£10K in Reselling Clothes! But Stock is Holding This Business Back
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James Sinclair's Business Broadcast
This episode is titled:
£10K in Reselling Clothes! But Stock is Holding This Business Back
Notable Quotes
"If it could be better, it's as good as broken."
"Discounting is death for your business."
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Get More InsightsEpisode Summary
In this episode, the host explores the rise of TikTok shopping through an emerging platform called Tilt. He speaks to Sam and Ollie of 89 Clothing, a duo that has managed to generate £10,000 monthly by reselling clothing at discounted prices via live streams on Tilt. Their profit margins hover around 25% and they're aiming for a deeper engagement with their audience. However, they face several challenges, including securing stock, boosting revenue, and promoting their brand.
The conversation touches on the risks of relying on just one sales platform for business continuity, quoting examples of businesses that failed due to changes in marketplace policies. The duo seeks clarity on their profit margins and how they can grow their business model. They express aspirations to quit their full-time jobs within the next year, transitioning fully into their clothing resale venture.
Practical business advice is steadily weaved throughout the episode, with the host suggesting they explore various avenues to acquire stock, enhance marketing strategies, and establish a strong online presence that collects customer data. They also discuss the necessity of building relationships in the business and learning from experienced entrepreneurs.
The episode concludes with the host encouraging Sam and Ollie to focus on expanding their skill set through reading and education, highlighting its critical role in achieving long-term business success.
The conversation touches on the risks of relying on just one sales platform for business continuity, quoting examples of businesses that failed due to changes in marketplace policies. The duo seeks clarity on their profit margins and how they can grow their business model. They express aspirations to quit their full-time jobs within the next year, transitioning fully into their clothing resale venture.
Practical business advice is steadily weaved throughout the episode, with the host suggesting they explore various avenues to acquire stock, enhance marketing strategies, and establish a strong online presence that collects customer data. They also discuss the necessity of building relationships in the business and learning from experienced entrepreneurs.
The episode concludes with the host encouraging Sam and Ollie to focus on expanding their skill set through reading and education, highlighting its critical role in achieving long-term business success.
Key Takeaways
- Relying on a single sales platform can pose significant risks to business sustainability.
- Building strong relationships and networks is crucial for business growth.
- Expanding sales channels and acquiring customer data means long-term profitability and brand loyalty.
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