Seller Club Podcast
Seller Club Podcast
Episode 77: The Truth About Niches
After we review some top-takeaways from eBay’s recent Summer Seller Check In, jump with us into some tricky true or false questions Glen tosses onto the table for discussion - this week, it’s all about niches (and their possible riches!). Is selling in a niche really better? Is there more or less risk? Is it easier or harder? Come along with us as we discuss five aspects of selling in the niches - or not!
eBay Open LIVE IN PERSON in Las Vegas, August 12-14 was just announced at the check-in, so stay tuned for more details on registration to come later this month. If you love podcast content created for eBay sellers, don’t forget to follow us @sellerclubpodcast and @ebayforsellers and @sellerledger on Instagram.
Check out the best bookkeeping software for sellers out there–Seller Ledger–for an entire month for free → https://tinyurl.com/4vdbsjbp
Thanks so much for tuning in–tell a friend, rate, subscribe, review, and meet us back in the clubhouse again next week!
Hello, hello, near and far everyone. We are embarking on episode 77 of the Stellar Club podcast. And before we do, let's go ahead and drop that beat. Hey guys.
SPEAKER_03:Hello.
SPEAKER_02:Yo.
SPEAKER_00:This is like at least our 77th conversation. Isn't that exciting?
SPEAKER_02:At the very least.
SPEAKER_00:Definitely not all of our conversations have been on air, so it has to be more some number that's higher than that. But it is wild. I cannot believe we're like encroaching upon 80 right now. It's crazy.
SPEAKER_01:We're almost there. It's May already. Yes. Which is great. And now we're ready to just completely dominate summer.
SPEAKER_00:That's right. With the summer surge, as we already have.
SPEAKER_03:Yeah, after last episode, we should we should determine it if we're gonna dominate or we're gonna let off the gas. We control our destiny.
SPEAKER_00:I think we're gonna dominate. I know another thing we had kind of talked about last episode was about like seasonality and some of the things that we recently sold. And since then, between these two episodes, I had my highest sale ever on eBay, and it was a giant like Antarctica style parka. So yes, you can still sell winter clothes right now and outerwear. It was awesome. I was super thrilled.
SPEAKER_03:It's not summer in the North Powl. It never is summer in there.
SPEAKER_00:So you know what I'm not I think I want to say it went to Minnesota, but I'm not entirely sure. I can't remember. But yeah, just so just keep on putting good inventory in your store is basically the moral of the story.
SPEAKER_03:Very true. And and Glenn, how's sales been? How's uh whatnot been?
SPEAKER_01:Uh whatnot's actually been pretty good. The eBay side did kind of fall a little bit. So um I think that has to also do with just me not getting as many items uploaded as they should. So that part I need to you know improve on. And right now, like my inventory, my storage is kind of a mess because like new stuff has been coming in daily, and I hate having it like this to where things are just everywhere. Like I have to unpack, I guess, the new stuff kind of like I want to get it organized, and that's where I need to catch up on.
SPEAKER_00:It is yeah, you need like an extra business day to just organize things. I'm kind of in that boat too. Like I'm in the middle of listing like I don't know, probably 70 or 80 things today, and like I'm trying to get it listed as quickly as possible, which means after the fact I have to go back and do the bin assignments, and I'm always like, ugh, like now I have like a whole other job after, but at least it's at least it's available to buy. So it's okay, but not to pick on you and not that our audience can see it, but even your background right now looks a little more disheveled than usual. So I feel like that it's just a picture of your life right now. I see boxes that are not normally in the background.
SPEAKER_01:Yeah, my face is disheveled and hair.
SPEAKER_00:I didn't mean your face, I said background. Background. That's foreground.
SPEAKER_01:Come on. Okay, yeah. Everything's everything's a little wild right now.
SPEAKER_00:But anyway, I feel you on that one.
SPEAKER_03:Well, really funny. And also, recently, um, just got back from another trip again. Um, just been organizing and helping another reseller um organize their warehouse. So that's been like the project. Uh and currently we just uh we just got done dropping off our packages and back to listing. So we kinda have about like 50 units that's supposed to go up. Um but I I kind of like agree. I mean, I'm the same boat with Glenn. Um the um traffic has kind of like slowed down, and I guess part of that is a lot to do with just listing, just products that are going up listing. Um but you know, really hoping uh to get more deals and buy more inventory and start listing them again. So that is the goal, that is the game plan. But also talking about uh current events and current news, um, Anna, why don't you just give us the random of what happened at the latest eBay summer seller check-in?
SPEAKER_00:Yes, totally. Um, yeah, my I would call May kind of summer, like maybe the end of May. Start to feel like summer, pre-summer, right? But um definitely aligned with just everything we've been talking about of having a successful summer. We did get to attend this, it's a totally virtual event um that eBay hosts, you know, multiple times a year for sellers specifically to kind of catch us up to speed on things and answer questions and teach us stuff, which is always helpful. So I just want to review a little bit of kind of the highlights as I saw them. But basically, it was great to hear some like kind of higher level updates. They definitely talked about tariffs, and the biggest standout thing to me about that was just another reason to love eBay international shipping, which is the love of my life, as I have stated previously, because they are you know recalculating things on our behalf as needed, and that's just another thing that we don't have to like actually deal with the headache of changing as things are like in flux right now. And we and I have still been selling lots of stuff international, so have been having a still a fair fair number of see you never packages as I like to think of them because they can't get returned, and I love that. So, anyway, that was interesting, you know. That can be that's a hot topic right now across the board, and I was glad that eBay like said some stuff about it. Um, and of course, it was like it was neutral stuff, like politically speaking, but it was just like the the small business side of it, right? Like, what do we need to know as sellers? How is eBay handling it? Um, what are they doing on our behalf? Like, all that was really helpful to hear about. Um, we also got to hear some overall business updates from Shaudi, who is awesome. She's like the VP of selling, like, period, which is huge and so fun. And we've had the privilege of getting to know her and talking to her before. Um, and so it was cool to hear from her also just about you know different stuff that eBay is working on. Um, one thing they mentioned that I thought was really interesting that other platforms and websites have done uh similar things, but is eBay's rolling out a certified open box program. So if you meet, you know, certain criteria, some of your electronics and stuff can have can come with a one-year warranty that's paid by eBay. So that's pretty neat. Um I know there's like you know, similar kind of programs around. Um but it's cool that eBay is doing that.
