AI transcript
0:00:01 (upbeat music)
0:00:03 – Getting paid to sell other people’s stuff.
0:00:05 Oh, what’s up, what’s up, Nick Loper here.
0:00:06 Welcome to The Side Hustle Show
0:00:08 because your nine to five may make you a living,
0:00:10 your five to nine makes you alive.
0:00:12 And this is the show all about making extra money
0:00:14 and doing it in a low risk way.
0:00:16 And one method I keep coming back to
0:00:19 is this idea of starting a consignment business
0:00:21 that is selling other people’s stuff
0:00:22 and just taking a percentage.
0:00:23 They get money, you get money,
0:00:26 and you’ve got no upfront inventory risk like you would
0:00:28 if you were starting a traditional physical product business.
0:00:30 Now, today’s guest has been doing just that
0:00:33 the last 10 years, starting as a side hustle,
0:00:36 earning over $10,000 from her first consignment event
0:00:38 and continuing to grow from there.
0:00:41 From StatementConsignment.com, Sarah McAfrey,
0:00:42 welcome to The Side Hustle Show.
0:00:43 – Thanks for having me.
0:00:45 – You bet, stick around in this one,
0:00:48 we’re gonna learn how Sarah got a critical mass of inventory
0:00:49 for those first events,
0:00:51 how she marketed them to get buyers in the door
0:00:54 and how you might start something similar in your own area
0:00:56 or maybe even online.
0:00:58 So, Sarah, my understanding is you’re already
0:01:00 an entrepreneur, you’re running this photography business,
0:01:03 you’ve got young kids, and then this idea
0:01:04 gets in your head somehow.
0:01:06 You’re like, you know what, I’m already juggling a lot,
0:01:08 but hey, what’s one more ball?
0:01:09 Let me see if I could pull this off.
0:01:11 – Yeah, that’s exactly how it happened.
0:01:13 So I did a kids consignment event,
0:01:15 selling my kids’ youth clothes,
0:01:16 and I had no idea what I was doing.
0:01:18 I just showed up, you know, priced the things,
0:01:19 showed up to sell them,
0:01:21 and when I went to pick up my check,
0:01:24 it was for $800 and it blew my mind.
0:01:27 – This was you selling your kids’ stuff
0:01:28 through somebody else?
0:01:30 – Yes, it was, that’s how I got the idea.
0:01:32 And after I picked up that check for $800,
0:01:36 I just thought, why doesn’t this exist for adults?
0:01:38 There are a lot of kids’ consignment events out there
0:01:40 and not very many at all for adults.
0:01:43 And I just thought, I know so many people with clothes
0:01:45 that’s full of clothes that are in great condition
0:01:48 that people would buy, why is nobody doing this?
0:01:50 – Yeah, why is nobody doing this?
0:01:53 Was there a reason that the people running the kids’ ones
0:01:54 didn’t do the same thing?
0:01:57 It isn’t ’cause we’ve gone to those kid events,
0:01:58 I don’t know if we’ve ever sold anything there,
0:02:01 but we’ve definitely gone as a customer for them locally.
0:02:03 So yeah, you’re totally right, that’s the thing.
0:02:05 – Yeah, and it’s funny because a lot of people
0:02:07 think they’re similar,
0:02:09 but adult events are so different from kids.
0:02:11 We’re willing to buy, you know, whatever for our kids,
0:02:13 they’re gonna be running around outside, playing in it,
0:02:16 it’s fine, but when you’re selling adult clothes,
0:02:18 you have to find the right audience for it.
0:02:20 We’re a lot pickier, so the sell-through rate’s different
0:02:22 than kids’ consignment events.
0:02:24 So they just have to be marketed differently.
0:02:27 – Okay, okay, so as far as you could tell
0:02:28 in the initial market research,
0:02:32 nobody was doing an adult-focused clothing event near you.
0:02:34 I think our mutual friend, Megan,
0:02:36 was maybe doing furniture consignment nearby
0:02:37 who connected us.
0:02:38 – Yes, she was.
0:02:40 – But say, hey, there’s an opportunity in the clothing space,
0:02:43 and what was your first step
0:02:45 in turning that from idea to reality?
0:02:47 – Yeah, well, first I tried to make the idea go away
0:02:49 because it just felt crazy.
0:02:50 You know, I have two young kids,
0:02:52 I’m running a photography business,
0:02:53 I was the breadwinner for my family,
0:02:56 it felt crazy to divide my attention
0:02:58 and try to start a whole other business.
0:03:00 So I really tried to ignore it for a while,
0:03:01 but I got to where I couldn’t sleep,
0:03:04 like the idea would not leave me alone.
0:03:05 And so a couple months later,
0:03:08 I just decided, you know what, I’m gonna go for this.
0:03:12 And that night, I found our software that we could use.
0:03:14 I had a friend who gave me the name that day,
0:03:16 who named it statement.
0:03:18 And then I stayed up all night
0:03:20 building a website on Squarespace.
0:03:22 And I just thought, you know what,
0:03:24 this idea will not leave me alone.
0:03:25 I have to do it, like I had no other choice.
0:03:29 I love that line, ’cause I’ve had that similar feeling.
0:03:31 Can’t sleep, the idea won’t leave me alone.
0:03:33 And sometimes it’s for a video that I wanna make
0:03:35 or some piece of content that needs to get out.
0:03:37 And a lot of the times,
0:03:40 that ends up being a really well, not all the time.
0:03:42 You know, I’m not gonna pretend to have like 100%,
0:03:45 batting average or 100% hit rate,
0:03:46 ’cause sometimes they’re total duds.
0:03:48 But a lot of times, like when it’s really driven
0:03:51 from that deep place of interest and excitement
0:03:56 and curiosity, it tends to launch with a bang.
0:03:59 But now you gotta go out and find inventory.
0:04:00 I mean, there’s a lot of moving parts here.
0:04:03 I gotta find a venue, I gotta find inventory,
0:04:04 I gotta market the thing.
0:04:06 So walk me through some of these first steps.
0:04:08 – Yeah, well, so when I started it,
0:04:10 I thought this idea is great.
0:04:11 People are gonna love this.
0:04:13 People are gonna be beating down my door
0:04:14 to be a part of this.
0:04:16 I thought my goal for my first sale
0:04:17 was to have 100 sellers.
0:04:20 And what I found is that it was a lot harder
0:04:22 than I realized to find my first customers.
0:04:24 And so it took a lot of work
0:04:27 and it wasn’t really complicated work,
0:04:28 but it stretched me.
0:04:31 So I decided that to find my people,
0:04:33 I was going to call everybody I knew
0:04:36 who had a closet full of good clothes and just ask them.
0:04:38 So, you know, it’s a simple thing,
0:04:41 but it was terrifying to call people I knew
0:04:43 and put myself out there in that way.
0:04:45 And so that’s really how I ended up finding
0:04:48 my first customers was just getting on the phone
0:04:50 and asking the people I knew to be a part of it.
0:04:50 – Okay.
0:04:52 Is there a reason it had to be, you know,
0:04:57 a limited engagement, one-off weekend type of event versus,
0:04:58 hey, you got a closet full of clothes,
0:05:01 I’ll help you sell them through Poshmark or whatever,
0:05:04 and I’ll take a fee, you can get paid, I’ll get paid.
0:05:06 Is there a reason it had to be, you know, a big event?
0:05:10 Like it seems lower risk or maybe lower involvement
0:05:13 to just kind of do like onesie twosie sales.
0:05:14 – Yeah, maybe it seems that way,
0:05:17 but I do believe that sense of urgency
0:05:20 and that scarcity really drives sales for us.
0:05:23 The fact that we are only open two times a year,
0:05:24 total of 10 days a year.
0:05:27 So I do think that’s, you know, a huge part of our model.
0:05:29 And also for our owners, for, you know,
0:05:32 the sale that I started and then our franchise owners,
0:05:35 for it to be a seasonal thing is just so powerful.
0:05:36 That’s what draws us to it.
0:05:38 The fact that we can, you know,
0:05:40 work really hard for a few months out of the year
0:05:42 and then have some real downtime, you know,
0:05:45 as moms, as, you know, business owners for other things
0:05:48 that freezes up to do, you know, whatever else.
0:05:51 – Okay, seasons of sprint versus seasons of rest
0:05:54 versus being always on all the time,
0:05:56 like trying to move inventory and go to the post office.
0:05:58 I could see some benefits plus the urgency
0:05:59 and scarcity of it.
0:06:01 So you’re messaging, you’re calling up all your friends
0:06:03 saying, yeah, I’m thinking of putting on this thing.
0:06:05 Like what’s the, what’s the opener?
0:06:05 What’s the pitch here?
0:06:08 – The pitch is, you know, all those clothes
0:06:10 that are sitting in your closet that you don’t wear.
0:06:11 I would love to help you sell them.
0:06:13 You know, people have all kinds of clothes
0:06:14 that are still in great condition,
0:06:16 practically new condition.
0:06:18 A lot of things still are new with tags
0:06:19 and they’ve spent a lot of money on that stuff.
0:06:21 They don’t wanna just, you know, drop it off
0:06:23 in a trash bag to donate.
0:06:25 So, you know, I was like, let me give you a way to sell that.
0:06:26 I’ll help you do it.
0:06:29 You’ll walk away with a paycheck that you can turn around
0:06:32 and go buy stuff that you actually will wear
0:06:33 to put in your closet.
0:06:34 – Yeah, that makes sense.
0:06:35 So it’s kind of a win-win.
0:06:37 Like it’s collecting dust anyways.
0:06:38 Why don’t we turn that into some cash for you?
0:06:41 Why don’t we turn that into clothes you’ll actually wear
0:06:42 and go from there?
0:06:45 So did you end up getting 100 people to say yes?
0:06:48 – No, no, I had 50.
0:06:49 So that first event really did,
0:06:51 it was still a lot of people,
0:06:53 but it did feel a little bit like a let down.
0:06:55 You know, it didn’t meet my expectations.
0:06:57 It was harder than I thought it was gonna be.
0:07:00 But I think that’s an important part of the story to share.
0:07:02 You know, for people who are thinking about starting
0:07:04 a side hustle, that it likely is gonna be harder
0:07:06 than you think, even if it is this great idea
0:07:09 that’s gonna, you know, just blow up down the road.
0:07:11 It takes a lot of work, you know, on the front end
0:07:12 to get it set up.
0:07:14 – For sure, where did you host it?
0:07:17 – Yeah, I hosted it at an event like banquet facility.
0:07:20 Just right down the road, it was a small place.
0:07:25 And I drained my savings account for that venue.
0:07:27 You know, I didn’t have much in my savings account,
0:07:30 but you know, I really bet everything I had on this
0:07:32 and believe that it was worth it.
0:07:35 – What did it cost trying to get a sense of,
0:07:36 I’ve got risk-free inventory,
0:07:38 but now I do have to put up front
0:07:40 for this venue for several days.
0:07:43 – Yeah, I think it was about $3,500 for that first sale.
0:07:45 – Okay, so we’re banking on,
0:07:48 now we gotta get people in the door and, you know,
0:07:50 multi-day, we’ve had somebody who was doing
0:07:52 craft workshops recently on the show.
0:07:55 And she was like, I go after these library community rooms
0:07:58 or these like community center type of venues
0:08:00 where they, you know, maybe charge 50 bucks an hour
0:08:02 or less, you know, it’s like really, really affordable
0:08:04 to rent and she’s just coming in for a, you know,
0:08:05 a two hour evening engagement.
0:08:07 This is a little bit different where it’s like,
0:08:09 I need a secure location where I can leave inventory here
0:08:11 for several days.
0:08:11 – Yeah, absolutely.
0:08:12 And I really thought, you know,
0:08:13 we would have a lot of shoppers.
0:08:16 So I thought we needed a lot of space to fill out
0:08:19 the inventory to give shoppers space to shop.
0:08:21 And turns out I didn’t need quite that much space
0:08:22 for the first event because, you know,
0:08:24 it was half the size that I thought it would be,
0:08:26 but we did eventually grow into it.
0:08:31 – Yeah, it’s something where it’s very visual clothing.
0:08:32 You know, you can’t just have piles and piles.
0:08:35 Like you gotta have it on hangers and displays
0:08:38 and make it look like a retail experience.
0:08:41 – Okay, so we got the facility locked in.
0:08:44 We’ve got 50 sellers on board who give you their stuff.
0:08:49 There’s a tagging and tracking component to this to say,
0:08:52 well, this item sold and that belonged to so-and-so,
0:08:54 and now I gotta remember to pay her.
0:08:57 You mentioned finding software to do that.
0:08:58 Is that still what you’re using today?
0:09:01 – Yeah, we still use the same third party software.
0:09:03 It’s a great system and it makes it so simple
0:09:05 for us to pay out our people.
0:09:06 We never have errors in our reports.
0:09:08 Yeah, so it’s a great system.
0:09:09 What software is that?
0:09:10 – My Consignment Manager.
