The 15 Worst Things About Jewelry Reselling & How to Overcome Them! - Episode #77

[00:00:00] Welcome to the Jewelry Resellers Podcast, your go-to source for all things shiny, sparkly,

[00:00:06] and of course profitable.

[00:00:08] I'm your host Desiree and I'll be your guide on this dazzling journey through the world

[00:00:12] of reselling jewelry.

[00:00:14] We'll be diving deep into the art and science of reselling, uncovering valuable tips, insider

[00:00:21] secrets, and sharing stories from successful jewelry resellers.

[00:00:26] We'll explore market trends, industry news, and even discuss how to find those hidden gems

[00:00:32] just waiting to be discovered in thrift stores, estate sales, and beyond.

[00:00:37] So if you're dreaming of turning your hobby into a hustle or if you're a season pro looking

[00:00:42] to stay at the top of your jewelry reselling game, join me each week for insights, stories,

[00:00:49] and more on the Jewelry Resellers Podcast.

[00:00:54] Hey there friends, welcome back to another episode of the Jewelry Resellers Podcast.

[00:01:00] My name is Desiree and I am your jewelry reselling bestie.

[00:01:04] On today's episode we're going to talk about 15 of the most challenging, probably

[00:01:10] the most difficult aspects of being a jewelry reseller or having a jewelry resale business.

[00:01:20] Now I have touched on some of the things we're going to talk about today in previous episodes

[00:01:27] of the podcast, but I thought it would be a good idea to really kind of become aware

[00:01:33] of all the things that could trip us up as it relates to our jewelry reselling business.

[00:01:37] And then I'm also going to discuss ways that we can navigate through some of these

[00:01:44] challenges and also how we can overcome a lot of these challenges because there are some

[00:01:50] things that we have to be really clear and focused on when it comes to being a jewelry

[00:01:56] reselling business owner depending on how we do that, where we do that.

[00:02:01] And so I really want us to concentrate on the solutions even though I'm going to be

[00:02:08] talking about the problems or like I said the challenges, really the goal of this

[00:02:13] particular episode is for us to be solution oriented and to really be proactive in creating

[00:02:21] or designing the type of jewelry reselling business that we want or that is going to

[00:02:26] meet our goals and help us, you know, have the business that we desire to have.

[00:02:32] Okay so that's what we're going to talk about today and I'm kind of nervous

[00:02:37] about it because when I was thinking about everything on the list, you know, when I was

[00:02:44] preparing for this episode, there were some things that I actually forgot about and then

[00:02:49] I remembered a couple days later and so I threw those things on the list and I'm hoping this

[00:02:56] doesn't like turn people off from wanting to do this because you can have a very successful

[00:03:01] jewelry reselling business. I've done it. I know people who do it and who have been

[00:03:06] doing it for years, people who are way more successful than me and they have figured out

[00:03:12] how to make this work. Okay so again that's what we're going to talk about today.

[00:03:16] But before we get into that, you know I always like to remind you to head on over to the

[00:03:20] website which is JewelryResellersPodcast.com because over there you're going to find all

[00:03:27] the past episodes of the podcast and you can also join our newsletter and when you do that

[00:03:34] you will be able to access an instant download of a list of the 20 best selling vintage jewelry

[00:03:39] brands that I believe all resellers should know and I've talked about this before. This has

[00:03:44] come from my own experience as well as my own research and also just being very familiar

[00:03:50] with the jewelry resell market and paying attention to trends, popularity and things

[00:03:55] that are in demand both now and in the future. Okay so all you have to do like I said

[00:04:02] is head on over to JewelryResellersPodcast.com and you can grab a copy of that list.

[00:04:09] Alright so let me go ahead and pull up my notes because you guys know I will,

[00:04:14] I will get really off track and distracted if I don't have my notes in front of me.

