The BIGGEST Mistakes Jewelry Resellers Are Making Right Now! - Episode #50

[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.

[00:00:07] I'm your host Desiree and I'll be your guide on this dazzling journey through the world

[00:00:13] of reselling jewelry.

[00:00:15] 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

[00:00:43] 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.

[00:00:53] Alright, welcome to another episode of the Jewelry Resellers Podcast.

[00:00:57] I am your Jewelry Reselling Bestie Desiree and today we're going to talk about some of

[00:01:03] the biggest mistakes that I believe Jewelry Resellers are making, especially in the beginning

[00:01:09] because you just don't know any better, but I have made a lot of these mistakes.

[00:01:16] I haven't made all of them, but I've made quite a few of them because I didn't

[00:01:21] know any better.

[00:01:22] And so I'm hoping by the end of this episode you will have a good idea of what not to do

[00:01:29] so you can really progress much more smoothly as it relates to your Jewelry Reselling business.

[00:01:40] So before we get started, you know I always like to remind you to please join our Newsletter

[00:01:46] family.

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[00:01:53] as it relates to Jewelry Reselling industry news.

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[00:02:04] at the time.

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[00:02:11] of the 20 bestselling vintage jewelry brands that all resellers should know.

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[00:02:27] all you have to do is head on over to the website that's JewelryResellersPodcast.com.

[00:02:33] Again that's JewelryResellersPodcast.com.

[00:02:36] I'll also have a link for you in the show notes.

[00:02:41] Okay so getting back to today's topic we're going to be talking about some of the biggest

[00:02:45] mistakes jewelry resellers are making.

[00:02:48] And you know this isn't unique only to new jewelry resellers.

[00:02:52] I've seen veteran or long time jewelry resellers make some of these mistakes as well and I

[00:03:00] think it's because either they just don't know or maybe they are still trying to

[00:03:08] figure things out.

[00:03:10] I mean I don't really know.

[00:03:11] You know I just sometimes I get surprised when I see people who've been doing this for

[00:03:17] a while and yet they still have some areas of their business where they even admit that

[00:03:25] they're struggling but yet they don't implement steps or changes in order to fix those areas.

[00:03:34] So I guess the point of this episode is to really make you aware of like I said the

[00:03:40] things you don't want to do but it's also going to help you figure out what you can do

[00:03:48] in case you are making some of these mistakes so you don't continue making these mistakes

[00:03:54] day after day, week after week, month after month or even year after year in some cases.

[00:04:00] Alright so we all know that jewelry reselling can be very lucrative and there is money

[00:04:07] to be made doing this but of course like any business venture it does come with some potential

[00:04:13] pitfalls.

[00:04:14] You know whether you're new or if you're looking to refine your strategies again it's

[00:04:20] really important to be aware of I want to call these common mistakes so you can avoid

[00:04:28] them and improve your business operations and also improve how much money you make

[00:04:35] how frequently you make the money and all the other things that come along with that.

[00:04:40] Alright so let's go ahead and dive into my list I have 12 things that I'm going to share

[00:04:45] with you today and these are the things again you don't want to do.

[00:04:50] Alright so starting with number one and I think I've said this many times in prior

[00:04:56] episodes but it's just not doing enough market research and when I talk about market

[00:05:04] research that is understanding what people are buying and who is buying the items that

[00:05:14] you are planning to sell and in this case the jewelry items that you are planning to sell

[00:05:19] because a lot of people just say oh I really like jewelry and I want to sell this and

[00:05:25] I want to make a ton of money and I'm just going to buy what I think looks good and

[00:05:30] then I'm going to sell it online and everybody's going to be happy and while in some cases that

[00:05:37] can happen it's really not a solid foundation in which to build a fully operational and profitable

[00:05:49] business.

[00:05:50] Okay so failing to understand the target market and the consumer preferences can lead to

[00:05:58] stocking jewelry that does not appeal to potential buyers and trust me I've made this

[00:06:05] mistake too.