SPEAKER_03:I thought, wow, that's like kind of yeah, it's like a it's like another step up of their refurbished program. Yes. Right? Uh but so this time it's like open box. So um I think that open box is actually a better, you know, it's it's basically never been touched, you know. Yeah, totally.
SPEAKER_00:I 100% did just uh order an open what was supposed to be an open box electronic from another platform that shall remain nameless, and it was definitely broken and damaged when it arrived at my house because someone else had clearly definitely used it and messed it up. So I was like, this is not open box, guys. This is not like new. This is actually broken.
SPEAKER_03:Used. Oh, yeah, not even functioning.
SPEAKER_00:It was totally misrepresented, and I sent it back, but that was not eBay, so I will say I would expect better from eBay, honestly. And I love that they are doing this to help build more trust, right? This whole entire thing runs on a lot of trust, and that is hard to come by sometimes. So I appreciate that. Um, I also thought it was cool that they actually did some QA. So they had um, if you've registered for this event, hopefully you did. If you didn't, definitely register for the next one. In the registration, they asked about questions that you would like answered um by eBay, right? Or by people at eBay who have the relevant answers. And they actually tabulated a lot of that and pulled out some of the most popular questions. So that was kind of interesting too, just to hear like what did these other this group of, you know, a few thousand other buy or other sellers that were attending, like what did people want to know about the most? And one thing that was really popular was about using product research, uh using video. And I know a lot of people in the chat were like, let us do video on mobile, like it's not available on mobile yet, I guess. But um, I don't know because I never use it. But but they talked about that. So um they talked about seller news, which is like the new kind of seller newsletter update, you know, medium that's that they have now, which is great from seller community. Um, but anyway, it was just really cool. I hope that they do that at every check-in because I think that was a neat way to actually hit on the things that people are caring about the most. And they said, you know, we got over this many questions about this subject matter, so we're gonna answer and kind of describe a little bit about that. So that was really neat. I think that was still Rebecca and Shaudi who were doing those QAs. Um, and then another thing that they talked about was the up and running grants because applications are open for that now. We will definitely be uh talking a little bit more about that. Um I think you guys both know this, but I don't know if our whole audience knows this. But I was actually a grant winner in 2021, I guess. And that changed like kind of my life. So it was a really big deal for me.
SPEAKER_01:Yeah.
SPEAKER_00:Yeah. Like, and it was honestly, the the money was awesome. It's like$10,000. And I think um, I'm not sure if it's exactly the same as it was in 2021. We are gonna do like a deeper dive on this and have the actual details for you guys, but um, but it is like a lot of money for a small business, and it super helped me just expand and scale. It was at a time that I was really super scaling up my business. And I would definitely argue though, that the everything else that came with the grant and being in that cohort of of grant winners changed my life more than the money changed anything. Like the money was amazing, and I definitely used it like you know, wisely and kind of did like some really key things with it that I otherwise would not have been able to do at the time. Um, but it was everything else that came with it. So I I'm not gonna say too much about that, but just to say that during this check-in, they were kind of promoting that program, they're doing it again. It's 50 winners. And I love that they made a point to say that even if you have applied before and you didn't win, apply again. And I just want to echo that from the rooftops because I didn't win the first time I applied, I won the second time. So it was completely worth the 20 minutes to fill out the application. Um, it is so legit. And trust me, there is way more than just money that comes from uh winning this grant, right? Like the whole like I would not be doing this podcast or part of the community at all if that hadn't been a thing. So that was just join.
SPEAKER_03:Everybody join. Yes, go and apply.
SPEAKER_00:You have absolutely nothing to lose. Yeah. So so that was like really great, and we will talk more about that. Um also just wanted to shout out to our friend Dallin McKee from eBay ads. He gave the greatest talk about ads, and I would really encourage you if you had registered for this event, go back and listen to what he had to say if you haven't caught it, because this is like this is like the spiel about ads that I wish every single seller could hear. Like, we have talked to Dallin in person about this numerous times, and it really like for me, it really helped me see, oh, this is not a one size fits all approach. This is why this is like when we say, like, you know, eBay ads is not just like another grab for cash from you. Like, it's really not. And he explains why it's not, and it makes so much sense. So, anyway, just go and listen to what Dallin had to say about that. That was super, a super great, concise, approachable presentation of like what it's all about and how to use eBay ads in a way that makes sense for your business and actually benefits you way more than the little bit more of a fee that you're paying. So, anyway, the big send-off of this event, the Summer Seller Check In was of course announcing the details of eBay Open in person, which is in fact going to be in Las Vegas at the Venetian, August 12th.
SPEAKER_03:This is a new 12th to 14th at the Venetian. So they've always used to go do it in Mandalay. So this is a new venue. So this is exciting.
SPEAKER_01:What was the response? What was the chat saying with that? Or were they were they shocked? Were they excited?
SPEAKER_00:Did they I don't think people were shocked? I feel like people were like, Yes, I thought it was Vegas, or I was hoping it was Vegas. I saw more of the.