0:09:13 – I’ll link that up in the show notes for sure.
0:09:15 Anything else on the tools and tech side
0:09:17 that just make life easier?
0:09:19 You mentioned Squarespace, we’ll link that up as well.
0:09:20 My Consignment Manager is great.
0:09:21 Anything else?
0:09:22 – No, that’s about it.
0:09:23 It really doesn’t take a lot, yeah.
0:09:24 – Cool, all right.
0:09:26 Now comes the marketing side of it.
0:09:30 Getting people in the door to come and buy this stuff.
0:09:31 – Yeah, so to market our event,
0:09:33 we in the beginning were just using Facebook.
0:09:36 You know, Instagram was really new at that time
0:09:39 and we created a Facebook event
0:09:40 and started promoting that.
0:09:45 After a couple of years, we started doing Facebook ads
0:09:48 and the return on investment for Facebook ads,
0:09:49 you just cannot deny.
0:09:52 So we really went all in on Facebook ads
0:09:54 and that’s become our primary marketing strategy.
0:09:55 – What’s the ad say?
0:09:57 Or what’s, give me a,
0:09:58 paint a picture of the visual here.
0:10:02 – Yeah, our ads generally start with the location.
0:10:04 So, you know, now we have 23 locations,
0:10:06 but originally it was just the Knoxville sale
0:10:09 and so the ad starts with Hey Knoxville,
0:10:12 come shop up to 400 closets in one place.
0:10:15 So we, you know, like to promote how many sellers we have.
0:10:18 Generally we have about 450 at our original location
0:10:21 and that is a massive variety of clothes
0:10:23 that shoppers can’t find anywhere else.
0:10:24 So, you know, it’s a really great unique
0:10:26 shopping experience for them
0:10:27 and that’s what draws them in.
0:10:28 – Yeah, that’s great.
0:10:31 Is this in conjunction with the Facebook event
0:10:33 or the 10 years ago we were doing Facebook events
0:10:34 like that’s less of a thing now?
0:10:36 – No, we still do Facebook events.
0:10:39 We still, you know, a lot of our audiences on Facebook,
0:10:42 we’re now doing probably equal Instagram ads as well,
0:10:45 but we get a lot of return from those Facebook events.
0:10:46 – Okay, I mean, is there a way to track?
0:10:48 Like, is this, you know, people showing up,
0:10:50 you know, they click on an ad and I guess that results
0:10:53 in foot traffic, it seems harder to track than like,
0:10:55 oh, they made an online purchase
0:10:57 and I could see that entire click journey.
0:11:00 – Yeah, it’s true that it is hard to, you know,
0:11:01 know exactly where they come from,
0:11:03 but at checkout we like to ask people
0:11:04 and they tell us how they heard about it
0:11:07 and it’s always Facebook or Instagram.
0:11:09 We’re really active during our sale week
0:11:10 and all of our sellers and shoppers
0:11:12 are out there promoting too.
0:11:15 We incentivize them to market with us
0:11:16 and that really makes a big difference.
0:11:17 – Ooh, how do you do that?
0:11:18 – We do giveaways.
0:11:21 So we give them five ways that they can help us market.
0:11:24 So they can share our event page,
0:11:26 they can tag a friend in the comments,
0:11:28 they can post in their Instagram stories
0:11:31 or leave us a Facebook or Google review
0:11:32 and then when they do that,
0:11:33 they get entered into a giveaway
0:11:36 and so we draw a winner after our sale for that.
0:11:37 – What are you giving away?
0:11:40 – Usually $100 to a small business of their choice,
0:11:41 like a local small business
0:11:43 and they get to choose what it’s to, yeah.
0:11:43 – Okay, cool.
0:11:46 I like that angle of tapping into the crowd here
0:11:47 where it’s like, hey, it’s in your interest
0:11:50 to help fill the store as well, fill the event
0:11:53 because if nobody comes, that your stuff isn’t selling.
0:11:54 More with Sarah in just a moment,
0:11:56 including pricing the items,
0:11:58 the revenue split between her and the sellers
0:12:02 and more about her marketing blitz right after this.
0:12:04 We’re at our local street fair last month
0:12:07 and my kids are like magnets to any of these vendor booths
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0:12:12 And one of those booths happens to be
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0:12:27 So she asks, well, how much do you pay?
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0:14:51 Do you have to price everything
0:14:54 or determine what these hundreds of different items
0:14:57 might be worth or that seems,
0:14:59 maybe just crowdsource it and say,
0:15:01 “Hey, it’s your blouse, tell me what you want for it
0:15:03 “and we’ll stick a price tag on it.”
0:15:05 – Yeah, so our sellers price things themselves.
0:15:07 So when they drop off their items,
0:15:08 they are ready to go.
0:15:09 The price tags are on them
0:15:11 and it’s ready to be put on display
0:15:13 and we give them a guide in advance
0:15:15 so they know how to price their items
0:15:19 and we generally recommend between 50 and 80% off retail price.
0:15:21 So that gives them a good guide
0:15:23 and that helps our shoppers know what to expect
0:15:24 when they come up, come to shop too.
0:15:25 – Yeah, that’s a, hey Knoxville,
0:15:27 come shop up to 400 closets in one place,
0:15:29 50 to 80% off retail.
0:15:30 – That’s the ad, that’s it.
0:15:32 – All right, what’s the revenue split?
0:15:35 For you as the consignment host
0:15:37 versus what gets passed along to the sellers?
0:15:39 – Yes, so the sellers keep 60%
0:15:42 and the consignment owner keeps 40%.
0:15:44 It’s one of the best splits that you can find.
0:15:47 I actually did an online consignment recently
0:15:51 just to test and see what’s our competition doing out there
0:15:55 and on a pair of jeans that I paid $200 for,
0:15:58 I made $5 at this online reseller.
0:15:59 – Wow.
0:16:01 – And so that just showed me the power
0:16:02 of what we’re doing with statement.
0:16:05 Our sellers are earning a much higher percentage
0:16:06 than they’ll find anywhere else.
0:16:07 – Got it, got it.
0:16:09 Is there an online component where it’s like,
0:16:13 I mean the e-commerce store
0:16:16 where people could browse inventory and place an order?
0:16:16 – There’s really not.
0:16:20 Now we really believe in the power of the in-person sale
0:16:21 and so much of what we do at statement
0:16:23 is building our community.
0:16:25 So we want those people in the building.
0:16:26 We want them shopping.
0:16:29 We want them becoming sellers at our next event.
0:16:32 Then they show up and help work the sale too.
0:16:35 So yeah, we really find that the power
0:16:36 of the statement business model
0:16:38 is in people showing up in person.
0:16:40 So we do not offer online sales at all.
0:16:41 – That makes sense.
0:16:42 Okay, so we’re getting people in the door
0:16:44 through the Facebook event,
0:16:45 marketing friends and family.
0:16:46 The sellers are helping out.
0:16:47 Hey, spread the word.
0:16:49 We’re doing Facebook and Instagram ads.
0:16:51 Anything else to get people in the door?
0:16:53 Even going back to event number one?
0:16:57 – Yeah, so we always do local media.
0:17:00 So we go on the news to talk about it.
0:17:03 We do an ad in the local newspaper.
0:17:04 We put out yard signs.
0:17:07 We take flyers to local businesses.
0:17:09 I mean, we really max out our marketing.
0:17:12 That’s really what the job is with statement.
0:17:15 It’s getting more shoppers in the door.
0:17:18 So the bulk of my time is spent marketing the event.
0:17:19 – I believe it.
0:17:21 It’s limited time only.
0:17:23 It’s got to happen now or it’s not going to happen.
0:17:24 – Yes.
0:17:27 – What’s the pitch to the local news channel
0:17:29 or local news station to say,
0:17:31 it seems very self-serving to be like,
0:17:32 “Would you run my story?”
0:17:35 So I have to imagine there’s a better PR angle than that.
0:17:39 – Yes, well, their audience is looking for a good story,
0:17:41 something exciting that’s happening
0:17:43 and people love to shop.
0:17:47 So yeah, we find that our local news stations
0:17:49 are really excited about having us on
0:17:52 and we also sometimes incentivize them
0:17:55 and give them a pre-sell shopping pass
0:17:56 so they get to shop before everybody else.
0:17:59 And then they become fans of statement too
0:18:01 and a lot of our local news reporters
0:18:02 are now sellers at our sale
0:18:03 and they come shop every time.
0:18:04 – Oh, okay.
0:18:05 Makes sense.
0:18:08 All right, so let’s say it is opening day.
0:18:10 You have done your best to spread the word,
0:18:11 to make this a thing.
0:18:14 If you have it to be in town and in the market,
0:18:16 you know about it and then the doors open
0:18:20 and talk to me about staffing and logistics
0:18:24 and kind of the day of or the week of the event.
0:18:26 – Yeah, so the week of the event can be overwhelming.
0:18:28 It takes a lot of energy.
0:18:30 It’s a lot of hours to put in, you know,
0:18:31 during that week of the sale
0:18:34 and we have developed all the systems and processes
0:18:36 since that first sale 10 years ago.
0:18:38 And it’s been a growing process.
0:18:40 You know, there are plenty of mistakes along the way
0:18:43 but we’ve put together systems to try to make that
0:18:46 predictable for our shoppers and for our sellers.
0:18:48 We try to keep the room really organized.
0:18:49 You know, at the Knoxville sale,
0:18:54 we now have over 50,000 items that show up within three days
0:18:56 that we have to, you know, get on the display floor
0:18:58 and sell within five days.
0:19:00 So it really is a time crunch
0:19:03 and it does take, you know, a pretty big workforce.
0:19:06 The beauty of that is that our statement sellers
0:19:07 also become our workers.
0:19:10 So we usually have about 150 of our sellers
0:19:12 who will show up and work shifts.
0:19:14 They get paid hourly and they are the ones
0:19:17 who really make the event happen the week of the sale.
0:19:18 We really depend a lot on them
0:19:20 and they have a sense of ownership of the sale
0:19:22 because, you know, they’re selling their items too
0:19:25 and they want shoppers in there buying their stuff.
0:19:28 So that really helps go a long way with our workforce.
0:19:30 – Okay, that’s helpful to know.
0:19:31 Like, no, this is just not,
0:19:33 with 50,000 items of inventory,
0:19:36 this is not just you at the cash register taking payments.
0:19:38 This is, it takes a village.
0:19:39 – It does, it takes a village.
0:19:41 Yeah, so we started at that first sale
0:19:44 with one cash register and now we’re up to five.
0:19:47 You know, it takes a lot of staffing
0:19:48 to get shoppers in and out the door
0:19:50 to try to reduce the lines.
0:19:52 We don’t want them waiting in lines for a long time.
0:19:54 So yeah, it does take a lot of people to make it work.
0:19:57 – Is this just like, I’m picturing like a square,
0:19:59 you know, credit card reader or something like that
0:20:00 point of sale?
0:20:01 – Yes, similar to that.
0:20:05 – Okay, what happens to the stuff that doesn’t sell?
0:20:07 Or, I mean, I guess I’m curious in the mark
0:20:09 of a good event, a 50,000 item event,
0:20:12 like how much is left over at the end of that?
0:20:14 – We still have a lot left over.
0:20:15 You know, we sell a lot of stuff,
0:20:17 but the difference with adult consignment
0:20:20 is it’s a lower sell through rate than kids consignment
0:20:22 because adults are just pickier
0:20:24 about the way things fit and the brand and the color.
0:20:25 – Yeah.
0:20:26 – So it is a harder sell.
0:20:28 So we do have a lot left over still at the end,
0:20:31 but our sellers can come pick up what doesn’t sell.
0:20:34 That’s up to them and whatever does not get picked up
0:20:35 is immediately donated.
0:20:39 And we fill a massive trailer full of donations every time
0:20:42 that really makes an impact to those donations
0:20:42 go to a good place.
0:20:43 – Yeah, I got it.
0:20:44 Okay, if you want it back,
0:20:46 if you want to try and sell it on your own,
0:20:47 if you want to try and sell it at the next event,
0:20:49 you’re welcome to do so.
0:20:50 And if you just want it out of your closet,
0:20:51 hey, we’ll donate it for you.
0:20:53 – We’ll take it off your hands, yes.
0:20:55 – All right, so five days done,
0:20:57 the dust settles after event number one.
0:21:00 You’ve sold as much stuff as you could sell.
0:21:02 You’ve recouped your investment in terms of the venue,
0:21:04 in terms of the advertising.
0:21:07 And now you’re like, I guess we just keep doing that
0:21:08 every six months.
0:21:10 What happens next?
0:21:12 – Yeah, so after the first couple of events,
0:21:15 it’s interesting, everyone in my life who loved me
0:21:17 encouraged me to not keep doing it
0:21:22 because it was such an investment of my time and my energy.
0:21:25 And in the beginning, it was a very small return.
0:21:29 I didn’t go in the hole, but in terms of profit,
0:21:30 it was minimal.