[00:06:06] I've made this mistake as a matter of fact I think this is probably the biggest mistake

[00:06:12] I made when I was first getting started.

[00:06:15] Alright so we really have to have some effective market research so we understand again what

[00:06:21] people are buying, who is buying the jewelry that we want to sell and then all the other

[00:06:29] things that come along with that you know how often do they want to buy this jewelry.

[00:06:34] What type of price point are they looking to spend or invest in in some cases?

[00:06:40] You know and then we want to know what is everybody else doing and what is working

[00:06:43] for them at least from you know from our own observations not that you necessarily

[00:06:49] have to compete with other people but you do want to see what already is currently working

[00:06:54] in the marketplace.

[00:06:57] Okay so that's a big one.

[00:07:00] You want to make sure you do enough market research so you understand the jewelry buying

[00:07:06] market and in our case what jewelry I guess more like what are people looking for when

[00:07:14] it comes to jewelry resale.

[00:07:18] Okay because I know sometimes we do get new pieces but that's not always the case so for

[00:07:23] the most part we are selling vintage pre-owned pre-loved jewelry and that is a different

[00:07:30] target market than people who are looking to buy brand new pieces.

[00:07:36] So we need to understand those differences.

[00:07:40] Alright so let's move on to mistake number two and that is incorrect pricing.

[00:07:46] I have done this oh boy have I done this incorrectly pricing your jewelry can either drive away customers

[00:07:53] or it can really mess up your profit margins and boy I mean if I had a dollar for every

[00:08:04] time I've done this I probably would be rich from that.

[00:08:09] You know but in the beginning I didn't know any better I didn't know I'm sure there

[00:08:12] were things that I overpriced and I know there were things that I've underpriced but overpricing

[00:08:18] can make your products uncompetitive while underpricing might lead to unsustainable profits

[00:08:25] we all understand that.

[00:08:27] So it's important to balance between fair market value and the cost of running your

[00:08:34] business and the cost of buying the supplies and the inventory and all that stuff so

[00:08:39] again this goes back to market research we have to understand what is the price range

[00:08:44] that people are looking to spend so we can make sure we price our jewelry items accordingly.

[00:08:51] Now I'm not saying you have to be the highest price person out there and you don't have

[00:08:58] to be the lowest priced person out there either but you will have to kind of play

[00:09:04] around with the numbers so you can make sure that you are pricing correctly.

[00:09:12] Because we are not in this to lose money and I think when we get started some of us are

[00:09:19] a little nervous or unsure about what we should be pricing our jewelry items at I know I

[00:09:26] was so again that falls back to the mistake I talked about in number one and that's

[00:09:32] doing the market research okay and that will give you a lot of knowledge so you can make

[00:09:38] sure your pricing is correct and fair.

[00:09:44] Alright mistake number three and I went through this a lot too at least when I first started

[00:09:52] and that was not having an inventory management system.

[00:09:58] Now this is crucial because number one you have to make sure that you can find

[00:10:03] the pieces when they sell and then number two you also have to make sure that you don't have

[00:10:09] too much or too little inventory as it relates to how much money you're making or how much

[00:10:17] money you're trying to make because holding on to too much inventory can tie up your capital

[00:10:25] and in the opposite sense too little may cause you to miss sales opportunities.

[00:10:33] Right because someone could be looking for something and maybe you had it but you sold

[00:10:38] it and you don't have anything else to offer them.

[00:10:42] So efficient inventory management ensures that you have enough stock to meet demand

[00:10:48] without over investing in slow moving pieces.

[00:10:52] Alright so really think about that how much inventory do you need to have on hand that

[00:10:57] number one is not only easy for you to manage but it also keeps up with the demand for the

[00:11:05] pieces that you're selling and this will take you some time to figure out.

