goWholesale

My husband and I have been selling all new merchandise at flea markets for about 6 and a half years. I have lots and lots of sources for merchandise. My question is this: We usually only have about $200 or so to buy product at one time. I would like to be able to do this on a grander scale. Where does everyone get the money to buy so much inventory? I don't have good credit. So getting a loan or putting it on a credit card is not an option. I look at some of the vendors selling where we sell. Most of them have cars that look like they would fall apart if you touch them and they way they dress, they look like they don't have 2 pennies to rub together. Yet they have thousands of dollars in new merchandise and are selling alot every week. Where do they get the money?

Well remember, lot of those people are selling merchandise purchased on credit cards.

We have tons of customers who are constantly fighting to stuff orders on credit cards which are nearly at limit or trying to stuff orders on 5-6 credit cards since the cards are so maxed out.

Just because they have merchandise and selling doesn't really mean they are making money. They make money which is enough to live by but there credit cards and debts are pretty stacked.

About ads and !@#$ about easy money making online, its mostly bunch of BS. Business takes alot of work and dedication, and even if your lucky to get a business set up and working, if your actually doing GOOD and making money your going to have lots of work to do as customers don't serve themselves.

I've read a few of lesco's books. Yeah there is money out there, the problem is that 99.9% is for non profit or community improvement !@#$. The best thing to do is to start small, and reinvest your money. The problem most people have is they cash out too much of their profits. To the op if you've been doing this for a while and your only making that much your not selling the right stuff in my opinion.

Is it possible to get a loan for an online business from the gov? 'Cause I tried but I somehow failed to prove how my online business could generate jobs in my area so they wouldn't do it

Hmmm, maybe the bank might work but I don't have a credit history.

Ok, maybe I'm wrong then. You might have to try a different flea market, there's lots of money out there. It's just a matter of being in the right place with the right stuff.

Hmmm. I agree with others thoughts about finding another venue. If $200 is all you can invest at one time, you have to consider how much time you're spending there to make that $200.... If the other vendors are barely making it, perhaps it's just not worth all your hard efforts.

Think about garage sales maybe. They can generate some extra money for you.

But, if your profits still remain in the $200 range, you might want to consider a different location. Perhaps a kiosk in the mall? Perhaps consign some items out to local shops?

I pulled some money out of my 401k with a loan, not bad I can take 5yrs to pay it back and is automaticly taken out of my check. (this years raise).

So I never miss it.

What's missing here is this:

Hours and hours spent on research, buying and then selling. Small profits or selling out, ending the earning potential.

It's like 'busy work" with the same ending. Just a bit to invest....

I highly disagree with anyone who thinks a loan is a good idea. Once you start negative, you'll be backpaddling, but with higher numbers. And NO WAY should you play with your retirement.

The idea was to boost buying power, or come into a bit more money to buy more stock, in order to boost sales.

heavenrse wrote:What's missing here is this:
I highly disagree with anyone who thinks a loan is a good idea. Once you start negative, you'll be backpaddling, but with higher numbers. And NO WAY should you play with your retirement.
The idea was to boost buying power, or come into a bit more money to buy more stock, in order to boost sales.

I understand your sentiments.

That was only a suggestion because when you repay the loan from a 401k you are paying yourself back with INTEREST!

SO a loan to expand is a BAD IDEA???? Hmmmm....

giftshack wrote:

heavenrse wrote:What's missing here is this:
I highly disagree with anyone who thinks a loan is a good idea. Once you start negative, you'll be backpaddling, but with higher numbers. And NO WAY should you play with your retirement.
The idea was to boost buying power, or come into a bit more money to buy more stock, in order to boost sales.

I understand your sentiments.

That was only a suggestion because when you repay the loan from a 401k you are paying yourself back with INTEREST!

SO a loan to expand is a BAD IDEA???? Hmmmm....

Was not meant to single you out Brian. Not at all. But with such a limited budget, I stick by my opinion. Add a loan repayment back into the overhead... Just not sure I'd recommend it. What if things don't go well? Then ALL profit goes to pay the higher overhead.

pay2play wrote:I would be surprised if the merchandise is stolen. I was wondering about start-up money also. I want to try that book from Matthew lesko, the one about getting money free from the government, like grants...but I read alot of negative stuff about his book. Ofcourse you can go to the library and find it free and just copy the info you need. I want to get a website up, but I need alot of new stuff to do business and then all the money for website hosting and domain names...I just don't understand how these people who say they make money online are doing so when anyone can go to a pricewatch site and find it cheaper than most online stores and Ebay.


Pay2Play

My website costs me about $120/yr for hosting AND Domain name charges. I have 500mb of storage and I haven't really had any problems.
http://www.anhosting.com-they have different packages avail.
Bob

You might think this is funny, but it worked for me:

When I was 18 years old, i found myself in a rut with coming up with cash flow to start my business. I had 1 credit card with a $500 limit, had little credit anyways, and I lived at home, so i was not able to get a loan or convince investors to invest. So what I did was, I applied for the most expensive Bowflex model available (for about $2200) because they offered me one year same as cash no interest financing with a minimum monthly payment of $60. As soon as i received the Bowflex, I turned around and sold it for $2,000. Then I had $2,000 cash sitting in my bank account that i was able to work with.

My entire business took off solely because I had this cash to work with. Otherwise I would have failed. In one month's time, I doubled my money, and have since been doing very successfully, all because I trusted my gut instinct and went for what i knew would work.

Company's like Bowflex would approve a baby if they were aloud. This method is definately not for everyone, especially those who are not good with money, or disciplined in saving. When i deposited that $2,000 into my account i took a vow that I would only spend it if it was to make more money. That is what i did and it worked.

Its kind of funny if you think about it, but its an idea, and now i'm running two successful businesses because of it.

By the way, there are thousands of opportunities to make a ton of money, and if after 6 1/2 years of work, you only have $200 cash flow to show for it, than you definately are not in the right market. There are opportunities out there that you could retire from after 6 1/2 years, so i would SERIOUSLY consider moving to a different market, or dramatically changing your selling, spending, living practices and marketing techniques. I would not live off of something until it is securely on its feet bringing in substantial amounts of money to support yourself. I waited 3 months when i started my business to quit my job and work full time, which is actually a really short amount of time, but the investing and work i put into my business aloud it to grow to a point that i could do that. So, i would make sure you have enough room to grow before living off of your business. it sounds like you are not giving yourselves the room to grow because you cannot do much at all with $200.

I hope this helps!

I started with nothing too, what I did is my old geo blew up after 221,000 miles of complete and utter torture! I took all the expensive parts and sold them, made 400 bucks in the end, reinvested that, reinvested agian, etc. Treat your money as investment, not a paycheck. If you don't save and spend wisely you will spend yourself out of biz really quick!

If you have poor credit you might be able to get a secured loan. You will need collateral such as real estate though.

Otherwise you might consider selling off some personal items to come up with capital - you can always buy them again later on once you are in a better position.

I say if you can get a loan or use 401k to build up start up funds do it. As long as you have a good plan and know the market and products well it is worth doing. Anyone who wants to suceed is going to have to take smart risks. Should you take out a loan or use your 401k if you dont know what the hell you are doing and think you are going to get rich quick; and dont dedicate yourself to your job? NO!! its not an easy business, its a customer service job and that takes plenty of time out of your day. Be smart but be willing to take a risk is my motto.