SPEAKER_03:I guess it's like a a cool hangout spot already, too, you know. Everybody's ready to have fun and I guess also too, it's like because eBay hasn't done anything big in Vegas in a long time. Oh well, besides any other smaller meetups, um, but they haven't really conducted eBay Open again. So it being in Vegas like feels nostalgic.
SPEAKER_00:I think it's gonna be amazing, and I will be the first to tell you guys I'm definitely gonna be there. Are you guys gonna be there?
SPEAKER_03:We'll be there. There we go, Kenny. We're working on it. Glenn Glenn will make we'll make we'll make we'll find a way Glenn gets there. To get on their surprises.
SPEAKER_00:I feel like Glenn has to like play hard to get about this. Like maybe I'll be there. Yeah, we'll we'll see. We'll see.
SPEAKER_03:We'll give a real pick him up.
SPEAKER_00:Like, well, we'll either yeah. We'll either have to like make it a surprise that you that you're there or just clone you because you have to be there one way or the other. So we'll figure it out. We'll figure it out.
SPEAKER_04:We'll figure it out.
SPEAKER_00:Yeah, but it is gonna be awesome. They didn't say a whole lot of other details about it, but those are the main details that to make plans everyone's been waiting for.
SPEAKER_03:They did say that um I think was it sign up or tickets gonna be available? Later this month. Later this month.
SPEAKER_00:Yes, registration, yeah.
SPEAKER_03:Yeah, and I mean given the last registrations, it sold out, so it's gonna be exciting.
SPEAKER_00:So get ready to hit that button to register or whatever. Um, okay, well, that's enough of me flapping my gums. The actual topic for our episode today, that wasn't it. That was more of just an update. But Glenn has the topic. And as per usual, I don't even know what it is.
SPEAKER_01:So of course not.
SPEAKER_00:Whenever Glenn has a topic, those of us who like to plan don't get to know.
SPEAKER_01:So exactly. Alright, so we got a true or false uh niche edition for today's for today's show. Exactly, exactly.
SPEAKER_00:That's what it is. Okay. That's what it is.
SPEAKER_01:Yeah, so this is gonna be very interesting because obviously we have uh very, I would say very niche based on my store. I feel like Ken's a little both. I mean, because he could he could sell free people to you, and then he could sell you kicks the next day, you know? And I feel like Anna, of course, miscellaneous, you can sell anything. So we're kinda all you know in between and everything, all all three of us. Uh so I think it'd be a very interesting conversation on these true or false and how we believe. So I think we have five total. So let me give you the first one true or false.
SPEAKER_03:Can we explain? Can we explain our sta our answer? Oh yeah, you definitely gotta explain your answer. We don't explain.
SPEAKER_01:Uh true next. Get to the next one. Okay. Selling in one niche. True or false is easier to source. True or false. Selling in one niche. Easier to source. Kenny, answer. True. Anna?
SPEAKER_00:False.
SPEAKER_01:Oh, I like this. I like where this is going. Oh. Okay. Kenny. Kenny's gonna be a little bit more.
SPEAKER_00:I don't know why you're laughing, Glenn.
SPEAKER_03:This is like. Anna has to explain her wrong answer. What?
SPEAKER_00:You just want to hear my answer first so you know what to say in response.
SPEAKER_03:I I'll go, I'll go.
SPEAKER_01:Okay, tell us why selling in one niche is easier.
SPEAKER_03:Um in a most simplistic way, it is easier because there's less options. Um meaning let's say, you know, a store, right? Um let's say I sell electronics. There's there's less um places I can source electronics. Um, let's say shoes. Let's say, you know, I'm just niche guy, I'm just Nike store everything. So I I could count it, you could probably could count it in your hands how many stores. Right? You could go Ross, Burlington, Nike outlet, Foot Locker, Finish Line, you know, and that's it.
SPEAKER_00:Um Thanks for making my point for me. It's easier. It's easier.
SPEAKER_01:Anna, go ahead. Anna looks like she has like this ready which is dominated scar or something like that.
SPEAKER_00:I don't know. I think it's very poignant because my argument is exactly the same. There's fewer places to source when you're looking for one specific thing. Like I was gonna ask you, Ken, from your house in like a 20-mile radius, how many places are there for you to find the things that you want to sell in that niche?
SPEAKER_03:Like four.
SPEAKER_00:Okay. So for me, there's like twenty. So it sounds like if I was gonna go out today and go sourcing, it'd be easier for me to go find anything than to find one thing.
SPEAKER_03:Well, yes and no, because it's not like you can go to all twenty spots in one day. If we're just ending our day in one day, then you could though. Have you got it?
SPEAKER_00:If you're not finding anything, you just move on to the next one instead of oh, I have all my eggs in these four baskets and none of them have anything today.
SPEAKER_03:Yeah, it's easy. So if you go out and you don't find anything, it's easy.
SPEAKER_00:It's so easy to find nothing. My day's I love it.
SPEAKER_03:Um But but but you you did limit me to radius. So that's when the hustle comes in.
SPEAKER_00:So you are limited to radius. Oh, I can't. Because it takes you time to go further radius. Yeah, but it will take you more time and effort and gas. But I will I will I will yes and no myself for your benefit here too, because like if you're looking for things that are of higher value, for example, like there's no guarantee that because I have 20 places to look and you have four places to look, I'm gonna find that valuable of things.
SPEAKER_03:Yeah, that is the caveat. Because you could go against v value and volume, right? Like it's both hard, I guess.
SPEAKER_00:But right, it's kind of like what how do you define it being easier? Like what does easier mean? For you it's like it's simpler. There's not as much like Yeah, yeah, yeah.
SPEAKER_03:That's that's kind of like how the easy means for me. It's simple.
SPEAKER_00:But it could be a simple goose egg.