[00:11:09] I want to say I was probably maybe a year and a half into my business before I got

[00:11:16] really clear on this because I just didn't know I was just buying and selling and buying

[00:11:21] and selling without really having any type of system or structure in place and so I just

[00:11:28] kind of went along with it and of course you know I guess that could work to some degree

[00:11:34] but I didn't really start making money until I was really tracking this and I knew how many

[00:11:40] pieces I could move per week or how many pieces I needed for the month and then

[00:11:45] I bought and sourced my inventory accordingly.

[00:11:49] Okay so you will have to take some time to figure that out as well.

[00:11:55] Alright number four now this is a mistake I've never made which I'm happy to say but

[00:12:01] this mistake I do see a lot of jewelry resellers doing this and that is neglecting an online

[00:12:07] presence.

[00:12:09] Now I'm not saying you have to be a huge social media star not at all but you do

[00:12:14] need to have a presence on online in some way shape or form.

[00:12:20] Alright because in today's digital age not having a robust online presence can put you

[00:12:26] at a huge disadvantage because people if they're going to spend $100, $200, $500 on a

[00:12:36] jewelry piece they're going to do a little bit of research and they want to make sure

[00:12:40] that they're buying from someone who has an established reputation, someone who is

[00:12:45] trustworthy.

[00:12:48] Alright and somebody that if in the event they have a problem or an issue they know

[00:12:54] there's somebody there that can help them.

[00:12:57] Now of course if you are selling on someplace like eBay or Poshmark or Etsy that

[00:13:02] is an online presence of course but I've noticed too that with a lot of my

[00:13:08] buyers they just like to connect with me and not necessarily having to do that

[00:13:13] through an online selling platform.

[00:13:17] You know a lot of my buyers they just like me and they want to know me and they

[00:13:21] like to connect with me as a person and so you can really use that to your

[00:13:27] advantage when you are selling your jewelry.

[00:13:31] Now for those of you who have your own website because I know there's a

[00:13:35] few of us out there that do this is also important because it will help you get

[00:13:41] traffic to your website and if you're selling on your website or if you're

[00:13:45] doing whatever on your website you want to make sure people know that it exists.

[00:13:51] Alright so an outdated or poorly managed website or lack of social media

[00:13:56] in engagement you know that really can limit your reach and your sales potential

[00:14:04] and this is another thing I've learned just by being visible online

[00:14:10] sometimes opportunities will find you because people will start recognizing

[00:14:15] you and knowing you as the jewelry person and I can't tell you how many

[00:14:20] people have reached out to me saying hey I'd like to buy some jewelry or

[00:14:24] I just came across a bunch of jewelry for sale would you be interested

[00:14:28] in possibly buying this whole bulk lot or whatever the case may be.

[00:14:33] Alright so just by having an online presence you will set yourself up for

[00:14:41] some amazing opportunities and connections and this also helps with

[00:14:46] building relationships and we've talked about that many times on this podcast

[00:14:51] about how important that is especially when you are trying to grow your

[00:14:55] business and maybe you want to partner with other people.

[00:14:58] Maybe you want to do collaborations with other sellers or whatever the case may be.

[00:15:04] Alright so don't neglect having some type of online presence.

[00:15:12] Alright mistake number five is underestimating the importance of photography.

[00:15:18] Now I think we all know that jewelry is a highly visual thing so we want to

[00:15:24] do our very best to have decent photographs because poor quality

[00:15:30] images can fail to showcase the intricate details and the true beauty

[00:15:36] of the jewelry pieces and sometimes that reduces its overall appeal

[00:15:43] and I can't tell you especially on eBay people just

[00:15:48] you know when I'm not calling anybody out but people it seems like

[00:15:51] they're just very sloppy with some of their photos you know

[00:15:56] or they're blurry, they're out of focus, the lighting is terrible

[00:16:00] and you don't want to have your stuff showing up like that right

[00:16:05] especially if you're trying to make the sale.

