Maximize Your Margins: Pricing Strategies for Jewelry Resellers - Episode #81

[00:00:00] Welcome to the Jewelry Resellers Podcast, your go-to source for all things shiny, sparkly, and of course profitable. I'm your host Desiree and I'll be your guide on this dazzling journey through the world of reselling jewelry. We'll be diving deep into the art and science of reselling, uncovering valuable tips, insider secrets, and sharing stories from successful jewelry resellers. We'll explore market trends, industry news, and even discuss the jewelry resellers.

[00:00:30] How to find those hidden gems just waiting to be discovered in thrift stores, estate sales, and beyond. So if you're dreaming of turning your hobby into a hustle or if you're a seasoned pro looking to stay at the top of your jewelry reselling game, join me each week for insights, stories, and more on the Jewelry Resellers Podcast.

[00:00:51] Well hello jewelry friends. Welcome back to another episode of the Jewelry Resellers Podcast. My name is Desiree and of course I am your jewelry reselling bestie. Today we're going to talk about how to maximize your margins and we're going to discuss pricing strategies for jewelry resellers. Now I got a question last week, well actually it was a comment on one of the

[00:01:23] of my YouTube videos and one of you asked how to figure out how to price your jewelry items. I think she said that she struggled or she couldn't figure out exactly what is a good or a fair or a profitable selling price as it relates to reselling jewelry. All right and there's some things that are unique to us as jewelry resellers and those are the things that we're going to talk about and we are going to really dive deep into

[00:01:53] into in this episode. So before we get into that you know I always like to remind you to head on over to our website which is jewelry resellers podcast.com because there you can sign up for our newsletter and that will give you access to a document that I think is really helpful especially if you're just getting started with jewelry reselling and that is the 20 best-selling vintage jewelry brands that I think all reselling

[00:02:23] resellers should know. All right so you can access that list for free as well as listen to past episodes and read some blog posts and all kinds of good stuff I have for you over there. All right so again head on over to the website jewelry resellers podcast.com. All right let's get into today's topic. Like I said we're going to talk about how to maximize your margins. We're going to dive deep into pricing strategies.

[00:02:53] for jewelry resellers. Now as a full-time jewelry reseller or even if you're just doing this part-time or as a hobby the end goal really is to make money. Now some of us are in this just because we love jewelry and we we collect jewelry. We wear jewelry. We gift jewelry to people that we think love jewelry too.

[00:03:16] But really I think a lot of us do this because we are at least hoping to make some money. We're hoping that you know we can do something we love and that we enjoy and that we're passionate about and that it can also bring in some additional income or for some of us bring in a full-time income. All right so we really need to be clear about figuring out how to price our items.

[00:03:46] So we can maximize the profits that we want to make. Now I want to make. Now I want to start off by saying this there is not a fixed standard markup. All right because a lot of people say well should I sell this piece for double what I paid three times what I paid four times what I paid.

[00:04:10] And again that is going to pay. And again that is going to pay for double what I paid for. And again that is going to depend on the type of jewelry that you're selling, the demand, and the uniqueness and or condition of the piece. All right but I will say this. Typically most resellers mark up their jewelry between 50 and 300 percent of their cost. All right so that's 50 five zero to 300 percent of their cost.

[00:04:38] Now that is a very very general range. It's not going to be exact or you know specific for a lot of us. But like I said because so many people ask me this I wanted to give you a very loose guideline.

[00:04:55] So you can figure out how to price your jewelry items. So let's start by talking about some of the key things or the key factors that you need to pay attention to that will help you determine the right price for your jewelry pieces.

[00:05:09] And of course number one is the cost of acquisition or the cost of goods. You know we want to really look at how much we paid for the item.

[00:05:21] Now this is again going to vary for a lot of us because some of us buy our jewelry piece by piece to resell. Some of us buy bulk lots and a lot of us do a combination of the two.

[00:05:34] All right so again it depends on how much you paid for the jewelry piece. Now the other thing you want to think about is doing some research and figuring out what similar items are currently selling for on platforms like eBay, Etsy, Ruby Lane, Poshmark and so forth.

[00:05:57] So remember when we're doing our research we are looking at the prices that similar items have sold.

[00:06:06] A lot of times people will go on eBay and they'll say oh wow this necklace is selling for $200 or I should say someone is asking $200.

