Nowadays, there are numerous opportunities to earn an income beyond your day job, and one of the most popular side hustles is reselling. Interestingly, some of these reselling business ideas go beyond the "thrift shopping and selling on eBay" approach- these are opportunities you may not have even known existed.
- Diverse Reselling Opportunities: Today's technology offers a wide range of reselling options, from ticket reselling to domain trading.
- Importance of Research and Skills: Success in reselling requires market research and strong sales and marketing skills.
- Platform Choices for Reselling: Different reselling businesses have specific platforms, like StubHub for tickets and eBay for various items.
We're living in a time where technology lets us connect with others effortlessly, start various side gigs with ease, and access information at our fingertips. Gone are the days when we had to rely on word of mouth to get our business out there, have hefty startup costs, and go to college (and graduate with huge debt) to learn new things.
However, the reselling business ideas listed here do need a fair bit of research. Not just to kick things off, but also to really master them. Alright then, if you're ready to roll up your sleeves and get to work, let's dive in…
Table of Contents:
- Ticket Reselling
- Drop Service
- Subscription Boxes
- Refurbishing Business
- Estate Resale
- Consignment Seller
- Domain Reselling
- Private Label Rights (PLR) Reselling
(Image source: Stubhub)
Event tickets often have a secondary market, especially for live music and major sporting events. The concept revolves around purchasing tickets in anticipation of the event selling out and subsequently reselling them at a price.
There are terms used to describe this concept, such as service arbitrage or service reselling. It all revolves around the same business model. One can generate a profit by reselling services offered by others.
For example, you could become a booking agent for podcast hosts dance studios, or businesses that provide home services. In this scenario, your role would involve reselling their talents and keeping a portion of the earnings for yourself.
Another idea is to establish an agency where you can resell freelance services. You could represent professionals like designers, web developers, video editors, and so much more.
Popular reselling sites: To make this happen, you must create your own website and build your brand.
(Image source: Cratejoy)
Create profitable monthly subscription boxes for customers by curating collections of popular items. Popular options are snack foods, beauty products, or books.
Get creative. Create boxes tailored to specific groups or interests, such as new moms, keto diet, wellness, etc.
Running a subscription box business can be quite lucrative since you can easily cover the cost of purchase and shipping by incorporating them into your pricing.
You can restore items like furniture, electronics, car parts, household appliances, commercial equipment, and vintage pieces. This, however, demands a deep understanding of which items are worth purchasing and the know-how to repair them.
Think of this business as a mix of reselling products and charging for services. In this line of work, you'd earn income by setting up garage sales, arranging appraisals, and putting up ads. Plus, you could sell some of the more valuable pieces at a higher price, increasing your profits.
To kick off this venture, you'll need to be licensed as an estate agent in your state. Moreover, you'll need to find a suitable place to hold the estate sale and promote your business.
You might also like: Reseller Guide to Facebook Marketplace Fees
(Image source: Poshmark)
A consignment seller refers to a person or a business that sells items on behalf of someone, the original owner. They keep a portion of the sale proceeds as their commission of purchasing the goods. The consignment seller only pays the owner once the item is sold.
This arrangement benefits both parties involved; the owner gets access to a customer base and professional selling expertise without taking risks, while the consignment seller can offer a diverse range of inventory without investing in initial stock. Common items for consignment include clothing, antiques, artwork, and jewelry.
You might also like: How to Sell Consignment Items Online
(Image source: GoDaddy)
The primary business model for domain resellers is straightforward: buy low and sell high. They purchase domains in bulk, often at discounted rates, and then sell them individually to customers, aiming to profit from each sale. This requires a bit of creativity, patience, and luck... imagine if Apple had to purchase icloud.com from you!
Private Label Rights (PLR) Reselling
Private Label Rights, products are items that you can purchase with the right to modify and then resell as your own. PLR products are typically digital items like eBooks, articles, software, or courses. Before reselling, it's crucial to add value by customizing the product. This can include updating content, changing graphics, or reformatting.
Getting Started FAQ
What research should I do before getting started with a reselling business?
Before you decide on one of the reselling business ideas mentioned above, it's important to conduct some research. Take a moment to consider a couple of questions:
First, what skills do you currently possess that would align well with the chosen reselling business?
Second, how much time will this side hustle demand from you for building and maintaining it?
How much money do I need to start a reselling business?
This question is complex, varying from zero dollars upfront (such as a consignment seller) to thousands of dollars. Again, it is best to do your due diligence before committing to one of the reselling business ideas.
What are the most important skills to have when reselling products?
Sales and marketing are the two most important skills to have for any business. These skills generate revenue and foster growth by attracting customers and nurturing their loyalty.
If you found this blog post helpful, you might find the following content interesting:
- 10 Great Marketplaces Every Reseller Should Consider
- A Reseller's Guide to Etsy: How to Start Selling on Etsy
- 10 Trending Ecommerce Products to Sell Online in October 2023