Many have heard the expression in the entertainment business that “sex sells”. Well, in the collectibles business, my motto has been: “old sells”. What I mean by old is vintage. Vintage items sell at a frequent pace online simply because the items are not produced anymore. Limited supply. Higher demand. Simply put.
There are several methods one needs to have in place regarding the purchase of an old collectible. One has to first enjoy what they are buying. If you do not enjoy what you are offering to the public, then your heart will not go into the sale. What I mean by this is when a seller is offering an item or product they enjoy, they will write better and more passionate descriptions of the items they are offering for sale or auction when placing the item on a site like Amazon or eBay. This in turn leads to a viewer or potential buyer of the item understanding the item in full. Marketing the item you are offering helps a sale, no question, but the passion you put into the item is more important to the potential sale.
There are 7 main pillars to what I believe constitutes a profitable sale. Here they go.
1) Sell products that have meaning to you. Remember your youth. What was your interest? Was it matchbox cars, action figures, marbles, coins, comics? What had meaning in your past? Those items are what is going to determine your success in the business of collectibles you want to start. The worst idea is selling items you do not enjoy. It’s like working at a job just for a paycheck. You want to love what you do.
2) Know what constitutes vintage (old) in the industry of collectibles you are pursuing and write passionate descriptions when selling the item being offered.
3) Never buy items on the site that you will be selling them on. You want to offer items that have not been seen on the platform you are selling them on. As a seller, I want to offer fresh items to the marketplace I am selling them on. You want the buying public to gravitate to your ads and they will if they know you are offering ‘new’ items for sale.
4) I have been a fan of always purchasing collectibles in bulk and never paying the vendors’ price. Buying in bulk will enable you to get a better deal if you understand the concept to pay low and sell a bit high. Notice I said, a ‘bit’ high. When you buy in bulk, that ‘bit’ will turn into ‘a lot’ because you will have items in inventory to sell at a volume pace. If you can get a high price for the item(s), great! However, don’t be greedy and think you’re going to make a million dollars in the beginning. Like anything, it will take time, trial and error. But if you enjoy what you do, it won’t be a dreadful job (as stated above at #2).
5) Condition does not matter if you don’t have the funds. There is an expression in the collectibles industry which says like real estate where location is key, in the collectibles industry the condition of the item is key. While I do believe that to be true, not every eCommerce beginner who wants to start on online business has the funds to buy mint-condition items. That can lead to spending a fortune on the get-go. My success has been in buying lower-grade collectibles where I can haggle down the price the vendor is offering because of the wear and tear of the item. Vendors for the most part will offer a better deal because of the wear and tear of the items and if you buy them in bulk then there will be profit to make as long as you remember not to pay the dealer price. There is better leverage on buying lower-grade items than higher-grade items. The owner of that higher-grade mint item knows it’s high-grade and usually will be prone to not giving it away at a good price.
6) Throw a little extra in the package when a buyer purchases an item from you. Everyone loves surprises, don’t they? Why not surprise that buyer with a little extra item in their package. How about the next time you get ready to send a package out, include a little pin, or a pen with your seller name on it. Or let’s say you sell a baseball card from 1972 and you have a lesser condition one lying around. Add it to their package. I guarantee you that buyer will be back for more and will continue to buy from you.
7) Hit the Northeast large-size outdoor flea markets. That’s were you will get bargain prices and a good return for the item. There are a few in Pennsylvania, Connecticut and Massachusetts, to name a few states.
Use the pillars above and always remember the “lucky 7” rules:
1) Love what you buy and offer
2) Buy old
3) Offer fresh items for sale
4) Buy in bulk
5) Buy low-grade for a better deal
6) Surprise your customer with that extra gift
7) Hit the major outdoor markets for bargain hunting
