433: Why Overpaying is Killing Your Reselling Business"

Pure Hustle Podcast

Entrepreneurship, Business, Business:entrepreneurship

4.8 • 824 Ratings

🗓️ 16 January 2025

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, Mike and Orlando dive deep into the importance of keeping costs low in reselling and how your cost of goods (COGs) can make or break your business. They discuss practical strategies for sourcing low-cost inventory, avoiding the psychological traps of overpaying, and calculating total costs to maximize profits. The hosts also share incredible Hustles of the Week, including a $1,000 sale of a WWII Coca-Cola lithograph, a bulk electronics flip netting over $6,000, and a $140 sale of a vintage ergonomic mouse. Tune in to learn how savvy sourcing and smart pricing strategies can lead to reselling success. Whether you’re a seasoned reseller or just starting, this episode is packed with actionable advice to help you grow your business. Don’t miss it! Join the Discord and Partner with us via Patreon:https://www.patreon.com/purehustlepodcast Sign Up with MY RESLLER GENIE with 15% off your first month for the best bookkeeping geared for resellers by using the link below and USE OUR CODE “PUREHUSTLE” all in caps: https://www.myresellergenie.com/?ref=purehustle Get a free $15 on Whatnot by using the link below: https://whatnot.com/invite/purehustlepodcast Get that Skullshaver using the link below and our code "Hustle": https://skullshaver.com/discount/Hustle?rfsn=6980222.2cfe107&utm_source=refersion&utm_medium=affiliate&utm_campaign=6980222.2cfe107 Purchase bubble wrap from the best deal available ANYWHERE: https://www.americanbubbleboy.com?sca_ref=650095.KTEipe5MI4&sca_source=YouTube

Transcript

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0:00.0	Welcome to Pearsal Podcast. I'm Mike.
0:08.1	And this is Orlando on Warren, episode 433, and this one's a themed episode with some
0:13.7	Hustles of the Week.
0:15.1	That's right. So on our themed episodes, we kind of talk about a specific concept in reselling
0:19.4	or maybe tip or strategy.
0:22.4	And then we also have our update episodes, which are every other week.
0:25.8	And those kind of go into more of current events in reselling, what we're doing reselling-wise.
0:31.1	And then we also have our live episodes that drop on YouTube.
0:34.4	So please make sure to go on over to YouTube so that you don't miss our lives.
0:38.5	But today, we're talking about one of those things. I mean, when we're talking about reselling,
0:43.5	what we're really talking about here, Orlando, is we're talking about making money, right?
0:46.9	Like, we're talking about putting dollars in the bank account. And one of the key factors,
0:53.6	because we talk about different factors in reselling,
0:55.2	you got your time, you got energy, you got location, you got how much space you have.
0:59.1	But one of the key things is that cost. And so today we're going to be talking about how cost
1:04.3	means everything in reselling some tips and strategies and how to look at costs and ensure that you
1:09.2	are maximizing the amount that you're
1:11.5	taking home at the end of the day and minimizing how much you're spending on items.
1:18.3	Agreed. And we've talked about this so many times, but this is the reality of any business,
1:23.7	right? Your cost allows you to do so much, right? You make your money when you buy the item so we're
1:30.0	going to talk about that and the easiest one is right the the lower you pay the higher your
1:34.4	potential profit right especially in the reselling world right there's no place i don't think
	...

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