[00:16:08] You know spend a few more minutes turning on a light or maybe

[00:16:13] photographing your items in natural light by a window or whatever you have to do

[00:16:19] you know learn how to take good quality photos and you don't have to

[00:16:25] invest in an expensive camera or anything like that

[00:16:30] because I use my iPhone for all of my photos and it's worked great

[00:16:36] but you do want to have high quality photos so learn the settings

[00:16:39] if you're using your camera phone or your camera even

[00:16:43] learn the settings, learn a little bit about lighting.

[00:16:46] I promise you it's not that difficult, it may seem a little overwhelming

[00:16:50] at first but you can do some research on YouTube just to learn

[00:16:54] some basics about how to light certain pieces.

[00:16:58] You can also use a photo box, I know a lot of jewelry resellers do that

[00:17:04] and it works great because the lighting is fantastic.

[00:17:07] Alright but you really want to learn how to take attractive photographs

[00:17:11] so you can engage online customers because remember

[00:17:15] people cannot touch these pieces, they're not seeing them in person

[00:17:18] and so they have to make a decision based on the quality of your photos.

[00:17:26] Alright mistake number six is not setting up your business properly

[00:17:30] and paying attention to taxes.

[00:17:32] Now I am not a tax professional or a business consultant by any means

[00:17:38] but you really want to figure out how you're going to set up your business

[00:17:42] is this going to be something that you do as an LLC

[00:17:47] or are you going to do this as a sole proprietor?

[00:17:52] There's different options depending on where you live

[00:17:55] and the tax laws in your state whatever

[00:17:59] but you really want to figure this out because you don't want to

[00:18:03] not know when tax time comes around

[00:18:08] that you didn't have everything in place and suddenly you have a huge tax bill

[00:18:13] or maybe you are not compliant with the laws as it relates to your city,

[00:18:18] your state, your county or whatever.

[00:18:20] Alright so compliance with the laws regarding licensing, consumer rights,

[00:18:25] import, export regulations, taxes, wholesale buying

[00:18:31] all of these things is critical.

[00:18:33] Alright and you don't want to neglect this because it could lead to some legal problems down the line

[00:18:40] as well as potential fines and I do not want that to happen to any of us.

[00:18:45] Okay so meet with an accountant or do some research online

[00:18:49] and figure out what you need to do and how you need to do it.

[00:18:53] Just don't ignore this because I've seen people ignore this

[00:18:58] and it turns into a mess later on.

[00:19:03] Okay now we are on mistake number seven

[00:19:07] and this is just insufficient or lack of product knowledge.

[00:19:11] I can't tell you again how many resellers I come across

[00:19:16] who know nothing about the type of jewelry that they're selling.

[00:19:19] Now understandably none of us are going to know everything about every piece of jewelry that exists.

[00:19:25] Of course not but if I'm selling let's say a gemstone jewelry,

[00:19:31] well I know quite a bit about that

[00:19:35] and so if someone has basic questions I feel confident that I could answer those

[00:19:40] but some people don't know anything

[00:19:43] and so not only does that hurt you as it relates to the pricing and maybe potential sales

[00:19:49] but it also hinders you when you are outsourcing

[00:19:55] because if you don't know what certain things are

[00:19:59] or what people are looking for

[00:20:01] or if something looks the way it's supposed to

[00:20:05] you're going to be at a huge disadvantage.

[00:20:08] And not having enough knowledge about the jewelry items you're selling

[00:20:14] this is a big one.

[00:20:16] It can undermine your credibility with customers.

[00:20:19] People will not trust you if you don't know

[00:20:22] at least what it is you're selling

[00:20:25] and again you don't have to have a huge history or backstory about the piece

[00:20:31] but you need to know a little bit about it just so again like I said

[00:20:35] so you can answer some basic questions.

[00:20:37] A successful reseller should be knowledgeable

[00:20:40] at least about maybe the materials

[00:20:43] how to care for the piece, how to clean the piece

[00:20:46] maybe even some ideas on how to wear or style the piece

[00:20:49] and sometimes the history or the cultural significance of the pieces

[00:20:56] will come into play.