[00:04:20] Alright so we are talking about some of the worst and I hate to say worse like I said

[00:04:26] because it sounds so negative but I guess we could say the most difficult challenges as it relates

[00:04:33] to being a jewelry reseller. Now I have my list in front of me and these are in no particular

[00:04:38] order these are things that just came to my head as I was you know kind of brain dumping

[00:04:43] this topic because I know like all of these challenges I have not had and maybe some

[00:04:50] I've had, you've had and maybe some you've had I haven't had but across the board I think

[00:04:55] a lot of us have dealt with some of these frustrations. Okay so the first one we're going to talk about

[00:05:01] is inventory management. Now when it comes to having a jewelry reselling business you know

[00:05:08] that the inventory pretty much is the lifeblood of your business without the jewelry you basically

[00:05:13] have no business because you have nothing to sell, you have nothing to showcase and you

[00:05:18] have nothing to service your customers or your buyers with but the tricky part about

[00:05:23] inventory is and I'm going to talk about this is you know finding the stuff that we want to sell

[00:05:31] and surprisingly a lot of jewelry resellers deal with having too much jewelry right. We've all

[00:05:40] seen the people who have bins and bins and boxes and drawers and bags whatever full of

[00:05:47] jewelry that they have not even gone through let alone you know have sold in any way.

[00:05:54] So there is the risk of overstocking that's one aspect of inventory management. There's also

[00:06:00] the lack of storage space now I know a lot of us get into this because jewelry is kind of small

[00:06:05] at least you know individually the pieces are but when you have thousands upon thousands or

[00:06:11] hundreds even of jewelry pieces then space can become an issue especially if you don't live

[00:06:17] in a large home or you don't have a storage unit or a spare bedroom or whatever the case may be.

[00:06:23] Now the other thing about jewelry is it tends to be a very slow moving item.

[00:06:29] Jewelry does not have a very fast sell-through rate now there are some pieces that will sell

[00:06:34] very quickly I'm not going to say that that you know there isn't that but for the most part

[00:06:40] jewelry is not something that turns over quickly which is why so many of us have so many listings

[00:06:46] and it's why a lot of us try to be very knowledgeable about what's in demand what's popular what's

[00:06:51] trending and what buyers are looking for but in general jewelry is not a fast seller okay and

[00:06:59] you know of course depending on where you are in your business and what type of clientele you

[00:07:06] have built up what type of reputation what type of brand you have as it relates to your jewelry

[00:07:12] reselling business that may not necessarily be true for you and also a lot of times jewelry is very

[00:07:19] seasonal you know it's it's you're going to make more sales on Valentine's Day on Mother's Day

[00:07:24] Christmas and things like that but for the most part in general jewelry does not move very

[00:07:30] quickly okay and that can become a challenge for a lot of people. All right challenge number two

[00:07:36] is pricing. We've talked about how jewelry reselling is becoming more and more saturated because so many

[00:07:44] of us love it and it's just fun and pretty and you know we love all of those aspects and qualities

[00:07:52] as it relates to this business but there is competition out there you know we're not going

[00:07:57] to be naive and think that there isn't but remember we're not all selling the same thing we're

[00:08:01] not all building the same type of business we all have different branding and different customers

[00:08:06] that we serve so that is one way that you can kind of navigate through this is by really making

[00:08:13] yourself stand out in some way. Now we also want to look at or consider a valuation of jewelry

[00:08:20] you know I've seen prices that are kind of crazy in the sense where they're way overpriced

[00:08:27] either someone didn't do their research or something is way underpriced and someone will

[00:08:33] snatch it up and then turn around and flip it you know and sell it for a more competitive price I guess

[00:08:39] but again this takes time to learn so the way you're going to navigate through that is to be

[00:08:44] knowledgeable and to research as much as you can. Finally we do have fluctuating prices

[00:08:51] as it relates to the jewelry market now this is more so in our higher end jewelry pieces you

[00:08:57] know the fluctuating prices of gold silver also gemstones diamonds and platinum and things like that

[00:09:04] so depending on what the market value is for certain types of jewelry pieces that can either

[00:09:11] directly or indirectly affect your pricing all right so again you're going to need to know

[00:09:16] the market and you're going to need to know your buyer and speaking about buyers let's

[00:09:22] talk about challenge number three and that is customers clients buyers all right so a lot of