0:21:32 – In terms of like the effective hourly rate
0:21:34 that it took to create that.
0:21:36 – Yes, yeah, is this really worth it?
0:21:37 Are you sure you want to keep doing this?
0:21:38 And it just took a lot out of me
0:21:40 because it’s a lot of interacting with people
0:21:42 and I’m naturally more of an introvert.
0:21:45 So it was just demanding of me to make it through that week.
0:21:48 But that’s something that I decided is worth it.
0:21:50 I have this vision, I see where this is going.
0:21:53 I believe in it and I’m gonna keep doing it,
0:21:56 despite what the other people are telling me I should do.
0:21:58 – Yeah, people are telling you maybe not,
0:22:00 and maybe the math, it worked.
0:22:01 It wasn’t a money loser,
0:22:03 but in terms of the hourly investment
0:22:05 and just like the effort and energy that went into it,
0:22:09 you’re like, ah, should I have just gotten another job
0:22:11 or booked more photography gigs,
0:22:11 whatever it could have been.
0:22:12 – Exactly.
0:22:15 – But you see this path forward to be like, well,
0:22:19 I think there’s a way to turn this into something else.
0:22:21 And so you do dust off and say, okay,
0:22:22 we’re gonna do this again.
0:22:23 And then it’s a matter of, I guess,
0:22:25 re-engaging the same sellers,
0:22:27 expanding the network of sellers
0:22:29 to try and make the next event bigger,
0:22:31 better, faster, more profitable.
0:22:31 – Yeah, absolutely.
0:22:34 And the primary way we did that is
0:22:36 as shoppers were checking out,
0:22:38 we connected with them individually
0:22:41 and said we would love for you to sell at our next event.
0:22:43 At that time, it was just a pencil and paper.
0:22:44 Write down your email address here.
0:22:46 We’ll add you to our list.
0:22:49 Now we have QR codes they can scan to automatically sign up.
0:22:50 It looks a little fancier now,
0:22:52 but in the beginning it was just bare bones
0:22:56 and just asking people one at a time to show up next time.
0:23:00 And now we end up with about 80 to 90% of our sellers,
0:23:02 our return sellers each time.
0:23:04 So once they get that paycheck,
0:23:05 they want to come back and keep doing this.
0:23:06 – That makes sense.
0:23:08 And I really like the tactic of adding shoppers
0:23:10 to the email list to your point earlier
0:23:11 about the Facebook ads.
0:23:13 It’s like, that’s still an anonymous person.
0:23:15 Even when they walk in the door,
0:23:15 we don’t know who they are,
0:23:17 but when they check out and they buy something,
0:23:20 there’s that point of interaction where you could say,
0:23:22 hey, even if it’s just pen and paper,
0:23:26 you know, now we can get a little more automated,
0:23:28 a little more technical with how we capture that email,
0:23:30 but like some way to contact that person again.
0:23:33 This is just a stranger the night that we’ll never see.
0:23:35 – Yeah, they just walk out the door and never to return.
0:23:36 Yeah, we’re always trying to get them to come back.
0:23:39 And most of our shoppers actually come back multiple days.
0:23:40 You know, we’re open for five days.
0:23:43 And so a lot of them will come shop three of those five days.
0:23:45 So it’s not like they just show up once,
0:23:47 they come back over and over again, each event.
0:23:48 – Interesting.
0:23:51 And you find it’s almost like a circular inventory flow
0:23:54 where there’s some people I imagine are buyers only,
0:23:56 but it sounds like a lot of the sellers
0:23:59 are buying each other’s stuff and they’re working the events
0:24:01 and they’re coming back and doing it again day after day
0:24:02 and year after year.
0:24:03 – Yeah, absolutely.
0:24:05 It is a cycle we see.
0:24:06 It’s so funny.
0:24:08 A lot of my friends will end up buying my own items.
0:24:10 Yeah, it’s interesting to watch, you know,
0:24:12 your clothing get a second life somewhere else.
0:24:16 – Yeah, we get a lot of hand me down clothes for the kids
0:24:19 and whenever we go and visit them,
0:24:20 they’re always like, I remember that shirt
0:24:22 or you know, that was a favorite, you know,
0:24:25 that it’s getting a second and third life.
0:24:26 – Exactly.
0:24:28 – At what point do you say,
0:24:31 okay, I’m limited here by just inventory supply.
0:24:34 I’m limited here by my own.
0:24:36 And like, there’s a, you can’t do this every weekend
0:24:39 because then it doesn’t have that event urgency feel to it.
0:24:40 But I could do it if I was in a different,
0:24:43 if I had a different inventory pool to pull through.
0:24:44 At what point do you start looking
0:24:46 at this geographic expansion?
0:24:48 – Yeah, so a couple of years in,
0:24:51 I started noticing that people kept asking me to do,
0:24:53 you know, bring statement to another city.
0:24:57 People were traveling in from other states to shop our sale.
0:24:58 And I really started thinking, you know,
0:25:00 do I want to do this somewhere else?
0:25:03 And I decided, I didn’t have the energy to, you know,
0:25:05 do additional events in other locations.
0:25:08 But what I could do is put together like a business
0:25:12 in a box and let other women, you know, purchase that.
0:25:15 And I teach them how to run their own consignment sale
0:25:16 in a different location.
0:25:18 And that’s been how we’ve expanded.
0:25:21 – This is pre-franchising or this is the franchise?
0:25:22 – This is the franchise, yeah.
0:25:24 – Okay, at what, like how, how long ago,
0:25:25 how long has that been going?
0:25:28 – So we started franchising in 2022,
0:25:31 but it’s an idea that I had for probably five years
0:25:32 before that, you know, yet again,
0:25:34 it was one of those scary ideas.
0:25:35 Why would I do this?
0:25:38 This feels crazy, you know, this business is going great.
0:25:40 Why would I, you know, start a whole new thing?
0:25:42 But yet again, it was another idea
0:25:43 that wouldn’t leave me alone.
0:25:45 And I saw the power of this business model, you know,
0:25:47 it really makes an impact on people’s lives.
0:25:50 It gives them a way to make some extra cash when they need it.
0:25:53 It gives our shoppers a way to save money on clothes
0:25:54 that they need to buy, you know,
0:25:57 and then we benefit, you know, local organizations too.
0:25:59 And I just was excited about the possibility
0:26:02 of seeing that impact expand outside of my own,
0:26:03 reach my own territory.
0:26:05 – Yeah, and it’s something where if you can lay
0:26:07 the groundwork and build that network,
0:26:11 like it sounds like you have become the go-to person
0:26:14 for this network of fashion-minded clothes,
0:26:17 like women and moms to buy and sell stuff.
0:26:19 And like, if you could become that central hub
0:26:21 and really start to build the event over time,
0:26:24 like the example near us is not in clothing,
0:26:27 but it’s like winter clothing and outdoor equipment.
0:26:29 It’s the Newport High School Ski Swap,
0:26:31 like been going on for as long as I can remember,
0:26:32 like 30 plus years.
0:26:34 And there’s a big fundraiser in their case for the PTA,
0:26:37 but it’s become an event that people know to look forward to.
0:26:39 They know that’s where they’re gonna get their gear
0:26:41 and they know that’s where they can sell their gear too.
0:26:43 So it’s something that over time,
0:26:45 I think can really start to snowball a little bit.
0:26:45 – Yeah, absolutely.
0:26:47 And especially when it’s that limited time,
0:26:49 it’s like you only have this one week to do it.
0:26:50 So people don’t miss it.
0:26:51 They make sure they get it on their calendar.
0:26:55 The franchise thing is always as I see,
0:26:56 like diverging paths here.
0:26:59 Number one is like, recruit, boots on the ground.
0:27:02 You’re gonna be my agent in Nashville.
0:27:05 You’re gonna be my agent in Memphis, in Atlanta, wherever.
0:27:06 And that’s one way to go.
0:27:07 And then the other way would be,
0:27:09 well, why don’t I just create the online course?
0:27:11 It’s like very popular on the side hustle show.
0:27:12 We’re just gonna create the online course,
0:27:13 how to start your own consignment business.
0:27:17 And then lane number three is like a much steeper mountain.
0:27:19 And this is the kind of the franchise route
0:27:22 where it’s like I got all this regulatory red tape
0:27:23 and franchise disclosure requirements.
0:27:26 Like it’s a steeper, steeper, more harrowing path.
0:27:28 – Yeah, it’s funny you use that metaphor
0:27:29 because I’m a hiker.
0:27:32 So of course I’ve preferred the steep hike of the mountain.
0:27:35 And the funny story is that I actually did try to start
0:27:37 doing it as an online course.
0:27:39 And I actually put it out there.
0:27:43 I had two buyers and it actually was a decent amount
0:27:47 of revenue and like the day that I sold those,
0:27:49 my body was like, no, this is not right.
0:27:50 I don’t feel good about this.
0:27:51 This is not it.
0:27:54 And I refunded their money and said, I’m so sorry.
0:27:56 You know, I just don’t feel right about this.
0:27:58 It doesn’t feel like the right move.
0:27:59 And so they got their money back
0:28:01 and it took me a few more years
0:28:03 to actually put the franchise model together.
0:28:05 But I just knew that was the real way to go,
0:28:07 the real mountain we needed to climb.
0:28:10 – Yeah, what’s different in your mind versus like,
0:28:12 hey, here’s the playbook.
0:28:14 It’s in, you know, on demand video format
0:28:16 versus like a more structured, you know,
0:28:19 playbook processes guidelines like on the franchise side.
0:28:21 – Yeah, so as a franchise,
0:28:24 we are just so much more fully developed.
0:28:28 We, you know, they get access to everything they need.
0:28:30 And not only like our operations manual
0:28:32 that they can read through that essentially
0:28:34 could be an e-course or something like that,
0:28:37 but they get access to me and our corporate office
0:28:40 that is emotional support.
0:28:41 You know, we’re their business coach,
0:28:43 their emotional support, we hold their hand,
0:28:46 we answer the phone when they’re in tears
0:28:47 and don’t know how to handle something.
0:28:49 All of those things that are so hard
0:28:50 as a new business owner,
0:28:52 when you’re just figuring it out on your own,
0:28:54 they get support through those things.
0:28:56 So it’s just a much better way for us to serve them.
0:28:57 – Yeah, that makes sense.
0:29:00 So you had 23 locations, I think you said?
0:29:02 – 23 locations, yeah, it’s wild.
0:29:04 – Expanding and more to come.
0:29:05 – Yes, and more to come.
0:29:09 Yeah, we started this, we started 2024 with eight locations
0:29:13 and now it’s October and we have 23
0:29:15 and hopefully a couple more by the end of the year.
0:29:15 – Yeah, that’s great.
0:29:18 People are taking it and running with them.
0:29:19 More with Sarah in just a moment,
0:29:22 including some of the mistakes and challenges
0:29:23 that come with running this business,
0:29:25 where her time is spent today
0:29:28 and her goals for the future of statement consignment
0:29:29 right after this.
0:29:33 Being an entrepreneur and being able to work remotely
0:29:34 definitely has its perks.
0:29:38 I’ve recorded podcasts everywhere from Vietnam to Italy,
0:29:39 drafted newsletters from Japan,
0:29:42 hosted mastermind meetings from Spain,
0:29:43 ended up being the middle of the night
0:29:45 to get to US business hours.
0:29:48 And outlined courses in Mexico.
0:29:51 The common thread of all of these trips though is Airbnb.
0:29:54 We love being able to get exactly what we’re looking for
0:29:58 in a place to stay and have a more local experience
0:30:00 than staying in some giant hotel chain.
0:30:01 And you know me, I’m always thinking about
0:30:04 the next side hustle idea, the next income stream, right?
0:30:06 And one that’s at the top of the list
0:30:09 is hosting our place on Airbnb while we’re traveling.
0:30:11 That way the house doesn’t have to sit empty.
0:30:14 We could use the income to help pay for the trip.
0:30:16 And we’ve heard from several successful
0:30:17 Airbnb hosts on the show.
0:30:20 And what’s interesting is a lot of them started
0:30:22 with almost that exact strategy,
0:30:25 running their place or even a spare room
0:30:26 while they’re out of town.
0:30:28 Taking inspiration from that,
0:30:30 you might have an Airbnb right under your nose.
0:30:33 In fact, your home might be worth more than you think.
0:30:37 You can find out how much at Airbnb.com/host.
0:30:40 That’s Airbnb.com/host
0:30:42 to find out how much your home is worth.
0:30:46 – Earlier you mentioned some mistakes
0:30:47 that were going on during these sales.
0:30:51 Curious if you have a story or two about a mistake
0:30:52 or something that surprised you
0:30:54 in running the consignment events.
0:30:57 – There are some challenges at the end of our sale
0:31:00 when our shoppers or actually our sellers
0:31:03 are coming back to find their items that didn’t sell.
0:31:05 And sometimes it can be really hard to find them.
