Reseller Rhythm

Every reseller I know moves to the beat of their own drum. Which makes sense, because we are all individuals with our own vibe and flair. We each have our own sense of style, our own niche to which we tailor our offers, and our own rhythm that drives us to move forward each day, every day of the year.

December is nearing its end and 2023 is just about to be a page in the history books. There is no better time than the start of a new year to establish a Rhythm of Business (RoB) model, visually depicting what will happen in each month of the year to come. The reseller RoB may look different than a business with multiple and multi-level employees since many of us work solo, but the principles of the exercise are universal. Begin by brainstorming a list of activities, processes, meetings, supplies and any other needs your business will require in the next twelve months. The idea is to complete a timeline of what needs to be done and when.

Having a plan laid out for each month of the year will help keep your business on track, help you stay within budget, and give you something to look forward to. Here are some thoughts and ideas to help you brainstorm that you can incorporate into your 2024 Rhythm of Business model. If you are a visual learner, create a pie chart or any chart of your choice with your completed timeline and post it in your office or workspace to help you stay on task throughout the year.

1. IDENTIFY YOUR SOURCING GOALS. Resellers all agree that sourcing (shopping) is the most fun part of being a reseller. Finding new inventory to list and potentially profit from is the adrenaline rush that we most look forward to. How will you source this coming year? Where will you go? What frequency will you make purchases? On what budget? Brainstorm a plan. How many times a month/year do you project the need for sourcing in your business. Do you plan to thrift, purchase through retail arbitrage, scour online sources, buy pallets/bulk inventory? Add your thoughts to your pie chart. Maybe once a quarter you do a bigger purchase or source somewhere new to you in a larger quantity. You know your business best. Write out your plan.
2. KNOW WHERE YOUR MONEY IS AND WHERE IT GOES. Earning an income as a reseller and then using that income to support your basic needs and invest back into your business to keep it sustainable requires discipline, knowledge, and structure. The weirdest feeling (for me, anyway) about earning money from reselling is not having a regular and guaranteed paycheck like I did when I worked my full time 9 to 5. Creating a budget for your operating expenses is essential to keeping your finances on track when sales are unpredictable. Plot out on the chart any monthly, quarterly, or annual expenses like taxes, subscription fees, rent, or any other regular expense you have. Add in your budget for sourcing* and any other need you may have. Seeing your upcoming financial due dates can help to keep your finances on the right track. *Not sure what budget to set for sourcing? Experts recommend putting 20% or more back into your business annually. Divide your net profit from the past year into fourths for a quarterly estimate, or by 12 for a monthly figure. Adjust up or down as you deem necessary.
3. HAVE A WORKLOAD SCHEDULE AND PLAN OF ACTION. What does your day, week, and month look like? How many hours do you plan to work? What days do you plan to source? How often will you ship items? When will you take the time for other tasks like social media scheduling, inventory tracking, office organization, ordering supplies, steaming, spot treating, photographing and any other aspect of the reselling business. Knowing your schedule and plan of action keeps your rhythm flowing. Plot out any major projects that you may do once or twice a year like inventory audits and quarterly or bi-annual purges of stale inventory. And, of course, schedule yourself some rest/vacation time. Quality rest is just as necessary as quality work production.
4. IDENTIFY ANY EXTRACURRICULARS. Do you have any BIG ideas or plans for the coming year? Maybe you have a goal to source somewhere out of state, attend an annual event or conference, take a class, or meet up and collaborate with other resellers. Whatever your BIG ideas may be, add them to your chart. I know for me, seeing a fun activity coming up in the future gives me a little extra oomph to keep going on the boring and mundane days. If there is an expense involved in your plans, be sure to add that to the chart, as well.

Creating a RoB is a great way to motivate you for the coming year. It allows you to have a plan to work from, which will lead to better productivity and increase your success rate. You can create a pie chart using Canva or other free software online. Or, put your artistic skills to work and create your own. Visit my free PRINTABLES page to download additional forms to help keep your reselling business on track for 2024. And, if you found this helpful, leave me a comment below. I’d love to hear from you.

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