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How to determine what sets to buy
Hi,
When my stock runs out I have my usual buying spree to get new sets/bricks/items etc.
I was curious if anyone would share how they buy new stock ?
Kind regards,
Peter
When my stock runs out I have my usual buying spree to get new sets/bricks/items etc.
I was curious if anyone would share how they buy new stock ?
Kind regards,
Peter
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I don't have a proper working capital. I'm just short a year in to this and have never really had a business fund to pull from. I simply began sacrificing a limited (very small) amount of cash from my day job to buy the odd set at the best possible prices I could find.
I've set myself a two year review of this project - at the end of which, I will decide whether or not to continue. Can't actually see myself giving it up as long as I'm not out of pocket. Breaking even within the two year period is fine with me though at present, I have made gains. Those gains serve the purpose intended, which is to supply my young son a steady supply of Lego sets. It's working out OK. Just OK. I'd like to have more cash available for marketing and stock but I'm sure as my inventory and sales grows, that will come in time.
I research prices all the time. Every single day without fail. If I make some good sales, most of that cash is re-invested into new stock, with the occasional exception when I purchase a set purely for my son. Even then, I collar the spares and any duplicate minifigs. Obviously, BO earnings pay for packaging materials, paper, printer ink and other admin related costs. There's also BO and affiliate fees and I thoroughly recommend the affiliate options. It's a tiny cost for the kind of marketing it provides.
If you have the funds available and sets are on promo, then don't miss out. The professionals will buy several of any discounted sets. I can't yet compete but I do try to do just that or at least, repeat purchase as soon as possible.
I have apps and links for all Lego retailers on my mobile. I store favourites on those sites and those faves are not necessarily the ones I like the look of. They're the one's with higher yields and particular parts and minifigs. The Argos App notifies if a 'favourite' item has been reduced.
The hardest thing for me - other than not having enough spare cash - is keeping my P&P reasonable/attractive for buyers. As this last year has shown, I have slowly but surely been able to buy materials in larger quantities which obviously reduces my outlay. There's much more to do in respect of that subject but savings help buy more stock and helps keep customer charges down. I still get a little miffed at those sellers who can charge so little P&P?? Maybe they'll fall by the wayside? Probably know something I don't. LOL!
I have even bought a small supply of rarer bricks/pieces direct from Lego (when available) and sold at a slight loss. It's a gamble to bring customers in - to build a customer base. It has worked for me but everything I do is researched to the best of my knowledge and others may find it's not for them or just not worth it. I first did it for items I couldn't buy for my son through the usual channels. It seemed ridiculous to buy 10 x whatever plus the expensive shipping for a personal collection alone. So I'd up the order x 2 or x 3 and sell the extra pieces here. Pricing is key but it's not unusual for someone to come to a store for a single, less available part and proceed to fill their basket with several other profitable parts. It's been a fair compromise for me, but I can't comment for others.
My big concerns now are cutting costs and streamlining parting out and processing of orders. Also, I'd like to develop a marketing strategy I can afford.
Probably more than you asked for, but I'm happy to share.
Kind regards!
My lighting for my stockroom is all LED, and my stock control PC is efficient and I usually use a tablet for picking, which uses very little power. As the old woman who peed in the sea says, every little helps.
As for stock pretty much what @waynstar has said. Research every day, using tools from the retailer. Look for clearances, 2 for 3 offers, and basic bricks especially. Creator sets are great for basic bricks, and you're not spending extra on minifigs that may never sell, as everyone will be parting out popular sets. Don't just buy sets that are on offer, buy sets that offer a good return [unique parts, parts for new and popular MOCs, not too many outlandish colours etc].
I also don't spree buy, I buy a few sets every few days. Once I'd had about six months of sales it became clear what sells for me. If you specialise it's even easier.
Good luck, Chris [Badger]