Monday, April 21, 2008

GPGS

I participated in the Great Polytechnic Garage Sale with Kimberley today, selling chocolate fondue. It was a total disaster! It was held at 27A Number 10, Geylang Road, Emmanuel House Carpark. According to Kimberley we spent a total of $200, and we only earned $82 in all, so we actually made a loss of $120.

I think the following reasons caused our loss:


  • The stall rental at $50 is too expensive. They said that they will refund us $40 if we can get 10 shoppers to come for the event. I thought that I should have no problem inviting 10 friends with my contacts. In the end, less than 10 turned up, so I don't think we will be getting the $40 refund.



  • I let the previous success get to my head. I did something similar when I was in Ngee Ann Polytechnic year 1. We managed to cover the cost and managed to make a small profit. But I forgot that things are different now. The other time was over a total of 3 days while this one is only a one-day thing, that one was within the school compound so the traffic is better while this one is a private sale, so only invited people can come. Plus, the place is far away and not very easy to find.



  • We over-estimated our success. Due to previous success, we thought we could earn quite a bit this time, so we bought too much of everything.



  • We don't understand the market. We do not understand what the public will want to buy.



  • We have too many varieties of fruit: red apple, green apple, bananas, mangoes and grapes. Plus, we had marshmallows.


  • So the conclusion is, if there is a next-time, make sure the rent of the stall/space is okay, buy as little as possible. If I want to sell chocolate fondue again, I will just have marshmallows and apples.

    For this kind of garage sale, it's best to sell what I have. We have so many books at home, we should have sold books instead. How stupid of me.

    But then, I did get an AIKIRA Bread Toaster in the special draw.
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