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March 6, 2008Setting up your own business for consignment sales is very risky especially if you don’t have enough idea on how manage it. You need to please both the buyers and the consignors, where you get the products for some commission.
1. Design a consignment agreement (a contract), and send it to the owners of the merchandise before they send you their items. Doing so ensures that all policies are set up in advance and that no questions will arise after the transaction has begun. Make sure that you state the percentage commission you get from the final sale and how you are going to take care of the items unsold or inventories.
2. Have the owners sign and give the agreement to you (the consignor) along with the item. Talk and communicate with your consignors. Consider them your valuable assets in the business.
3. Research the item based on past sales so that you can give the owners an estimated range of what the item might sell for on eBay.
4. Photograph the item carefully and write a thoughtful, selling description.
5. Handle all e-mail inquiries as though the item were your own; after all, your fee is generally based on a percentage of the final sale.
6. Buy an accounting software that can help you manage you consignment sales records and inventories.
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