[00:09:29] people get nervous about the returns refunds as it relates to selling jewelry and for the most part

[00:09:38] I haven't really dealt with too much of that now of course I have had my share and I've had my share

[00:09:44] of difficult customers and difficult buyers but luckily that's not like an everyday occurrence

[00:09:49] okay and it's not something that I think you have to worry about too much if you are going to be

[00:09:54] doing this business as long as you are honest and you are a credible seller depending on where you

[00:10:01] sell I think that you can navigate this particular challenge fairly well all right and I would

[00:10:09] I wouldn't worry too much about customers you know being difficult and having that be

[00:10:16] a reason why you don't pursue this business if this is something that you really are interested in doing

[00:10:22] now the other aspect is a lot of people worry about getting scammed you know buyers buying a very

[00:10:28] high-end piece of jewelry and then maybe doing a charge back or returning it trying to get a refund

[00:10:35] and then they do the old switcheroo which I know a lot of us are familiar with and that does

[00:10:41] happen that does happen so I guess you're just going to have to really figure out what your

[00:10:47] tolerance level is as it relates to that and is that something that you can manage and that you

[00:10:53] can handle and like I said it doesn't happen all the time and depending on what platform you're

[00:10:58] selling on the platform does have some things in place to kind of help you you know help

[00:11:04] prevent that and again but you know you're going to have to really think about what your

[00:11:10] tolerance level is and if that's something that really really worries you then maybe

[00:11:14] maybe this isn't the business for you all right let's talk about challenge number four and that's

[00:11:20] sourcing quality items now I have done numerous podcast episodes on this finding genuine pieces

[00:11:27] the cost of buying you know your cost of goods depending on what your budget is as it relates

[00:11:32] to that and then having a steady supply of jewelry because even though it does not sell

[00:11:37] quickly you are going to be constantly turning over your inventory at least hopefully so and so you

[00:11:43] want to have a constant influx of new or different jewelry inventory that you can showcase and that

[00:11:50] you can market and that you can promote to your buyers all right now I talked about on one podcast

[00:11:56] episode how to create a sourcing routine that will help you figure all of this out like I broke it

[00:12:03] down and I will link that episode somewhere on the screen if you're watching this on YouTube and then

[00:12:11] if you're listening to this I will have a link to that podcast episode in the show notes okay but

[00:12:17] I really talk about how to navigate this particular challenge and like I said I go into great

[00:12:22] details in that episode all right we kind of touched on challenge number five which is

[00:12:28] competition you know there is saturation in the jewelry reselling market everybody is doing it

[00:12:34] and again I think you can really navigate this by building your own brand and building your

[00:12:43] own loyal customer base now this will take time this is not something that you're going to do

[00:12:47] like really quickly but it is something where you can have some very loyal buyers who will

[00:12:54] always show up whenever you have you know a sale or a live show or you have new listings

[00:13:00] I have buyers that have been with me for years and they are always always ready to see what new

[00:13:07] pieces I have you know either in a show or in a listing okay so that one even though it is

[00:13:15] a challenge I think it's a challenge that can definitely be overcome all right challenge

[00:13:21] number six is shipping risks all right worrying about your jewelry pieces getting lost or damage

[00:13:29] you know in transit some people worry about international shipping again depending on what

[00:13:35] platform you're selling on that may or may not be an issue so I wouldn't worry too much about that

[00:13:43] and then we talked about returns you know as it relates to shipping or jewelry or whatever

[00:13:48] the case may be again I don't think that's something too like too scary to worry about or too

[00:13:55] scary to think about but again that you know this can happen in any business not necessarily just

[00:14:01] jewelry reselling I mean you always run the risk of your items getting lost or damaged or whatever

[00:14:07] the case may be but again I think that's a really easy challenge to navigate all right challenge

[00:14:15] number seven is time consuming now this is probably the one thing that I hear jewelry resellers

[00:14:21] complain about the most and maybe I shouldn't say complain but maybe you know express the most

[00:14:26] frustration with because this is a time a time consuming business and each aspect of the business

