The 10 Point Plan -
Welcome to another of our guides.
In this guide we will try to assist in putting together a number of jewellery pieces to start your own Party Plan business.
The 10 points -
1. We recommend buying quality items - you won't sell any items if they are not quality products.
2. Bid only to a price that allows you to at least double your money - remember that shipping costs should become part of the overall price. If the item has a $10 shipping fee and you plan to sell an item for $200 the maximum you want to bid to is $90- Start off with low bids, never go over your pre-determined price (hint- write down how much you are prepared to bid and never exceed it, not even by 5 cents!). Don't worry too much if you miss out on winning; if the bids are over your budgeted price, let it go! Choose a 2 or 3 sellers who are listing 15 or more quality items daily. Many pieces of jewellery are in fact sold at less than what the sellers have paid for them. On average 50% sold at a loss, 20-30% breakeven, the balance at a profit (sometimes big, sometimes small). If you get the item at less than your budget, excellent! This way you will at least double, maybe triple or quadruple your money!
3. Combine as many items in the one order as you can - contact the seller before bidding, ask what their deal is on multiple combined purchases/wins. Most will send all at one time and this will reduce the shipping costs and allow you to then bid a few dollars more on each item. Some sellers may require a deposit along the way to satisfy them that you are a genuine buyer.
4. Start with at least 20 items for your first Party Plan - nothing worse for the hostess to invite 10 people to look at 7 or 8 different items. Each person wants to be individual in their selections.
5. Don't only buy what you like! - We made this mistake when we first started selling on eBay. Guess what happened, we got to keep most of what was selling or sold it for huge losses. Research what people like, if there are 1,000 items being sold in a certain area and you see the same item appearing more often than others, then most likely it is a popular item (even if you don't think so). There are exceptions though!!
6. Display your items - remember to display your items in attractive casings. There are quite a few sellers who have very attractive display cases.
7. Offer a FREE gift with their order - maybe just a ring case, maybe a jewellery bag in velvet.
8. The Hostess - probably your biggest salesperson. Make sure you reward their efforts with a FREE gift or a percentage of the sales.
9. Recruit - Without the next Hostess to help plan the next Party your sales will dry up quickly. Offer incentives for a guest to become a hostess.
10. HAVE FUN BIDDING AND SELLING! Life is too short, may as well enjoy it along the way!
One more point to add - don't spend all your profits. Put them back into the business. For each Party you have put at least 50% of the profits back into stock. Eg: If you retail $500, profit $250 less hostess expenses, etc ($50.00) leaves you with $200 profit. You need to now buy $350 stock. ($250 stock sold plus $100 profit). The other $100 you can decide. But at least 50% of profits back into stock! If you did this just one night a week and you added 2 pieces ($50 cost each) from your $100 profit, starting with 20 pieces, in only 10 weeks you would have 40 pieces (and also have an extra $1,000 in your pocket).