[00:06:15] But when you look at the sold listings for that same type of necklace it may only be selling in the $50 to $60 range.

[00:06:26] All right so we want to make sure that we are accurately doing our research and we are studying and we are comparing sold prices or sold listings.

[00:06:36] All right now there's a lot of ways you can research this. Of course eBay is the main one but you can also go on websites like Worthpoint and things like that in case you have something really unique or really you know truly rare.

[00:06:51] And you can get an accurate gauge of what this particular item could potentially sell for.

[00:06:59] Now the third thing we want to think about is materials.

[00:07:03] Items made from precious metals and gemstones typically will have a much higher selling price.

[00:07:12] All right now some people like to price these types of items according to the metal weight and the gem quality.

[00:07:19] Some people take into consideration the entire piece and you know the designer if there is one.

[00:07:26] The branding if there is one.

[00:07:28] And the overall look or uniqueness or rarity of the jewelry piece.

[00:07:35] Now remember this too because the price of precious metals will fluctuate in value.

[00:07:41] So you want to pay attention on the or you want to pay attention to what gold is selling at, what silver is selling at.

[00:07:49] And pay attention to those market trends and those market indicators because that could also affect the price that you can sell that particular jewelry piece for.

[00:08:03] All right next up we do want to think about the brand and the rarity of the piece.

[00:08:08] I kind of touched on this earlier.

[00:08:10] Designer or rare vintage pieces will command higher prices.

[00:08:15] Now also sometimes the timing will affect the price of your jewelry.

[00:08:22] Because if something is currently really popular or really trendy and really in demand you know that could definitely impact how much you can get for a certain jewelry piece.

[00:08:35] But we're talking about brand and rarity here.

[00:08:39] So of course well known brands like Tiffany, Cartier, David Yerman for example will always hold premium pricing.

[00:08:47] And sometimes these particular brands do not even have to be in pristine condition depending on what the piece is.

[00:08:56] You know there's people out there who just love Tiffany jewelry and they will buy it even if it's not necessarily perfect.

[00:09:03] Or maybe it's got you know some flaws here and there.

[00:09:05] So again you want to study all of that and see if similar pieces like yours have sold and how much have they sold for.

[00:09:14] So in general you're going to have to do some research here as it relates to pricing your jewelry.

[00:09:20] Because there really isn't a specific you know across the board answer.

[00:09:25] All right the next thing we want to consider is condition.

[00:09:30] Now when I have talked to jewelry resellers and also people who sell jewelry on consignment.

[00:09:37] They have told me that condition is everything.

[00:09:40] If you have something in mint or excellent or like new condition.

[00:09:44] Of course you can command much higher prices.

[00:09:48] All right now that's not to say that a piece that has damage or maybe tarnished or maybe missing something.

[00:09:56] In some way it doesn't mean that those pieces won't sell.

[00:10:00] Of course they will.

[00:10:01] But you're probably not going to get top dollar for those pieces.

[00:10:04] And I think we all we all know that.

[00:10:07] But I have sold pieces that have been missing stones especially name brand pieces.

[00:10:12] And people will still buy it because there's a lot of people out there who like to do their own repairs.

[00:10:18] Or maybe they want to take apart the jewelry and use those you know findings or clasps or stones or whatever for something else.

[00:10:27] There's a lot of people out there who like to upcycle jewelry as well.

[00:10:32] All right the last thing or the last factor I want you to really think about when you're determining the right price for your jewelry.

[00:10:39] Jewelry is demand and trends.

[00:10:42] And I talked about this a little bit earlier because jewelry trends will change.

[00:10:48] And sometimes you know out of the blue something will be popular overnight.

[00:10:53] And one example that I can think of right now is Taylor Swift had I can't remember the necklace.

[00:11:00] But there was a certain necklace that she was wearing.

[00:11:03] And then suddenly everybody wanted that same necklace or at least something similar.

[00:11:08] And that was a trend that happened really really quickly.

[00:11:11] And I think it may even still be popular today.

[00:11:14] But you never know you know sometimes something can pop off and be be in demand very very quickly.

[00:11:22] And of course if that's something you have you can definitely ask for more money for those jewelry pieces.

[00:11:30] All right so the pricing can fluctuate like I said based on current demand.

[00:11:35] And sometimes you really need to tap into these trends or the popularity of certain jewelry pieces while they're hot in order to get you know the biggest bang for your buck so to speak.