SPEAKER_03:Yeah, or it could be like, oh, a hundred dollar shoe right there. You know, like it's like you could you could see it, right? It's like more concentrated. So yeah, that's that's I think uh two good takes. I think I think two good takes that there's easy means there's a lot of options, or easy means it's simple, there's not a lot of decisions.
SPEAKER_00:So Glenn, are you gonna take sides?
SPEAKER_01:Yeah, so in this in this particular uh answer, I I believe it is actually easier to source when you're doing more of a miscellaneous thing. The reason why I say it's easier.
SPEAKER_04:You have that both.
SPEAKER_01:Yes, the reason why I say it's easier is because you do have more options to hit. Like if you want to do the garage sale thing, if you want to do the um I don't know, like swap meets and things like that. If you want to do the thrift stores, if you want to do Facebook Marketplace and source on there, you're if you know what you're doing and you know what you're talking about, which you may not be an expert in everything. But if you have a general idea of what sells well and what sells well.
SPEAKER_00:Definitely not.
SPEAKER_01:I believe it's easier to source, you know, multiple That is true. Just stores and locations and things that, you know, if I'm looking for a specific thing, I may not ever find that at a thrift store or may not ever find that at a garage sale.
SPEAKER_00:It's like it's more expensive than that.
SPEAKER_01:When I do the garage sale stuff in a way. Yeah.
SPEAKER_00:Like if you're just like, I have to find things today, then you will more likely find things.
SPEAKER_03:Would would you agree if if you're early on in your reselling Right, I think that's the most valuable option. That's the easiest to do. Yeah, for sure. Right? Anybody early on. But to scale after four years, you gotta be able to pinpoint and niche down somewhat some way to actually because now I'm thinking, okay, like the amount of money you'll make, right? Because we never talk about the amount of money we'll make. Because we get everybody sourced everywhere. So yeah, I I agree. I think there's levels to it for somebody that's kind of like if your time is limited, I say, you know, like you you have to spread your um sourcing up, you know, like you have to go to different stores and you can't it's hard to niche down if you have your your time is limited because it takes more time to find kind of like the gems um and location like Anna's uh mentioned, if I have to drive further, then sometimes I might might not be back within a day.
SPEAKER_00:So I'm totally standing by my answer that it is easier, but I'm also gonna say the next step from that is but easier isn't always better. Because even in like Ken in our conversation about um if we had to start over, right, how we do things differently. One of my top things was like I would basically niche down even across multiple niches, right? I would just get more specific and more focused way earlier than I did.
SPEAKER_03:Yeah. Cause because niche down doesn't mean like items, it could be uh price, right? Like, because let's say I sell five items to five hundred dollar items, right? You could niche down to like okay, my minimum is thirty bucks. So that that's kind of like how I niche down so fast early on, because cause my$100,000 strategy was like buy buy for$20, sell for 60. That was it. If it didn't fit there, I didn't want it. So that could be a niche down.
SPEAKER_01:Well, it's kind of funny because it leads into our second one. Um so true or false, selling everything and anything on eBay means your operation is more complex. True or false? Selling anything and everything on eBay means your operation is more complex.
SPEAKER_02:Kenny True. True. It is more complex if you sell anything and everything on eBay. Anna?
SPEAKER_00:I agree. Oh I hate to say it, but I agree.
SPEAKER_03:Alright, Kenny, go ahead. Tell us why. Um, I mean, it's more just think about the boxes. Just boxes, like the packing and kind of just like the estimating how how long it'll take you to ship, right? Like, if I'm looking at kind of like my operation now, I only have two boxes of shoes and everything's polybag. Like, yeah, it's it's hard for an order to hit my eBay account and be like, oh no, I don't have that box, or oh, I need to pack this, or I need to have X amount of time. So I'm gonna just keep it on the shipping department and I'll give the others to Anna.
SPEAKER_00:Oh yeah. Totally. It's just not as streamlined. The the level to which you can streamline is just lower because across the board from listing and knowing about category-specific stuff to storage. Um, even like photos, right? Like how big is your photo booth setup and um yeah, how are you storing things? Like, yeah, for sure. I just think everything about it. I mean, that's honestly one reason I have started kicking certain things out when I'm sourcing things I would have uh probably otherwise picked up. Like, unless they are super worth it, like demand and like like price-wise.
SPEAKER_04:Value, yeah.
SPEAKER_00:Yeah, value-wise, I'm just not gonna pick it up anymore because it's preventing me from streamlining further. Right. Um, so yeah, I think it is more complex, which in some ways gives you more opportunity, but that comes at a cost. So sometimes it is worth it and sometimes it is not. Just because it's more complex doesn't mean it's more worth it.
SPEAKER_01:Yeah. So I mean I agree. I think it's definitely more from selling like if he disagreed with us on that one.
SPEAKER_00:I know that'd be scandalous.
SPEAKER_01:I know. Selling Disney statues and stuff already was like from the very beginning of like garage sale stuff. That was like probably one of the bigger items I've ever sold, like sold, and how to get that shipped out, and even taking the photos was you know, kind of rough too and weird, and just trying to figure all that out. I mean, everything that's random, it's definitely gonna be complex from like you guys said, photos, the listing, the weight of this item, shipping it out, the box of the item, everything that comes with.
SPEAKER_00:Yeah.
SPEAKER_01:Alright, let's get to the next one. Selling in one niche on eBay can be kind of boring.
SPEAKER_03:Let's define niche.
SPEAKER_00:Let's define boring.
SPEAKER_01:Is that is that category? Um I mean it could be Yeah, I would say category. I mean for the most part. Can be boring. Selling in one niche on eBay can be boring. True or false?
SPEAKER_00:Well, true. I don't know why I almost said false. True. True.
SPEAKER_01:And I said true. Kenny is true. It is true. Oh, Kenny said true. It is true. Okay.
