When I started reselling on Poshmark in 2018, I had a few mentors giving me tips here and there. I had Instagram showing me brands and beautiful package pictures, but this led to various reselling mistakes! What I’d like to go back and tell myself is not to consume all of this information and believe I needed to follow the same path.
I am beyond thankful for everyone who has taught me something, even if it didn’t work out in my favor. Why? Because I have learned from those mistakes! So, what are my biggest past mistakes I would tell any new reseller to avoid?
My brand knowledge is 100% from Instagram and what other resellers are buying. While I have learned everything from this, it has also burned me many times. Brands almost always sell differently for everyone. Don’t go crazy trying to find a BOLO brand (been on the lookout) and ALWAYS check your comparable (comps) items.
Things you don’t NEED: fancy lighting, photography backdrop, thermal label printer, poly mailers, stickers, custom thank you cards, or a new camera. Do I have all of these things? Besides a camera, yes girl. I don’t use anything for my listing pictures anymore. No backdrop, no lighting. I found a bright corner in my apartment with natural light and put up a hanging bar on the wall! My pictures look 10x better than they did with a light kit and a faux wall backdrop.
So why do we all have these fancy gadgets and extras? Because they DO help your productivity, reviews, and branding. I suggest starting out with the bare minimum and save for those big-ticket items like a label printer.
- Use square mode on your camera while taking pictures.
- Only edit your cover photo.
- Use an easy app like PicTapGo.
- I use the “lights on” filter and adjust as needed.
- Snapseed can help with additional brightening and use the “heeling” tool to remove things like light switches.
- Use an app like InstaSize to fit pictures into a square, like maxi dresses.
Cost of Goods Sold
My biggest reselling mistakes were made here! I started off by going to a Goodwill and thinking $5 for a top was a steal. Which it is if you are buying it for yourself. The general rule of thumb is to triple your money on a sale. So if that shirt is $5 you need to sell it for around $20 (Poshmark takes 20%).
Average selling price (ASP) is a goal to keep in mind in the long run. Starting out your ASP may be ~$15. Your ASP should start to increase if you put in a conscious effort while sourcing and pricing. Depending on what sourcing in your area looks like, you might stay at $15 if you are unable to find higher-end brands. Which is totally fine! Small sales add up.
Extra tip: check if you have a Goodwill Outlet/Clearance Center in your area! They put everything in huge bins that you dig through and you pay by the pound. A game-changer for your COGS.
Can you relate to these mistakes? Tell me in the comments!