How to Manage Your Inventory Spending to BOOST Profit! Antique Booth Tips

How to Manage Your Inventory Spending to BOOST Profit! Antique Booth Tips | Neweer Ring Light Review

Рет қаралды 15,832

Күн бұрын

You've always heard it takes money to make money, and that's true! But for many antique booth owners, you can actually make MORE money by spending less at the start :)
The need to manage my inventory overspending is one of the BIGGEST lessons I learned over the years of running my antique booth business.
And I'm convinced that learning this principle--how and why you should budget your inventory spending--is one of the most important things you can do to help put more money in your pocket as an antique booth or small creative business owner.
This video is a longer one, but please stick around and watch the whole thing! The lesson builds and I think will make the most sense if you stick with me through the entire video :)
A HUGE thanks also to Neweer for sponsoring this video and providing me with one of their standing Ring Lights. It's amazing and will be so useful as I make more videos!
You can grab one for yourself on Amazon here:
amzn.to/3T17aTj
Thanks so much for joining me today-- I hope this video helps someone out there!
Melanie :)
00:00 Intro & Ring Light Review
04:28 My experience from 10 years in business
06:45 Lesson #1-- Buy for the Business you Have
12:16 Lesson #2 -- Understanding the Profit Cycle
22:14 Three Steps to Take to Better Manage your Spending
Like my t-shirt? You can grab one for yourself here in my online shop:
lostandfounddecor.shop/produc...
OTHER BUSINESS VIDEOS:
** Don't Make This Mistake in your Antique Booth! Sales aren't Enough!
• Don't make THIS mistak...
** Are your Booth Prices Too Low??
• How to CORRECTLY price...
** Why you Have you Brand your Antique Booth
• Why you HAVE to brand ...
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INSTAGRAM: / lostandfounddecor
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Пікірлер: 107

@donellechandler3256 Жыл бұрын

I’m fairly new to your site, and I love it. I’ve run my own antique / vintage booth for several years and agree with all of your basic principles. Why? Because I make money and enjoy the process! It’s been wonderful having someone who shares my ideals. That’s not to say I’m not guilty of violating some of them on occasion, because I do. This video helped re-energize me (especially with my budget and getting ready for the holiday season). Thanks so much! Greatly appreciated.

@LostFoundDecor Жыл бұрын

Glad it was helpful! And yes, we all bend and stretch the “rules” sometimes because it can be tough to always stay right on top of things 😊 But bringing home a paycheck has always been the motivation I needed to get back on track again. Have a wonderful holiday sales season!

@jodiemeschke6889 Жыл бұрын

You are sooo right about this. My husband and I have had a retail booth for several years. And I have succumbed to the way of thinking that if I don’t buy it now, be it items to flip, paint, supplies, etc., I will never ever have another chance at it. Now, I have an entire 2-car garage, basement, shed, part of the back yard, and several areas of my living space packed with my ‘treasures’. I am so overwhelmed. I don’t even know where to start - there is just so much. I have banned myself from thrift stores, auctions, garage and estate sales, and craft stores, and it is so hard not to go. I’m trying to work thru my stash, but it is a real struggle. Thanks so much for this video. I love your channel, and wanted to join your boot camp but didn’t have the money at the time. God bless you.

@LostFoundDecor Жыл бұрын

You’re welcome Jodie! I get it… all that extra stuff gets very overwhelming, which also lessons your motivation to get it cleaned, priced, tagged, etc (at least it did for me!). I hope you can work through your pile and find some freedom at the end of it! Maybe set a goal to put 10 new things in your booth every two weeks? Just an idea-pick some target number to work at, maybe that will help it feel less overwhelming :)

@debkincaid2891 Ай бұрын

This video is GOLD. I'm just now putting my crafts for sale & reached the same conclusion: I'm getting WAAAY too much inventory, esp considering that I haven't sold anything yet. Thank you for confirming my suspicions & giving me this knowledge and confidence. I appreciate you.

@LostFoundDecor Ай бұрын

You're welcome!

@CurtDevan Ай бұрын

This lady will make you money in your booth. She continues to stay on the forefront of antique booths becoming money makers.

@LostFoundDecor Ай бұрын

Thanks for the kind words!