SPEAKER_00:Um I'm just thinking if selling in every niche can sometimes be boring, surely selling in one can sometimes be boring.
SPEAKER_03:Yeah, in one niche is boring because and this is my reason because if you have a lot more constraints, right? If you have a niche, like just say category, I'm only selling footwear. Yes, there are brands, right? Different brands, but also like you know what the strong brands are. Like, for example, I have pledged to myself and JC that we're not picking up all birds anymore. Cause they suck.
SPEAKER_00:I just got some at a yard sale.
SPEAKER_03:Well, that's different. Like, retail are all birds, they're just not because like for some reason I think the boat has sailed on that brand, and there's way more discounted rate before, like it we people only bought that for retail, so now there are other um avenues where they could buy it, you know. And um I think I bought five, and every time somebody made an offer, it was like insultingly low, and they always say, like, I can buy this here for 30% off. So I'm like, Whoa, and and that was just me not knowing about it. So um yeah, it is it is boring at some point because it seems like you have to sell the same thing, the same hot thing over and over again. Um even if it's the same iPads, it's the same thing, you know. Um there's not much to it, right? Especially if you're super niche down, all you're dealing with is just sizes and quantity. You know, like that's it.
SPEAKER_00:Like it's so human nature though. It's just like, okay, yeah. Once you've like habituated to something, you're like, what else?
SPEAKER_03:Yeah, unless unless unless I'm glad. Boring might be fun for him. Mr. Mr. Consist. If I'm mistaken, consistent. Captain Consistency.
SPEAKER_00:Oh yeah. Boring.
SPEAKER_01:Oh, okay. No explanation why? Or you're just piggybacking off of Kenny's.
SPEAKER_00:I just, as a person, I'm easily bored, and um, that's one thing I actually love about having very miscellaneous inventory is that it is always not always, but like there are more novel experiences, and also I get to learn a lot. It's like I get to learn about stuff I wouldn't otherwise have ever encountered, you know, and it's interesting. I like history. I don't know. It's just like there's a lot more involved that is interesting to me as a person, other than like I like the different stuff itself. It's all the stuff that comes with it.
SPEAKER_03:After after Glenn's take, I have I have something to add on to this. Go ahead, Glenn.
SPEAKER_01:Is it boring? Well, my answer was actually gonna be false. So I don't know if Ken should go. It's false. No, no, no, go, you go, you go.
SPEAKER_04:You go.
SPEAKER_01:So my answer is false because I think the statement should be it is boring if you're not excited about the niche. Oh.
SPEAKER_00:But your statement was it can be boring. Oh can be. It can. I mean it is.
SPEAKER_01:Okay, it can give.
SPEAKER_00:It can. You know I'm gonna pick apart your verbiage.
SPEAKER_01:You're gonna pick apart my English language.
SPEAKER_03:Verbiage don't kill. Verbiage don't kill.
SPEAKER_01:It does!
SPEAKER_00:It matters.
SPEAKER_01:So I'm well, I think that I mean, yeah, anything can be boring. That is true. Anything can be boring.
SPEAKER_00:If you had said it is boring, I would have been like, no, absolutely not. That is an inside.
SPEAKER_01:So we have the same answer.
SPEAKER_03:We have the same answer. Oh, okay. What was your add on there, Kenny? My my my add-on was to kind of like combat the boringness. You can still be under same ni niche, but you just have to explore further, maybe dive in deeper to a point like let's say like you're a um you know you're uh you have a master's degree in finding, you know, Nike basketball shoes. Um but exploring deeper would be having another master's degree on Nike soccer cleats and then Nike golf shoes, you know, and there's so many more within a category of so unless you stop intaking more knowledge, then the highest that there's a high chance of it being boring.
SPEAKER_00:So I think so too. It's like curiosity kind of has to drive the bus whether you're selling across a bunch of different categories or not, and you're going to go like far and broad or you're going to go deep. Deep. Right.
SPEAKER_03:Yeah. As long as it doesn't wreck your process, right? For me, that that's my mentality is as long as it fits in the box. Literally in the boxes that I have. That way I don't have to go.
SPEAKER_00:Literally 15x10 by six. If it's in there, we're good.
SPEAKER_03:So I have a 15x10x and a 18 by 12 by 6. So those are the two. That's why the I bought some uh ice hockey uh blades. What do you call those? Blades.
SPEAKER_00:But you can't you're not supposed to use the body. You cannot use blade, Glenn. It's a skate, it's a skate. Yeah, it's a skate.
SPEAKER_03:Ice skates. Ice skates. I got viroled for the word blade. It's too dangerous. But but the crazy cool part uh the cool part about viro now is they don't delete it, they just put it on like uh under review. Yeah, so you can adjust it.
SPEAKER_00:That is cool.
SPEAKER_03:But that was the one thing that didn't fit in the box. And um but it fit in two boxes because you you know you just put them against each other. Um so it was it still fit in the box, but but if I didn't have anything that fit it, that would have been annoying. Because now you gotta make a custom box or you gotta go out, buy a Home Depot box, and uh That's when I think that's when I now start recycling boxes. Now I kinda learn from Anna a little bit.
SPEAKER_00:Like if it's a bigger box, it's like how kind of you to admit it.
SPEAKER_03:Yeah. Put that in the garage. So now my garage is a mess.
SPEAKER_00:I do that. I collect all kinds of boxes, and then about once a quarter I'm like, okay. Purging. I'm purging. I haven't used them yet. I will get more, like, yeah. I just can't keep them all around anymore.
SPEAKER_01:But so we're down to the wire. We got we have two left, but this one I think is really good. Uh selling everything and anything on eBay is less uh less risky financially. True or false? False. Selling everything and anything on eBay is less risky financially. True or false. Okay, Kenny says false.