[00:11:48] All right so those are the key factors that you want to think about.

[00:11:52] I'll go over them again.

[00:11:53] It is the cost of goods or how much you paid for the item.

[00:11:57] Number two is your market research.

[00:12:00] You want to compare and look at what similar items are selling for.

[00:12:05] Number three it's the materials.

[00:12:07] All right we want to take into consideration if this is precious metal certain gemstones and so forth.

[00:12:13] Number four is the brand and the rarity or the uniqueness.

[00:12:17] And I talked about this.

[00:12:19] This is like the designer.

[00:12:21] Maybe a certain style.

[00:12:23] Maybe a certain jewelry era.

[00:12:25] You know all of those things you want to take into consideration.

[00:12:28] Number five is the condition.

[00:12:30] Remember condition is everything for the most part.

[00:12:33] And of course if you have something in pristine condition you will definitely get top dollar for it.

[00:12:38] And then number six is the demands, the trends, and the popularity of the jewelry.

[00:12:44] And that can definitely dictate how much you can charge or how much you can expect to sell that piece for.

[00:12:53] All right now we're going to move into a pricing formula.

[00:12:56] Now remember at the beginning of this episode I did say that you can typically mark up your jewelry between 50 to 300 percent of the cost.

[00:13:08] You know what you paid for the piece.

[00:13:11] All right so again in general we want to do a double or a triple markup depending on the jewelry piece itself.

[00:13:20] Now remember it's going to take you some education, some knowledge, and some research in order to figure out if that makes sense for your particular jewelry items.

[00:13:31] All right because sometimes it will not make sense.

[00:13:33] You know and sometimes you may be able to mark up the piece four or five times and that could make sense.

[00:13:41] All right so for example if you bought a necklace for $50 you can reasonably price it at anywhere between 100 in some cases on up to $200 based on its value and demand.

[00:13:59] Now again this is not going to be across the board but it gives you an idea of what you can typically expect your jewelry piece to sell for.

[00:14:11] Now some of us may not be able to mark up our pieces that much and some of us may buy a jewelry piece for $50 and we would be happy to sell that piece at say $75, $80, even $90 depending on how quickly you can move that piece or even maybe you have a lot of them and you want to move them and you just need to make the money or you just need the space back in your storage.

[00:14:40] Or whatever the case may be.

[00:14:43] Now usually I like to price my jewelry items at least three times the amount I paid for it and it doesn't always work out that way but that's usually what I strive for.

[00:14:58] So let's say I buy a piece for $10.

[00:15:01] I'm looking to sell that piece for at least $30 but I will go as low as $25.

[00:15:08] All right again it depends on the type of jewelry right and of course a higher a higher end design or a higher end brand it's going to be much bigger dollar amounts.

[00:15:20] All right but the other thing too is I also want you to think about how quickly do you want to move your jewelry pieces because sometimes we are willing to take a lower price to sell the item faster.

[00:15:31] Now that's not always the case but I have talked to resellers who just need to make the money or they just want to clear out a bunch of older inventory and so they're a little bit more flexible on the price.

[00:15:44] All right so again this is going to have to be a decision that you make for yourself and for your business and figure out does this make sense for me and is this something that I'm okay with because a lot of times we want to get the money back so we can reinvest that into our business or we can go and buy better jewelry inventory.

[00:16:05] All right so the other thing you want to think about as it relates to a pricing formula and that is your own competitive edge maybe making competitive adjustments in some way.

[00:16:17] So you want to compare your price or your prices to your competitors and adjust if necessary to remain competitive.

[00:16:27] You know are there you know 10 20 50 other resellers selling the same exact thing or do you have something that's not as common or do you have something that's in much better condition than what the other resellers are selling that same piece for.

[00:16:45] So all of these things come into play here.

[00:16:47] Now let me really quickly kind of tap on or discuss luxury jewelry items because I know there's a lot of us who are looking to move into that category of higher end luxury fine jewelry pieces.

[00:17:06] All right so when we're talking about the luxury items for high end designer or fine jewelry you can expect to mark up those pieces two times up to five times depending again on the piece especially for rare or signed jewelry pieces.

[00:17:27] All right now this is kind of where you may want to get your jewelry appraised depending on what it is.

[00:17:32] If you're going to be selling on eBay you depending on the price you may have to go through the authentication process on eBay and I talked about some of this in the previous episode where we were talking about jewelry appraisals and so forth.