0:31:08 And of course, we have some things that go missing
0:31:10 that happens in any kind of store situation.
0:31:12 And I always let someone else handle that
0:31:14 because it was some negative feedback
0:31:16 that I didn’t want to have to deal with.
0:31:18 And that did not go well.
0:31:20 And I learned that I need to handle
0:31:22 those complicated situations myself
0:31:24 and be able to handle that negative feedback
0:31:26 and kind of grow a backbone.
0:31:29 And so that’s something that I really did learn over time
0:31:31 is how to handle that as a business owner.
0:31:34 – Yeah, that is a scenario where we often wish
0:31:37 that the house was as easily searchable as Gmail.
0:31:39 It’s like, where are the keys?
0:31:40 Where’s my hat?
0:31:41 Where is the thing?
0:31:42 It’s gotta be the same here.
0:31:45 You’re looking at thousands of items of inventory.
0:31:47 Well, where’s my stuff?
0:31:48 I didn’t want it to be donated.
0:31:49 I didn’t sell it, want it back.
0:31:51 Needle in a haystack in a lot of ways.
0:31:52 – It is, yeah.
0:31:54 And 10 people can go look for that item
0:31:56 and it’s the 11th person that finds it, you know?
0:31:57 Yeah, it can be a challenge.
0:31:59 – Yeah, there’s 100 pairs of jeans here.
0:32:00 Which one is yours?
0:32:03 Like, I don’t know, take one that looks similar.
0:32:04 No, that’s somebody else’s.
0:32:09 Anything else surprised you in running these?
0:32:11 – Yeah, it always surprises me.
0:32:12 People’s excitement about it.
0:32:15 You know, I’ve always been excited about it
0:32:17 and had this vision and this dream.
0:32:20 But it still surprises me when people line up
0:32:22 outside the door to get in, you know,
0:32:25 on our first day or on our half off day.
0:32:27 And, you know, they just about charge the room.
0:32:29 Like, they’re so excited to get in there to shop.
0:32:34 And I’ve now had 21 sales and that never gets old.
0:32:37 That never doesn’t surprise me how excited people are.
0:32:39 – Yeah, I’m picturing like the Walmart
0:32:40 Black Friday type of crowd.
0:32:42 I’m like, oh, when is the door gonna open?
0:32:42 Okay.
0:32:44 – It’s similar, yeah.
0:32:45 – So you mentioned half off day.
0:32:48 I would be remiss if I didn’t poke at that for a second.
0:32:50 So this is the end of the thing,
0:32:52 like everything must go type of deal.
0:32:54 – Yeah, so our last day, our sellers get to decide
0:32:57 if they want to discount their items for half off day.
0:32:59 And so on the price tag, it will say discount yes
0:33:00 or discount no.
0:33:02 And if it’s discount yes, it’ll be half off.
0:33:05 – Okay, this is something that our local, you know,
0:33:08 sporting goods consignment does too.
0:33:10 In a different way, they’re like, here’s the price.
0:33:13 You know, here’s the price after December 1st.
0:33:15 Here’s the price after December 15th.
0:33:17 And they kind of like stair step it down.
0:33:19 And so as the buyer, as the shopper, like,
0:33:20 do I gamble?
0:33:21 Do I wait?
0:33:22 And it’s like, ah.
0:33:25 – Yes, it will not be there if you wait.
0:33:25 – Yeah, yeah, yeah.
0:33:26 And so I started like, forget it.
0:33:27 I just, I’m here now.
0:33:28 Like, let’s just do it.
0:33:29 So that’s really interesting.
0:33:32 Like a little psychological play here, you know,
0:33:34 that people could see on the tag like,
0:33:35 I should probably just get it now.
0:33:36 – Yeah, yeah, exactly.
0:33:37 Yeah, it’s like we want it to sell.
0:33:40 So that’s our, you know, last effort on half off day.
0:33:41 Like, take this stuff.
0:33:42 Come on, we’re about to close.
0:33:43 We want it to go out the door.
0:33:45 – Okay, fair enough.
0:33:48 Where is your time going these days?
0:33:49 You’re still doing photography?
0:33:51 Or what’s a day in the life?
0:33:53 – Oh, so once I started franchising,
0:33:55 photography ended completely.
0:33:59 I walked away from that because I just saw
0:34:00 the vision for this is so much bigger.
0:34:02 So I went all in with statement.
0:34:06 And so most of my time is now spent on the franchise.
0:34:08 Statement knocks fill my original event.
0:34:11 Now, you know, we have so many systems and processes
0:34:13 that are automated that it does not take a lot
0:34:15 of my time and energy these days.
0:34:17 So I’m able to give my time and energy
0:34:19 to other business owners who are ready
0:34:22 to start their own consignment sales in their cities.
0:34:24 And that’s, you know, what I’m doing day to day.
0:34:26 – All right, that’s exciting.
0:34:30 Any goals or things that you’re excited about
0:34:31 coming into the new year?
0:34:34 – Yes, I’m planning to build a house in the mountains.
0:34:36 That’s my personal goal.
0:34:38 And, you know, just keep growing this franchise.
0:34:41 I, my goal is for us to have a hundred locations.
0:34:43 And once we do that, a hundred more.
0:34:46 The demand for this is just increasing.
0:34:49 Even in Knoxville, we have two locations
0:34:51 and we have wait lists of hundreds of people
0:34:53 even with two locations.
0:34:56 So we just want to get this out there to the people.
0:34:57 I think people are ready for it.
0:34:59 They’re looking for it.
0:35:00 So we’re just going to keep growing.
0:35:01 – It’s interesting.
0:35:03 We were putting together this post on the site
0:35:05 of like, you know, what are the best items
0:35:07 to flip for a profit?
0:35:10 And we came across this, you know, secondhand fashion.
0:35:12 And I forget if it was Thread Up or Depop
0:35:14 or one of these services, but they, you know,
0:35:16 showed the chart just like going up and to the right of like,
0:35:18 how, you know, it’s a, a climbing trend,
0:35:21 whether it’s from a sustainability standpoint
0:35:23 or a cost savings standpoint,
0:35:27 but just people buying more and stuff, more stuff secondhand.
0:35:29 – Yes, I actually just looked at that report yesterday,
0:35:30 the Thread Up report.
0:35:33 Yeah. And I think it says this year
0:35:38 that resale is supposed to grow 15 times faster than retail.
0:35:41 I mean, consumers are just looking for, you know,
0:35:44 the opportunity to buy secondhand more than ever.
0:35:46 And it’s just blowing up.
0:35:49 So it’s a really smart time to get into this industry.
0:35:51 – Do you think it’s a cost savings motivator?
0:35:52 What’s, what’s driving that?
0:35:55 – I think originally, like 10 years ago when I started,
0:35:57 that was the primary force.
0:35:59 And I still think it’s the number one reason for the growth,
0:36:02 but I think more people are interested in sustainability.
0:36:05 And, you know, doing things that are,
0:36:06 are good for the environment.
0:36:09 And this is an opportunity for them to shop in a way
0:36:11 that isn’t harmful for the environment.
0:36:13 – Yeah, I think it’s, it’s a really interesting place
0:36:17 to play in from the, I mean, a crowdsource inventory
0:36:18 without any upfront cost.
0:36:20 It’s a super fragmented market.
0:36:23 Like it didn’t even exist in your area.
0:36:26 You know, the kids event existed and say,
0:36:29 well, I could take that idea, pivot it to a different niche,
0:36:31 a different market and go to town with that.
0:36:33 Like in our area, the ski swap exists,
0:36:36 but I don’t know if like the clothing market exists.
0:36:39 So super fragmented or non-existent to say,
0:36:41 there’s an opportunity to come in and build that,
0:36:43 to make it a thing and hopefully have that kind of longevity
0:36:45 and staying power where, you know,
0:36:46 each year kind of snowballs
0:36:48 and builds a little bit more momentum.
0:36:50 So I’m really interesting stuff and completely different.
0:36:52 I thought this was going to be, you know, Poshmark
0:36:53 and you know, take people’s stuff
0:36:55 and you know, just, you know, message my friends
0:36:57 and neighbors, hey, you got some stuff lying around,
0:36:58 I can help you sell it.
0:37:01 We’ve done a little segments on eBay consignment
0:37:03 where we had a woman who was doing,
0:37:04 like she specialized in these, you know,
0:37:06 one particular brand of doll
0:37:08 that you would go for hundreds of dollars
0:37:10 and just became known as the go-to purse
0:37:12 that really building up your network
0:37:14 and reputation in a specific industry
0:37:15 can work really well.
0:37:17 But that’s what’s, I don’t know,
0:37:20 there’s some notes that’s been going on in my hand.
0:37:25 Statementconsignment.com meant like, like minting a coin,
0:37:27 Statementconsignment.com where you can find Sarah
0:37:29 or consignmentfranchise.com.
0:37:30 You want to learn more about that
0:37:33 and maybe setting up something like this in your own town.
0:37:34 Sarah, this has been awesome.
0:37:36 Thank you so much for joining me.
0:37:38 Let’s wrap this up with your number one tip
0:37:39 for side hustle nation.
0:37:42 – Yeah, my number one tip is to start today.
0:37:44 If you have an idea that, you know,
0:37:45 you have a vision for it,
0:37:47 nobody else is going to make that happen,
0:37:50 but you and I believe inspiration is perishable.
0:37:52 And when you are inspired, you have to run with it.
0:37:54 So start today, put pen to paper today,
0:37:56 make an appointment, you know,
0:37:59 get it on your calendar and actually get it going today.
0:38:00 – Absolutely.
0:38:01 But if it’s not on the calendar, it doesn’t exist.
0:38:02 It’s not going to happen, right?
0:38:03 You got to prioritize it.
0:38:08 And there’s a little print on our wall in the hallways.
0:38:10 You know, everything got a lot easier
0:38:12 once he realized there was exactly enough time
0:38:14 for all the things that were important to him.
0:38:16 And that just is a little reminder for beings.
0:38:17 My to-do list is never ending.
0:38:19 There’s always more ideas than there are time,
0:38:21 but it’s like, hey, by definition,
0:38:24 you vote your priorities with your time and say,
0:38:26 okay, this is what is going to get done.
0:38:27 Inspiration is perishable.
0:38:29 That’s the note that I wrote down at the very top.
0:38:31 The idea wouldn’t leave me alone.
0:38:33 And so I hope that you have, as listeners,
0:38:35 more ideas that won’t leave you alone
0:38:37 as a result of listening to this show.
0:38:40 Just something that I, we got to give it a shot.
0:38:43 So very much appreciate you joining me.
0:38:45 If you’re new to The Side Hustle Show,
0:38:46 thank you for joining us today.
0:38:49 Make sure to hit that subscribe or follow button
0:38:50 in your podcast app.
0:38:51 That way you’ll never miss an episode.
0:38:53 We’ve got some great stuff coming up.
0:38:56 And if you’re staring at that 600 plus episode archive
0:38:58 and you’re wondering,
0:39:00 where am I supposed to start with this?
0:39:02 One easy thing, I would love to have you binge
0:39:03 on the whole archives.
0:39:04 That’d be awesome.
0:39:05 But one easy thing you can do
0:39:07 is I get yourself a personalized playlist.
0:39:09 How it works is you go to hustle.show,
0:39:12 answer a few short multiple choice questions,
0:39:16 and it will recommend an eight to 10 episode playlist
0:39:17 based on your answers,
0:39:18 episodes that hopefully are going to be
0:39:20 the most relevant and most impactful
0:39:23 for you based on your side hustle interests,
0:39:24 your side hustle goals.
0:39:25 Again, that’s hustle.show.
0:39:28 Thousands of listeners have already claimed theirs.
0:39:29 And I want to invite you to be next.
0:39:31 Big thanks to Sarah for sharing her insight.
0:39:32 Big thanks to our sponsors
0:39:34 for helping make this content free for everyone.
0:39:37 You can hit up side hustle nation.com/deals
0:39:39 for all the latest offers from our sponsors in one place.
0:39:40 That is it for me.
0:39:42 Thank you so much for tuning in.
0:39:43 If you’re finding value in the show,
0:39:45 the greatest compliment is to share it with a friend.
0:39:47 So fire off a text message.
0:39:49 Maybe it’s your thrifty neighbor
0:39:52 who loves looking at different clothing items
0:39:54 and say, this might be perfect for you.
0:39:56 Until then, let’s go out there and make something happen.
0:39:57 And I’ll catch you in the next edition
0:39:59 of the side hustle show.
0:00:03 – Getting paid to sell other people’s stuff.
0:00:05 Oh, what’s up, what’s up, Nick Loper here.
0:00:06 Welcome to The Side Hustle Show
0:00:08 because your nine to five may make you a living,
0:00:10 your five to nine makes you alive.
0:00:12 And this is the show all about making extra money
0:00:14 and doing it in a low risk way.
