How often do you go sourcing and stumble across brands that are unfamiliar to you?? Personally, it happens to me during every single sourcing trip and I absolutely love it!! Why, you might ask? Because it allows me to learn new brands and that is very important in the resale business. Today, I wanted to share with you a little more insight on learning new brands and also talk about how to create a BOLO list.
What Do I Do When I Find an Unfamiliar Brand While Sourcing?
First and foremost, you look it up on your phone! Let me walk you through my process:
For the purpose of this example, let’s say that I find a piece by Beachgold.
Are you familiar with the brand Beachgold? If not, we first need to run a Google search and establish a baseline of this brand’s identity.
First Impressions: This brand sells resort-wear from Bali on an independent website and also sells their pieces at Anthropologie. Based on those two observations, I can deduce that they are a brand that produces well-made pieces that retail for $100+ per item. And that is good news for me!
Next, we need to look up comps on Poshmark and Mercari!
Comps are all over the place! It seems that pieces that were sold on Anthropologie sell for much less than pieces originally from the brand’s website. Most sales were made on Poshmark and there are very few items from this brand on Mercari with even fewer that have sold.
So what does this tell us?
This tells us that this brand definitely has good reselling potential. Would I pick it up if I found it while sourcing? Probably. Based on the comps, I would have an idea of how much the item would sell for and therefore, can make a smart business decision.
To Summarize:
Looking up unfamiliar brands while sourcing allows one to (1) learn about the brand and familiarize themselves with their pieces, (2) research comps and (3) learn the item’s market value.
Creating a BOLO List
Do you know what a BOLO list is? A BOLO list is a “Be On The Lookout For” List. It is a list made up of brands that you are hoping to find while sourcing for inventory. Each reseller has their own BOLO list and it is super easy to create! All you have to do is compile a list of brands that interest you and be on the lookout for them while sourcing! When creating your list, be sure to notate brands that have high resale value or will give you a good return for your money!
If you don’t already, be sure to check out my Instagram for more Reselling Tips at @ RecycledRosesGuide (Click HERE)
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Baci,
Bianca Ida
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