My SECRET WEAPON at the Thrift Store

Once upon a time, a nuclear reactor broke down. The technicians had worked and worked to repair but finally called in an outside expert. The expert walked around the reactor, focused on a spot and, gave the reactor one swift kick. It started up, whirring and purring like normal. When the bill arrived, the technicians were shocked. It was for $15,000! The Head Tech phoned the expert and demanded an explanation. "All you did was kick it", he exclaimed. Slowly and confidently, the expert responded, "Ah, but you have to know WHERE to kick it!" The bill was paid promptly.

Earlier in my life, I had a career in sales with multiple Fortune 300 companies and at times gave talks to groups of customers. To prove a point and add credibility to my expertise, I would lead my talk with this nuclear reactor story.

You see, that is the SECRET, your knowledge. It is your knowledge that tells you WHERE to look in each store, what you are looking at (trash or treasure) and, determines whether you buy an item or not. Admittedly, I am a second-generation, second-hand dealer (double the experience!), but with cell phones and computers, you can become an expert much faster than the 50 years it took me. Much of the hunt is common sense, yet there is so much more to being successful at thrift shopping.

Most resellers start by concentrating on one category of merchandise. It could be clothes, shoes, purses or accessories, home decor or wall art, fine art, antiques or, collectibles. Generally, they pick something they already "know about". In time, that knowledge widens, adding diversity to their purchases. Each reseller will have a different personal journey in reselling. That flexibility is a huge attraction to potential entrepreneurs. Viva la difference! Your trash is someone else's treasure!

My father taught me that YOU MAKE YOUR MONEY WHEN YOU BUY IT, NOT WHEN YOU SELL IT, so this is where I will begin.... buying at thrift stores, consignment stores and, ANY place selling second-hand items. Yes, ANY place - estate sales, garage sales, church thrift sales, school sales, NEVER ignore a source! And be prepared that every stop may NOT be fruitful. Be patient.

Thrift stores are by far the best and often, the most convenient source for merchandise. And even there, there are habits that you can develop that will increase your chances of finding the gems you seek.

First, learn everything you can about the store itself. If it is a small, private store like a church or school-sponsored store, they may need to turn items more regularly and frequently than the larger, corporately run thrift stores like Goodwill and Salvation Army. Check discount policies and determine the times and days they stock their merchandise. Some have certain days that are (WOW) 50% off, some have certain systems like color tags that indicate discounts, some have codes and some have special racks/areas/bins that are deeply discounted. Some stores only stock on certain days. Some will allow you to pick from the cart while the employees are stocking the shelves but at other stores, you may have your hand verbally slapped for doing this!

So common sense rule Number Two is dealing with management and store employees. Don't make them angry with you! You want them on YOUR side. Approach wheeling and dealing cautiously until you know the management. Some stores will accept reasonable offers if you feel the price is way over or if you find just a generally unacceptable flaw in the merchandise (but to you it does not matter). Yet in other stores, the manager has the authority to discount for a quick sale. SO DON'T BITE THE HAND THAT MAY FEED YOU!!!

Third, visit the same stores often. This allows the management to get to know you and see that you buy regularly. Usually, managers are held responsible for the volume of their sales and will look kindly on customers that are both regular and big spenders. As it almost always will, it pays to be nice. Depending on the relationship you have built, you may feel comfortable letting the manager know what type of items you look for. I have had many times when a manager would be eager to let me know that they "just got one in" and would escort me to the "back" where he had saved it for me.

Another benefit of frequenting familiar stores is that it allows you to acquaint yourself with where they display items. You will learn the area of the store most likely to have what you want. During your visit, check there first and again before you leave. Merchandise may have been added or someone may have decided against an item.

Depending on how wide your interests are, you should explore the rest of the store after checking your special area. Developing a general knowledge of the value of other goods you may find in the store can lead to unexpected purchases that will make you money once sold. Keep your finger on the pulse of your local market for what is hot and trendy.

