to contact customer and ask if they got it and if they didn’t get it to let me know so I can refund them. They are not responding at all. Should I proactively refund them (it’s only a$15 order, cost of like $1). I know it’s probably already hitting me as a late Shipment but want to not make it worse. Thanks 🙏!

Hey Tech when you ship your USPS packages from eBay did you use the bulk shipping tool to get a scan form? I need a scan form but want to scan my own packages in and not use the bulk shipping tool. Is there a way to do that? Thanks

Love you Mel!!!!

Great chat, overspending on stock is a big mistake. Just get the amount you need. I used to be in fresh food, it teaches you that the amount of stock you need is the amount of stock that is going to sell. If you have excess it gets thrown away and you loose money. Think of your stock as having a sell by date and don't overstock.

Fixed cost for inventory is a concept I'm going to have to think about some more

Do you know what I love you Tech? You always need to meet beat or break a goal. I am so fired up!

Thank you this video helped me greatly. The point of you're no longer a reseller, but you're a shopper really clicked with me. I used to buy to resell and still do, but I currently have a Pokemon problem and have money tied up into collecting them. This video was a great wake up call. Business is business and I've been buying emotionally for myself. Thank you for all you do to help us Tech and Mel.

Technsports with the Ted Talk ! 🙌🙌🙌🙌

100% on writing a check to solve problems.. (Or most).. Once away from the pressures of every day unforeseen problems - that is life.. Productivity will increase many fold by being free of most worries.

Thanks for being so authentic Mel - and great pep talk Tech!

I learn so much when the two of you talk through the ins and outs of being an eBay re-seller! Thank you once again.

Good season for Mel everyone looking for those summer vacation reads😊🌸😊🌸

Opportunity x Effort = Reward With the book business - there are lulls in Opportunity and then surges in Opportunity. You need to take a many opportunities as you find at the opportunistic times to tide you over during the lulls. The trick is not to buy stuff that didn't meet your metrics during the lulls in opportunities just to have something to list at that time of the year

The self worth and worth more really spoke to me. I struggle with that as well. And when I first started selling, on whatnot specifically I sold my items for so cheap and would still get lowballed. So, I was basing my prices on those experiences. It's taken a while to find out that people will pay your asking price or will be willing to pay a bit more. I also don't want anyone to ever feel ripped off by me so I definitely undervalue my time and energy as well.

I am having trouble finding a niche and a business mind set. I am restarting all over from scratch.

Mel does extremely well with sourcing considering Canberra is not a big place, only ~500k in the whole metro area. In my case that's the delta I need to close, to be able to find that much profitable stock.

Highly loved this video with you and Mel! There is so much information that I need to process into my mind. The second half Professor Tech was speaking to the class 💯. We were all with you Mel! Taking notes 📝 and making changes. I’m making a sourcing budget for the Month of June for my certain situation. I’ve been working on credit then paying it off as I go when sales deposit. But I want sourcing money to already be at my disposal. So sacrificing the month of June to build that sourcing bank fund so that I can reset anew for July. Thank you Tech for making videos to help us and having great speaking guests like Mel. 🙏💯

Profit First is an amazing book that explains a lot of the concepts in this conversation. I have my personal and business accounts setup using it. It has changed my life.

You've both helped this person. Much gratitude. I thought I was doing pretty good on eBay but have realized I don't and haven't given it the respect and attention it deserves for all it provides. Looking forward to growing my store into something I can truly be proud of. Your information continues to be invaluable. GREAT conversation you two! 🙏🙏🙏

Great listen guys enjoyed that. Mel’s killing it 👌

Another amazing informative video Tech and Mel. I am not a reseller but this information is so important in normal life. Thank you Tech.

heres a good quote for you mel, its not what you get but what you become , when you look back after you got what you wanted what things did you have to go through to get it , highs lows ,happy sad , it all makes your a better person , all lessions in life , heres another good quote , there are 2 pains in life one of discipline or one of regret , either work hard or regret that you didnt

Whao really love it. Teach me so much I need to have a budget for my purchases. I have so much in dead pile and I need it in my bank account. Thank you Tech so much respect. Thank you because you really are making a difference in this community of reseller.

Mel, Thank you for sharing your story. I'm about a year in as a reseller and I need to make the same business changes. You definitely helped me!

Great idea to get some help but since you were a photographer in a previous life, you might find it hard to be happy how someone else photographs your books. It might be easier to teach them to list or other ad hoc tasks.

most people that sell books on amazon scale with employees. mel is trying to take it all on by herself. no wonder shes overwhelmed.

Mel, you represent us all, thanks for chatting with Tech...Always good for us to hear you two talking/sharing/thinking/dreaming/calculating!! Thank you! ~C

Somebody I 💓 just said his asp is $100 ish. Let's go! Lol I'm not there yet yo!!

If we have the working capital to “afford “ a death pile and we have an increased opportunity to buy items and space to store them is that also a business that can work or would you still recommend listing enough to keep up with it and possibly scaling down in the slower months where it is harder to find quality inventory (from Midwest not tons of thrifts during summer many more garage sales and flea markets are open in my area more inventory cheaper prices so normally I bulk up )

Love Mel. Thanks for being so open and vulnerable. You're great

Absolutely incredible, I needed this 👏🏽👏🏽👏🏽

Thanks Boss just Got back on track again Great podcast like always

You are doing great Mel!! 💪💪 So inspiring. Keep up the great work.

Thanks to you I'm making more money than i ever have !🔥

You blew my mind with "A buying goal" I have never had a buying goal and instead just bought what I have seen even though it may have made me cash poor. Thank you for this knowledge. It's time to put it to work.

Love Mel! Keep up the great content!

Mel, you are so brave being so open and transparent about your life and business. You are really going places! ❤

Yet again. So helpful and valuable. Thank you both. ❤

45:55 💀 I'm lead to the stuff, can't not goooooo!

This was a great conversation, good rapport.

Mel is a rockstar...with books!!!

Discipline that what I lack

Such a good talk very inspiring

Great conversation.

Excellent advice as always!

Mel is the GREATEST!!!