I needed to reinvent the way I would work
In my quest to scale and grow the business, I neglected to consider the increased need for my time to support the growth. When I started to notice the toll on my time, I was afraid I would head back down the road to unhappiness and burnout. I needed to do something. This lead to a series of Ah-ha moments that would change the way I work forever.
Spend less time inspecting and testing used inventory
Part of my time was inspecting used equipment that I would purchase, refurbish (if necessary) and resell. This was a time-consuming process because not all used equipment would be in the same condition. I had to inspect each piece of equipment individually and create a unique advertisement for each.
Although it did prove to be profitable for a while, this was not an efficient way to scale the business with my limited time and no employees. I would start to increase the share of new products in my inventory mix. I was leaning towards SKUs that I could sell over and over again with just one listing.
New inventory would save me time and still allow me to scale my business!
Spend less time handling and shipping inventory
One of my new product niches were projector screens. I would purchase several varieties from my supplier in California and have it shipped to me. I listed those for sale on my website. I ended up selling a few and shipping them to my customers, some as far as the east coast.
I thought about this… I was having the product shipped to me (product + shipping costs). Then I would ship to the customer (product + markup + more shipping costs). Storing and shipping projector screens weren’t cheap and ultimately the customer was paying for all of it. What if I have my supplier ship the projector screen directly to my customer? I could save a customer from having to pay additional shipping cost that I would have charged them. I could bypass the product having to come to me, store, handle and ship out again.
Early Thanksgiving week, I would list a few items for sale on eBay that I would plan to ship directly from my supplier to my customer. This sales and fulfillment method is called drop shipping.
Dropshipping. Would it work? I explain in this reflection video…