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How this product from the closet can make you 6-figures a Month…
This is the New Money Talks Newsletter, the newsletter packed with entrepreneurs' personal stories, real estate investing, financial tips, and more!
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What if we told you that you could make a fortune by selling something that you already have in your closet?
You might think now, “Are these guys crazy”?
But that’s exactly what this woman did.
She turned her love for fashion into a multi-million dollar ecommerce business.
And she did it without any inventory, any employees, or any experience.
Her name is Sarah Davis, and she is the founder of Fashionphile, an online platform that sells pre-owned luxury handbags and accessories.
Fashionphile is not a typical ecommerce store.
It is a community of fashion lovers who buy and sell authentic, high-quality, pre-owned luxury goods.
It is a place where you can find your dream bag, or sell your old one, and get the best value for your money.
But how did Sarah create this amazing business?
How did she go from being a law student and a young mother, living on a tight budget, to being a successful entrepreneur and a leader in the ecommerce industry?
Sarah was always passionate about fashion, especially luxury handbags.
She loved browsing through magazines and watching TV shows that featured the latest trends and styles.
She dreamed of owning a designer bag, but she couldn’t afford to buy one.
She was a law student and a young mother, living on a tight budget.
She had to make ends meet with her husband’s income and her student loans.
She felt FRUSTRATED and LEFT OUT.
But then, an idea came into her mind.
What if she could sell her own bags online, and use the money to buy new ones?
And she decided to give it a try.
She started selling her own bags on eBay, and soon realized that there was a HUGE demand for pre-owned luxury goods.
She saw an opportunity to create a niche market, where she could provide a better service and a better value than her competitors.
She launched her own website, Fashionphile, in 1999.
Sarah started with a small inventory of her own bags and gradually expanded her collection by buying and selling bags from other sellers and customers.
She also partnered with local consignment stores and boutiques and offered them a commission for selling their bags on her website.
She leveraged multiple channels to reach her audience and grow her brand.
She used social media, email marketing, SEO, PPC, and word-of-mouth to attract and retain customers.
She also used offline channels, such as events, partnerships, and physical locations, to increase her visibility and credibility.
Sarah partnered with Neiman Marcus, one of the leading luxury retailers in the US, to offer her customers a seamless shopping experience.
Today, Fashionphile is one of the largest and most trusted online resellers of luxury handbags and accessories in the world.
It has four brick-and-mortar locations, a partnership with Neiman Marcus, and over 200 employees.
It sells over 50,000 items per year, and generates over $120,000 per month in revenue.
That’s an incredible success story, don’t you think?
But what’s even more incredible is that you can achieve the same success, or even MORE.
You don’t need to have a lot of money, a lot of inventory, or a lot of experience to start a successful ecommerce business.
You just need to have a passion for something, and a willingness to learn and grow.
You just need to START and NEVER LOOK BACK AGAIN.
Tweet of the day
If you only learn what everyone else is learning, you can only think what everyone else is thinking.
— daviefogarty (@daviefogarty)
2:06 PM • Dec 8, 2023
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See you on Wednesday :)