[00:14:36] you're going to have to invest some time right because it's going to take you time

[00:14:40] to find the jewelry pieces to source the jewelry pieces that you are looking you know you are looking

[00:14:46] for then it's going to take time to research the jewelry if if you don't know exactly what all you

[00:14:53] have or you may have to research pricing in some way you will also have to take time to photograph

[00:15:00] and list and describe your jewelry pieces you know and again if you don't know what you have

[00:15:07] that's going to take some research time okay and then the packing and the shipping and then taking it

[00:15:14] to the post office or wherever to ship the jewelry out so there's a lot of timing as it relates to

[00:15:20] being a jewelry reseller all right but all of this can be very very streamlined if you have a

[00:15:26] really solid system in place okay so if you have a system for sourcing if you have a system for

[00:15:32] listing or selling rather and if you have a system for shipping because those are the three big areas

[00:15:38] that we've broken down in previous episodes as it relates to a jewelry reselling business remember

[00:15:44] there's three components there is the sourcing there is the selling and then there is the

[00:15:50] shipping all right and when you have systems for each of those components of your business

[00:15:55] you can really narrow down the time it takes for you to do each of these parts of your business okay

[00:16:04] and you can you can batch list you can batch photograph you can source you know a lot of jewelry

[00:16:12] pieces that could take you through the month or maybe several months so you don't have to do

[00:16:17] it every week or whatever you know so there are ways to streamline this okay so again it's

[00:16:22] going to be unique to you and your business but remember if you can figure out a way to cut you

[00:16:27] know cut down on the time this is probably not a very big challenge that you have to worry about

[00:16:34] all right challenge number eight is fraud and scams again i've also done a podcast episode

[00:16:43] on how to protect yourself and your jewelry from getting scammed and that was one of

[00:16:49] the earlier episodes i can't remember what number it was but i go into a lot of detail

[00:16:55] on how to protect yourself from getting scammed all right because we've all heard stories of

[00:17:01] fake buyers scammers out there you know posing as one thing and and doing something else and

[00:17:07] then we've also dealt with payment fraud like i talked about earlier where people will pay for

[00:17:13] something and then immediately request a refund after you've already shipped the piece out

[00:17:19] you know and then there's also selling counterfeit or maybe buying counterfeit jewelry and you do that

[00:17:25] unknowingly and that's something that you have to be very careful of because you don't want to get

[00:17:30] caught in a situation where someone's accusing you of selling something fake or you get penalized

[00:17:37] or fined or you know whatever for selling something fake so again these are things that can easily be

[00:17:45] navigated if you are knowledgeable and if you take the necessary precautions ahead of time to

[00:17:51] minimize this particular risk all right let's talk about challenge number nine and that is

[00:17:58] maintaining a reputation building a brand so depending on what type of jewelry reseller you

[00:18:07] are now there's jewelry resellers who you will never see you see their face you will never know

[00:18:12] their name because they sell on platforms such as ebay and it's pretty anonymous there and so

[00:18:18] they don't do anything other than sell on ebay promote on ebay and that's all they do and

[00:18:23] you will never know who those people are but then there's jewelry resellers like me who like to be out

[00:18:29] and engaged with my customers and with my buyers also that's just my personality I consider myself

[00:18:37] pretty outgoing and I'm really like I really enjoy building a brand and I enjoy social media

[00:18:45] and like I said connecting with customers and buyers but that's not everybody all right

[00:18:50] it doesn't matter you can really make this work either way whether you want to be seen or if you

[00:18:55] don't want to be seen all right one of my early mentors um she said that that's why she loves

[00:19:04] selling jewelry on ebay because she doesn't have to talk to anybody right so um and me on the other

[00:19:12] hand I prefer to talk to as many people as possible which is why I love to do live

[00:19:16] selling so much but again you know you can figure out what's going to work for you neither

[00:19:21] neither way is right or wrong neither one is good or bad it's just what works for you what works for

[00:19:27] your personality and what is going to work for your particular business all right so the other

[00:19:33] thing you want to think about too is um and this really scares a lot of people but it's