Where you are reselling will determine your interest. It is smart to have multiple resale markets. Smaller, easy-to-ship items or large expensive items worth shipping are fine to sell online. Check out high-end consignment stores that are a step up from thrift stores, or antique stores or, antique malls (for collectibles and vintage items). You might be able to resell directly to an antique store or have a small area in a mall yourself. Here again, your journey into the second-hand world will depend on your personal choice to develop markets and sell at different outlets. Although they can be resources to turn more merchandise your time constraints and, your financial goals may determine how hard you want to work to develop other markets. I have at times purchased brass and copper which I can recycle by the pound for fair money. Just know there are many options if you look for them

Because we are all humans sharing this one planet, we should behave in socially acceptable ways while shopping. Try not to bring small children with you as they become impatient too quickly, can be loud and rowdy, and can even cost you if there is breakage. Learn to be patient with others who do bring their children as they may not have the option to leave their children at home if they are there looking for practical needs. Each person is at the thrift store for their unique reasons. Of course, you have the right to purchase any item there just as much as anyone, but keep in mind that many are there to meet basic needs. If there are multiples of practical (non-money-making items), don't be greedy. Be a compassionate citizen of this planet!

These hints are all good to make your journey into thrifting a good and profitable experience. But at the core of it all is the SECRET I shared with you in the beginning. EDUCATE yourself! Be like the guy who knew where to kick! Whatever merchandise you resell, learn as much about it as you can and, everything related to it.

Pricewise, yes, you make your money when you buy it but you will sell for higher dollars if you have in-depth knowledge of an item. What makes it desirable? Is it still being made or manufactured? Were there only a limited number made? Can you tell a story about your item? Stories sell items! With vintage, antiques or collectibles, knowing the history or provenance can mean the item will sell for many times more than the same item without a story. Generally more information, more dollars, more easily sold. If Elvis owned it, everybody wants it!

But more often than not, when you find that gem in a thrift store, you don't know if Elvis owned it! Almost everyone has been told hundreds of times by customers that they "know what they want when they see it". They buy on intuition. Many new resellers are in awe of those who possess this ability and even envy those who they think were born with it. But intuition is a learned skill, and anyone can develop it if they make the effort to study and learn.

The ring I bought? It was in an open jewelry box displayed on a counter, not even In a locked case. I had learned jewelry. I knew gold marks. I knew foreign gold marks. I learned the feel of gold, the look of gold and, the workmanship that usually goes with gold. The ring had two stamped initials and a hallmark. I knew enough that it was worth the $2 gamble, and the gamble paid off. I still own the ring and the current value is about $2,000. It has become a rare "keeper" for me!

The silver cup I found? It was stacked with a table full of silverplated items. I was examining each piece individually, but when I got to the cup, the weight was different. I turned it over and there were marks that I knew were NOT plated silver marks. I did not know those particular marks, but my intuition honed from knowledge told me it was worth more than $13. Brought it home, researched further and, found out it was an 1800's 800-grade silver mint julep cup by a Kentucky maker (think Kentucky Derby - mint juleps). I sold it for $750.

Knowledge is powerful! Learn your merchandise, whatever sources you can find. Is there a specialty shop selling what you are buying in your neighborhood? Frequent it to find out how they are doing and what their prices are. This can be a win-win because you can educate yourself and at the same time develop a potential buyer of items you find. Remember, specialty shop owners and collectors of certain items have studied those items for usually a long time. You can learn from them! Most enjoy answering questions and showing off their knowledge. If you prefer, researching online is quick and easy. It is like having a world-class reference library in the palm of your hand or on your laptop.

The real goal is to put money in your pocket. And knowledge is the SECRET weapon that no one can ever take away from you! Someone is going to find that gem in the thrift store, so give yourself the extra edge of knowing that it is a gem when you see it. You never know when you will find that Holy Grail that will boost your income and give you bragging rights!

Am I rich from being a reseller? No, but people have made fortunes. Rather, my journey has been an extension of a family business that sustained my parents for over 30 years in a decent lifestyle. My Dad once found a platinum bracelet with five rows of diamonds in a box of costume jewelry. I have sold designer clothes for hundreds that I purchased for less than $10. At times it was my total income and at times it was a second income. Look for and hope for such finds, but be realistic that most items do not yield such high profits, but can earn you dollars.

Then there is this: I know that I possess the KNOWLEDGE that any given day I can walk into a thrift shop and likely find SOMETHING that I can resell and put dollars in my pocket. This KNOWLEDGE is priceless. That confidence will always be with me.

WARNING: This is an addictive endeavor that ropes you in and never gives up, for which there truly is no cure! Happy hunting!