@ladypenelope2000 Жыл бұрын

Oh I’ve been so guilty of this! Buy, buy, buy…… then hardly anything sells and you’re in debt. The hidden costs in starting up a stall is quite unbelievable and because you are so excited - who cares! Things have evened out over the last 12 months but this video really explains what we should’ve done in the first place - Thank you! 😊

@LostFoundDecor Жыл бұрын

I’m so glad!

@doloresrose371 Жыл бұрын

I totally agree with you! I don't sell but my husband sold on eBay and in booths. He made great money with items if he got them at a great price, and the market was "hot", but he watched how his market trended, so he knew to "unload", lower the price to sell items as they became less popular. He sold toys and games before eBay, and booth sales in Long Beach, Cal. and Farmer's Market in LA and made a profit. After eBay, online sales did better and items in booths didn't do as well. Sellers need to watch the buyers and know what is moving off the shelves. He also always moved his items around, which you have said in other videos. If items didn't sell, he would sell them in "lots" online to at least make back his costs. Some items, he donated back to Thrift Shops, to be able to focus on new better selling items.

@LostFoundDecor Жыл бұрын

Thanks for passing along all those tips! He sounds like he had a very successful business :)

@brendagaliher5457 Жыл бұрын

Oh my .. this was great. You have shown me areas I need to trouble shoot. Thank you from this booth owner. I need to track my cost of goods.

@LostFoundDecor Жыл бұрын

Good for you Brenda! It really does help so much.

@julienorman Жыл бұрын

Great illustration, love the white board too! These are things I know, but haven't practiced much. I've come to the same conclusion, to stop buying (mostly) and sell that stuff.

@LostFoundDecor Жыл бұрын

Glad it was helpful!

@deniseheupel8814 Жыл бұрын

"They may be making great sales, but be broke"- so profound! Great teaching video! 🤯🤯👍😎👍🤯🤯

@LostFoundDecor Жыл бұрын

😂😂 Glad that resonated with you, and it’s true!

@terrymercer4877 3 ай бұрын

Thank you for that visual lesson. Will I ever be busy taking a good look at what's selling and adjusting my booth space. I find at the end of some months seeing my booth as a museum with not too much selling.

@lisaginmt8109 Жыл бұрын

Thanks for the great visual! I have a custom home decor sewing business and your video has made me realize the "cost" of trying to do everything for every customer (with the increased cost of goods, shipping, added stress, difficult deliveries and installs etc, fuel expenses etc) could be keeping me from being more profitable and more relaxed/fulfilled by doing the parts that I actually like and have far more control over - specifically selling pillows, bedding and blinds and just simply give up doing the hard drapery portion. Definitely scary to think about limiting what you offer - regardless if it is services or merchandise!!

@theoldsonso Жыл бұрын

OMG Boy you hit the nail on the head I love the way that you explained and it definitely made me think how much inventory I have and how much I sell per month so thank you so much for this talk I believe I have enough inventory for the next few years LOL😊

@LostFoundDecor Жыл бұрын

😁 glad it was helpful!

@roxannetart9371 Жыл бұрын

I'm the same way! I have too much merchandise already and I honestly think I have enough of my basics to keep my booths stocked for at least another year or possibly more. I'm watching this on a Saturday morning before I dive into a day long tagging marathon. I'm stoked to get my home back in order! Good luck yo you. Happy selling :)

@elisayager634 Жыл бұрын

Thank you for this great video. It’s just a confirmation that I’m doing everything correctly. I did not expect to make money in my first year as a booth owner because of all the start up costs. Power tools, paint and other supplies have chipped away at my revenue. I didn’t expect to make money in the first year but as I now begin my second year as a booth owner I will be more selective at what I put into my booth and the cost of those items. Thank you Melanie for another great video, as usual.

@LostFoundDecor Жыл бұрын

You’re welcome Elisa! Glad it was helpful :)

@AR-mu4zq Жыл бұрын

So you didn't make money your first year?

@kayhenderson7040 Жыл бұрын

Thanks a ton Melanie for another easy to understand, super informative and helpful video. This particular one brought to light certain concepts and business principles I definitely need to work on. As always you are a "BLESSING" and a "WEALTH OF INFORMATION." GOD BLESS YOU!!!