[00:19:44] you know because sometimes the feedback could you know it's I don't want to say it can ruin

[00:19:51] your business but it kind of takes the wind out of your sales a little bit I know when I got my

[00:19:55] first negative I was devastated because I felt like you know I had done everything right

[00:20:01] and uh you know it's something that we have no control over but I'm here to tell you

[00:20:06] that you can have a very successful business with a couple of negative feedbacks or a couple

[00:20:12] of negative reviews now of course you don't want to get a ton of them but one negative review or one

[00:20:17] negative feedback is not going to sink your entire business I can tell you that and most buyers

[00:20:23] they know that there's difficult there's there's difficult customers out there and so usually

[00:20:30] I have I have seen personally that most people are willing to excuse one or two negative

[00:20:36] reviews it's not going to deter them from shopping from you or with you if you have something that

[00:20:43] they actually you know really want so I wouldn't worry about that too much okay so next up we have

[00:20:51] fluctuating trends now this isn't something necessarily to worry about or to be afraid of

[00:20:57] but I know a lot of people don't like to keep up with this stuff a lot of people don't like to

[00:21:02] pay attention to what's popular what's trendy what's in demand and you don't really have to

[00:21:07] be however it will only help you if you are okay so you don't need to get overwhelmed and study all

[00:21:16] of the fashion reports and magazines and social media but just being familiar with what's going on

[00:21:24] right now so in my notes I have fashion changes now remember jewelry pretty much is parallel to

[00:21:30] fashion and so a lot of the jewelry trends will tie in with fashion trends so if you just kind

[00:21:36] keep an eye on that you will know what's popular as it relates to jewelry because it'll be popular

[00:21:43] as it relates to fashion and accessories and things like that the other thing you want to pay attention

[00:21:49] to and I talked about this earlier is seasonal demands all right we talked about that some of

[00:21:56] the most popular times when you will make jewelry sales will be Valentine's Day Mother's Day

[00:22:00] and Christmas and sometimes certain occasions too like weddings graduations you know that type of thing

[00:22:08] but again you need to pay attention to those seasonal changes and that's an easy way to

[00:22:12] navigate this particular challenge and then finally I have adapting to new markets in other

[00:22:19] words staying current with changing tastes and preferences of what our buyers are looking

[00:22:25] for like some people are really into a sustainable and ethical jewelry now some people are really into

[00:22:33] handmade jewelry right so again whatever you know whatever you can keep up with it will only benefit

[00:22:40] you to do so because it will make you that much more give you that much more of an edge as a seller

[00:22:47] all right challenge number 11 is legal and compliance issues now I don't think a lot

[00:22:54] of us are going to have to worry too much about this particular challenge but hallmarks

[00:23:05] certifications again this kind of goes back to like authenticating jewelry because in some in

[00:23:11] some cases you may need certifications in order to do that also depending on your town your

[00:23:17] county or your state you may have to have a license or a permit I know that in some parts of the country

[00:23:25] if you're going to do online auctions I think you have to have a auctioneer's license

[00:23:31] I don't think that's everywhere I think that's only in certain states I don't know a whole lot

[00:23:36] about it but again you want to be familiar with what is required in your particular town or city

[00:23:43] your state whatever so you are in compliance with whatever the laws are as it relates to selling

[00:23:49] jewelry now I also did an episode talking about illegal jewelry and so you want to be aware that

[00:23:56] you are not selling anything that falls under that category all right and if you didn't see that

[00:24:02] episode again I will put a link to that either here in the video or in the description and show

[00:24:11] notes for you all right so um legal compliance issues like I said I don't think this is too much

[00:24:17] that we have to worry about however we do want to make sure we are running a legal business in

[00:24:22] whatever way that entails as it relates to the requirements of where we live okay number 12

[00:24:29] this is a challenge and I kind of touched on it earlier it's marketing and visibility also

[00:24:34] uh branding this is something I really enjoy because that's just kind of been my thing

[00:24:40] for the past few years even before I was a jewelry reseller I was a digital um a digital content