[00:17:52] So again it just depends on what the piece is that usually will determine how much of your markup or what the markup will be.

[00:18:02] And then how much you want to invest as it relates to getting the piece appraised or anything related to that.

[00:18:11] All right but you always want to be transparent about any hallmarks or authenticity certifications that come with that particular jewelry piece.

[00:18:19] All right because that will allow you to get the most you can potentially get for that piece because if you're saying hey I got this you know piece appraised and this is what it's worth according to a jewelry appraiser or I've got you know this piece has been verified authentic.

[00:18:39] I do have the certification or the paperwork to prove that then that will allow you to command top dollar for that piece.

[00:18:48] All right now you also want to pay attention to the pricing strategies as it relates to you know understanding the market trends and demand like we talked about earlier because you you may price something let's say at $400 or even $100 but then you know three months six months go by and maybe you have to adjust the pricing to some you know to some degree.

[00:19:16] Maybe you can ask a little bit more maybe you might need to ask for a little bit less in order to move the piece.

[00:19:24] Again it just depends on how quickly you need to turn over that inventory and also what similar pieces are currently selling for on the market on the jewelry resale market.

[00:19:35] All right so regularly revisiting your pricing strategies and understanding market trends and demand will help you optimize or in this case maximize your profitability.

[00:19:49] Pricing jewelry for reselling you know is something that it takes a while to to learn this and I've been doing this going on almost five years now and you know it's not like I have all the answers.

[00:20:06] And I still kind of struggle just like you all do when I get something and I have no idea I have no idea what it's selling for or I have no idea what I have.

[00:20:16] You know so I'm doing the research too and I'm still learning.

[00:20:19] All right so that's the other thing I want to throw out there is that give yourself time and don't feel rushed or pressured to figure out a price right away.

[00:20:28] You know but at the same time don't sit on something for months and months and never list it because you just you know for whatever reason aren't willing to do the research or aren't willing to see what else is out there.

[00:20:41] Or even to learn you know what similar jewelry pieces are currently selling for.

[00:20:47] All right so now we are going to move into like I said I guess the specifics on how to price price your jewelry and a lot of this we've kind of already covered.

[00:20:59] But I do want to really really give you more information because sometimes you know the only research a lot of people do is eBay.

[00:21:14] And while eBay is great I'm not going to say it isn't that's not the only way to research jewelry.

[00:21:21] Now of course of course that's probably going to be the fastest way and the most familiar way but there's other things and other options for us out there.

[00:21:32] All right and we don't want to again feel pressured or rushed as it relates to figuring out the pricing for our jewelry.

[00:21:42] All right so now we are going to talk about some of the steps to ensure that you are competitive with your jewelry pricing.

[00:21:51] And these are the steps that are going to help you maximize the profitability as it relates to reselling your jewelry.

[00:21:58] All right so I already talked about this but step one is to research the market prices.

[00:22:04] Like I said a lot of people will only check eBay but you want to check other platforms as well because a lot of times what I have seen is that certain pieces will sell on Etsy at a much higher cost than they will on eBay.

[00:22:19] And the other thing about selling jewelry on Etsy is sometimes you have way less competition depending on the piece.

[00:22:27] Right because eBay it's like you know there's sometimes hundreds of people selling the same thing.

[00:22:34] But on Etsy sometimes there isn't as many people selling the same thing and so you can require or I should say you can ask for a much higher price for your jewelry.

[00:22:47] All right so try to branch out and see what your jewelry pieces could potentially be selling for on other platforms.

[00:22:56] Yes eBay is great I'm not going to say it's not but it's not the only place in town where people are looking to resell or buy jewelry.

[00:23:05] Okay you can also check sites like Poshmark, Ruby Lane I think we talked about that.

[00:23:11] Also First Dibs you know see see what else is out there.

[00:23:15] Other platforms sometimes like I said may not have as many people selling the same item.

[00:23:21] All right next up we want to look at the completed sold listings.

[00:23:26] Remember it's not what the item is currently listed as but it's what the completed sold listings show or indicate.

[00:23:37] Because that will give you an idea of what people are willing to pay.

[00:23:42] All right we talked about this too and that is evaluating the materials and the condition.

[00:23:50] All right we said precious metals and gemstones usually increase the value of the piece and also the condition.

