Reselling is growing fast and for a good reason! With reselling, you can purchase items at a low price and sell them at a higher price, pocketing the profit.
Sounds pretty simple, right? In a way, it is, but there are still some things you need to consider when reselling online. If you are looking to succeed at selling online, keep reading because I'm about to give away my best tips.
As an online reseller for several years, I've learned a thing or two, and I love sharing everything I know with other resellers over at my blog Hustle and Slow. When it comes to selling online, there isn't really any true secret to success. The real key is making sure that you're making smart choices in your business. How you spend your time, money, and effort is vital to your success.
1. Research before you buy
Don't jump into buying something without first doing your homework! Taking the minute or so it takes to look up an item you want to buy to resell is well worth the time spent. Every piece of inventory you buy costs you time and money, so ensuring that it's worth your efforts is one of the most important steps to remember when reselling.
2. Cross post your items
When Vendoo asked me to write a post to outline some tips for reselling online successfully, I was so excited! Why? Because I actually use Vendoo to cross post or cross list items across multiple platforms so it would naturally be one of my tips. Cross posting your items gets them in front of more people. Most buyers shop on a single, preferred marketplace, so when you're only posting on one, you may be missing out on sales.
3. Understand your profit
In the beginning, it's common for resellers to do simple math to come up with their profit. Buy an item for $5, sell it for $50, you have $45 in profit right? Wrong. Don't forget to figure out how much you're paying in fees, supplies, and taxes.
4. Save for taxes
This isn't so much a reselling-specific tip as much as it's a small business tip in general. However, I felt it was important to mention it because many resellers (especially new resellers) don't think about how much they'll owe on taxes from the income they earned reselling. Putting aside a certain amount each month will ensure that if you owe on your taxes, you're not wondering how to get the money together.
You may also like: Reseller Taxes: How Vendoo Will Save You Weeks of Time Next Tax Season
5. Explore new categories
Don't be afraid to expand your knowledge into different categories. Of course, starting with what you know is excellent. But once you feel like you have one category down, it's wise to look into other profitable categories to expand your knowledge. For example, if you usually hit the men's clothing at the thrift store, maybe try looking at the electronics and look up a few new items each time you go so you can begin learning what to look for there.
6. Don't forget to list it
Most of us get into reselling because we love finding treasures. We love the hunt, and sourcing inventory is definitely the best part. But making sure that you actually take the time to immediately list items is vital to your success. You have money tied up in each item you purchase, and there is always the chance of the market changing. The sooner you list an item, the better.
7. Always inspect items carefully
When selling secondhand items, there are naturally going to be flaws such as holes or stains. Many people donate items or sell them at yard sales when they've become worn out or have a minor flaw. Ensuring that you look over each item before purchasing it is key to avoiding wasted money on an unsellable item.
8. Don't be desperate
Desperation often leads to bad decisions, and this is also true in your reselling business. If you feel like you "have to" buy something, there's a better chance that you're going to buy something you normally wouldn't. Some days you just don't find much, and that's ok. Being patient and searching for worthwhile inventory will benefit your business much more than buying an item out of desperation.
If you want to be successful at reselling, it takes work and a willingness to put in the time. If you're serious about reselling, then I recommend starting small and taking the time to learn. Hopefully, these tips help you along the way!
You may also like: 9 Steps to Start a Reselling Business Online for Profit
Have you applied these tips before? Leave your comments below to share them with other fellow resellers!
Thank you to Aileen Barker from Hustle and Slow for creating this blog post and sharing these valuable tips with us!