SPEAKER_00:What do you think I'm gonna say, Ken?
SPEAKER_03:By now I'm thinking you should say false.
SPEAKER_00:You wanna tell me my reasoning? Yeah, it is false.
SPEAKER_01:Okay, Kenny, why?
SPEAKER_03:False on the caveat of you have to have at least$200,000 listed. That's it. Because it's very risky if you only have like you know,$50,000 listed on a very tight niche category because then the sell-through of that item is not us. It you don't balance it out. Um let's just say okay, I'm a just a sneaker seller, and what if I only sold Jordans and then the Jordans right now are at its lowest? That would like hit me hard. Um but also I'm not you know I'm a quote unquote sneaker seller, but I sell running shoes, golf shoes, soccer cleats, and and that. So it doesn't affect me as much when certain brands or styles go out of you know the trend, um, one of the others will pick back up. Um so so that's why you know when they say you're a sneaker seller, like it's different from just saying you're a Jordan retro seller compared to like, you know, what if you're a single brand, single style, like what if you're only selling Adidas Yeezys right now? You're toast, you're gone. You're you're you know, like your business upside down. Or what if you only sold yeah, what if you only sold panda dunks, you know, because they were$350 at one point, you bought you know five hundred thousand pairs and then now they're sixty bucks, like you're done. You're you're so so I would say like you know, like it's it's not as risky as what people think because uh again, if you're not selling in that category, you're gonna think like so extreme niche down, right? But but niche niche or category is not really that extreme. Because even if you say footwear, there's a million kinds of footwear. You just have to kind of like balance out against the brands, and it won't be that bad.
SPEAKER_01:Anna, what do we think?
SPEAKER_00:Yeah, I think I mean really the word I'm taking issue with is because it depends. It really depends. I think that, you know, for me, like selling miscellaneous, selling not in a any one category, like that is a way of diversification, but just like Ken just demonstrated it's not the only way to do diversification. And the I think pitfall of doing that for most people, including myself, who has done lots of experiments over the years, has purged lots of stuff from her store in the last couple of years, is that whatever like deep knowledge about something you lack might be costing you, especially costing you opportunity, right? So like maybe I don't know, maybe you have really regular sales, but maybe they're like they take longer than you want, or they don't sell for as much as you want because you're not as deep in the knowledge of like every single category that you sell in. Now there's always a balance, right? On either side of that, there's a balance. Um, so you have to figure out like what rhythm kind of works for you, but yeah, I just don't think that inherently having a whole bunch of different kinds of things all by itself is what makes it less risky. Yeah. I think diversification, period, makes it less risky, but that's only one way of doing it. And you it's not necessarily a surefire way of doing it either if you're not doing it well.
SPEAKER_03:It could be a true statement that diversification is risky because then you're not expert in any of those. Yeah.
SPEAKER_00:Jack of all trades, master of none. Yeah.
SPEAKER_03:Yeah. So then you're just, you know, you're taking a way lower ROI or you're selling low profit items because they were easier to get. Right. And and um it could bite you because then there's way more then you're running a really complex operation.
SPEAKER_00:You are, but you're never bored, which for some people pointing at myself here, is a very high value.
SPEAKER_03:Keep making boxes.
SPEAKER_00:Right. I guess I look at you're intimately familiar with so many different shipping services, it's not even fun.
SPEAKER_01:Oh, all of them. I guess I'm looking at it as like a buyer perspective, and if I have okay, let's say I did have a bunch of Yeezys. I'm sure I can sell those Yeezys a lot quicker than a bunch of random stuff, though. Would you think that, Kenny? Let's say if I was really I was really down to where like I needed money now. Yep. I mean, you could take whatever offers you want on Go and StockX. You can sell them at a starting at a dollar and whatnot. Now if I have let's say like uh a little bit miscellaneous from a little bit of everything, and let's say I have like a instrument, I have a tuba over here, and then I have like a Oh Lord, not just a tuba. So random stuff. I feel like it'd be a little bit harder for me. I mean, that doesn't really it I guess make sense from like a I don't know, financial situation to where I'm gonna be able to do it. It's hard to liquidate it.
SPEAKER_03:Yeah, it's hard to liquidate, you know, because then I'm be I I have to confirm. Yeah, I have to sell it to Glenn, I have to sell some to Anna. You know, like now you're having to like piece it all out rather than like, hey, I have uh all brand with tags t-shirts, all brand with tags hats. Then all of a sudden it's like, oh, I'll take all at five bucks apiece or twenty bucks apiece. So then I think also that's you know, like easy. Like wholesale negotiate. Yeah, wholesale it out. Like like so you could do that. I mean, if you're really in the end of kind of like financial struggle or you're about to lose money on certain items, you could still liquidate it.
SPEAKER_01:Yeah, I guess when I'm looking at it from the statement was saying like financially, I guess, you know. And that's what I would say you can you can try to get that money back. Or at least partial, or at least most, or maybe even half. If you needed to get it back. It's hard to lose money. It's hard to lose money.
SPEAKER_03:Or maybe it's hard to lose money or half.
SPEAKER_00:Well, and you know, we talk about this all the time, and we certainly didn't invent it, but like you make the money on the buy. So if you bought it cheap enough, like, yeah, you there should be a scenario where reasonably you really can't lose even if you only make your money back, right? Like you've lost your time, I guess, at that point.
SPEAKER_01:But yep, that's it. Alright, so I have one left, and this one's kind of like a weird. I'm trying to like get this statement correctly so that um because you know I'm gonna take it apart.
unknown:Sorry.
SPEAKER_01:I was trying to like word it right, and I don't think it's a good one.