[00:24:46] manager for a media company and so this is just kind of my jam this is the things I love to do

[00:24:54] as it relates to social media branding and all of the things that go along with it but I

[00:24:58] understand that's not everybody's thing but the thing is is if you are willing to brand

[00:25:04] yourself in some way that's going to make you stand out from the competition and it's also going to

[00:25:10] attract the specific buyers that you are looking for right if you want to be known as somebody who

[00:25:15] sells high-end luxury jewelry then you want to make sure you are branding yourself as such

[00:25:20] if you want to be someone who sells mostly um vintage costume jewelry again you want to make

[00:25:27] sure your branding matches that particular niche or category all right and I know a lot of us though

[00:25:35] we tend to like selling everything that's kind of like what I do I sell pretty much everything

[00:25:43] whatever I can find whatever I think will be profitable for me but I have noticed just within

[00:25:52] probably the last nine months that um when I do vintage jewelry that seems to be kind of more

[00:26:00] of what people are looking for so I'm kind of steering my branding in that way kind of sort of

[00:26:08] so again that's going to determine you know what um like what works for you and what works for

[00:26:15] your business okay so just something to think about all right so we are on challenge number 13

[00:26:25] and that's expert knowledge requirement now I'm not saying you have to be a jewelry expert but

[00:26:32] you do need to know more than the average person because people are going to ask you questions

[00:26:38] they're going to ask you questions about oh what is this who makes this what era is this from

[00:26:44] you know stuff like that and so you want to have more than a basic knowledge as it relates to jewelry

[00:26:50] because again this is only going to help you I'm not saying you have to be the expert and

[00:26:55] know everything about everything but you do need to have more than a basic knowledge and this

[00:27:01] will take time to develop okay but you can do it there's so many resources out there nowadays

[00:27:06] from YouTube videos Facebook groups books um libraries there's even museums now dedicated to jewelry

[00:27:14] so there's so many ways that you can learn uh take your time don't get too overwhelmed but like I said

[00:27:22] the more you know the more sales you will make just because people will trust you and they are

[00:27:28] going to know that you know what you're selling and you will be able to help them find exactly

[00:27:34] what it is that they're looking for all right now the other thing is um you want to make sure

[00:27:41] you you have a basic knowledge of gemstones precious and semi precious and also metals we

[00:27:49] talked about that you know gold silver platinum whatever else I don't know what else there is

[00:27:54] copper whatever um you know so you understand you know metals gemstones and that type of

[00:28:00] thing okay because like I said it will only help you all right challenge number 14 this is a big one

[00:28:07] I see a lot of people dealing with this at some point in their business and that is emotional

[00:28:13] attachment to your jewelry especially if you're selling things from your own personal collection

[00:28:19] maybe it was handed down to you you know from a family member maybe it's just jewelry you've

[00:28:24] bought over the years and you know you want to sell it but at the same time you

[00:28:29] still really love it all right emotional attachment to inventory sometimes sellers can become attached

[00:28:35] to unique pieces and find it hard to part with them now I'm guilty of this too as a matter of fact I have

[00:28:43] I want to say at least 20 to 40 pieces then I know I need to sell but I don't want to sell them

[00:28:51] because I love them so much but you know sometimes it's hard to part with some of those pieces

[00:28:57] all right so this this can be tricky and I don't really know if there's an easy way to navigate this

[00:29:04] but um yeah it's just one of those things that you're going to have to eventually move past

[00:29:11] right if if you can move past it the other emotional ups and downs as it relates to

[00:29:17] being a jewelry reseller is dealing with customer complaints like I talked about earlier sometimes

[00:29:22] that can really really be discouraging and sometimes it can even be depressing I've talked to

[00:29:28] resellers who's who who get very depressed when when something negative happens or if uh

[00:29:35] you know they get a big return on something that they were really excited about you know

[00:29:39] and uh that is hard you know and and it's part of um really learning how to not

[00:29:50] not take things personal as it relates to your jewelry reselling business and I know that's hard

[00:29:56] to do trust me because I've been there you know I've been practically in tears one time when I had

