2 weeks Ago By Laura Purkess
Many of us put in a 40-hour week for a less than rewarding salary - but one savvy man has revealed how he earns up to £6,000 for just 12 hours of work a month. Rick Woodrow, 30, from Colchester , has spent the last 12 years building an impressive collection of ‘90s and ‘00s designer pieces, streetwear, and sportswear. 1 The savvy seller is making thousands of pounds a month Rick’s eye for vintage fashion has earned him 157,000 followers on Instagram , who buy his vintage goods in their droves, earning him a tidy profit.
“I got into charity shopping when I was 18 and it was there that I developed a love for vintage and secondhand clothing,” Rick remembers. “Finding unique pieces that no one else would have and the buzz of finding something amazing amongst a load of tat is what keeps me digging even 12 years later. “I remember finding a Nike t-shirt in a charity shop for 99p and selling it on ebay for £20.
MORE ON MONEY DEATH PENALTY Families charged hundreds of thousands of pounds to sell retirement homes DON’T BANK ON IT Banks paying out £1,000s in compensation after closing accounts ‘in error’ “I realised then that this would be a serious business to get into.” After his first success with that fateful Nike t-shirt, Rick grew his vintage empire from his bedroom in the evenings, while working his 9 to 5 day job as an estate agent. Going full-time freelance After selling clothes online for six months, and making more money working three or four hours in the evenings than he was making in his full-time role, he realised leaving to build his online business was the sensible thing to do.
So, he quit his job and created his own website, promoted his items on Facebook groups, attended pop-ups all over the country and grew his social media presence. Most read in Money CLAIM NOW Hours left for 760k households to claim benefit for £150 winter bill discount FIRST PLAICE Scotland's best chippy crowned as owner fulfils lifelong dream LOVING IT Exact date customers can get their hands on two new McDonald's menu items SLICE OF FAME Scots pizza restaurant named among most popular in the world He sources items from Italy , Asia and the UK, travelling regularly to restock and often buying products from his followers. Rick now mainly sells his items on his own website and on Whatnot, the leading live-stream shopping platform( @RicksRetro ).
“I go live on Whatnot between three and five times a week,” Rick explains. “I love it as it's a really easy way to display my products and it's nice to engage with an audience. “Often, online selling can be monotonous for a seller so it's nice to have a community that I've built up and will tune in and have a laugh with.
” Rather than passively watching through a screen, he is involved with the community that he’s built, even finding personal connections with them - including one time finding a long-lost cousin. Rick attributes his financial success to doing plenty of research and being well-prepared before beginning his live-streaming sessions. “It's all in the prep,” he explained.
“I start by sourcing high quality, desirable items that I know my client base like. “I then make engaging videos to build suspense and often run deals to entice customers. "Once on-stream I try to remain fun, fair and fast.
You have to be fun, likeable and engaging to retain people's interest. “By being fair I am prepared to budge on prices and also happy to pander to customers' needs and asks,” he added. “You also need to be fast: there’s no time to dilly dally.
Show an item, show the next , show the next.” The key to getting more sales Holding a viewer’s attention is crucial in getting more sales, according to Rick. “When I show an item, I will banter with viewers and maybe even tell a brief story about where I sourced it or share knowledge relating to the item - but I always try to keep it brief,” he adds.
“If I have 100 people viewing, most likely 90% aren't interested in the item I'm displaying, so you don't want to drag it out because that's how you lose viewers.” With research from Whatnot showing that 70% of Brits regularly shop vintage or secondhand, rising to 84% among 18 to 28 year olds, it’s no surprise that Rick is sure the vintage clothing market will continue to grow. “People are conscious of the environmental impact of fast fashion , so are choosing to shop sustainably rather than contribute to mass-produced items that eventfully hit landfill sites,” he explains.
“Shopping vintage is also cheaper than buying the brand-new equivalent. It also allows you to wear unique clothes that you won't see everyone else wearing.” The rise of vintage coupled with new selling platforms is offering entrepreneurial types new opportunities to flog their favourite items for a profit.
Rick highly recommends live-streaming as a way to make an impressive income, and says building an online presence and knowing your stuff are the key ingredients to becoming a success. “In this industry, you have to adapt to what's hot,” he concluded. “Assess the market, look at what's hot and try to find those items for a good price.
“Also, create popping social channels. Everyone is online now and online is limitless. “Make cool, engaging videos and watch new followers roll in.
“Also - do your research on identifying real versus fake. Know how much an item sells for before buying something you're not clued up on. Read more on the Scottish Sun SNOWVEMBER Exact date Scots to be hit with 'six day snow blast' as temps hit sub-zero FIRST PLAICE Scotland's best chippy crowned as owner fulfils lifelong dream “Live-streaming is the next new thing.
This is how the kids are shopping and it's the kids that keep this industry alive.” Find out more at www.whatnot.
com Do you need to pay tax on items sold on Vinted? QUICK facts on tax from the team at Vinted...
The only time that an item might be taxable is if it sells for more than £6,000 and there is profit (sells for more than you paid for it). Even then, you can use your capital gains tax-free allowance of £3,000 to offset it. Generally, only business sellers trading for profit (buying goods with the purpose of selling for more than they paid for them) might need to pay tax.
Business sellers who trade for profit can use a tax-free allowance of £1,000, which has been in place since 2017. More information here: vinted.co.
uk/no-changes-to-taxes.