[00:20:57] Now that doesn't happen a lot but sometimes it will come up

[00:21:01] especially if you have much higher end pieces.

[00:21:04] Alright so make sure you have knowledge about the jewelry that you are selling

[00:21:08] because it will only help you.

[00:21:10] It will only help you.

[00:21:12] It will not hurt in any way.

[00:21:14] Alright moving on to mistake number eight

[00:21:20] Now this is a lack of a unique selling proposition

[00:21:25] also known as USP.

[00:21:27] So all of us are jewelry resellers right

[00:21:33] and I guess in some ways you can say jewelry resellers are a dime a dozen

[00:21:37] but not everybody sells jewelry the way I do

[00:21:40] not everybody sells jewelry the way you do

[00:21:43] so you really need to differentiate yourself

[00:21:46] and your business from competitors

[00:21:51] because there is no way you are going to really stand out

[00:21:55] because the jewelry reselling community is very crowded

[00:22:00] I am sure we all know that

[00:22:02] but if you can figure out how to make yourself stand out in some way

[00:22:08] and how you can figure out

[00:22:11] what's going to be your unique offering to the marketplace

[00:22:15] it will help you attract more customers

[00:22:18] and it will help you attract more loyal customers

[00:22:22] okay so my kind of unique selling proposition is

[00:22:28] that I host this podcast

[00:22:30] you know there is

[00:22:32] I don't know any other jewelry reseller

[00:22:35] that has a jewelry reselling podcast

[00:22:40] right and sometimes people like to connect with me just for that reason