0:00:16 And one method I keep coming back to
0:00:19 is this idea of starting a consignment business
0:00:21 that is selling other people’s stuff
0:00:22 and just taking a percentage.
0:00:23 They get money, you get money,
0:00:26 and you’ve got no upfront inventory risk like you would
0:00:28 if you were starting a traditional physical product business.
0:00:30 Now, today’s guest has been doing just that
0:00:33 the last 10 years, starting as a side hustle,
0:00:36 earning over $10,000 from her first consignment event
0:00:38 and continuing to grow from there.
0:00:41 From StatementConsignment.com, Sarah McAfrey,
0:00:42 welcome to The Side Hustle Show.
0:00:43 – Thanks for having me.
0:00:45 – You bet, stick around in this one,
0:00:48 we’re gonna learn how Sarah got a critical mass of inventory
0:00:49 for those first events,
0:00:51 how she marketed them to get buyers in the door
0:00:54 and how you might start something similar in your own area
0:00:56 or maybe even online.
0:00:58 So, Sarah, my understanding is you’re already
0:01:00 an entrepreneur, you’re running this photography business,
0:01:03 you’ve got young kids, and then this idea
0:01:04 gets in your head somehow.
0:01:06 You’re like, you know what, I’m already juggling a lot,
0:01:08 but hey, what’s one more ball?
0:01:09 Let me see if I could pull this off.
0:01:11 – Yeah, that’s exactly how it happened.
0:01:13 So I did a kids consignment event,
0:01:15 selling my kids’ youth clothes,
0:01:16 and I had no idea what I was doing.
0:01:18 I just showed up, you know, priced the things,
0:01:19 showed up to sell them,
0:01:21 and when I went to pick up my check,
0:01:24 it was for $800 and it blew my mind.
0:01:27 – This was you selling your kids’ stuff
0:01:28 through somebody else?
0:01:30 – Yes, it was, that’s how I got the idea.
0:01:32 And after I picked up that check for $800,
0:01:36 I just thought, why doesn’t this exist for adults?
0:01:38 There are a lot of kids’ consignment events out there
0:01:40 and not very many at all for adults.
0:01:43 And I just thought, I know so many people with clothes
0:01:45 that’s full of clothes that are in great condition
0:01:48 that people would buy, why is nobody doing this?
0:01:50 – Yeah, why is nobody doing this?
0:01:53 Was there a reason that the people running the kids’ ones
0:01:54 didn’t do the same thing?
0:01:57 It isn’t ’cause we’ve gone to those kid events,
0:01:58 I don’t know if we’ve ever sold anything there,
0:02:01 but we’ve definitely gone as a customer for them locally.
0:02:03 So yeah, you’re totally right, that’s the thing.
0:02:05 – Yeah, and it’s funny because a lot of people
0:02:07 think they’re similar,
0:02:09 but adult events are so different from kids.
0:02:11 We’re willing to buy, you know, whatever for our kids,
0:02:13 they’re gonna be running around outside, playing in it,
0:02:16 it’s fine, but when you’re selling adult clothes,
0:02:18 you have to find the right audience for it.
0:02:20 We’re a lot pickier, so the sell-through rate’s different
0:02:22 than kids’ consignment events.
0:02:24 So they just have to be marketed differently.
0:02:27 – Okay, okay, so as far as you could tell
0:02:28 in the initial market research,
0:02:32 nobody was doing an adult-focused clothing event near you.
0:02:34 I think our mutual friend, Megan,
0:02:36 was maybe doing furniture consignment nearby
0:02:37 who connected us.
0:02:38 – Yes, she was.
0:02:40 – But say, hey, there’s an opportunity in the clothing space,
0:02:43 and what was your first step
0:02:45 in turning that from idea to reality?
0:02:47 – Yeah, well, first I tried to make the idea go away
0:02:49 because it just felt crazy.
0:02:50 You know, I have two young kids,
0:02:52 I’m running a photography business,
0:02:53 I was the breadwinner for my family,
0:02:56 it felt crazy to divide my attention
0:02:58 and try to start a whole other business.
0:03:00 So I really tried to ignore it for a while,
0:03:01 but I got to where I couldn’t sleep,
0:03:04 like the idea would not leave me alone.
0:03:05 And so a couple months later,
0:03:08 I just decided, you know what, I’m gonna go for this.
0:03:12 And that night, I found our software that we could use.
0:03:14 I had a friend who gave me the name that day,
0:03:16 who named it statement.
0:03:18 And then I stayed up all night
0:03:20 building a website on Squarespace.
0:03:22 And I just thought, you know what,
0:03:24 this idea will not leave me alone.
0:03:25 I have to do it, like I had no other choice.
0:03:29 I love that line, ’cause I’ve had that similar feeling.
0:03:31 Can’t sleep, the idea won’t leave me alone.
0:03:33 And sometimes it’s for a video that I wanna make
0:03:35 or some piece of content that needs to get out.
0:03:37 And a lot of the times,
0:03:40 that ends up being a really well, not all the time.
0:03:42 You know, I’m not gonna pretend to have like 100%,
0:03:45 batting average or 100% hit rate,
0:03:46 ’cause sometimes they’re total duds.
0:03:48 But a lot of times, like when it’s really driven
0:03:51 from that deep place of interest and excitement
0:03:56 and curiosity, it tends to launch with a bang.
0:03:59 But now you gotta go out and find inventory.
0:04:00 I mean, there’s a lot of moving parts here.
0:04:03 I gotta find a venue, I gotta find inventory,
0:04:04 I gotta market the thing.
0:04:06 So walk me through some of these first steps.
0:04:08 – Yeah, well, so when I started it,
0:04:10 I thought this idea is great.
0:04:11 People are gonna love this.
0:04:13 People are gonna be beating down my door
0:04:14 to be a part of this.
0:04:16 I thought my goal for my first sale
0:04:17 was to have 100 sellers.
0:04:20 And what I found is that it was a lot harder
0:04:22 than I realized to find my first customers.
0:04:24 And so it took a lot of work
0:04:27 and it wasn’t really complicated work,
0:04:28 but it stretched me.
0:04:31 So I decided that to find my people,
0:04:33 I was going to call everybody I knew
0:04:36 who had a closet full of good clothes and just ask them.
0:04:38 So, you know, it’s a simple thing,
0:04:41 but it was terrifying to call people I knew
0:04:43 and put myself out there in that way.
0:04:45 And so that’s really how I ended up finding
0:04:48 my first customers was just getting on the phone
0:04:50 and asking the people I knew to be a part of it.
0:04:50 – Okay.
0:04:52 Is there a reason it had to be, you know,
0:04:57 a limited engagement, one-off weekend type of event versus,
0:04:58 hey, you got a closet full of clothes,
0:05:01 I’ll help you sell them through Poshmark or whatever,
0:05:04 and I’ll take a fee, you can get paid, I’ll get paid.
0:05:06 Is there a reason it had to be, you know, a big event?
0:05:10 Like it seems lower risk or maybe lower involvement
0:05:13 to just kind of do like onesie twosie sales.
0:05:14 – Yeah, maybe it seems that way,
0:05:17 but I do believe that sense of urgency
0:05:20 and that scarcity really drives sales for us.
0:05:23 The fact that we are only open two times a year,
0:05:24 total of 10 days a year.
0:05:27 So I do think that’s, you know, a huge part of our model.
0:05:29 And also for our owners, for, you know,
0:05:32 the sale that I started and then our franchise owners,
0:05:35 for it to be a seasonal thing is just so powerful.
0:05:36 That’s what draws us to it.
0:05:38 The fact that we can, you know,
0:05:40 work really hard for a few months out of the year
0:05:42 and then have some real downtime, you know,
0:05:45 as moms, as, you know, business owners for other things
0:05:48 that freezes up to do, you know, whatever else.
0:05:51 – Okay, seasons of sprint versus seasons of rest
0:05:54 versus being always on all the time,
0:05:56 like trying to move inventory and go to the post office.
0:05:58 I could see some benefits plus the urgency
0:05:59 and scarcity of it.
0:06:01 So you’re messaging, you’re calling up all your friends
0:06:03 saying, yeah, I’m thinking of putting on this thing.
0:06:05 Like what’s the, what’s the opener?
0:06:05 What’s the pitch here?
0:06:08 – The pitch is, you know, all those clothes
0:06:10 that are sitting in your closet that you don’t wear.
0:06:11 I would love to help you sell them.
0:06:13 You know, people have all kinds of clothes
0:06:14 that are still in great condition,
0:06:16 practically new condition.
0:06:18 A lot of things still are new with tags
0:06:19 and they’ve spent a lot of money on that stuff.
0:06:21 They don’t wanna just, you know, drop it off
0:06:23 in a trash bag to donate.
0:06:25 So, you know, I was like, let me give you a way to sell that.
0:06:26 I’ll help you do it.
0:06:29 You’ll walk away with a paycheck that you can turn around
0:06:32 and go buy stuff that you actually will wear
0:06:33 to put in your closet.
0:06:34 – Yeah, that makes sense.
0:06:35 So it’s kind of a win-win.
0:06:37 Like it’s collecting dust anyways.
0:06:38 Why don’t we turn that into some cash for you?
0:06:41 Why don’t we turn that into clothes you’ll actually wear
0:06:42 and go from there?
0:06:45 So did you end up getting 100 people to say yes?
0:06:48 – No, no, I had 50.
0:06:49 So that first event really did,
0:06:51 it was still a lot of people,
0:06:53 but it did feel a little bit like a let down.
0:06:55 You know, it didn’t meet my expectations.
0:06:57 It was harder than I thought it was gonna be.
0:07:00 But I think that’s an important part of the story to share.
0:07:02 You know, for people who are thinking about starting
0:07:04 a side hustle, that it likely is gonna be harder
0:07:06 than you think, even if it is this great idea
0:07:09 that’s gonna, you know, just blow up down the road.
0:07:11 It takes a lot of work, you know, on the front end
0:07:12 to get it set up.
0:07:14 – For sure, where did you host it?
0:07:17 – Yeah, I hosted it at an event like banquet facility.
0:07:20 Just right down the road, it was a small place.
0:07:25 And I drained my savings account for that venue.
0:07:27 You know, I didn’t have much in my savings account,
0:07:30 but you know, I really bet everything I had on this
0:07:32 and believe that it was worth it.
0:07:35 – What did it cost trying to get a sense of,
0:07:36 I’ve got risk-free inventory,
0:07:38 but now I do have to put up front
0:07:40 for this venue for several days.
0:07:43 – Yeah, I think it was about $3,500 for that first sale.
0:07:45 – Okay, so we’re banking on,
0:07:48 now we gotta get people in the door and, you know,
0:07:50 multi-day, we’ve had somebody who was doing
0:07:52 craft workshops recently on the show.
0:07:55 And she was like, I go after these library community rooms
0:07:58 or these like community center type of venues
0:08:00 where they, you know, maybe charge 50 bucks an hour
0:08:02 or less, you know, it’s like really, really affordable
0:08:04 to rent and she’s just coming in for a, you know,
0:08:05 a two hour evening engagement.
0:08:07 This is a little bit different where it’s like,
0:08:09 I need a secure location where I can leave inventory here
0:08:11 for several days.
0:08:11 – Yeah, absolutely.
0:08:12 And I really thought, you know,
0:08:13 we would have a lot of shoppers.
0:08:16 So I thought we needed a lot of space to fill out
0:08:19 the inventory to give shoppers space to shop.
0:08:21 And turns out I didn’t need quite that much space
0:08:22 for the first event because, you know,
0:08:24 it was half the size that I thought it would be,
0:08:26 but we did eventually grow into it.
0:08:31 – Yeah, it’s something where it’s very visual clothing.
0:08:32 You know, you can’t just have piles and piles.
0:08:35 Like you gotta have it on hangers and displays
0:08:38 and make it look like a retail experience.
0:08:41 – Okay, so we got the facility locked in.
0:08:44 We’ve got 50 sellers on board who give you their stuff.
0:08:49 There’s a tagging and tracking component to this to say,
0:08:52 well, this item sold and that belonged to so-and-so,
0:08:54 and now I gotta remember to pay her.
0:08:57 You mentioned finding software to do that.
0:08:58 Is that still what you’re using today?
0:09:01 – Yeah, we still use the same third party software.
0:09:03 It’s a great system and it makes it so simple
0:09:05 for us to pay out our people.
0:09:06 We never have errors in our reports.
0:09:08 Yeah, so it’s a great system.
0:09:09 What software is that?
0:09:10 – My Consignment Manager.
0:09:13 – I’ll link that up in the show notes for sure.
0:09:15 Anything else on the tools and tech side
0:09:17 that just make life easier?
0:09:19 You mentioned Squarespace, we’ll link that up as well.
0:09:20 My Consignment Manager is great.
0:09:21 Anything else?
0:09:22 – No, that’s about it.
0:09:23 It really doesn’t take a lot, yeah.
0:09:24 – Cool, all right.
0:09:26 Now comes the marketing side of it.
