- Avg. revenue /month$50
- Avg. sessions /month1,998
- Avg. profit /month$1
- Inventory value$20,000
Why this business was started
I started the business in hopes this could be my retirement business. I love traveling to Europe - going to the markets, meeting vendors, finding that unique piece not found anywhere else.
The reason of selling this business
I don't have the time necessary to invest in making the business successful. The amount of time I should spend on the parts of the business I don't enjoy is much greater than the time doing what I enjoy.
I had a sweet deal on a storage space which meant I could hold the inventory with low expenditure. However, the location sold at the end of 2020 which was the tipping point for me when deciding if I wanted to keep the business.
Additionally, I made some really costly mistakes in inventory buys early on which hurt my confidence. I don't believe I share the same tastes in what US consumers are buying which is tough for me to fill the site with the right products.
Lastly, I don't have a truck or van to transport items. Therefore, every time I need to transport a larger piece I have to either hire someone or rent a vehicle - adding an additional expense. I
What's involved in running this business
That is a tough question to answer because I haven't spent the right amount of time on it.
Outside of the travel to Europe, shopping the online auction sites is where I have found my most profitable items. Once they are purchased and received, there is the photography. I have taught myself the basics in product photography and then send the images to a low cost service for placement onto white backgrounds. Placing the items online is really straightforward. The items are also placed on 1stdibs (recently ended that contract) and Chairish sites. These two sites are the drivers of the vast majority of my sales.
I hire out the blog and social efforts. Additionally, I have been teaching myself chalk painting. These items have nice margins but I don't have the time to paint more.
Traffic and Performance
- Avg. revenue /month$50Verified
- Avg. sessions /month1,998Verified
- Avg. profit /month$1
- Inventory value$20,000
- Profit Margin1%
- Avg. sales /month6
- Shopify plan
- Inventory warehouse
- 1stdibs fees mostly and social/blog writer
- Shopify and GoDaddy feel mostly
- Utilities, photography, movers, shipping are the majority of the expenses
Logo and branding assetsFiles will be loaded into Dropbox.
Personal support after saleI will be available for up to 3 months, 10 hours per week via phone or video conferencing. I will be available from 8:00 am to 5:00 pm Eastern Monday - Friday and am willing to work with the buyer on weekends and evenings, if needed. Additionally, for the first month, I would expand it to 15 hours per week. I will provide guidance on what has sold profitably and what has been more challenging. I will provide a list of contacts I have from my European vendors and explain the sourcing process I go thru. Review how to set up products and photography settings. Provide contact information for social person.
Product photosFiles will be loaded into Dropbox.
SuppliersI will provide all the contact information for resources I have in Europe. Additionally, if interested, I will provide an introduction to my rep at Chairish and my previous rep at 1stdibs.
How to grow this business
Growth could be driven by expanding the assortment to include more small goods which have faster turns and a higher margin rate. Spending in marketing - expand social reach by boosting posts, paid ads; adding back in optimized Google and Bing ads, potential LinkedIn ads/outreach to designers in high-end markets. If I had the time, I would spend more time on the auction sites finding the small goods which have high profit margins and then make sure there are enough larger pieces to make the assortment complete. Additionally, I would go back to investing in PPC and display. There is opportunity in FB and Insta which I haven't leveraged outside of organic social. One of my original ideas was to have artisans from various trades on the site and build relationships with them.
Skills to have
If the owners wanted to keep it as an antique business, knowledge of antiques is beneficial. However, one of the things I love about the name is that it can so much more than just antiques. A love to for travel to Europe (once Covid is over) is also helpful as it makes the brand more authentic.
Knowledge of social marketing will be helpful in continuing to build the social community. Additionally, reading Google Analytics will help making decisions on abandon carts, site traffic and such. I also found being able to do online research on auction items is important. At launch, I spent a fair amount of time setting up PPC campaigns in Google was beneficial in generating buzz and site traffic. However, I needed to spend more time optimizing the campaigns to weed out the bargain seekers. Setting up items in the Shopify platform is straightforward, but is essential assuming the business stays on Shopify.
Our features for a secure experience
- Verified revenue and traffic
- Secure messaging platform
- Escrow payment system
- Dedicated migration team
Why use Exchange?
Exchange is the largest and fastest-growing marketplace for Shopify e-commerce stores
Verified listing data
The revenue and traffic data that you see on each listing is pulled directly from its Shopify account. This means that the data has been verified. Exchange reviews and monitors listings for thorough and accurate information.
Secure messaging platform
You will be able to communicate with sellers via a secure messaging platform. After you log in and request information from a listing, sellers are notified and have the ability to respond. When you are ready, you can make an offer.
Encrypted payment capture
Exchange and Escrow.com have partnered together to provide you with safe transactions that have bank encryption, making sure that payment is securely captured. Escrow.com ensures that its users pass verification checks before transactions can proceed.
Take time to inspect the business
Once you submit payment to Escrow.com and the payment has been secured, the funds are held until you confirm that all assets received are as negotiated. You can use the inspection period to ask the seller any extra questions about the business.
Safe store transfer
When the transaction is finalized, the dedicated migration team at Exchange will begin the process of making you the new owner of the store. Buyers and sellers will be notified via an email from the Exchange team once store transfers have been completed.
Post-purchase 24/7 Shopify support
Once you log into your Shopify account for the first time and choose a subscription plan, Shopify Support Gurus are available 24/7 to help you with the settings of the store.