[00:22:43] they are like oh yes Desiree I enjoy your podcast

[00:22:46] I listen every week whatever

[00:22:48] and so they feel like they know me

[00:22:50] or they feel like they can trust me

[00:22:52] because I am already kind of putting myself out there

[00:22:55] in a way that they can

[00:22:58] I guess resonate with or connect with

[00:23:01] alright now you don't, I am not saying you have to start a podcast

[00:23:04] but if you want to that would be great

[00:23:06] but what is it that you do differently

[00:23:09] that nobody else in the marketplace is doing

[00:23:11] is it the way you source

[00:23:13] is it the type of jewelry that you sell

[00:23:16] is it how you showcase your jewelry pieces on social media

[00:23:20] is it how you structure your live shows

[00:23:23] maybe if you sell live, you know like I do

[00:23:26] maybe it's because you sell jewelry

[00:23:29] and you sell outfits to match the jewelry

[00:23:32] I mean it can be whatever

[00:23:34] but remember you need to do something different

[00:23:36] so people can recognize you

[00:23:38] so you get some attention

[00:23:40] and so people really notice you

[00:23:43] and they are like wow

[00:23:45] she is doing something different

[00:23:47] or he is doing something totally different

[00:23:51] and I love it

[00:23:52] alright so now we are on mistake number 9

[00:23:55] and that is, and I don't like to say this one

[00:23:58] but this is poor customer service

[00:24:00] and I have seen this happen

[00:24:02] where some resellers just don't really

[00:24:08] make the effort to create a really

[00:24:11] good buying experience for their customers

[00:24:15] and that's really unfortunate

[00:24:19] you know I, because I really try my best

[00:24:23] to make sure that

[00:24:25] my buyers have a good experience buying from me

[00:24:28] and sometimes it's not easy

[00:24:30] yes sometimes you will have difficult customers

[00:24:33] we all do

[00:24:35] but you really want to try your best

[00:24:38] to give the absolute best

[00:24:42] stellar customer service that you can

[00:24:44] because people will remember that

[00:24:47] and if you don't

[00:24:50] it could be very damaging

[00:24:54] both in the short and long term

[00:24:57] so neglecting customer service

[00:24:59] like I said can damage your business reputation

[00:25:02] and it can lead to decreased customer retention

[00:25:06] in some cases

[00:25:08] so you want to do your best

[00:25:10] to respond to questions or messages

[00:25:14] you know as quickly as you can

[00:25:16] you don't need to drop everything

[00:25:18] but I like to respond to questions

[00:25:20] usually within 24 hours

[00:25:22] most of the time I get to them

[00:25:25] way sooner than that

[00:25:27] but I don't think you should go longer

[00:25:29] than 24 hours to respond

[00:25:31] to a question or concern

[00:25:33] or something like that

[00:25:35] you know and you also want to be creative

[00:25:37] in offering satisfactory resolutions

[00:25:40] if in the event

[00:25:43] something goes awry

[00:25:46] or a customer is unhappy for whatever reason

[00:25:49] okay so I'm not saying you have to give them free stuff

[00:25:53] or give them a full refund

[00:25:55] but maybe there's something you can work out

[00:25:57] okay and customers appreciate that

[00:26:00] because they see that you're trying

[00:26:02] and they see that you're making an effort

[00:26:07] alright now we are on mistake number 10

[00:26:11] and this is a tough one

[00:26:14] not only jewelry resellers deal with this

[00:26:16] but I think resellers just in general

[00:26:18] and that is not adapting to market changes

[00:26:22] now as resellers

[00:26:24] I think we've seen a lot of changes over the years

[00:26:26] as it relates to just reselling in general

[00:26:29] and of course jewelry

[00:26:31] is the same thing

[00:26:33] you know the jewelry market can be

[00:26:36] can be very volatile

[00:26:38] with evolving trends

[00:26:40] and consumer preferences

[00:26:42] and all of the things

[00:26:44] so we have to really understand

[00:26:47] that we need to adapt

[00:26:49] because failing to adapt to these changes

[00:26:51] can make your inventory

[00:26:54] seem outdated or undesirable

[00:26:57] right so

[00:26:59] now as it relates to vintage jewelry

[00:27:02] I don't think we have to worry about that too too much

[00:27:06] but I do believe that we still need to pay attention

[00:27:11] to what's in demand

[00:27:13] what the market wants

[00:27:15] and figuring out how to make sure

[00:27:19] we can best serve the people

[00:27:21] who are looking for those particular things

[00:27:24] you know also market changes

[00:27:26] don't only involve

[00:27:28] the type of inventory we keep on hand

[00:27:31] but also how we're doing business

