I know there are some retailers on this forum, and I'd appreciate any advice or experience they could share. My friend has bought some excess inventory from different sources, and I've agreed to help him sell them at the swap meet. Unfortunately, he didn't realize the importance of reserving sundays and he also ended up getting a spot at the worst local swap meet. Last weekend, after 9 hrs, we ended up breaking even. This weekend, we're going to need a game plan formulated. I've already planned out changes to how we displayed the items. We've got some nice fancy metal stands to display the items, where I'm going to display all the items with the highest mark up on eye level and anything that might appeal to children on the bottom level. And, I'm going to try to put all the best sellers or anything visually interesting at the entrance to try to attract people. But, we're arguing about the pricing. Is there a pyschological barrier that people don't want to exceed in terms of price. For example, last week, we tried to sell some items for $20 that I feel we should have tried to sell for 19.99 or just 19. Of course, most of the items are much cheaper than that, but is there also a barrier price on lower items as well? Then, there's the issue of people haggling. Do we price the item at say $20, when we expect people to haggle it down to 19. Or, will the listed price discourage people from wanting to buy it if they are willing to pay only 19? And, what does everybody do with the issue of storing excess inventory. I calculated it, and when we need to start renting space, we'll start losing point at that point. And, is there any way to get around the sales tax we pay or all the other taxes, other than underreporting sales. I just find it hard to believe to believe the need to pay sales tax for items sold at the swap meet.
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12/7/04 at 8:29am