0:09:30 Getting people in the door to come and buy this stuff.
0:09:31 – Yeah, so to market our event,
0:09:33 we in the beginning were just using Facebook.
0:09:36 You know, Instagram was really new at that time
0:09:39 and we created a Facebook event
0:09:40 and started promoting that.
0:09:45 After a couple of years, we started doing Facebook ads
0:09:48 and the return on investment for Facebook ads,
0:09:49 you just cannot deny.
0:09:52 So we really went all in on Facebook ads
0:09:54 and that’s become our primary marketing strategy.
0:09:55 – What’s the ad say?
0:09:57 Or what’s, give me a,
0:09:58 paint a picture of the visual here.
0:10:02 – Yeah, our ads generally start with the location.
0:10:04 So, you know, now we have 23 locations,
0:10:06 but originally it was just the Knoxville sale
0:10:09 and so the ad starts with Hey Knoxville,
0:10:12 come shop up to 400 closets in one place.
0:10:15 So we, you know, like to promote how many sellers we have.
0:10:18 Generally we have about 450 at our original location
0:10:21 and that is a massive variety of clothes
0:10:23 that shoppers can’t find anywhere else.
0:10:24 So, you know, it’s a really great unique
0:10:26 shopping experience for them
0:10:27 and that’s what draws them in.
0:10:28 – Yeah, that’s great.
0:10:31 Is this in conjunction with the Facebook event
0:10:33 or the 10 years ago we were doing Facebook events
0:10:34 like that’s less of a thing now?
0:10:36 – No, we still do Facebook events.
0:10:39 We still, you know, a lot of our audiences on Facebook,
0:10:42 we’re now doing probably equal Instagram ads as well,
0:10:45 but we get a lot of return from those Facebook events.
0:10:46 – Okay, I mean, is there a way to track?
0:10:48 Like, is this, you know, people showing up,
0:10:50 you know, they click on an ad and I guess that results
0:10:53 in foot traffic, it seems harder to track than like,
0:10:55 oh, they made an online purchase
0:10:57 and I could see that entire click journey.
0:11:00 – Yeah, it’s true that it is hard to, you know,
0:11:01 know exactly where they come from,
0:11:03 but at checkout we like to ask people
0:11:04 and they tell us how they heard about it
0:11:07 and it’s always Facebook or Instagram.
0:11:09 We’re really active during our sale week
0:11:10 and all of our sellers and shoppers
0:11:12 are out there promoting too.
0:11:15 We incentivize them to market with us
0:11:16 and that really makes a big difference.
0:11:17 – Ooh, how do you do that?
0:11:18 – We do giveaways.
0:11:21 So we give them five ways that they can help us market.
0:11:24 So they can share our event page,
0:11:26 they can tag a friend in the comments,
0:11:28 they can post in their Instagram stories
0:11:31 or leave us a Facebook or Google review
0:11:32 and then when they do that,
0:11:33 they get entered into a giveaway
0:11:36 and so we draw a winner after our sale for that.
0:11:37 – What are you giving away?
0:11:40 – Usually $100 to a small business of their choice,
0:11:41 like a local small business
0:11:43 and they get to choose what it’s to, yeah.
0:11:43 – Okay, cool.
0:11:46 I like that angle of tapping into the crowd here
0:11:47 where it’s like, hey, it’s in your interest
0:11:50 to help fill the store as well, fill the event
0:11:53 because if nobody comes, that your stuff isn’t selling.
0:11:54 More with Sarah in just a moment,
0:11:56 including pricing the items,
0:11:58 the revenue split between her and the sellers
0:12:02 and more about her marketing blitz right after this.
0:12:04 We’re at our local street fair last month
0:12:07 and my kids are like magnets to any of these vendor booths
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0:12:23 And I have to say, no, I’m actually on Mint Mobile
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0:12:27 So she asks, well, how much do you pay?
0:12:30 And so I tell her and she says, yeah, I can’t match that,
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0:14:51 Do you have to price everything
0:14:54 or determine what these hundreds of different items
0:14:57 might be worth or that seems,
0:14:59 maybe just crowdsource it and say,
0:15:01 “Hey, it’s your blouse, tell me what you want for it
0:15:03 “and we’ll stick a price tag on it.”
0:15:05 – Yeah, so our sellers price things themselves.
0:15:07 So when they drop off their items,
0:15:08 they are ready to go.
0:15:09 The price tags are on them
0:15:11 and it’s ready to be put on display
0:15:13 and we give them a guide in advance
0:15:15 so they know how to price their items
0:15:19 and we generally recommend between 50 and 80% off retail price.
0:15:21 So that gives them a good guide
0:15:23 and that helps our shoppers know what to expect
0:15:24 when they come up, come to shop too.
0:15:25 – Yeah, that’s a, hey Knoxville,
0:15:27 come shop up to 400 closets in one place,
0:15:29 50 to 80% off retail.
0:15:30 – That’s the ad, that’s it.
0:15:32 – All right, what’s the revenue split?
0:15:35 For you as the consignment host
0:15:37 versus what gets passed along to the sellers?
0:15:39 – Yes, so the sellers keep 60%
0:15:42 and the consignment owner keeps 40%.
0:15:44 It’s one of the best splits that you can find.
0:15:47 I actually did an online consignment recently
0:15:51 just to test and see what’s our competition doing out there
0:15:55 and on a pair of jeans that I paid $200 for,
0:15:58 I made $5 at this online reseller.
0:15:59 – Wow.
0:16:01 – And so that just showed me the power
0:16:02 of what we’re doing with statement.
0:16:05 Our sellers are earning a much higher percentage
0:16:06 than they’ll find anywhere else.
0:16:07 – Got it, got it.
0:16:09 Is there an online component where it’s like,
0:16:13 I mean the e-commerce store
0:16:16 where people could browse inventory and place an order?
0:16:16 – There’s really not.
0:16:20 Now we really believe in the power of the in-person sale
0:16:21 and so much of what we do at statement
0:16:23 is building our community.
0:16:25 So we want those people in the building.
0:16:26 We want them shopping.
0:16:29 We want them becoming sellers at our next event.
0:16:32 Then they show up and help work the sale too.
0:16:35 So yeah, we really find that the power
0:16:36 of the statement business model
0:16:38 is in people showing up in person.
0:16:40 So we do not offer online sales at all.
0:16:41 – That makes sense.
0:16:42 Okay, so we’re getting people in the door
0:16:44 through the Facebook event,
0:16:45 marketing friends and family.
0:16:46 The sellers are helping out.
0:16:47 Hey, spread the word.
0:16:49 We’re doing Facebook and Instagram ads.
0:16:51 Anything else to get people in the door?
0:16:53 Even going back to event number one?
0:16:57 – Yeah, so we always do local media.
0:17:00 So we go on the news to talk about it.
0:17:03 We do an ad in the local newspaper.
0:17:04 We put out yard signs.
0:17:07 We take flyers to local businesses.
0:17:09 I mean, we really max out our marketing.
0:17:12 That’s really what the job is with statement.
0:17:15 It’s getting more shoppers in the door.
0:17:18 So the bulk of my time is spent marketing the event.
0:17:19 – I believe it.
0:17:21 It’s limited time only.
0:17:23 It’s got to happen now or it’s not going to happen.
0:17:24 – Yes.
0:17:27 – What’s the pitch to the local news channel
0:17:29 or local news station to say,
0:17:31 it seems very self-serving to be like,
0:17:32 “Would you run my story?”
0:17:35 So I have to imagine there’s a better PR angle than that.
0:17:39 – Yes, well, their audience is looking for a good story,
0:17:41 something exciting that’s happening
0:17:43 and people love to shop.
0:17:47 So yeah, we find that our local news stations
0:17:49 are really excited about having us on
0:17:52 and we also sometimes incentivize them
0:17:55 and give them a pre-sell shopping pass
0:17:56 so they get to shop before everybody else.
0:17:59 And then they become fans of statement too
0:18:01 and a lot of our local news reporters
0:18:02 are now sellers at our sale
0:18:03 and they come shop every time.
0:18:04 – Oh, okay.
0:18:05 Makes sense.
0:18:08 All right, so let’s say it is opening day.
0:18:10 You have done your best to spread the word,
0:18:11 to make this a thing.
0:18:14 If you have it to be in town and in the market,
0:18:16 you know about it and then the doors open
0:18:20 and talk to me about staffing and logistics
0:18:24 and kind of the day of or the week of the event.
0:18:26 – Yeah, so the week of the event can be overwhelming.
0:18:28 It takes a lot of energy.
0:18:30 It’s a lot of hours to put in, you know,
0:18:31 during that week of the sale
0:18:34 and we have developed all the systems and processes
0:18:36 since that first sale 10 years ago.
0:18:38 And it’s been a growing process.
0:18:40 You know, there are plenty of mistakes along the way
0:18:43 but we’ve put together systems to try to make that
0:18:46 predictable for our shoppers and for our sellers.
0:18:48 We try to keep the room really organized.
0:18:49 You know, at the Knoxville sale,
0:18:54 we now have over 50,000 items that show up within three days
0:18:56 that we have to, you know, get on the display floor
0:18:58 and sell within five days.
0:19:00 So it really is a time crunch
0:19:03 and it does take, you know, a pretty big workforce.
0:19:06 The beauty of that is that our statement sellers
0:19:07 also become our workers.
0:19:10 So we usually have about 150 of our sellers
0:19:12 who will show up and work shifts.
0:19:14 They get paid hourly and they are the ones
0:19:17 who really make the event happen the week of the sale.
0:19:18 We really depend a lot on them
0:19:20 and they have a sense of ownership of the sale
0:19:22 because, you know, they’re selling their items too
0:19:25 and they want shoppers in there buying their stuff.
0:19:28 So that really helps go a long way with our workforce.
0:19:30 – Okay, that’s helpful to know.
0:19:31 Like, no, this is just not,
0:19:33 with 50,000 items of inventory,
0:19:36 this is not just you at the cash register taking payments.
0:19:38 This is, it takes a village.
0:19:39 – It does, it takes a village.
0:19:41 Yeah, so we started at that first sale
0:19:44 with one cash register and now we’re up to five.
0:19:47 You know, it takes a lot of staffing
0:19:48 to get shoppers in and out the door
0:19:50 to try to reduce the lines.
0:19:52 We don’t want them waiting in lines for a long time.
0:19:54 So yeah, it does take a lot of people to make it work.
0:19:57 – Is this just like, I’m picturing like a square,
0:19:59 you know, credit card reader or something like that
0:20:00 point of sale?
0:20:01 – Yes, similar to that.
0:20:05 – Okay, what happens to the stuff that doesn’t sell?
0:20:07 Or, I mean, I guess I’m curious in the mark
0:20:09 of a good event, a 50,000 item event,
0:20:12 like how much is left over at the end of that?
0:20:14 – We still have a lot left over.
0:20:15 You know, we sell a lot of stuff,
0:20:17 but the difference with adult consignment
0:20:20 is it’s a lower sell through rate than kids consignment
0:20:22 because adults are just pickier
0:20:24 about the way things fit and the brand and the color.
0:20:25 – Yeah.
0:20:26 – So it is a harder sell.
0:20:28 So we do have a lot left over still at the end,
0:20:31 but our sellers can come pick up what doesn’t sell.
0:20:34 That’s up to them and whatever does not get picked up
0:20:35 is immediately donated.
0:20:39 And we fill a massive trailer full of donations every time
0:20:42 that really makes an impact to those donations
0:20:42 go to a good place.
0:20:43 – Yeah, I got it.
0:20:44 Okay, if you want it back,
0:20:46 if you want to try and sell it on your own,
0:20:47 if you want to try and sell it at the next event,
0:20:49 you’re welcome to do so.
0:20:50 And if you just want it out of your closet,
0:20:51 hey, we’ll donate it for you.
0:20:53 – We’ll take it off your hands, yes.
0:20:55 – All right, so five days done,
0:20:57 the dust settles after event number one.
0:21:00 You’ve sold as much stuff as you could sell.
0:21:02 You’ve recouped your investment in terms of the venue,
0:21:04 in terms of the advertising.
0:21:07 And now you’re like, I guess we just keep doing that
0:21:08 every six months.
0:21:10 What happens next?
0:21:12 – Yeah, so after the first couple of events,
0:21:15 it’s interesting, everyone in my life who loved me
0:21:17 encouraged me to not keep doing it
0:21:22 because it was such an investment of my time and my energy.
0:21:25 And in the beginning, it was a very small return.
0:21:29 I didn’t go in the hole, but in terms of profit,
0:21:30 it was minimal.
0:21:32 – In terms of like the effective hourly rate
0:21:34 that it took to create that.
0:21:36 – Yes, yeah, is this really worth it?
0:21:37 Are you sure you want to keep doing this?
0:21:38 And it just took a lot out of me
0:21:40 because it’s a lot of interacting with people
0:21:42 and I’m naturally more of an introvert.