@LostFoundDecor Жыл бұрын

Thank you Kay! Glad it was helpful :)

@angelicac8383 Жыл бұрын

Hi Melanie i am definitely in this boat and need to reduce the FOMO and stop shopping. I think part of it is the idea that smalls pay the rent and i need to sell a lot of smalls:) I’ve definitely made decisions about “categories” that i will no longer pickup because it takes too long to sell etc. Rent, gas, expenses is a huge consideration for me since i don’t pay a lot for my items but time is something that i factor too. Cleaning items for 3 hours that i’m only going to make a little profit on seems better spent doing something that can enrich my life in other ways.

@LostFoundDecor Жыл бұрын

Smalls often do make the rent, but perhaps you can still get by with fewer of them? Pick the best, with the most profit potential and least amount of work :)

@lorriedowns2623 Жыл бұрын

You’re such a good teacher. You break things down so well. Thank you!!

@LostFoundDecor Жыл бұрын

I’m glad it was helpful Lorrie :)

@MikeHeidi1111 Жыл бұрын

I needed to hear this as I have struggled lately with buying too much for fear I’ll run out. Thank you for making these videos Melanie!

@LostFoundDecor Жыл бұрын

You’re welcome!

@sabrinawittman1840 Жыл бұрын

I just came across your channel by searching for antique booth pointer! You are such a great teacher! Very easy to understand and follow!! Thanks so much!!! Oh and I’m from Greenwood AR!!

@LostFoundDecor Жыл бұрын

Awesome! Glad I could be helpful :)

@rachelmadsen6237 Жыл бұрын

I was hearing your voice at Goodwill yesterday 🤣 asking me if I needed that inventory! Thanks for all your tips!

@LostFoundDecor Жыл бұрын

😂😂 Sorry about that!

@jbowenandcompany Жыл бұрын

I've been trying this theory lately. Had to resist going to a huge Church garage sale last weekend, not easy, but less clutter and working through my stash. Thanks for sharing another helpful video.

@LostFoundDecor Жыл бұрын

Good for you! Way to resist :) it’s so hard to do when there is so much good stuff!

@jenniferminton3630 Жыл бұрын

Thank you so much for this video! I hope you have more. It was very helpful 🙂

@george.carrasco Жыл бұрын

Great advice Melanie! Thank you !

@jessiehanson134 Жыл бұрын

Thanks so much for the sound business advice!! Great visuals always bring it home!! 🤭

@susanmaxham8397 Жыл бұрын

I really enjoyed this video. You are so right. Instead of going out and buying more "stuff", dig through what you have! Thank you!

@LostFoundDecor Жыл бұрын

Glad it was helpful!

@rondahukill9479 Жыл бұрын

Loved this info. Very helpful thank you.

@delightfuldaisy1 Жыл бұрын

So informative and helpful! It does make sense and hopefully will become easier as I learn to be more selective with my purchases! Love seeing your sweet baby in the background!

@rebeccat4331 9 ай бұрын

This is a really helpful video! Great content, thank you!

@lowcountryloft8105 5 ай бұрын

You have been a great help, thank you!

@LostFoundDecor 5 ай бұрын

Glad to help!

@Shellseeker5 Жыл бұрын

This was SO helpful !!

@LostFoundDecor Жыл бұрын

I’m so glad!

@kellierohaley8328 Жыл бұрын

I Definitely need to stop shopping And start cleaning out my garage and working on the projects as you said.

@michaeldean2053 Жыл бұрын

Great video for anyone in business for themselves.

@carolepeck3829 10 ай бұрын

A very good lesson that I will take to heart.

@hgval6146 5 ай бұрын

Thank you so much for breaking it down like this. When you do it like that it makes absolute sense and is a no-brainer. Thank you for all that you do. I just found your channel and I’m so grateful for your generous spirit. God bless you!

@LostFoundDecor 5 ай бұрын

Glad it was helpful!

@isabelcardenas1583 Жыл бұрын

Thank you for the reminder that I need to stop shopping and start selling my inventory.

@JShow78 Жыл бұрын

Best advice my reseller friend told me was buy low, sell high

@LostFoundDecor Жыл бұрын

Absolutely!

@kimredmond3550 Жыл бұрын

I buy low, and sell high enough to make a decent profit, but for me, selling at lower prices has increased the volume of sales and overall profits each month. I return to the places where I feel like I’ve gotten a good deal and believe that brings people back to my booth for the same reason. Selling more stock does require more time, especially since my booth space is compact and I sell smaller items.