SPEAKER_03:Yeah, Glenn, you might have to run that to chat G. Send it to me in the chat. I'll word it. Can you rephrase this so uh Anna Miscellaney cannot tear it? Yeah, it's impossible.
SPEAKER_04:Impossible.
SPEAKER_01:So yeah, I don't even know how to word this right. Okay, true or false, selling in one niche increases your potential of competition.
SPEAKER_03:Alright, Anna, correct the statement. If it needs to be corrected. Can you explain the statement? Can you explain the statement, Anna?
SPEAKER_00:You know, you know, so it increases selling in one niche increases your competition.
SPEAKER_01:Yeah. Or potential for competition.
SPEAKER_00:That's really interesting. I don't think there's I don't think there's anything wrong with the question. No, no, no, yeah, yeah.
SPEAKER_03:It's a good question. It's a good question, but can we be more specific on the earlier end? Um selling means like am I like gonna dominate the space or am I just gonna be an average?
SPEAKER_00:Let's say listing. Let's say listing in in uh what is it, in a niche, or is it not in a niche? How was it phrased? Say it one more time.
SPEAKER_03:Selling, selling in a niche.
SPEAKER_00:Selling, selling increases your competition. Potential for competition.
SPEAKER_01:Potential, yeah.
SPEAKER_03:Alright, I think the statement's fine. I think we can we can watch it.
SPEAKER_01:What does Kenny think?
SPEAKER_00:Yeah.
SPEAKER_01:You think that's true? False?
SPEAKER_03:I know, because I don't want to be too like complex on my explanation. That's what I'm trying not to. Um I'd say true. I'd say true. Okay. I'd say true. Because you know, there's some YouTubers that ruin the market.
SPEAKER_01:That was the point I was getting to.
SPEAKER_03:Side eye. You know, like um, so yeah, true. Uh, because it's when you talk niches, you have these marketers that target niches and categories, so it's easier for them to ruin. And that's what always say, right? Gary V said this anything good will get ruined by marketers eventually, so you gotta move on. Um, you know, like, and then there's just gonna be competition's gonna get fierce, and if you don't have brand recognition, it's gonna be a race to the bottom price. Uh so yeah, it is true. But Anna? I mean, I think it's a great explanation there.
SPEAKER_00:I heard a butt. What was your butt?
SPEAKER_03:But it doesn't mean that I'm gonna rise above the competition. So that's my take.
SPEAKER_00:Yeah. Um, one more time for the good listeners. What's the question?
SPEAKER_01:Oh man. Uh true or false selling in selling in one niche can hold on.
SPEAKER_03:Um, yeah, potentially can increase your competition.
SPEAKER_00:Okay, so the word potentially makes me say, like, well, of course it potentially does.
SPEAKER_04:Yeah.
SPEAKER_00:But I think that actually needs to be in there because really ultimately my thought about it is it super depends on the niche. Like, how hard is it to find stuff in this niche? Like, you know, I live in a house that was built in 1908, and we have uh an antique bead curtain called a portier. There's like two on the whole internet. Well, if my niche is portiers, like, am I gonna have a lot of competition just because I sell in that niche? No.
SPEAKER_03:Good take.
SPEAKER_00:Because it's really freaking hard to find them. So what about you know, and and maybe Gary Vee is right, maybe eventually that will be ruined. But it super depends on also like the demand and like the availability of the stuff in that niche to anyone, right?
SPEAKER_03:Well, let's give it to a point that livable income. Because if you that's too too niche that you can't really live on just.
SPEAKER_00:Unless I sell one a year for a hundred thousand dollars.
SPEAKER_03:Right, right, right, right.
SPEAKER_00:Which they're not worth that much.
SPEAKER_03:Yeah, so but yeah, like that's kind of like that's going to that level, yeah. But some would be too broad, but what would be the middle on your end? Because like it could be like you know, it could be just um like uh summer clothing could be that it, but then it would be a seasonal thing.
SPEAKER_01:Here's why I think it's true. Because let's say you're dominating, especially like something like Amazon, you're dominating in one niche to where like you created your own product and who's gonna find it first?
SPEAKER_02:Yeah, yeah, yeah.
SPEAKER_01:People that want to copy your product, slap their logo on it, call it their own.
SPEAKER_00:It's not even a good logo.
SPEAKER_01:Yeah, and they're trying to outrank you. Why why how do they figure out your product was doing so well? Because they're constantly researching these products. Yeah. And if something is selling well, I want to create something that's gonna go against you, even though you were the first one there, and I also want to sell and make money.
SPEAKER_03:Yeah. No, so that was the same kind of like idea with like the Amazon merch, Glenn, right? They'll just tweak one of your designs and undercut you and you're out. Yeah. Eventually. Exactly.
SPEAKER_01:It's the same thing as YouTube. I mean, when um I forgot this guy that he was like the first one that I really saw do like unboxing Amazon return palettes or something like that. And once like a big YouTuber caught on that these are doing so well, that big YouTuber made even more ad revenue, more views, more subs because they noticed it was doing so well.
SPEAKER_03:Yeah, because somebody any any big what big has big following, has a big budget, just swoop in and just has the word hacks in their name. Yeah, imagine if like Mr. Beast finds out reselling and he'll just make a challenge.
SPEAKER_00:Someone should tell him. Have you heard of reselling?
SPEAKER_03:Yeah, have you heard of reselling?
SPEAKER_00:No, I'm busy private labeling everything.
SPEAKER_03:Dude, the dude would just buy Ross.
SPEAKER_00:Oh my gosh.
SPEAKER_03:He would just buy Ross and make a challenge out of it, you know, and source it.
SPEAKER_00:Would it be just like beast dress for less, or would it be Ross Beast for less? Dress for beast dress for beast. I like dressed for beast.
SPEAKER_01:Yeah, I like dressed for beast.
