HAVE YOU MADE A PLAN FOR YOUR RESELLING BUSINESS?
Hey ya'll, welcome back! Hope your pumped 'cuz it's spring cleaning season! Boxes and bags and crazy stuff are gonna be at the thrifts. It'll be like Marie Kondo x2. So with all this great stuff coming in, and you having a bomb monthly Fashion Maids subscription (if you don't, go get one! Or else... jkjk), then how do you keep a cohesive style and brand in your closet? It gets tempting to buy all the freshly stocked things, I know because I'm fighting that problem now! Having a good grasp of your goals as a reseller is imperative to your success.
A Reseller Business Plan
If you haven't written at least a rough business plan for your closet, there's no better time than now! Making your "Poshmark Closet" business plan is relatively easy, and can help you stick to your budget, keep a cohesive style, and attract the buyers you want. You probably have a bunch of ideas floating around your head already! Taking a page from Jenna Kutcher, narrowing down your core message is important. Let's do an exercise to get you started, just answer the following questions to help you solidify that message. Here's my personal example:
1. Why do I resell?
Because I want to save clothes from the landfill and make money on the side.
Because the fashion industry creates too much waste, and I don’t make enough money yet at my jobs.
Because the focus of the industry is on the next new thing, because I’m young and gaining experience.
Because money matters to them more than the environment, and I think that they are equally important.
Because they haven't yet found a way to make money with the next new thing in a sustainable way, and I have.
The five "why's" exercise can help you truly discover your reasons for reselling. This can directly link to your core message. For me, as you can see above, I am focused on sustainability. I want to save clothes from the landfill and find ways to show consumers that the next new thing can actually be old! For some of you, you may be raising money to pay off hospital bills or student loans, but there are still more reasons you chose to resell over another job for this. Get to the bottom of it!
Once you complete that exercise, you're ready to make a solid business plan with goals. You should write a brief "reseller mission statement", utilizing your five why's, and incorporate your values.
Mothercluckerr is a small, sustainability-minded business that sells used or remade clothing and home goods on mostly online platforms. If a used item is damaged, it is repaired into a new, trendy item. A triple bottom line business, Mothercluckerr's goal is to show both other businesses and consumers alike that there is more use to their old things, and that new is sometimes just renewed, all while supporting the people who make and recycle the clothes fairly.
Now, your mission may change over time, and that's okay! But lying out your big picture goals still aligns you with what you value at the moment. After your mission statement, set a couple SMART goals for the year, month, or however long you want to revisit them. A SMART goal is something specific, measurable, achievable, relevant, and time-bound. Setting goals like this help you keep on target and actually reach them.
Since my business plan mentions I have a triple bottom line business, I will center my goals around those. A triple bottom line business focuses on People, Profit, and Planet. I want to do something that brings me joy (people), I need to make it worth my while (profit), and I want to emphasize why my business is sustainable (planet).
1. (People, what makes me, a person, happy) My goal is to creatively mend or upcycle 3 new pieces in the month of May. (I would love to say 10, or even 20 pieces, but I need this goal to be achievable.)
2. (Profit, what keeps me able to run the business) My goal is to bring in $1500 profit through reselling in the month of May. (this is a number I have reached before and yet a small challenge for me to get to. I feel comfortable when I bring this profit in)
3. (Planet, the sustainability part, even though I have this already strewn throughout my business) My goal is to post a different fact each week on social media about how buying used and recycled clothes helps the environment.
And there ya have it! Those are monthly SMART goals for me, and each month I revisit them and adjust as necessary. I know this can seem like a reach as a solution to avoiding over-buying stuff at the thrift, or stocking up on too much liquidation, but once you get these ideas solidified, it can really help you stick to your goals. I'm learning that even though I feel like I'm saving more clothes from the landfill by buying them all, I'm not fulfilling my ultimate reasons for reselling. If I have too much inventory and spend too much money, I'm stressed out. I don't have the time or energy to be creative with my clothes, be productive and make money, and show the world that old is the new new. With Fashion Maids too, I know I am saving lots of PERFECTLY GOOD clothes from the dump without those skyrocketing goodwill price tags. The process is much easier so I make more money and save time, and I can focus on my goals.