Great video Simon, we are 6 months in, our sales are up & down every week, better quality items & bigger margins are our goals for 2025, thanks again for the content
Hi Dan, thank you so much for the support, I do appreciate it, good luck with your journey for 2025, definitely better items and good margins are key. Have a great week Simon
Thank Nick, as alway I appreciate your support, hope you are doing well, have a great Christmas, hope you and your family have a wonderful Xmas. Kind regards Simon
I’ve found the best thing to do is building relationships. Make relationships with dealers, even with your competition (everyone has different business models). Being a reliable buyer who is willing to buy bulk or pay the best price has served me well. Also finding a way to add value, e.g. some of the relationships I’ve built I give them advice on value or set them up with other buyers who buy different categories. Doing this means that although I still get stock from boot sales, I can get first dibs and have a more reliable stock intake.
I did it on eBay mate and retired at 55 15 years ago. To take that amount of money, you are going to need to turn over around £600 a day at 20 item per day, that would be £30 average per sale.
Would you not be worried about the economy as this country will be a serious depression by the end of next year. I'm really surprised more resellers aren't worried about this. Huge companies are struggling and I can't see how smaller businesses can grow in that environment.
I personally think reselling is definitely the best route even in a recession, people still want bargains even more when they don’t have much money. Thanks for watching Have a great day Simon
Going over £230k should be around the same VAT paid as the flat rate. On a £30 sale you pay 7.5% flat rate, £2.25. On Margin scheme you'd pay 1/6 of your £15 profit, £2.5, 8.3% of revenue. So at worst you'll only pay around 1% more of your revenue in VAT by going over £230k. If your margins get worse as you grow then you'd likely be better off on the Margin scheme anyway
Thanks for watching, I would say I get about 30-50 from a supplier the rest from Charity shops, I’m out maybe 5-6 hours a day 5 days a week. Have a great week Simon
Depends what you’re trying to source. Whilst yes the US has a bigger market and amount of items to source (goodwill having thousands of items in one place is great), however building relationships is key!
I do think it’s tough but definitely not impossible, I’m sure there are people out there who can help me get to where I want to get. Thanks for watching have a great week Simon
Great video Simon, we are 6 months in, our sales are up & down every week, better quality items & bigger margins are our goals for 2025, thanks again for the content
Hi Dan, thank you so much for the support, I do appreciate it, good luck with your journey for 2025, definitely better items and good margins are key.
Have a great week Simon
3:52 nearly went there Simon 😅
@@cheesyblend 😂😂😂yes nearly stacked it, thanks for watching have a great day Simon
Loved the video mate. Great inspiration
Thank Nick, as alway I appreciate your support, hope you are doing well, have a great Christmas, hope you and your family have a wonderful Xmas.
Kind regards
Simon
I’ve found the best thing to do is building relationships. Make relationships with dealers, even with your competition (everyone has different business models). Being a reliable buyer who is willing to buy bulk or pay the best price has served me well. Also finding a way to add value, e.g. some of the relationships I’ve built I give them advice on value or set them up with other buyers who buy different categories.
Doing this means that although I still get stock from boot sales, I can get first dibs and have a more reliable stock intake.
Very wise words, agree wholeheartedly
Hope you have a great week Simon
Good vid 211k more than achievable for you Simon 👍
Thank you so much for the support I do appreciate it and hope you have an awesome week Simon
The video editing skills are coming in hot bro
Thank you so much that means the world to me, still learning. Have a great week Simon
2025 goal is double my listing habit on 7 a day now, 2024 was all about rebuilding my store just about made it lol
Well done on your 2024 definitely a tough year but look back at what you have achieved and push forward with next year. Thanks for your support
Simon
@ definitely been tough onwards and upwards
Beautiful day
Thank you so much for the support I do appreciate it, hope you have a great week Simon
who is tek? i have heard you mention him and his group? can you send more info?
@@paulhutton9696 check out Tech N Sport on UA-cam, made millions on eBay, he has a mentor group im in, you can find it on facebook
Kind regards
Simon
I did it on eBay mate and retired at 55 15 years ago. To take that amount of money, you are going to need to turn over around £600 a day at 20 item per day, that would be £30 average per sale.
Yes that’s what I think I need to get to £600 per day , hope you have a great week , Simon
Would you not be worried about the economy as this country will be a serious depression by the end of next year. I'm really surprised more resellers aren't worried about this. Huge companies are struggling and I can't see how smaller businesses can grow in that environment.
I personally think reselling is definitely the best route even in a recession, people still want bargains even more when they don’t have much money.
Thanks for watching
Have a great day Simon
Above 230k you can go through the Margin scheme.
16.6% of the profit instead of 20% on the total.
that is still a lot to take as well as all your outgoings
@Lisa-cj8cu yes it s a bit more than the 7.5% but i prefer to pay 16.6% on £15 than 20% on £25.99
Very wise, and m still try to work all this part out, I will rest this model out and pivot if required
Have a great week Simon
Going over £230k should be around the same VAT paid as the flat rate. On a £30 sale you pay 7.5% flat rate, £2.25. On Margin scheme you'd pay 1/6 of your £15 profit, £2.5, 8.3% of revenue. So at worst you'll only pay around 1% more of your revenue in VAT by going over £230k. If your margins get worse as you grow then you'd likely be better off on the Margin scheme anyway
Out of interest, how many items do you source from where each week? You’re getting a lot of stock to be listing 15 a day …
Thanks for watching, I would say I get about 30-50 from a supplier the rest from Charity shops, I’m out maybe 5-6 hours a day 5 days a week.
Have a great week Simon
wow 20% that is so much money to take
Yes, but when I was in sales the government used to charge 40% tax over 50k
Thanks for the support
Have a great week Simon
Will you use wholesale clothing companies to get extra stock? I know the margins are smaller but at least you can get endless stock.
Never say never but all the wholesale bundles I have got in the past have been pretty terrible. Maybe hand pick might work.
Have a great week Simon
Tech has so many more places to source in the usa. I find it hard in my niche in the uk
Depends what you’re trying to source. Whilst yes the US has a bigger market and amount of items to source (goodwill having thousands of items in one place is great), however building relationships is key!
I do think it’s tough but definitely not impossible, I’m sure there are people out there who can help me get to where I want to get. Thanks for watching have a great week
Simon
100%
Hey Simon i have sent you an email and instagram message as i am looking to offload some stock that you might like
Just sent you a message kind regards Simon