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Post by Pantlandia on Dec 11, 2020 7:51:42 GMT
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Post by chapeaunoir on Dec 11, 2020 10:12:15 GMT
There's a lot of truth in that article. This is a shame, though:
As a hail Mary, she used her airline miles to purchase a round-trip flight to Los Angeles and spent four days scouring the bins for designer clothing. “I sent boxes and boxes home to myself, plus checked two suitcases,” she says. Even with this massive haul, she topped out at $7,000 in revenue a month.
I was making 4-5k a month just thrifting locally a few times a week and some vacation/thrifting weekends, and felt like I was a real loser (well, I was until I figured things out several years ago). Now I make enough to squeak along working maybe 20 hours a week and can work on other projects. But none of this has always been just on posh. She probably knows loads more about fashion than I do, so I think she was having huge time leakage and I have a feeling it was the photography - all the modeling crap - I don't think it's worth the time expenditure.
One mentioned that if the site were not orientated to women they wouldn't have all the sharing and luuuuuv. Yeah, it would be just another ebay IMHO - bleh. Not EVERYTHING has to be done like men supposedly do it - in fact, there are plenty of men sharing and selling on that site. I actually don't mind the sharing - it only takes me about an hour a day, but these people with huge closets and then they try to do it on a cell phone - I'll bet it takes an awful lot of time. I don't think I try to do Posh FT, it IS a lot of work.
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Post by somany on Dec 11, 2020 17:00:00 GMT
The change in tone on comments from Posh executives to sellers was very evident. The executives believe the stuff, or at least talk like they do. Of course they can't change their tune while doing an IPO. I googled it to see the status and found that it's a "confidential IPO", which apparently means the actual date is dependent upon the SEC's review schedule.
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Post by chapeaunoir on Dec 11, 2020 17:17:10 GMT
I'm not crazy about the idea of an IPO - that's never much good for the actual stakeholders.
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val2525
Chaos Manager
Posts: 30,732
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Post by val2525 on Dec 11, 2020 17:51:18 GMT
IMO, an IPO always benefits the business owners, sometimes benefits the employees and rarely benefits the customers.
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Post by somany on Dec 12, 2020 8:21:53 GMT
I agree. I would be very hesitant to invest in a company that seemingly the only way to grow the business is to increase volume or cut costs. Well, I guess they could increase their fee %, but that would very likely reduce the volume. I will see my daughter’s partner, who is a financial advisor, next week. I will try to remember to ask her what she thinks of their prospects with regard to the IPO.
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Post by zoesam on Dec 12, 2020 18:34:15 GMT
Thanks for posting this Jeremy. Very timely for me, as I was thinking of expanding to PM & this sure makes me think twice.
I work WAY harder at this then I've ever worked at my real job & the compensation doesn't even begin to come close to one of my bonuses from my real job, much less, my salary. Not that I ever expected it to, but I know I'm not being compensated anywhere near where I should be, for the time & effort I put in. DH teases me all the time about making less than minimum wage if I were to count all the time I put in. And yeah, that there's the mess & clutter. I'm really starting to hate doing this.
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