SPEAKER_03:Yeah. Imagine doing that, and then he'll just create a Ross video and everything's just staged because he owns the store. Yeah, exactly. Dude, that's what we need to do, Glenn. You won't you wanna pop your store back up? We'll just buy one store and we'll just No, we we don't even have to buy a Ross. We'll just rent a space, we'll just make it look like Ross.
SPEAKER_01:Well, like big lots, those always those have been going on.
SPEAKER_03:And every time you go in this warehouse, we'll we'll stage it, and you just get millions of views.
SPEAKER_01:I mean Spirit Store, they they get into these locations all the time. Yeah.
SPEAKER_00:How do they do it?
SPEAKER_01:We can definitely do. I don't know. They're quick.
SPEAKER_00:They're so quick.
SPEAKER_01:Anything that has an opening that's like a pretty good square footage, they're in.
SPEAKER_03:Yeah, whoever their negotiator has to be really good. You know, it's like they they go in, it's like, oh, that's been empty for six months. Let me use it for two months and I'll pay you. And then I'll be yeah, right. I'll be back next year. Yeah, maybe. Maybe because they're gonna they're gonna find somebody that's gonna say yes to a cheaper rent. Right? Because like, oh, the other store, we can go back to them for$2,000. Do you want to beat their price? Yeah.$1,900, we'll go this year. Yeah. Oh man, that that's so cutthroat, though.
SPEAKER_01:It is. These guys are on top of things. Because also they bring foot traffic all the time because it's like Halloween.
SPEAKER_03:So, like, yeah, they'll bring value to the store next door. Yeah, exactly. Or they could be like, hey, Ross, I'm gonna bring Spirit Halloween next to your store. You pay the rent next door.
SPEAKER_00:Because we're bringing you the foot traffic. I love this idea.
SPEAKER_01:That's what we need to do. Ah, that's true, man. Spirit's so smart. And they're even doing Christmas ones too.
SPEAKER_00:What?
SPEAKER_01:Yeah, they do Christmas ones.
SPEAKER_00:Spirit of Christmas?
SPEAKER_01:Yeah, like once Halloween is Christmas.
SPEAKER_00:Christmas past or Christmas future? Which spirit of Christmas is it?
SPEAKER_03:That is true, huh? They should just convert it, right? And that would that would eliminate Michaels and all those Hobby Lobby. Yeah, Joann's is already gone. Oh yeah, Joanne's is gone.
SPEAKER_01:So once Halloween's done, they just start bringing in the Christmas stuff.
SPEAKER_03:That is so smart.
SPEAKER_01:Yeah, then they're gone in January.
SPEAKER_03:So then they just stay for February.
SPEAKER_00:That is wild. Spirit of Valentine's Day. Spirit of St. Patrick's Day.
SPEAKER_03:Um, there yeah. They have to. There's something about short term for them that that really makes them. Seems like it's marking.
SPEAKER_01:Yeah, you know what I like about that, Ken? You can chill all year until it's time to shine. Oh, Q4? Oh, okay, we're ready.
SPEAKER_03:So you're saying we need to design our store just Q4. Yeah, I like that.
SPEAKER_00:The Q4 store. Can that be like a seller club project?
SPEAKER_03:Q4. We should do that. We'll have an eBay store and a whatnot for a whatnot account that just goes live for 90 days.
SPEAKER_01:And then you're just you just ghosted all the other they don't even know you're even still around by the time that it comes around again.
SPEAKER_03:Yeah. Well, you start in uh you start in what October, right? By the time November, you already built your following. And then you just sign a three-month discounted uh contract with one.
SPEAKER_01:And then you're just gone.
SPEAKER_03:I'll see you next. See you next Q4. Dude, that is a good life. We we need to that that is a topic. We need to design the good life. Well, yeah.
SPEAKER_01:You just get to chill most of the year.
SPEAKER_03:Yeah, or you w if you wanna you you pick, you grind Q1, Q2, Q3, and take Q4 off, or vice versa. You grind Q4 and then take the rest of the year off.
SPEAKER_01:Okay, we'll think of something. That's our next topic. We'll we'll figure that out.
SPEAKER_00:Okay. I like this idea.
SPEAKER_01:Alright, anything else before we go? That was all five. I mean, you guys knocked them out, so.
SPEAKER_03:So, so okay, last question. Um, true or false?
unknown:Uh-oh.
SPEAKER_01:Here we go.
SPEAKER_03:Niches is the way to riches.
SPEAKER_01:Oh dare you. It even rhymed.
SPEAKER_03:Anna. And true.
SPEAKER_00:You know what, Ken? I'm gonna throw you a bone. I'm gonna throw you a bone. I'm gonna say yes simply because you said niches, which is plural, which means as many niches as I want. 27 niches.
SPEAKER_03:20 seconds. You tore the statement apart already.
SPEAKER_00:Thanks for giving me a loophole there. I appreciate it. Gwyn.
SPEAKER_01:And I agree with that. Gwynn.
SPEAKER_00:True or bone. I feel like I'm winning. Why do I feel like I'm winning?
SPEAKER_03:I know, because you always tweak the statement.
SPEAKER_00:Well, be more specific.
SPEAKER_03:That is true. Well, that is it for today, guys. Um, we just want to huge shout out to eBay, the sponsor.
SPEAKER_00:You had as much fun as we did.
SPEAKER_03:I know. Hope you had fun. Um, make sure you follow eBay for sellers to keep up with all the updates that they're doing, and also make sure to keep an eye out for eBay Open when they sell the tickets. Hopefully, we'll see you there in person. Follow them on Instagram at eBay for sellers and also other sponsors, sell a ledger. Make sure you follow them on Instagram as well. We will see you on the next episode. And he see ya. Bye bye.