Creating Extra Income Through Consignment
The New Year is here and post-holiday bargain hunting is in high gear: it’s an expensive time of year. But it can also be a time to bring in some extra income if you’re clever. Many consignment stores have seen great success the past few holiday seasons due to their affordable prices and the influx of brand new and gently used items. And many consigners have benefited financially from their success.
When was the last time you cleaned out your own or your kids’ closets? Get some Christmas gifts you’re not exactly thrilled with? No gift receipts? Unworn gifts (scarves, sweaters, slippers) or clothing may make a nice find for a shopper at a consignment store.
Not sure how the consignment process works? It is usually fairly simple. Visit the local consignment shop of your choice (most only deal with apparel, shoes and accessories) and ask about their policies. Sometimes the owner will have you sign a contract stating that a percentage of the sale, anywhere from 35-55 percent, will go to the store, and the rest will be issued to you in the form of a check typically anywhere from 2 weeks to 2 months after your items have sold.
Most consignment stores will only accept new or gently used items. Make sure articles of clothing are clean or freshly laundered and bring them in on hangers or in garment bags if possible. Some shops seek relatively contemporary clothing while others deal primarily with vintage. Occasionally if you only have a couple items to sell, the owner will purchase the items from you outright with cash or a check. If you’re also in the market to do some shopping and like what you see at the consignment store, many stores will also trade items or issue you a store credit in lieu of cash or check payment.
Don’t have anything to sell or consign? Try shopping at a consignment store instead. The prices are usually around half of what department store retail clothing sells for. Most items are in great condition, hardly worn or sometimes never worn at all with the original tags still on them.
In the market for a designer handbag but can’t stomach the designer prices? Consignment stores can be a great alternative. Many shops also carry beautiful and unique vintage items that are hard to find anywhere else. Try doing at least half your apparel shopping at a consignment store to save some cash in the New Year.
Do you like creating extra income through consignment?