@JShow78 Жыл бұрын

@@kimredmond3550 true and if you buy low you can have more flexibly in your prices. If needed you can sell lower to move product quick or you can stay on the higher end.

@wildwindtreasures5450 Жыл бұрын

This has been so helpful!! I do not do this very well and you explained it so nicely

@LostFoundDecor Жыл бұрын

Glad it was helpful!

@Vine-Vintage Жыл бұрын

Thank You!😊❤

@leeshepherd8486 Жыл бұрын

Great advice!! I have been in the antique business for many years. You are right it's very fun to buy. I am guilty of having way too much inventory on hand. My booth is doing very well. I'm actually surprised how well its going. However I know how this business works. It can go from fantastic to nothing in no time. My advice for what it's worth is to buy good items. Focus on quality not quantity and know your market. The last thing I believe is very very important is to be in the right Mall. If you are dealing in high quality merchandise and your mall focus is on lower end items you will not do well. Do your homework before choosing your Mall

@laurelmcgrath5823 Жыл бұрын

Thank you!

@charlottewilson4680 Жыл бұрын

This was great.

@LostFoundDecor Жыл бұрын

Awesome, glad to hear 😊 Thanks for watching!

@michellebisesi4498 6 ай бұрын

Very helpful. Thanks.

@LostFoundDecor 6 ай бұрын

You're welcome!

@hornomat6099 Күн бұрын

I got the first tip. Thanks.

@gloriaburton6213 Жыл бұрын

Thank you!!!

@chrisjulian83 Жыл бұрын

Great video, thanks. I have a request for a video and I’m hoping I’m not alone in this. With the economy such that it is, could you give a video on how to reignite our small business. I was so passionate for quite awhile . However I find myself and some vendor friends loosing the excitement. Hope this makes sense. Thanks Christine

@batthriftcrazy1959 Жыл бұрын

What an amazing video and so very helpful. Thanks Melanie! Hugs, Joanne

@LostFoundDecor Жыл бұрын

You’re most welcome. Thanks for watching!

@ashliahrens1280 4 ай бұрын

Very helpful! Hello from central AR.

@LostFoundDecor 4 ай бұрын

Glad it was helpful!

@innacaro243 Жыл бұрын

Thanks 😊

@LostFoundDecor Жыл бұрын

You're welcome!

@frostygal143 Жыл бұрын

Are you going to restock that t-shirt...or sweatshirt? Love it!

@LostFoundDecor Жыл бұрын

Yes! I’ll be ordering more soon. You can see what colors and sizes I have in stock right now here: lostandfounddecor.shop/products/save-the-planet-buy-vintage-t-shirt?variant=43207504822530

@roxannetart9371 Жыл бұрын

Quilty! I'm so quilty of shopping for my booths ALL THE TIME when in reality I have enough basic inventory to carry me through at least a year for the three booths. My plans for the year ahead are to focus on organizing EVERYTHING as far as my biz; resell inventory and crafting inventory. I'm actually super excited about this as it'll help streamline so much of my life. Past time to focus on merchandise on hand and sourcing less often.

@LostFoundDecor Жыл бұрын

Good for you! I think you will be pleasantly surprised as you start to minimize the stress and see more $$ in your pocket :)

@mmoore92706 Жыл бұрын

Great info, Melanie! When do you lower the price in order to move it? When you've painted a piece of furniture, how do you price it to factor in your labor? What other factors do you consider when pricing? I'm still learning how to buy off of Marketplace. Thanks!

@LostFoundDecor Жыл бұрын

I am patient with furniture… I don’t start dropping the price too quickly on it :) A place to start could be consider the cost of the furniture, cost if your materials, then how long it takes you to paint it. I charge $35 an hour for custom work, just as an example. So then add up all that up and see where you’re at. Of course, your price has to fit the market 😊 If you can get lore for it, then ask more! If not, then that means you need to work on lowering your costs so you’re not working for free. Hope that helps!

@cynthiawelch8450 Жыл бұрын

Great information! How do you keep track of cost of goods sold? Do you keep a written record in a notebook or something? Thanks!

@arleenrice2911 Жыл бұрын

Not an expert here, but I have always kept a record of the cost of items. I have a booklet that I keep inventory in and when I sell an item in columns I have a description, cost, price for sale, date in the booth, date sold, when I got paid, my inventory number, and the last section is to record my profit after cost for that item. I also either put a check at the beginning of the column if it sold or and R if I removed it from the booth to sell at another time. Then when sold i highlight the whole line to keep my eyes from having to work too hard. Like she said, a fellow both owner can appear to be selling a lot, but what are her cost for items and materials to upcycle? If you don't know that you have no way of knowing if you are actually making money.

