To be clear, I'm talking about $100,000 AFTER Poshmark's 20% fee. Don't fool yourself into thinking that you made $100,000 just because your sales said so, I'm talking about $100,000 gross profit before the cost of goods sold. Put differently, you need to make $125,000 just to walk away with the $100,000 number.
Is it possible? Of course.
Is it difficult? Hell yeah.
This post will hopefully get your mind into the right state to scale such a mountain. This will not be a long or in depth post, this post is strictly for you to understand what $100,000 really means.
Cost of Goods Sold
Because everyone's cost of goods sold is different, I will have to leave that part out. Don't get me wrong, it's REALLY important, but this post will get messy if I factor in inventory cost. I hope you're true enough to yourself that you factor in your costs to get your true take-home amount. Seriously guys, if you made $100,000 but inventory cost was $80,000, be real with yourself.
This number is totally arbitrary because everyone has our own goals and numbers we want to hit, I get that. However, I love this number because it's a round number and to me, it really sets a new bar in terms of challenges. A $100,000 goal to me puts a seller on a different tier of excellence. You can't get to $100,000 by pure luck, you need to evaluate everything to reach this goal on Poshmark. This level of sales requires a different kind of MINDSET, PROCESS, and CONSISTENCY. This number will be a gratifying accomplishment because it's really prepping you to go beyond what you think you're capable of which will hopefully lead you to your first million. The last sentence is the biggest reason why I'm striving to make my first $100,000 on Poshmark.
What is $100,000?
I know you've probably seen this before but I'll state it here again. $100k, or any number for that matter, is easier to digest when you break it down into parts. Put differently, $100k can be broken down in many ways; I like to put it in terms of time spans. $100k is (rounded):
$8,333 a month
$1,923 a week
$274 a day
$11.50 an hour
I included the hour measure because your Poshmark store is running 24 hours a day.
As you can see, is definitely realizable when you look at it in parts. Literally, go you can digest it 1 hour at a time.
Why You Should Accept this Challenge
I can't stress this enough, making your first $100k on Poshmark a year is not the most important part. The most important part is how making $100k will change you. Think about this as if you're literally going to scale Mt. Kilimanjaro compared to a small hike on a hill.
Compared to casually strolling up a hill, scaling Mt. Kilimanjaro will require you to watch your food, water, energy, supplies and definitely be in the right mindset. This is how trying to reach $100k will change you for the better. This is not a pep talk, I truly believe having such an audacious goal makes you a better seller on not just Poshmark but any reselling platform. Think about how many tricks and tools you will employ to make this happen. Your tolerance level for being uncomfortable will definitely be changed forever and you will reach higher highs after this challenge.
If you're wondering, I have not hit my first $100k/year on Poshmark yet despite me already having a steady flow of sales. For reference, I've been selling on Poshmark for less than 10 months now but I don't let my lack of time get in the way of this goal. What I'm really saying is I'm not just making the Kool-Aid, I'm drinking it too! I'm not someone that's speaking from my high horse, I'm really taking on this challenge myself. I would hate for you to look back years from now filled with regret while people like myself perceive $100k like it's now the little hill because we're past that stage.
Again, it's not about making $100k, it's about how making $100k will change you for the better. And when you get there, just look back and REALLY enjoy it. Don't enjoy it for too long because Mt. Everest, also known as the big $1,000,000, is next.
Knock it out of the park guys.
First time reading your blog I follow on Insta but this was well written. Almost at 7 Months and no I’m not apart of that $100,000 club but darn if it is not a goal lol.
break it down, you can do it!
Me too Shiloh. 🙂 Busting my butt right now just to get the wheels rolling. But I’ve got my blinkers on…I’m focused. Here’s hoping we both get there soon!
Let’s get this thing DONE!
I love this. Honestly, right now I’m hoping to get to the $1000 a month stage, but that’s my little hill I have to get over. And I’m ready to climb it!
Shiloh, you’re right, make sure the hill is your hill to climb. When you’re there, meet me at the $100,000 and we can try it together!