[00:27:34] because right now I think one of the biggest market changes

[00:27:37] that I'm noticing

[00:27:39] is the implementation of live selling

[00:27:42] now there's still a ton of jewelry resellers

[00:27:45] who do not want to do live sales

[00:27:47] for whatever reason

[00:27:49] but

[00:27:51] if you pay attention

[00:27:53] to what's going on

[00:27:55] in social media

[00:27:57] on any social media platform

[00:28:00] you will see that shopping is huge

[00:28:03] and live shopping

[00:28:05] live sales, live shows

[00:28:07] is also huge

[00:28:09] that is the trend that we are in right now

[00:28:11] and a lot of us have already jumped on board with this

[00:28:14] I know I have

[00:28:16] and I absolutely love it

[00:28:18] but there's still a lot of people who are refusing to even try

[00:28:21] or maybe even to

[00:28:24] plan to see how they can make live selling work for them

[00:28:28] in some way, shape or form

[00:28:30] in their business

[00:28:32] so I'm not saying you have to

[00:28:34] do everything that everybody else is doing

[00:28:38] but you really need to understand

[00:28:40] and pay attention to the direction

[00:28:42] that things are moving in

[00:28:44] as it relates to

[00:28:46] what we do

[00:28:48] as jewelry resellers

[00:28:50] so that's just something to think about

[00:28:52] okay moving on to mistake number 11

[00:28:58] this is overlooking return and shipping policies

[00:29:01] again this is going to vary

[00:29:03] depending on the platform that you're selling

[00:29:06] or if you are selling

[00:29:08] on your own website

[00:29:10] you should have return policies

[00:29:12] and shipping policies already in place

[00:29:15] and if you are selling maybe in person

[00:29:18] or if you are selling

[00:29:20] like on Facebook marketplace or something like that

[00:29:23] then you need to communicate what your return policy is

[00:29:26] if you are going to allow and accept returns

[00:29:29] and then if you're going to ship your items

[00:29:31] you want to make sure you have policies in place

[00:29:34] for that as well

[00:29:36] alright and you don't want to make it too complicated

[00:29:38] or confusing

[00:29:40] you know because that can turn off potential customers too

[00:29:44] but you want to make sure again

[00:29:47] like we talked about earlier

[00:29:49] you want to make sure that you create a very good

[00:29:52] and to the best of your ability

[00:29:55] smooth buying experience for your customer

[00:29:59] and you also want to set up the customer expectations

[00:30:02] because you don't want to say

[00:30:05] oh I don't accept returns

[00:30:07] after the fact that they've already bought something

[00:30:09] and maybe for whatever reason

[00:30:12] they don't want it or

[00:30:14] it breaks or it doesn't fit or whatever

[00:30:17] alright so make sure you communicate that

[00:30:19] clearly upfront

[00:30:21] because I don't think you as the seller

[00:30:24] nor the customer as the buyer

[00:30:26] I don't think either side wants any unexpected surprises

[00:30:30] so make sure you pay attention to your return and shipping policies

[00:30:33] and again like I said

[00:30:35] depending on the platform you're selling

[00:30:37] some of those will already be built in

[00:30:40] and will already be in place

[00:30:42] but if not then think about setting something up

[00:30:44] so both you and your buyer are protected

[00:30:47] okay so my last mistake

[00:30:53] that I've got on my list

[00:30:55] is not utilizing data and feedback

[00:30:58] now depending on where you're selling

[00:31:01] let's take eBay for example

[00:31:03] eBay gives us a lot of data and analytics

[00:31:06] as it relates to how much we're making

[00:31:09] what people are clicking on

[00:31:12] you know how

[00:31:14] what items I guess are attracting a lot of views

[00:31:17] or attention and all that kind of stuff

[00:31:20] so you really want to learn to study your data

[00:31:23] and your analytics

[00:31:25] and also pay attention to the feedback that you're getting

[00:31:27] because this will help you

[00:31:29] make better business decisions

[00:31:31] it will help you as it relates to buying inventory

[00:31:34] it will help you as it relates to your pricing

[00:31:37] and it will also help you

[00:31:39] figure out if that particular platform

[00:31:42] is where you want to stay

[00:31:44] or if that's where you want to grow

[00:31:46] alright so make sure that you

[00:31:48] understand your analytics

[00:31:50] and pay attention to what is working

[00:31:52] and what is not

[00:31:54] you know regularly review your sales data

[00:31:57] your customer reviews

[00:31:59] feedback all of those things

[00:32:01] so you can refine your strategies

[00:32:04] and improve your products

[00:32:06] in this case your jewelry items

[00:32:08] and improve your service

