My Solution to "Do poor UF college students need access to quick cash?"
My solution, which is derived from my hypothesis, is a service that I offers flat rates for unused and unwanted clothing items. I will pay $5-10 per grocery bag full of clothes or shoes. The criteria for the the clothes is that they are of decent quality and moderately used; the brand name or current style matters little to me. This is a service mainly catered towards female students at UF. I will take the clothes I have purchased to thrift stores in the Gainesville area to receive the best price based on the store's aesthetic and overall style. The price of gas to transport the items to each store is about $2-3. Tacking that on to my current costs, I will see a gross cost of $7-13 per bag of clothes. Hopefully, the sale is over the expected amount, but based on previous experience, I should have no problem with this. Thrift stores in Gainesville are often willing to accept non-brand name items as long as they are in good condition and fit the style of their average customer. For example, Flashbacks Thrift Store in Gainesville often accepts items regardless of their brand as long as they fit their throwback, vintage aesthetic. However, Plato's Closet is not nearly as lenient, and they often pay much less for brand names than they resell them at. I hope that with time I can make decent money doing this and perhaps later use some of the items in poorer condition. If I can sew them into tube tops or embroider over stains, the item has recouped some value and can be sold again.
My product/service mix would have two main revenue streams.
1. The reselling of clothes to thrift stores.
- $5 will be paid per small grocery bag with the expected revenue being $10, deducting travel expenses, profit is at least $2.
2. The recycling and restoration of clothes to be sold independently.
- If clothes are given that are in poor condition, they can be cut up and sewn into new items. I can charge $10-15 for a "unique, handmade" piece.
- If clothes are given that are in moderate condition, they can be altered via dying, embroidering, or resizing, and they can be sold again for $10-15.
Hello Maeghan,
ReplyDeleteYour idea is actually very interesting. It is a way of being socially responsible, not hurting the environment in anyway and also making profit. I like how you have an elaborate description of your plan and it honestly seems very viable. Could this also work with mens clothing instead of primarily womans? I hope you end up doing this because it would be very helpful to many UF students who are looking to be frugal when purchasing clothes.
Hey Meaghan,
ReplyDeleteYour idea of buying clothes in bulk for cheap and then reselling them individually for relatively cheap as compared to similar products is something my parents used to do. It is a very easy business to get into, but they found it hard to compete with corporate giants. I love the idea, but what makes yours better than anything else already in that field?
Meghan,
ReplyDeleteNow seeing your solution, I have to say that I am really sold on your idea. This is something that a lot of girls would jump on. I think as girls were always like “hey that’s cute, where’d you get it?” Imagine being able to make a profit where you wouldn’t brave had it before, while also making someone else happy. I absolutely love your idea, and I can see myself being a customer. Thank you for sharing.
Elly