[00:23:59] Is this piece in pristine condition or does it have a little bit of wear?

[00:24:03] Does it have any type of flaw or damage?

[00:24:06] Now usually as it relates to vintage or antique pieces a lot of times those pieces do not have to be in perfect condition.

[00:24:15] Because a lot of people are willing to buy the piece because of its age and they understand that hey I know if this piece is 50, 75, 100 years old.

[00:24:27] It's not going to look exactly how it did when it was first made or first purchased.

[00:24:33] All right so again this is where your knowledge is going to have to kick in and really being fully aware and fully educated about what you have.

[00:24:44] So like I said vintage or antique pieces may have a higher resale value and they may not need to be in perfect condition.

[00:24:53] All right the next step I talked about this too.

[00:24:58] The brand or the designer like we said pieces like Tiffany, Cartier, Chanel, whatever.

[00:25:04] Of course those are going to command premium pricing especially if they're pieces that are very very rare or very very old.

[00:25:11] And you always want to make sure that you do have these signatures and that you verify that those pieces are authentic.

[00:25:17] I do have to say that Tiffany is probably one of the most faked or counterfeited jewelry brands out there you know with good reason.

[00:25:29] So really make sure that you get that piece verified because you do not want to get called out or or get yourself into any trouble for selling something that's not authentic.

[00:25:41] All right now we also talked about unique and rare designs sometimes an unmarked piece just because you know it's so rare or so different or one of a kind or unique or whatever can fetch higher prices because it is so exclusive.

[00:25:59] It is so unique.

[00:26:00] It is so hard to find.

[00:26:02] All right so I'm thinking about Juliana jewelry as it relates to this remember Juliana jewelry is not typically marked.

[00:26:08] And so most people who find these pieces are willing to pay top dollar because they are so stunningly beautiful and so outrageously unique.

[00:26:21] And that's just one example.

[00:26:23] All right that's just one example.

[00:26:25] So again it's always going to be your knowledge your experience and you doing your due diligence as it relates to your research.

[00:26:40] Okay now I did talk about this too a little bit earlier and this is taking into consideration the age and the historical value or the provenance of a jewelry piece.

[00:26:52] In other words who owned it before you or who has owned the piece before it got to you.

[00:26:57] All right sometimes a jewelry piece will command top dollar just because it belonged to somebody famous or it is something that was a very popular piece because there's a lot of history behind it.

[00:27:12] Sometimes pieces will demand more money because they have sentimental value.

[00:27:16] All right so again think about all of that especially if you have antique jewelry pieces some vintage pieces as well or pieces from very notable jewelry eras like Art Deco or Victorian.

[00:27:31] Those tend to command more value and those tend to be more in demand as well.

[00:27:38] All right next up we talked about a competitive markup.

[00:27:44] Like I said the range in general is marking up anywhere from 50% on up to 200 or even 300% depending on the actual piece.

[00:27:56] So you know there's really no way of getting around it.

[00:27:59] You're going to have to do some research or you're just going to have to be super knowledgeable as it relates to this stuff.

[00:28:04] I know a lot of people get overwhelmed with the research and some people actually don't enjoy it and told you know totally understandable.

[00:28:13] I totally get that but I think the education and being informative as a reseller is really going to give you an edge.

[00:28:26] It's going to give you a competitive edge because the more you know the more you will be able to tap in to little areas of jewelry resale that most people have no clue about.

[00:28:40] I think one of the things we have to get comfortable with as jewelry resellers is that it's not a fast way to make money.

[00:28:50] And it's not something you can just kind of step into and expect to be so knowledgeable and know everything about everything and then start using that knowledge or lack thereof to make money or not make money.

[00:29:06] All right so one of the things I enjoy about being a jewelry reseller is doing the research and learning about the jewelry.

[00:29:14] Now I love hearing the stories.

[00:29:16] I love you know researching you know who wore this and why this particular jewelry was popular at this particular period and you know in time.

[00:29:26] So we really need to get comfortable with that because that is going to really determine how successful you are as a jewelry reseller.

[00:29:37] All right especially if you want to get into the higher priced items.

[00:29:42] All right so we also want to pay attention to trends and things like that.

[00:29:47] I talked about that as well.

[00:29:49] Jewelry trends do fluctuate so you want to adjust your prices accordingly of course to reflect current consumer rates.

[00:29:57] All right this is things like chunky chains, minimalist designs, maybe a certain type of style.