[00:30:02] a customer uh really leave a nasty feedback and I you know it happens but I can't say it didn't

[00:30:12] hurt because it did all right so that's just something we're going to have to work through

[00:30:16] and we're going to have to do our best to keep moving forward um the other thing is slow periods

[00:30:23] a lot of us get emotional when things are not popping off like we want them to right

[00:30:28] we've all had those moments where we don't make a sale for a day a week a month several months

[00:30:33] you know and sometimes you're doing all the right things and it happens it happens to all of us

[00:30:39] and that can also be very emotional especially when you know you need you need to make sales

[00:30:45] because you need to make money you need to pay bills you need to take care of your family

[00:30:49] whatever the case may be all right so you're going to have to figure out how to detach

[00:30:55] emotionally to the best of your ability and try your very best not to take these ups and downs

[00:31:02] and shifts in your business um personally and and not feel like you're doing something wrong

[00:31:09] or that you could have made the outcome different in some cases you can but in some

[00:31:14] cases you cannot and we have to learn to accept that that's part of the reality of

[00:31:20] a jewelry reselling business all right finally and this is probably the biggest challenge that a

[00:31:27] lot of jewelry resellers talk about but it goes with the territory and that is platform fees

[00:31:33] and overhead costs right so we all complain about you know the platforms charging the fees they do

[00:31:41] however it's the cost of doing business right i'm not saying i agree i'm not saying i disagree

[00:31:47] with how much the platforms charge but again if we want to put our merchandise on their platform

[00:31:55] we have to play by their rules and that means paying the fees that they require in order for

[00:32:02] us to do so all right so we've got marketplace fees selling on platforms like ebay etsy or poshmark

[00:32:08] comes with fees that do reduce your profit margin okay but again that's just the cost of

[00:32:14] doing business there's also payment processing fees depending on if you're not using a platform

[00:32:20] you know one of the reselling platforms you still will have payment processing fees if you use a

[00:32:25] credit card or accept a credit card if you use payment processors like paypal or stripe or something

[00:32:31] like that um that also is you know an expense you have to take into account and then marketing

[00:32:37] costs you know if you want to promote your items or if you want to promote your jewelry

[00:32:43] reselling business depending on how you do that if you do that with paid ads uh either online social

[00:32:49] media or if you take out an ad let's say in your local newspaper magazine tv station whatever

[00:32:56] the case may be all right but there are costs associated with all of that all right so we

[00:33:03] talked about 15 of the most difficult parts of running a jewelry reselling business and i

[00:33:17] talked about ways to navigate each of these challenges now i know it's not easy and i know

[00:33:24] not all of these challenges are going to apply to all of us but the thing is is

[00:33:30] i like to say this is that knowledge is power and the more you know the more you can prepare or you

[00:33:37] can adapt to when these challenges pop up for you because sometimes things you know some of these

[00:33:43] challenges will happen in the beginning of your business some of these challenges will happen

[00:33:48] later on in your business and maybe even as you uh either upscale or downgrade your business

[00:33:55] in some way right because we're all at different stages as it relates to our individual jewelry

[00:34:01] reselling businesses all right so that is what i have for you today and i would love to know

[00:34:09] your thoughts and your opinions about today's topic about some of the most difficult the most

[00:34:15] challenging aspects of being a jewelry reseller and having a jewelry reselling business

[00:34:21] what do you think about my list uh do you agree with everything that i talked about or did i

[00:34:27] miss something that maybe you're struggling with in your business and you would like to get

[00:34:32] maybe some feedback or advice on how you can navigate through that i would love to know so if

[00:34:39] you have any input on this please leave a comment on youtube if you are watching this video

[00:34:46] podcast or leave it in a comment on Spotify because i know they now have comments there as well

[00:34:54] all right so i want to thank you so much for spending this time with me and again if you would

[00:35:00] like to learn more about how to start grow and sustain a profitable jewelry reselling business

[00:35:07] please visit the website and that's jewelry resellers podcast dot com again that's jewelry

[00:35:13] resellers podcast dot com thanks so much and i'll check in with you again really soon