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Make Money Putting Stuff on Consignment

October 21, 2014 by: 0

As the recession has entered the market, it has brought the era of bargaining and hunting along with the thrift shopping while making money putting stuff on consignment. The consignment shops work in many different ways and each of them allows the users to earn money or the store credit for the old items which has been sold. The clothes including the maternity clothes, to sports equipment, toys and many more options are available there.  There are many of the consignment stores for just about any of your stuff which is still in the better or good condition. The best option is of donating all the items which are scrap for you but could be used by some other needy people in the better manner.

Types of shops 
There are around four types of shops which are working on the consignment –like pawn, consignment, thrift and classified. The differences between each of the work are as mentioned below- consignment is when a shop is selling the goods for the owner.  In this the owner keeps the ownership of the team until it has been sold. As the owner you are going to pay the fewer amounts of charges to the shop for the compensation for them selling the item. There are two consignment options, one is the physical shopping and the other option is the weekend sales.

Consignment shops-
They are the locally owned business with the feel of the mom and pop. They are over here to set their own terms for how it’s going to work. Before committing we should do the research with respect to the stores. When you are going to visit the store the items would be identified with the code which has been mentioned on the tag for identifying which accounts gets the credits of the sale.

How will it work for the seller?

The standard for the dropping of the items would be from 30 – or 60 or 90 day cycle.  If the item doesn’t gets sold during that duration then you will have to discount the items for just say 30% or you will have to get it removed from there.  With respect to the commission you will have to pay somewhere around 25% to 60% for the charges, which the shop is going to collect for its commission. There are many shops which would be offering you the higher options.

Is Consignments shops beneficial?
There are fewer amounts of the items available in the store, so the items in the store are having less competition. But there may be cases, where the shops must be witnessing large amount of traffic from the door. May be it can take time in getting the best options, but may be it can take some time and is not good when you want the cash immediately. According to the reports it has been found that the consignment shops are worthwhile when you are having high end cloths to sell. For the clothes you should have the high end clothes brands and same would be best for the furniture and the new high end pieces. Even it has been found that the clothes or the items are impossible to make money until or unless they are of the higher brands.

Some of the examples of the consignment shops are as under-Men’s and women’s fashion, bicycle, furniture, children’s items etc.

Sales of the consignment

Sales are for the short duration and still have the intensity of the event. They generally occur in the weekend, 2 to 4 days or randomly on the vacant space.  It has been observed in the malls, hotel rooms during the conferences, school gymnasiums and many more. They are going to be intense because many of the people would be hitting on them through the weekend. The energy is quite high and can be expected to see the shoppers cars parked to the brim.

How it works for the Seller?
Before the week, you will have to prepare the items with the tags and during that durations only the organizers would be opening the door for dropping the items. It’s considered the standard, as you can earn 60% of the sale price as the base of the rate on the sold items, but for that you will have to pay the amount of $ 10 to $15 as the entry fee.

Is a consignment sale worth while?
They are extremely opposite to the consignment shops. They have the details of the larger inventory all over the period or the duration of the working. People do prefer this option over the consignment shops because over here the users are going to get the immediate response.  Another crucial point which needs to be taken care of is that they are worthwhile if there are large varieties of items for selling. Because it’s really difficult to gain the advantage or earn profit since you are just having few small items and in that also, you have to pay around $10 as the entry fee. Some of the examples of the consignment sales are mentioned as –Wee trade, just between friends etc.

Pawn shops
Pawn shops are places where you are able to relinquish the items immediately with the amount.  There are actually different and numerous nationwide chains which resell the goods under the pawn goods policies. Something like half price books etc. some of the examples of the pawn shops are mentioned as Plato’s closet, half price Books and many more options.

It is the alternative to the second hand shops and widely used due to the expensive middle man. The nominal fees to put the advertisement in the newspaper or magazine are usually smaller than the pawn shops and the consignment shops. Some of the well known options available are – auto trader, newspaper, eBay, Amazon etc.

