Money Honey

Transcript

1. H ow much do I need to start? Money Honey
2. How much money do I need to start? At MAGIC there are never ending brands, styles, quality, and price points. You will be able to find whatever you're looking for. Here's some price points that I've noticed depending on brand and quality. LOW: $3-$13 per item MEDIUM: $14-$25 item HIGH: $25-40 per item
3. Packs Every item with almost every manufacture comes in a pack. The two most common packs are: 2 Small 2 Medium 2 Large 2 2 2 3 Small 2 Medium 1 Large 3 2 1 After a while you'll notice which sizes you sell the most and you'll want to look for items that comes in your preferred pack because most of the time you don't get a choice. Almost everything comes in packs of 6 (besides shoes and accessories) so that gives you an idea of how much money you'll need to start.
4. Example If you found an item priced for $12, it would cost you $72 to buy that item. ($12 x 6 pack =72) You can buy as many packs of one item as you want. It's a good idea to keep it small when you first start to get an idea of what your customers are looking for. You can always reorder the best sellers.
5. The human brain does not like too many options! You might think you need an entire warehouse of inventory before you launch your business but that is false! As a clothing store, if you launch 3-5 items, people are scrolling through your stories/website and they're subconciously choosing their favorite item of the 5 you have listed and it's easier for them to make a decision. Whereas, if they have 50 options, their brain gets overwhelmed and choses to make no decision and close the app instead of purchasing. R ETAIL SECRET !
6. Babe, it depends what type, quality, and quantity you're wanting in your store. You can get a good 5-7 items to start off for $500, give or take. I started Dott & Arrow with $-17 in my bank account so I'm here to tell you anything is possible.