This can be done by buying more strategically and by
spending less time on the whole process. Your most profitable month may not be the one
where you have the highest sales. The first step is to understand when you are profitable. This means understanding your cost to buy as well as the cost to run your business. Code inventory cost in the MSKU so that you can easily see what it is. Here are some strategies to increase profits.
Sell higher priced items. For example the
profit on selling 3 items that cost $5 for $15 each may be about $15. Selling 1 item
that costs $15 for $45 may yield a profit of about $20. And you’ve spend ⅓ less time
buying and prepping it.
Follow up on returns and reimbursements to yield hundreds of dollars or more back in your account with no additional sales.
Sell a higher volume of fewer products. This means that less time is spent per item and there is less administration of multiple products. Even if profit per sale goes down but you can sell more in less time with less work, overall profits rise.
It is easy to be caught up in pretty charts showing sales revenues but the really important numbers are profit per hour spent, profit per item sold and overall profit. Keep your eyes on these harder to calculate but essential numbers.
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