0:21:45 So it was just demanding of me to make it through that week.
0:21:48 But that’s something that I decided is worth it.
0:21:50 I have this vision, I see where this is going.
0:21:53 I believe in it and I’m gonna keep doing it,
0:21:56 despite what the other people are telling me I should do.
0:21:58 – Yeah, people are telling you maybe not,
0:22:00 and maybe the math, it worked.
0:22:01 It wasn’t a money loser,
0:22:03 but in terms of the hourly investment
0:22:05 and just like the effort and energy that went into it,
0:22:09 you’re like, ah, should I have just gotten another job
0:22:11 or booked more photography gigs,
0:22:11 whatever it could have been.
0:22:12 – Exactly.
0:22:15 – But you see this path forward to be like, well,
0:22:19 I think there’s a way to turn this into something else.
0:22:21 And so you do dust off and say, okay,
0:22:22 we’re gonna do this again.
0:22:23 And then it’s a matter of, I guess,
0:22:25 re-engaging the same sellers,
0:22:27 expanding the network of sellers
0:22:29 to try and make the next event bigger,
0:22:31 better, faster, more profitable.
0:22:31 – Yeah, absolutely.
0:22:34 And the primary way we did that is
0:22:36 as shoppers were checking out,
0:22:38 we connected with them individually
0:22:41 and said we would love for you to sell at our next event.
0:22:43 At that time, it was just a pencil and paper.
0:22:44 Write down your email address here.
0:22:46 We’ll add you to our list.
0:22:49 Now we have QR codes they can scan to automatically sign up.
0:22:50 It looks a little fancier now,
0:22:52 but in the beginning it was just bare bones
0:22:56 and just asking people one at a time to show up next time.
0:23:00 And now we end up with about 80 to 90% of our sellers,
0:23:02 our return sellers each time.
0:23:04 So once they get that paycheck,
0:23:05 they want to come back and keep doing this.
0:23:06 – That makes sense.
0:23:08 And I really like the tactic of adding shoppers
0:23:10 to the email list to your point earlier
0:23:11 about the Facebook ads.
0:23:13 It’s like, that’s still an anonymous person.
0:23:15 Even when they walk in the door,
0:23:15 we don’t know who they are,
0:23:17 but when they check out and they buy something,
0:23:20 there’s that point of interaction where you could say,
0:23:22 hey, even if it’s just pen and paper,
0:23:26 you know, now we can get a little more automated,
0:23:28 a little more technical with how we capture that email,
0:23:30 but like some way to contact that person again.
0:23:33 This is just a stranger the night that we’ll never see.
0:23:35 – Yeah, they just walk out the door and never to return.
0:23:36 Yeah, we’re always trying to get them to come back.
0:23:39 And most of our shoppers actually come back multiple days.
0:23:40 You know, we’re open for five days.
0:23:43 And so a lot of them will come shop three of those five days.
0:23:45 So it’s not like they just show up once,
0:23:47 they come back over and over again, each event.
0:23:48 – Interesting.
0:23:51 And you find it’s almost like a circular inventory flow
0:23:54 where there’s some people I imagine are buyers only,
0:23:56 but it sounds like a lot of the sellers
0:23:59 are buying each other’s stuff and they’re working the events
0:24:01 and they’re coming back and doing it again day after day
0:24:02 and year after year.
0:24:03 – Yeah, absolutely.
0:24:05 It is a cycle we see.
0:24:06 It’s so funny.
0:24:08 A lot of my friends will end up buying my own items.
0:24:10 Yeah, it’s interesting to watch, you know,
0:24:12 your clothing get a second life somewhere else.
0:24:16 – Yeah, we get a lot of hand me down clothes for the kids
0:24:19 and whenever we go and visit them,
0:24:20 they’re always like, I remember that shirt
0:24:22 or you know, that was a favorite, you know,
0:24:25 that it’s getting a second and third life.
0:24:26 – Exactly.
0:24:28 – At what point do you say,
0:24:31 okay, I’m limited here by just inventory supply.
0:24:34 I’m limited here by my own.
0:24:36 And like, there’s a, you can’t do this every weekend
0:24:39 because then it doesn’t have that event urgency feel to it.
0:24:40 But I could do it if I was in a different,
0:24:43 if I had a different inventory pool to pull through.
0:24:44 At what point do you start looking
0:24:46 at this geographic expansion?
0:24:48 – Yeah, so a couple of years in,
0:24:51 I started noticing that people kept asking me to do,
0:24:53 you know, bring statement to another city.
0:24:57 People were traveling in from other states to shop our sale.
0:24:58 And I really started thinking, you know,
0:25:00 do I want to do this somewhere else?
0:25:03 And I decided, I didn’t have the energy to, you know,
0:25:05 do additional events in other locations.
0:25:08 But what I could do is put together like a business
0:25:12 in a box and let other women, you know, purchase that.
0:25:15 And I teach them how to run their own consignment sale
0:25:16 in a different location.
0:25:18 And that’s been how we’ve expanded.
0:25:21 – This is pre-franchising or this is the franchise?
0:25:22 – This is the franchise, yeah.
0:25:24 – Okay, at what, like how, how long ago,
0:25:25 how long has that been going?
0:25:28 – So we started franchising in 2022,
0:25:31 but it’s an idea that I had for probably five years
0:25:32 before that, you know, yet again,
0:25:34 it was one of those scary ideas.
0:25:35 Why would I do this?
0:25:38 This feels crazy, you know, this business is going great.
0:25:40 Why would I, you know, start a whole new thing?
0:25:42 But yet again, it was another idea
0:25:43 that wouldn’t leave me alone.
0:25:45 And I saw the power of this business model, you know,
0:25:47 it really makes an impact on people’s lives.
0:25:50 It gives them a way to make some extra cash when they need it.
0:25:53 It gives our shoppers a way to save money on clothes
0:25:54 that they need to buy, you know,
0:25:57 and then we benefit, you know, local organizations too.
0:25:59 And I just was excited about the possibility
0:26:02 of seeing that impact expand outside of my own,
0:26:03 reach my own territory.
0:26:05 – Yeah, and it’s something where if you can lay
0:26:07 the groundwork and build that network,
0:26:11 like it sounds like you have become the go-to person
0:26:14 for this network of fashion-minded clothes,
0:26:17 like women and moms to buy and sell stuff.
0:26:19 And like, if you could become that central hub
0:26:21 and really start to build the event over time,
0:26:24 like the example near us is not in clothing,
0:26:27 but it’s like winter clothing and outdoor equipment.
0:26:29 It’s the Newport High School Ski Swap,
0:26:31 like been going on for as long as I can remember,
0:26:32 like 30 plus years.
0:26:34 And there’s a big fundraiser in their case for the PTA,
0:26:37 but it’s become an event that people know to look forward to.
0:26:39 They know that’s where they’re gonna get their gear
0:26:41 and they know that’s where they can sell their gear too.
0:26:43 So it’s something that over time,
0:26:45 I think can really start to snowball a little bit.
0:26:45 – Yeah, absolutely.
0:26:47 And especially when it’s that limited time,
0:26:49 it’s like you only have this one week to do it.
0:26:50 So people don’t miss it.
0:26:51 They make sure they get it on their calendar.
0:26:55 The franchise thing is always as I see,
0:26:56 like diverging paths here.
0:26:59 Number one is like, recruit, boots on the ground.
0:27:02 You’re gonna be my agent in Nashville.
0:27:05 You’re gonna be my agent in Memphis, in Atlanta, wherever.
0:27:06 And that’s one way to go.
0:27:07 And then the other way would be,
0:27:09 well, why don’t I just create the online course?
0:27:11 It’s like very popular on the side hustle show.
0:27:12 We’re just gonna create the online course,
0:27:13 how to start your own consignment business.
0:27:17 And then lane number three is like a much steeper mountain.
0:27:19 And this is the kind of the franchise route
0:27:22 where it’s like I got all this regulatory red tape
0:27:23 and franchise disclosure requirements.
0:27:26 Like it’s a steeper, steeper, more harrowing path.
0:27:28 – Yeah, it’s funny you use that metaphor
0:27:29 because I’m a hiker.
0:27:32 So of course I’ve preferred the steep hike of the mountain.
0:27:35 And the funny story is that I actually did try to start
0:27:37 doing it as an online course.
0:27:39 And I actually put it out there.
0:27:43 I had two buyers and it actually was a decent amount
0:27:47 of revenue and like the day that I sold those,
0:27:49 my body was like, no, this is not right.
0:27:50 I don’t feel good about this.
0:27:51 This is not it.
0:27:54 And I refunded their money and said, I’m so sorry.
0:27:56 You know, I just don’t feel right about this.
0:27:58 It doesn’t feel like the right move.
0:27:59 And so they got their money back
0:28:01 and it took me a few more years
0:28:03 to actually put the franchise model together.
0:28:05 But I just knew that was the real way to go,
0:28:07 the real mountain we needed to climb.
0:28:10 – Yeah, what’s different in your mind versus like,
0:28:12 hey, here’s the playbook.
0:28:14 It’s in, you know, on demand video format
0:28:16 versus like a more structured, you know,
0:28:19 playbook processes guidelines like on the franchise side.
0:28:21 – Yeah, so as a franchise,
0:28:24 we are just so much more fully developed.
0:28:28 We, you know, they get access to everything they need.
0:28:30 And not only like our operations manual
0:28:32 that they can read through that essentially
0:28:34 could be an e-course or something like that,
0:28:37 but they get access to me and our corporate office
0:28:40 that is emotional support.
0:28:41 You know, we’re their business coach,
0:28:43 their emotional support, we hold their hand,
0:28:46 we answer the phone when they’re in tears
0:28:47 and don’t know how to handle something.
0:28:49 All of those things that are so hard
0:28:50 as a new business owner,
0:28:52 when you’re just figuring it out on your own,
0:28:54 they get support through those things.
0:28:56 So it’s just a much better way for us to serve them.
0:28:57 – Yeah, that makes sense.
0:29:00 So you had 23 locations, I think you said?
0:29:02 – 23 locations, yeah, it’s wild.
0:29:04 – Expanding and more to come.
0:29:05 – Yes, and more to come.
0:29:09 Yeah, we started this, we started 2024 with eight locations
0:29:13 and now it’s October and we have 23
0:29:15 and hopefully a couple more by the end of the year.
0:29:15 – Yeah, that’s great.
0:29:18 People are taking it and running with them.
0:29:19 More with Sarah in just a moment,
0:29:22 including some of the mistakes and challenges
0:29:23 that come with running this business,
0:29:25 where her time is spent today
0:29:28 and her goals for the future of statement consignment
0:29:29 right after this.
0:29:33 Being an entrepreneur and being able to work remotely
0:29:34 definitely has its perks.
0:29:38 I’ve recorded podcasts everywhere from Vietnam to Italy,
0:29:39 drafted newsletters from Japan,
0:29:42 hosted mastermind meetings from Spain,
0:29:43 ended up being the middle of the night
0:29:45 to get to US business hours.
0:29:48 And outlined courses in Mexico.
0:29:51 The common thread of all of these trips though is Airbnb.
0:29:54 We love being able to get exactly what we’re looking for
0:29:58 in a place to stay and have a more local experience
0:30:00 than staying in some giant hotel chain.
0:30:01 And you know me, I’m always thinking about
0:30:04 the next side hustle idea, the next income stream, right?
0:30:06 And one that’s at the top of the list
0:30:09 is hosting our place on Airbnb while we’re traveling.
0:30:11 That way the house doesn’t have to sit empty.
0:30:14 We could use the income to help pay for the trip.
0:30:16 And we’ve heard from several successful
0:30:17 Airbnb hosts on the show.
0:30:20 And what’s interesting is a lot of them started
0:30:22 with almost that exact strategy,
0:30:25 running their place or even a spare room
0:30:26 while they’re out of town.
0:30:28 Taking inspiration from that,
0:30:30 you might have an Airbnb right under your nose.
0:30:33 In fact, your home might be worth more than you think.
0:30:37 You can find out how much at Airbnb.com/host.
0:30:40 That’s Airbnb.com/host
0:30:42 to find out how much your home is worth.
0:30:46 – Earlier you mentioned some mistakes
0:30:47 that were going on during these sales.
0:30:51 Curious if you have a story or two about a mistake
0:30:52 or something that surprised you
0:30:54 in running the consignment events.
0:30:57 – There are some challenges at the end of our sale
0:31:00 when our shoppers or actually our sellers
0:31:03 are coming back to find their items that didn’t sell.
0:31:05 And sometimes it can be really hard to find them.
0:31:08 And of course, we have some things that go missing
0:31:10 that happens in any kind of store situation.
0:31:12 And I always let someone else handle that
0:31:14 because it was some negative feedback
0:31:16 that I didn’t want to have to deal with.
0:31:18 And that did not go well.
0:31:20 And I learned that I need to handle
0:31:22 those complicated situations myself
0:31:24 and be able to handle that negative feedback
0:31:26 and kind of grow a backbone.
