Salutations
My name is Michael Adams. My wife Michelle and I started BIN There Bought That in September of this year, 2023. We are a BIN/Liquidation store located in East Texas. Currently we are located in Tyler Texas. With a family of 4 boys and 2 girls, we are always looking for deals to help save money but still be able to have the "new" stuff. With inflation not looking to slow down anytime soon, and job salaries and wages not even coming close to matching this inflation; we started looking for ways to get what we wanted and needed without completely exhausting our pocket books.
BUSINESS MODEL-
The concept is that we buy FTL and LTL truckloads, or bid on auctions for individual pallets of general merchandise, Kitchen and general appliances, lawn & garden, Home and Beauty, and furniture, at 70 to 95% off suggested retail pricing. Most merchandise is new, overstock, shelf pulls, or new damaged box items. Then turn around, and resell to the general public at a minimum of 40% off retail MSRP. In most cases we are at a minimum 50 %- 75% gross margin. These filter throughout all divisions of our stores; bins, liquidation, and pallets. We will have 10-20 bins of General merchandise HPC (High Piece Count) that changes in prices daily, and rotates out weekly. Our liquidation area will have approx. 2k sq/ft of rows of shelving for merchandise as well as areas for appliances such refrigerators, washers & dryers, and an area for Rustic wood furniture. The last area will be our Pallet resale area where we will sell pallets of Lowes, Home Depot, and other pallets or merchandise as we acquire it.
We source our loads through various vendors and wholesalers on various websites such as B-Stock.com, Directliquidators.com and others. Our merchandise consists of various companies such as Wal-Mart, Target, Dollar General, Lowes, Home Depot, American Furniture, Ashley Furniture, Best Buy, Williams Sanoma, GE, Viking, Maytag, Whirlpool, and more are consistently having merchandise come available to either purchase outright or bid on through a 3rd party auction house.
Turns out, we were right. In the short time we have been open, we have realized how popular and successful these stores can be. We are also finding out our biggest hurdle is getting merchandise, and getting it from trusted sources. Currently to date we have personally invested all of our resources, approximately $31,000 into store front costs/inventory/merchandise in our store. We have sold approximately $3,000 in product and have grossed $13,977.
Join us in our exciting funding campaign to support the growth and transformation of our wholesale liquidation business, BIN There Bought That! With your assistance, we aim to expand our operations, improve infrastructure, and provide greater opportunities for our customers and suppliers.
FUNDING REQUEST -
Our main target is to raise $60,000 minimum; to fund essential initiatives for our wholesale liquidation business. Overall target is $150,000.
We have identified a location that is 6,000 sq/t commercial location, with potential to expand up to 12k sq/ft, in a HTV (HIGH TRAFFIC VOLUME) area on Hwy 69 in Jacksonville, TX.
1. Expanding Inventory: Increase our product range by acquiring more diverse and high-demand items to attract a wider customer base. Funds will be allocated towards purchasing exciting and quality stock at affordable prices.
EXPANSION INTO THIS SPACE WILL ALLOW FOR 3 CONSUMER AREAS WITHIN 1 LOCATION (BIN STORE W 15-20 BINS, LIQUIDAITON WHOLSALE WITH ROWS OF MERCHANDISE, APPLIANCES, AND RUSTIC WESTERN WOOD FURNITURE, AND AN AREA THAT SELLS PALLETS TO OTHER SMALL "MOM & POP" STORES.
Instead of Furniture Row, it will be WHOLESALE ROW.
2. Enhancing Technology: Build out our online platform to streamline the buying and selling process, making it more convenient for customers and suppliers to access our services. These technological enhancements will enhance the overall user experience, fostering greater engagement and growth. Enhancing our technology will also allow us to have better control and handle of the inventory. This allows us to see what we have, what is selling the most, etc...which in turns allows us to purchase items that are in high demand.
3. Infrastructure Upgrades: Invest in modern warehousing facilities and equipment to increase efficiency, capacity, and meet growing demands. This will ensure faster processing times and reduce shipping costs, benefiting both our business and customers.
4. Marketing and Outreach: Enhance our marketing strategies to raise awareness of our business and services. Through targeted online campaigns, social media promotions, and collaborations with influencers, we will reach a broader audience and attract new customers and suppliers.
Reasons to Support:
1. Valuable Wholesale Partnerships: By supporting our campaign, you'll contribute to creating a thriving ecosystem where wholesale sellers find suitable buyers, and buyers obtain highly desired merchandise at competitive prices.
2. Encouraging Entrepreneurship: Your contribution empowers small businesses and entrepreneurs looking for affordable and quality stock, enabling them to grow their enterprises and contribute to local economies.
3. Job Creation: As we expand and flourish, your support will enable us to create new job opportunities, promoting economic growth and stability within our community.
4. Sustainable Consumption: BIN There Bought That helps reduce waste by giving new life to products that might otherwise be discarded. Your money supports a sustainable business model that promotes greener consumption practices.
PAYBACK MODEL -
OUR CURRENT HOME - 10816 MOUNTAIN VIEW PL, WHITEHOUSE, TX 75791 - is currently on the market for sale. It was recently appraised in Aug of 2023 for $391,000. Our current list price is $380,000.
https://exprealty.com/properties/listing/expportal_gtar/23015586/Whitehouse/10816-Mountain-View-Place/?sid=6909e207-289e-4abc-b179-3d801a952a38
Our current mortgage balance is approx. $252,000. We anticipate selling our home in less than 6 months, no later than 1 year.
We are asking for $60,000 with a 10% ROI within 1yr. - Payment+10% interest to be secured if desired, legal document of choice, ie.. Mechanics Lien, on our home, which will be paid at closing by the closing Title Company.
As we have never ventured into angel investors and want to scale this properly, we are open to other opportunities for funding. We have and want to invest $60k of our equity from our homes sale into our business either way. We believe we are on top of a potential untapped gold mine in this sector, and in this space and in this time. But to do it right and make the most ROI, we have to scale up significantly. We are selling our dream home, because we believe. DO YOU?
Conclusion:
Join us as we revolutionize the wholesale BIN/Liquidation industry and build a brighter future for small businesses and entrepreneurs. By contributing to our funding, you'll help us take BIN There Bough That to new heights, positively impacting not only our business but also our valued customers and suppliers. Together, let's unleash the potential of wholesale liquidation while promoting sustainability and economic growth!
Sincerely,
Michael Nathaniel Adams & Peggy Michelle Adams
ALFG, LLC dba BIN There Bought That - Wholesale ROW