Hi, I hope that whenever you are reading this, you are having a blessed day! I’m Polo Tapia and I’m a Christian sharing a little bit about my life, my online businesses and everything else in between. I want to start by saying that I’m not sharing the following information to boast or show off in any way shape or form, I’m sharing this information as a way to show people the opportunities and possibilities of online businesses. I hope you find this information useful or at least inspiring for your own journey.

As for money, money is a tool, loving money to the point it becomes an idol is a problem (1 Timothy 6:10) I operate with the mindset of Christ being my CEO, thus its God’s money, I’m the manager of it and He is entrusting it to me to do good with it. 

With that said, I would like to share with you my reselling income report for the month of December 2020.

I will break down this information by marketplace, revenue, expenses and profit/loss. 

MARKETPLACES

So I’m currently reselling used shoes that I source from thrift stores. I’m mainly focusing on shoes right now as I see a viable way of scaling this business in a the long term run. Shoes unfortunately don’t have the greatest sale through rate, so in order for me to see some consistent sales (and by consistently I mean at least one sale a day) I think I would need to have a little bit over 500 active shoes listed across different marketplaces.

I’m almost there as I currently have 295 shoes in inventory. 

I have listed most of these shoes in the following 10 marketplaces:

Here is a screenshot of my mercari online store

This month I photographed 66 shoes once I photograph the shoes, my VA takes over. My VA then creates the listings, prices the shoes and starts crossposting them in all the marketplaces and the shoes become active and start selling.

I spend approximately 5 minutes photographing each pair of shoes, so this month I worked approximately 5.5 hours taking photos. My goal is to focus more and work at least 20 hours a month taking photographs.

Once the listings are live, they start selling.

REVENUE

Here is a break down of the sales and revenue for the month:

I had 16 sales and generated a total of $509.61 in sales, with an average selling price of $31.85. Not a bad ASP in my opinion.d

Here is a screenshot of the traffic and impressions on my ebay store

I had a really good month on Depop and made several sales there. Depop is the last marketplace I added to my reselling business.

Here is a screenshot of the sales I made on depop

EXPENSES

But of course, that is revenue only, not taking in consideration the expenses.
So here are my expenses for the month:

COGS

As you can see, cost per shoe sold is currently $5.56

SELLING FEES

I separated my selling fees from my ebay fees, as most marketplaces take their share, prior to them sending me my profits.

On the other hand, ebay sends me an invoice every month. That invoice includes listings fees, promo fees, final value fees, etc.

SHIPPING COSTS

My shipping costs come from pirate ship, the software I use to create shipping labels. Some marketplaces (like poshmark) provide a shipping label in their selling fees, while other I have to provide it.

My strategy moving forward is to be able to pay for the shipping labels within the marketplace. For example on Mercari, I can offer free shipping (that I calculate in the price of the shoes) and once they sell Mercari deducts the cost of the shipping label and allows you print it on their website. This works well as I don’t have to pay out of pocket and wait for Mercari to send me my funds. I don’t have this setup across all of my listings or all of the marketplaces however I’m transitioning this to do it this way across all the marketplaces I sell on. Including ebay.

Here are some of the states I shipped some of the shoes using pirate ship

VIRTUAL ASSISTANT

Most of the work is done by my virtual assistant, I’m currently managing all of these listings with the help of my virtual assistant and a google spreadsheet. Is working well but I decided to start using a software called Vendoo, in order to cross list and make the management of so many listings easier.

My virtual assistance has been amazing, my VA does most of the work across all marketplaces. I taught my VA to create titles and list in all of the different marketplaces. My VA also helps me with sharing, sending offers and a lot of many more things. I mainly invest my time in sourcing and photographing the shoes I sell, so my VA pretty much runs my reselling business.

PROFIT/LOSS

With that said, my profit for the month was not much.

As you can see my total profit was $12.57 not much however that is expected, as I don’t spend much time in my reselling business. What I do in my reselling business is basically photograph shoes, store them and ship them out once sold and I do when I can at nights after my 8-5 job and on weekends when I’m not spending time with my family.

Because of this the amount of time I spend on my reselling business is minimum, however I have been able to increase my sales month after month and I’m excited as I have seen a significant grow in revenue in the last few months.

I will be putting 11% of my profits towards the BLESS OTHERS project, I know is not a lot at this point, but i’m looking forward for my profits to increase in the future and not just in my reselling business but in all of the other online businesses I’m planning to start.

With that said, I’m planning to use the $12.57 in profit and $88.96 COGS which is not deducted from my revenue, as my COGS are already paid for in the initial purchase, and I will reinvest all of that into more items to resell, which comes out to a total of $100.15

I’m excited as I’m finally in the green numbers and I’m starting to see some profits, I’m excited as my goal is to donate at least $5000 of my profits to my MAKE A DIFFERENCE project in 2021.

I hope you found some of this information useful or at least inspiring in your own journey. Feel free to leave a comment below if there is any additional information you would like to know and I will be more than happy to share that with you.

And as always, seek Jesus, Bless others and Enjoy Life!