[00:30:05] Okay and remember a lot of times jewelry trends will mirror or be parallel to fashion trends.

[00:30:15] So whenever you see what's popular as it relates to fashion you want to pay attention to what is also popular as it relates to accessories and jewelry as well.

[00:30:28] Okay my last little tip for you is to consider offering discounts or bundles.

[00:30:37] Now of course it depends on how you sell your jewelry.

[00:30:42] If you're selling piece by piece you could offer a discount but remember you want to price your jewelry

[00:30:50] in a way that when you do offer a discount you're not hurting your profits that much.

[00:31:00] Like you still want to be profitable even if you offer a discount or you do a sale or you do a bundle or a lot.

[00:31:08] Okay so always pay attention to your pricing strategy as it relates to that.

[00:31:17] In other words let's say you price your jewelry with 50% markup and you're still making money.

[00:31:25] Like would you still be profitable if you gave a 20% discount on that piece like later on down the line.

[00:31:31] Like are you still making money.

[00:31:33] All right now of course I'm not saying to price your jewelry pieces so high that you know you're still you know you're still making a lot.

[00:31:43] If you do offer a discount.

[00:31:45] But you know that's something we have to think about too because I know a lot of jewelry resellers.

[00:31:50] They price their jewelry high or I should say higher with the intention of offering a sale and it's actually not really a sale.

[00:32:01] Because let's say you price it at 50% markup and then you give a 10% discount.

[00:32:07] But buyers are pretty savvy right.

[00:32:10] They can recognize you know a true discount or a true sale.

[00:32:15] All right but again this is going to this is going to be unique to you in your business.

[00:32:19] This may or may not work for you.

[00:32:22] But sometimes we get to the you know we get to the point where we need to move inventory and we need to clear some stuff out because it's been sitting for months or in you know some cases it's been sitting for years.

[00:32:34] And we want to get that money or that cash flow coming in and so we will mark down our items.

[00:32:40] I've done this many many times in my business and sometimes I've even taken a loss.

[00:32:48] Now taking a loss I'm not saying that's what you have to do but what I've done is I've taken a loss on some pieces but then I've made really good money on other pieces and so it kind of balances itself out.

[00:33:01] Okay so you're really going to have to pay attention to what's coming in you know what you're paying for the pieces and keep track of all of that because there's going to be some pieces where you make oh my gosh so much so much money or so much profit.

[00:33:14] And then there's going to be pieces where you just break even or sometimes even take a loss.

[00:33:19] Now I of course I know none of us want to do that but remember if you're selling especially if you are a volume seller all of that will average itself out.

[00:33:28] All right so I know some resellers will say hey some money is better than no money so it just depends on what's going on with you with your business with your cash flow and all of that stuff.

[00:33:42] You need to take that into consideration to really be I guess to be informed or aware enough to see what's going to work for you and what's not.

[00:33:53] All right so to move inventory consider bundling items or offering discounts and this could be seasonal this could be promotional it could be whatever to to make sure that you're still profitable.

[00:34:07] And remember there's going to be some pieces where you make a lot of money and there's going to be some pieces where you just break even or even lose money but it's it's going to all kind of average itself out.

[00:34:19] Okay and and I say that from experience because that has happened to me you know and I don't like to lose money and I don't like to just break even but sometimes that's what happens especially like I said when you're trying to get money to reinvest into your business or you want to move pieces that maybe you shouldn't have bought or you're like this is just not good I just want to get rid of it so I can buy something better.

[00:34:46] All right that's definitely some you know something that you probably will experience at some point in your jewelry reselling career.

[00:34:54] All right so by researching and understanding the materials and considering the market demand you can definitely price your jewelry effectively for resale.

[00:35:06] Okay so these are some of the things that I want you to think about these are some of the things that you are going to have to take into consideration

[00:35:14] and really spend some time figuring out because all of our businesses are different.

[00:35:20] All of us have different goals and what may work for me may not work for everybody and vice versa.

[00:35:26] Okay so I guess the other thing too I really want you to think about is what you know what are you going to feel good with?

[00:35:38] You know because some of us like I said do this for a hobby but a lot of us are doing this with the intention of making money.

[00:35:46] And if you want to make money consistently or if you want to make money you know to hit a certain goal or certain targets during the day you really have to have a system and a strategy in place.