@julsjewels3185 Жыл бұрын

I would stop at the thrift store after work. Some people stop at a bar , not me!!!! Then when I retired I stopped buying and started sitting through the treasures accumulated. Then I could see my profit increasing. If we have a death pile, that is money sitting there gathering dust.

@marthapoole9150 Жыл бұрын

Thank you! So helpful! Where did you get your cute shirt?

@LostFoundDecor Жыл бұрын

Hi Martha! I actually sell them in my online shop lostandfounddecor.shop/products/save-the-planet-buy-vintage-t-shirt

@jodiemeschke6889 Жыл бұрын

I love this shirt too. I see in the Size Chart the sizes go up to 4X, but in the size drop down 2X is the largest size available. Will you have the larger sizes available?

@amberlamoine1 Жыл бұрын

Hey Melanie! I live in Fayetteville and am wanting to start a booth and all. your videos really help me. My motivation right now is to buy for my own use and as someone who really enjoys using the items I have for a season and switching them out, a booth will help me to be able to enjoy the item and make a profit or at least break even. Any advice for my thoughts and reasoning? I buy all my household decor/furniture second hand and only pay for pieces that are "forever" with the idea that if I resale it, I can at least recoup my money.

@LostFoundDecor Жыл бұрын

Hi Amber! Sure, it sounds like this is more of a fun hobby for you and a way to keep rotating items you find and love, which is great! This video and the advice I share is more for someone looking to run their booth as an income-producing business. So I would just say spend as you see fit and are able, since it’s a mostly a hobby for you 😊 All the best in your new booth!

@amberlamoine1 Жыл бұрын

@@LostFoundDecor Thanks for answering me, Melanie. I am going to take all your advice as it would be a total bonus to actually turn a profit and maybe treat it more like a business than simply rotate my items that I buy through a booth. I hope we run into each other someday!

@LostFoundDecor Жыл бұрын

@@amberlamoine1 yes! That would be fun! Really, it's all about your goals and the choices you have--if you need it to be profitable, then I think it can be! It's also great to just enjoy the process of finding and selling :)

@ehoward54 9 ай бұрын

Do you have bookkeeping app/program that you recommend for really, really small business? For just starting out?

@diannajohnston4558 Жыл бұрын

Would love the tee shirt….where?

@tinaindina7032 5 ай бұрын

Hi. Thanks for your video. May I ask why you don’t focus on buying more expensive/ higher quality/ more valuable items? A 1$ item selling for 9$ gives you 8$ but a 10$ item selling for 40$ gives you 30$, almost 4 times as many dollars. It’s often exactly the same work, finding, bringing home, cleaning aso. Percentages are good but it’s the dollars we live off. Is it the lower risk that’s attractive?

@LostFoundDecor 4 ай бұрын

Sure thing…have a mix of items from large to small, or higher end, to lower end. It all depends on your customers and what they buy. Just because I have a $500 marble top dresser doesn’t mean someone wants to buy it. So I try to keep a mix of priced range items.

@tinaindina7032 4 ай бұрын

@@LostFoundDecorok thanks.

@timronchetti4719 20 күн бұрын

hey have another t shirt in mens x large

@julsjewels3185 Жыл бұрын

Sifting through.... Darn autocorrect.

@cindyrae2605 Жыл бұрын

But...but...what if we continually find great stuff that's dirt cheap? LOL.

@LostFoundDecor Жыл бұрын

Are you selling it all? Just bc it's cheap and good, if you aren't moving that volume typically, it will sit until it sells, which eats into your total profit. If you are constantly finding great stuff, that's a good sign that when you're ready to re-stock, you'll be able to find what you need. Buy it then :)

@cindyrae2605 Жыл бұрын

@@LostFoundDecor I'm new. This next year will tell the tale, there are looming rumors of a recession in the US.

@cindyrae2605 Жыл бұрын

@@LostFoundDecor oh no! My 78 year old friend is downsizing and wants to GIVE me old stuff! PS, I donate all my proceeds to Christian charities. The Lord loves a cheerful giver!