0:31:29 And so that’s something that I really did learn over time
0:31:31 is how to handle that as a business owner.
0:31:34 – Yeah, that is a scenario where we often wish
0:31:37 that the house was as easily searchable as Gmail.
0:31:39 It’s like, where are the keys?
0:31:40 Where’s my hat?
0:31:41 Where is the thing?
0:31:42 It’s gotta be the same here.
0:31:45 You’re looking at thousands of items of inventory.
0:31:47 Well, where’s my stuff?
0:31:48 I didn’t want it to be donated.
0:31:49 I didn’t sell it, want it back.
0:31:51 Needle in a haystack in a lot of ways.
0:31:52 – It is, yeah.
0:31:54 And 10 people can go look for that item
0:31:56 and it’s the 11th person that finds it, you know?
0:31:57 Yeah, it can be a challenge.
0:31:59 – Yeah, there’s 100 pairs of jeans here.
0:32:00 Which one is yours?
0:32:03 Like, I don’t know, take one that looks similar.
0:32:04 No, that’s somebody else’s.
0:32:09 Anything else surprised you in running these?
0:32:11 – Yeah, it always surprises me.
0:32:12 People’s excitement about it.
0:32:15 You know, I’ve always been excited about it
0:32:17 and had this vision and this dream.
0:32:20 But it still surprises me when people line up
0:32:22 outside the door to get in, you know,
0:32:25 on our first day or on our half off day.
0:32:27 And, you know, they just about charge the room.
0:32:29 Like, they’re so excited to get in there to shop.
0:32:34 And I’ve now had 21 sales and that never gets old.
0:32:37 That never doesn’t surprise me how excited people are.
0:32:39 – Yeah, I’m picturing like the Walmart
0:32:40 Black Friday type of crowd.
0:32:42 I’m like, oh, when is the door gonna open?
0:32:42 Okay.
0:32:44 – It’s similar, yeah.
0:32:45 – So you mentioned half off day.
0:32:48 I would be remiss if I didn’t poke at that for a second.
0:32:50 So this is the end of the thing,
0:32:52 like everything must go type of deal.
0:32:54 – Yeah, so our last day, our sellers get to decide
0:32:57 if they want to discount their items for half off day.
0:32:59 And so on the price tag, it will say discount yes
0:33:00 or discount no.
0:33:02 And if it’s discount yes, it’ll be half off.
0:33:05 – Okay, this is something that our local, you know,
0:33:08 sporting goods consignment does too.
0:33:10 In a different way, they’re like, here’s the price.
0:33:13 You know, here’s the price after December 1st.
0:33:15 Here’s the price after December 15th.
0:33:17 And they kind of like stair step it down.
0:33:19 And so as the buyer, as the shopper, like,
0:33:20 do I gamble?
0:33:21 Do I wait?
0:33:22 And it’s like, ah.
0:33:25 – Yes, it will not be there if you wait.
0:33:25 – Yeah, yeah, yeah.
0:33:26 And so I started like, forget it.
0:33:27 I just, I’m here now.
0:33:28 Like, let’s just do it.
0:33:29 So that’s really interesting.
0:33:32 Like a little psychological play here, you know,
0:33:34 that people could see on the tag like,
0:33:35 I should probably just get it now.
0:33:36 – Yeah, yeah, exactly.
0:33:37 Yeah, it’s like we want it to sell.
0:33:40 So that’s our, you know, last effort on half off day.
0:33:41 Like, take this stuff.
0:33:42 Come on, we’re about to close.
0:33:43 We want it to go out the door.
0:33:45 – Okay, fair enough.
0:33:48 Where is your time going these days?
0:33:49 You’re still doing photography?
0:33:51 Or what’s a day in the life?
0:33:53 – Oh, so once I started franchising,
0:33:55 photography ended completely.
0:33:59 I walked away from that because I just saw
0:34:00 the vision for this is so much bigger.
0:34:02 So I went all in with statement.
0:34:06 And so most of my time is now spent on the franchise.
0:34:08 Statement knocks fill my original event.
0:34:11 Now, you know, we have so many systems and processes
0:34:13 that are automated that it does not take a lot
0:34:15 of my time and energy these days.
0:34:17 So I’m able to give my time and energy
0:34:19 to other business owners who are ready
0:34:22 to start their own consignment sales in their cities.
0:34:24 And that’s, you know, what I’m doing day to day.
0:34:26 – All right, that’s exciting.
0:34:30 Any goals or things that you’re excited about
0:34:31 coming into the new year?
0:34:34 – Yes, I’m planning to build a house in the mountains.
0:34:36 That’s my personal goal.
0:34:38 And, you know, just keep growing this franchise.
0:34:41 I, my goal is for us to have a hundred locations.
0:34:43 And once we do that, a hundred more.
0:34:46 The demand for this is just increasing.
0:34:49 Even in Knoxville, we have two locations
0:34:51 and we have wait lists of hundreds of people
0:34:53 even with two locations.
0:34:56 So we just want to get this out there to the people.
0:34:57 I think people are ready for it.
0:34:59 They’re looking for it.
0:35:00 So we’re just going to keep growing.
0:35:01 – It’s interesting.
0:35:03 We were putting together this post on the site
0:35:05 of like, you know, what are the best items
0:35:07 to flip for a profit?
0:35:10 And we came across this, you know, secondhand fashion.
0:35:12 And I forget if it was Thread Up or Depop
0:35:14 or one of these services, but they, you know,
0:35:16 showed the chart just like going up and to the right of like,
0:35:18 how, you know, it’s a, a climbing trend,
0:35:21 whether it’s from a sustainability standpoint
0:35:23 or a cost savings standpoint,
0:35:27 but just people buying more and stuff, more stuff secondhand.
0:35:29 – Yes, I actually just looked at that report yesterday,
0:35:30 the Thread Up report.
0:35:33 Yeah. And I think it says this year
0:35:38 that resale is supposed to grow 15 times faster than retail.
0:35:41 I mean, consumers are just looking for, you know,
0:35:44 the opportunity to buy secondhand more than ever.
0:35:46 And it’s just blowing up.
0:35:49 So it’s a really smart time to get into this industry.
0:35:51 – Do you think it’s a cost savings motivator?
0:35:52 What’s, what’s driving that?
0:35:55 – I think originally, like 10 years ago when I started,
0:35:57 that was the primary force.
0:35:59 And I still think it’s the number one reason for the growth,
0:36:02 but I think more people are interested in sustainability.
0:36:05 And, you know, doing things that are,
0:36:06 are good for the environment.
0:36:09 And this is an opportunity for them to shop in a way
0:36:11 that isn’t harmful for the environment.
0:36:13 – Yeah, I think it’s, it’s a really interesting place
0:36:17 to play in from the, I mean, a crowdsource inventory
0:36:18 without any upfront cost.
0:36:20 It’s a super fragmented market.
0:36:23 Like it didn’t even exist in your area.
0:36:26 You know, the kids event existed and say,
0:36:29 well, I could take that idea, pivot it to a different niche,
0:36:31 a different market and go to town with that.
0:36:33 Like in our area, the ski swap exists,
0:36:36 but I don’t know if like the clothing market exists.
0:36:39 So super fragmented or non-existent to say,
0:36:41 there’s an opportunity to come in and build that,
0:36:43 to make it a thing and hopefully have that kind of longevity
0:36:45 and staying power where, you know,
0:36:46 each year kind of snowballs
0:36:48 and builds a little bit more momentum.
0:36:50 So I’m really interesting stuff and completely different.
0:36:52 I thought this was going to be, you know, Poshmark
0:36:53 and you know, take people’s stuff
0:36:55 and you know, just, you know, message my friends
0:36:57 and neighbors, hey, you got some stuff lying around,
0:36:58 I can help you sell it.
0:37:01 We’ve done a little segments on eBay consignment
0:37:03 where we had a woman who was doing,
0:37:04 like she specialized in these, you know,
0:37:06 one particular brand of doll
0:37:08 that you would go for hundreds of dollars
0:37:10 and just became known as the go-to purse
0:37:12 that really building up your network
0:37:14 and reputation in a specific industry
0:37:15 can work really well.
0:37:17 But that’s what’s, I don’t know,
0:37:20 there’s some notes that’s been going on in my hand.
0:37:25 Statementconsignment.com meant like, like minting a coin,
0:37:27 Statementconsignment.com where you can find Sarah
0:37:29 or consignmentfranchise.com.
0:37:30 You want to learn more about that
0:37:33 and maybe setting up something like this in your own town.
0:37:34 Sarah, this has been awesome.
0:37:36 Thank you so much for joining me.
0:37:38 Let’s wrap this up with your number one tip
0:37:39 for side hustle nation.
0:37:42 – Yeah, my number one tip is to start today.
0:37:44 If you have an idea that, you know,
0:37:45 you have a vision for it,
0:37:47 nobody else is going to make that happen,
0:37:50 but you and I believe inspiration is perishable.
0:37:52 And when you are inspired, you have to run with it.
0:37:54 So start today, put pen to paper today,
0:37:56 make an appointment, you know,
0:37:59 get it on your calendar and actually get it going today.
0:38:00 – Absolutely.
0:38:01 But if it’s not on the calendar, it doesn’t exist.
0:38:02 It’s not going to happen, right?
0:38:03 You got to prioritize it.
0:38:08 And there’s a little print on our wall in the hallways.
0:38:10 You know, everything got a lot easier
0:38:12 once he realized there was exactly enough time
0:38:14 for all the things that were important to him.
0:38:16 And that just is a little reminder for beings.
0:38:17 My to-do list is never ending.
0:38:19 There’s always more ideas than there are time,
0:38:21 but it’s like, hey, by definition,
0:38:24 you vote your priorities with your time and say,
0:38:26 okay, this is what is going to get done.
0:38:27 Inspiration is perishable.
0:38:29 That’s the note that I wrote down at the very top.
0:38:31 The idea wouldn’t leave me alone.
0:38:33 And so I hope that you have, as listeners,
0:38:35 more ideas that won’t leave you alone
0:38:37 as a result of listening to this show.
0:38:40 Just something that I, we got to give it a shot.
0:38:43 So very much appreciate you joining me.
0:38:45 If you’re new to The Side Hustle Show,
0:38:46 thank you for joining us today.
0:38:49 Make sure to hit that subscribe or follow button
0:38:50 in your podcast app.
0:38:51 That way you’ll never miss an episode.
0:38:53 We’ve got some great stuff coming up.
0:38:56 And if you’re staring at that 600 plus episode archive
0:38:58 and you’re wondering,
0:39:00 where am I supposed to start with this?
0:39:02 One easy thing, I would love to have you binge
0:39:03 on the whole archives.
0:39:04 That’d be awesome.
0:39:05 But one easy thing you can do
0:39:07 is I get yourself a personalized playlist.
0:39:09 How it works is you go to hustle.show,
0:39:12 answer a few short multiple choice questions,
0:39:16 and it will recommend an eight to 10 episode playlist
0:39:17 based on your answers,
0:39:18 episodes that hopefully are going to be
0:39:20 the most relevant and most impactful
0:39:23 for you based on your side hustle interests,
0:39:24 your side hustle goals.
0:39:25 Again, that’s hustle.show.
0:39:28 Thousands of listeners have already claimed theirs.
0:39:29 And I want to invite you to be next.
0:39:31 Big thanks to Sarah for sharing her insight.
0:39:32 Big thanks to our sponsors
0:39:34 for helping make this content free for everyone.
0:39:37 You can hit up side hustle nation.com/deals
0:39:39 for all the latest offers from our sponsors in one place.
0:39:40 That is it for me.
0:39:42 Thank you so much for tuning in.
0:39:43 If you’re finding value in the show,
0:39:45 the greatest compliment is to share it with a friend.
0:39:47 So fire off a text message.
0:39:49 Maybe it’s your thrifty neighbor
0:39:52 who loves looking at different clothing items
0:39:54 and say, this might be perfect for you.
0:39:56 Until then, let’s go out there and make something happen.
0:39:57 And I’ll catch you in the next edition
0:39:59 of the side hustle show.
How do you make extra money in a low-risk way? And one method I keep coming back to is the idea of starting a consignment business.
So you’re selling other people’s stuff and just taking a percentage. They get paid, you get paid, and you’ve got no upfront inventory risk like you’d have with a traditional physical product business.
Sarah McAffry of Statemint Consignment earned over $10,000 from her first consignment event and has continued to grow from there. She has been crushing it in this space for the last 10 years, and it has now expanded to 23 locations across the country.
Tune in to Episode 640 of the Side Hustle Show to learn:
- How Sarah got her first 50 sellers to trust her with their inventory
- Her marketing strategies to get buyers in the door
- How you might start something similar in your own area
Full Show Notes: Get Paid to Sell Other People’s Stuff: Starting a Consignment Side Hustle
New to the Show? Get your personalized money-making playlist here!
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