[00:32:10] as it relates to

[00:32:12] serving your customers and your buyers

[00:32:14] and giving them the things that they want

[00:32:17] alright now

[00:32:19] I know sometimes it's intimidating

[00:32:21] to look at your analytics

[00:32:23] especially on eBay because there's so much there

[00:32:25] but if you just look at it

[00:32:27] on a regular basis

[00:32:29] and just kind of click around

[00:32:31] and see what type of information

[00:32:33] comes up and what type of information

[00:32:35] is available

[00:32:37] you will get more and more comfortable

[00:32:39] and you will understand it more

[00:32:41] the more you see it

[00:32:43] because that's how it was for me

[00:32:45] the first time I was back there

[00:32:47] I was looking at

[00:32:49] and then the more I looked at it

[00:32:51] the more it made sense

[00:32:53] so you should do this no matter what platform you're on

[00:32:55] and even if you're not selling

[00:32:57] on something like eBay

[00:32:59] or whatnot or Etsy

[00:33:01] you really want to pay attention

[00:33:03] to your own records

[00:33:05] and keeping track of what's selling

[00:33:07] and what's not

[00:33:09] make sure that you pay attention

[00:33:11] to your bank account

[00:33:13] because that's a big thing

[00:33:15] to pay attention to

[00:33:17] and see how much is going out

[00:33:19] and how much is coming in

[00:33:21] because

[00:33:23] it's not only the analytics but it's also

[00:33:25] the data of your business operations too

[00:33:27] in other words

[00:33:29] how much are you spending on sourcing

[00:33:31] how much are you spending on shipping supplies

[00:33:33] how much are you spending on taxes

[00:33:35] all of those things

[00:33:37] come into play and so we want to have a good

[00:33:39] a good grasp

[00:33:41] on what that is

[00:33:43] and what the numbers are

[00:33:46] okay so

[00:33:48] those are the 12 biggest mistakes

[00:33:50] I see jewelry resellers

[00:33:52] making

[00:33:54] like I said I have made

[00:33:56] quite a few of these mistakes

[00:33:58] luckily not all of them

[00:34:00] but still I've made them

[00:34:02] and you know sometimes I unintentionally

[00:34:04] make mistakes too

[00:34:06] just because

[00:34:08] I'm human I still don't have this

[00:34:10] 100% figured out

[00:34:12] and I'm still learning

[00:34:14] you know when I'm learning for

[00:34:16] where I'm at in my business today

[00:34:18] because it's very different what I do today

[00:34:20] than when I first started

[00:34:22] alright so let's run down these 12 mistakes

[00:34:24] one last time

[00:34:26] number 1 that's not doing enough

[00:34:28] market research

[00:34:30] number 2 is incorrect

[00:34:32] pricing strategies

[00:34:34] number 3 is not having

[00:34:36] an inventory management system

[00:34:38] number 4

[00:34:40] is not selecting to establish

[00:34:42] an online presence

[00:34:44] number 5

[00:34:46] underestimating the importance of good

[00:34:48] photography

[00:34:50] number 6

[00:34:52] not setting up your business properly

[00:34:54] and

[00:34:56] paying attention to your taxes

[00:34:58] number 7

[00:35:00] is a lack of product

[00:35:02] knowledge

[00:35:04] number 8

[00:35:06] is a lack of a unique selling

[00:35:08] number 9

[00:35:10] poor customer service

[00:35:12] number 10

[00:35:14] not adapting to market changes

[00:35:16] number 11

[00:35:18] not having strong return

[00:35:20] and shipping policies in place

[00:35:22] and number 12

[00:35:24] is not utilizing

[00:35:26] data and feedback

[00:35:28] as it relates to your business

[00:35:32] alright so being aware

[00:35:34] of these common mistakes

[00:35:36] and actively working to avoid them

[00:35:38] you can set your jewelry

[00:35:40] reselling business

[00:35:42] on a strong path to success

[00:35:44] so just remember

[00:35:46] continuous learning

[00:35:48] and adaptation are key

[00:35:50] as it relates to

[00:35:52] reselling jewelry

[00:35:54] you know and

[00:35:56] I can't predict what's going to happen

[00:35:58] and

[00:36:00] I just know that

[00:36:02] I want to do the best I can

[00:36:04] every step of the way and I want to grow

[00:36:06] and I want to learn and I want to do better

[00:36:08] every single day

[00:36:10] so I hope I can encourage you to do the same

[00:36:12] if you do have any questions

[00:36:14] or comments or feedback

[00:36:16] as it relates to today's episode

[00:36:18] I would love to hear from you

[00:36:20] you can leave a comment

[00:36:22] on YouTube

[00:36:24] or on the website

[00:36:26] I always forget that you can leave comments on the website

[00:36:28] as well

[00:36:30] so I want to thank you so much

[00:36:32] for spending this time with me

[00:36:34] let me know your thoughts

[00:36:36] and I will check in with you again

[00:36:38] really soon