Thrift shops
Some of the second hand shops work majorly on the option of donations.  They are working basically as the non profit organizations.  You go to the shop and drop your items as the donation items and these shops would be providing you with the tax –deductible receipt which would be based on the eliminated value of your items. Some of the examples of the stores are mentioned as- goodwill, smaller and local non-profits.

Tips for getting started 
How to make money putting stuff on consignment is one of the biggest questions when anyone plans to start with it. But you all don’t have to worry as there are few tips which you can take care of and get the best options which are available.

Selection of the specialist store

You should be careful about the store in which you are going to put off your consignment. The specialist store would be providing you better rates and prices compared to the ordinary store. Suppose you are planning to sell out some items of sports like rackets, balls and other items then you should go in search of the shops which deal in the sports field. Because they will be the one who would be able to earn more than the other shops. Shops which are dealing in the general stuff are better only when you are looking for some knick and knacks and the stuff which cannot be categorized in the specialist shops.

Aware of what sells?

The shop of consignments looks for those items which could be easily sold and can get the better results. A nearly unworn dress of your child or the designer dress –would they be perfect for the selling. Then the answer which would be coming would be yes, because those clothes could be worn by some or the other child. Before putting the stuff on for the sale, you should check out your-self whether you would be purchasing any item like this, if not then please ensure that you only should take those items which could be sold off.

Cleaning your items

When the items are in good shape and size, then there is option that you could get the better price than compared to the stuff which is dirty and not in shape. In case you are having some stuff which is missing the buttons, laces etc.  Then those items should be kept for the donation and not for the sale.  You should check for the items before moving ahead for the stains and the unavoidable marks which could hamper the selling of the items.  The consignment shops takes care that if the items are having some kind of marks and could not be removed, then they ensure that they should not take such kind of items from the owner of the particular items.

Contract to be tackled carefully

If you are looking for the profit-sharing model, then you should go ahead with the contract. Make sure that you have read the contract carefully as it gives the information that what would be the share which would be offered to you by the shop in which you have kept the item. The contract is going to give the information with respect to the details like how it’s going to be priced, till what duration your item is going to sit in the store and also by when could you visit the shop to collect the amount. It’s really beneficial to go through the contract, because after signing the contract you don’t get the shock one day that the term which has been mentioned on the contract was not appropriate. Before signing the contract you should ensure that you have gone through each of the lines and if required you should consult the lawyer for the legal terms in the contract sent to you.

Choose the mode of payment according to your convenience

Please ensure that you don’t go for the instant money because there must be chances that you could not receive the amount.  If you want an instant amount then you can also go for the cash option. But if the item you are going to sell is of the higher value then you should ensure that they have been contracted for the profit-sharing option and could gain some bigger benefit from that sale.

Gather the items to be sold

Once you have taken the appointment from the shop, you should start moving ahead with the items which you need to sell off. Then you should take care of splitting the item into different sections and also depending on the items which are in the better or the worst case. Specifically those items should be selected which has not be worn from past 2 to 3 months and would not be worn later as well. But are still in the best of the shape and when given to someone could be able to utilize them in the better manner. Should also try to separate each item according to the age group and then bring it to the store, as it would become easy for the store owner also to take the items.

 Questions which needs to be taken care of

It doesn’t matter whether you are going to meet in person or are going to call ahead. But you would be eager to know the solutions for some of the questions before moving ahead and they are- whether you will have to take an appointment or you can just walk in and the items would be accepted from you?  Are they charging any specific amount for the appointment which has been taken? Thirdly, what percent you are going to gain on each item sales? Fourthly, does the shop purchase the item outright from you or they are going to pay you off only when they are going to be sold off further. Fifthly, what are the expectations of the conditions of the items with respect to the clothes, toys, books, household items and many more? It could be clear only when you are going to interact with number of shops and based on their working you could decide who could be best according to your requirement. But before gathering the information one should surely not move ahead.  Absolutely there are pros and cons for each and every method which is being implemented. In this when you get an upfront payment you earn the amount immediately without waiting for the longer duration.

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