How you too can make over $5,000 reselling Online
When I first started out working from home the position I had was seasonal so looking ahead I knew it would be helpful to have multiple streams of income set up. What are multiple streams of income? A lot like it sounds actually. Basically, it means that you have money coming in from more than one source whether by active means (like an hourly job) or passively (like from an activity that pays you even when you arenâ€™t working, such as in this case: reselling online!).
I had heard about selling on websites such as eBay and the more I explored that the more it seemed like a feasible option for me. My first year I made nearly $4,000 not even really knowing what I was doing. Last year I broke nearly $6,000. This year Iâ€™ll likely have earned even more as Iâ€™ve studied the ebb and flow of the seasonal nature of the products I offer. Below is a series of steps Iâ€™ve distilled down from myÂ years successfully reselling online.
How to make money reselling online
- Explore different auction and reselling sites such as eBay, Tophatter and Amazon to determine which one is the best fit for you in terms of cost of listing and selling as well as seller policies. Do you have money to spend on listing fees or do you prefer all costs of selling on that platform to come out of a sale once its ready to ship?
- Once youâ€™ve decided on one or more platforms to sell on examine how well things are selling and decide what youâ€™d like to sell. Different items sell well at certain times of year and sales may be cyclical/seasonal. For instance, selling things like sunglasses in summer and sweaters in winter might make more sense. Think about how people will use the items you are considering selling. When choosing items to sell, youâ€™ll want to factor in things such as how much the item(s) to obtain, how much it will cost to package and ship as well as how much youâ€™ll be likely to make from each sale after all seller fees from the platform youâ€™ve chosen.
- In seeking out the items you want to sell, try looking for it on eBay (such as from China) or on Alibaba. Can you negotiate the price such as through Best offer? Do you have to buy the item in Bulk? Be sure to factor in the cost of shipping the item(s) and how long it will take to receive your new inventory as well. Receiving items from China tends to take a minimum of 3-6 weeks.
- Purchase a small number of items first so you can inspect them for quality and see how long that shipment took to get to you. I strongly recommend writing detailed notes about how your experience was in working with each and every supplier and vendor. After a while all those details can tend to run together!
- While you are awaiting the arrival of your inventory, set up a small space where you can take photos of your item(s), a place to securely store inventory and prepare the wording for your listings. In many cases such as with small items like jewelry or sunglasses you can set up a mini photo space using white poster board, a couple desk lights, tape and your cell phone! For determining what to write in your listings, look at the wording your competitors are using and see what really grabs your attention about it. Try to use that and come up with similar but distinct wording. Then, when your items arrive, see what else you can add to highlight your products features!
- When your items come in, inspect them ensuring it is the kind of quality youâ€™d want to receive yourself. If not, be prepared to be polite but firm in requesting either a full refund or a replacement of the damaged merchandise.
- List your items and track what goes well, and what about the experience doesnâ€™t meet your expectations. Adjust your listings accordingly. Sometimes it can take a few months to get the hang of things. I always say â€śitâ€™s all in the ebb and flow of businessâ€ť. Enjoy from the good times and learn from the not so good ones.
- Consider reinvesting a portion of your profits into your next round of inventory. In my experience reinvesting 60% of my profits kept my out of pocket lower the first year while I was still figuring out what sold well for me and what didnâ€™t. I still maintain the practice of only using profits to buy my inventory (unless itâ€™s a very rare opportunity).
What do you think?
Are you dreaming of working from home reselling online? Do you already work from home doing this? Tell me what youâ€™re excited about and what your concerns are in the comments down below. Iâ€™m here to help!
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