[00:35:58] All right and you really need to be solid on your pricing especially if you're trying to move items very very quickly.

[00:36:06] So all of these things are things we want to make decisions about and then we want to tweak as we go along

[00:36:14] because what works now may not work a month from now may not work six months from now.

[00:36:20] And so we really want to be informed as it relates to what is going to work and what isn't going to work for our business.

[00:36:29] All right so that is what I have for you for today's episode.

[00:36:35] Now I would like to hear from you.

[00:36:38] Is there anything I may have missed or are there other things that maybe you take into account when you are figuring out a pricing strategy for your jewelry?

[00:36:49] You know because I may have missed something but I hope I didn't because I really really thought about this just from my own experience,

[00:37:01] the experience of other resellers that I have talked to as well as doing my own research online and figuring out what's working for some people and what's not working.

[00:37:11] You know and I think this is something that you will kind of develop as you go along as a jewelry reseller.

[00:37:23] You know because what I do now is so different from what I did when I first started.

[00:37:27] You know even just the way I run my business, the way I source jewelry, all of those things have become much more defined as I have progressed in my jewelry reselling career.

[00:37:42] Now I'm even at a point now where I'm trying to make a decision like do I want to continue doing this as a full-time thing?

[00:37:51] Or do I want to move into something else and maybe make this a part-time thing?

[00:37:56] You know because as much as I love jewelry and as much as I love reselling, I don't know if I see myself doing this long-term.

[00:38:05] And because of that, because now if I'm considering my jewelry reselling business like either a part-time thing or a side gig thing,

[00:38:17] that's going to give me a lot more flexibility as it relates to my pricing because I will be able to maybe sit on pieces longer

[00:38:25] because I may not need the money right away.

[00:38:28] You know or maybe I want to scale down my jewelry reselling business and I want to only have a certain amount in my inventory.

[00:38:38] And so I need to kind of move the pieces that are just not worth my time.

[00:38:43] You know I want to maybe sell those pieces off or figure out like I said a bundle or a discount strategy

[00:38:50] so I can really just focus on the types of pieces I want to sell or the amount of jewelry that I want to sell.

[00:38:57] All right so again depending on what your plans are as it relates to your business and as it relates to you in your life right now,

[00:39:05] those things are going to impact your pricing and how quickly you want to move your jewelry pieces.

[00:39:13] Okay so think about that too.

[00:39:14] Think about what makes sense for you at this point in your life.

[00:39:18] And if you are planning on doing this full-time or you want to scale your business up,

[00:39:23] that's going to be a whole nother different type of pricing strategy as well

[00:39:27] because now we're talking about selling more like either selling higher priced pieces

[00:39:35] or increasing the volume of the pieces we are selling.

[00:39:40] All right and that's a whole nother pricing strategy as well again,

[00:39:44] but it's going to depend on the jewelry inventory pieces that you currently have

[00:39:49] and what you will plan to acquire as you grow your business or scale your business up.

[00:39:57] Okay so there's a lot to think about with this.

[00:40:00] All right and it will take you some time.

[00:40:02] It's probably not something that you're going to figure out overnight.

[00:40:05] It may take you days.

[00:40:07] It could take you a couple weeks.

[00:40:09] It may even take you a month to figure out what's going to work.

[00:40:12] All right but remember we can always tweak as we go.

[00:40:15] We can always pivot and we can make adjustments

[00:40:17] and we're never locked into anything as it relates to being a jewelry reseller.

[00:40:25] All right jewelry friends.

[00:40:26] Well I hope you enjoyed this episode and I hope it was helpful

[00:40:30] and it gave you some things to think about.

[00:40:32] Like I said I would love to hear your feedback.

[00:40:34] I would love to read some of your comments

[00:40:38] or some of your ideas on how you price your jewelry

[00:40:42] and let me know what's working for you

[00:40:44] and let me know what isn't working for you

[00:40:46] because I think that information will be helpful for all of us.

[00:40:52] All right so don't forget to head on over to the website.

[00:40:55] There's a lot more information for you over there

[00:40:58] and that is jewelry resellers podcast dot com.

[00:41:01] And again if you have any questions

[00:41:03] or if there is anything I can do to help you

[00:41:06] please don't hesitate to reach out.

[00:41:08] All right jewelry friends.

[00:41:09] Thank you so much.

[00:41:11] I'll check in with you again really soon.