How to Create a Profitable Reselling Business - A 6 Step Plan
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- čas přidán 25. 06. 2024
- Steps I'd take to start a profitable reselling business in 2024 + what I'd do differently.
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✖✖✖✖ Interested in Growing Your Reselling Business? ✖✖✖✖
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discount off first purchase only
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Reach out to: welltraveledclothiers@gmail.com
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docs.google.com/document/d/12...
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#ebayseller #poshmarkseller #clothingreseller #resellercommunity #howto #smallbusiness #entrepreneur #sidehustle #workfromhome #jobsformoms #reseller #resellers
I'm pretty sure with the warehouse behind you and the success that you showed on this channel you are considered a very successful reseller there's no shame in admitting that!!
Lots of inventory doesn't mean lots of sales....
When I learned the valuable lesson: do only what works for you, became a game changer for me.
Great tips from you!
Veteran reseller here.
My tips:
-large inventory does not guarantee success, and is very risky
-takes money/capital to make money
-small scale ebay/poshmark stores can be very successful, less is more (in many business situations)
-niche item business models are often very successful
-have master knowledge of the selling platform(s) you are on. This takes time, and because platforms evolve and change, you need to keep up with that.
By the way- ebay is going to start rolling out a couple of big changes.
1. Showing the best offer, actual sold price
2. Allowing to search completed listings going back as far as 36 months
Yes niche helped me to scale I sell fashion worn by bloggers but been at it for 6 years
Can you provide your sources for those eBay changes?
@@dustyoldhat
czcams.com/users/liveY-w4ij9B6_U?si=S4p7DIKMaVNOEo9x
It really does not take money to make money. All it takes is a good closet to start out and then you simply keep reinvesting.
@@LJack-ck8uh this made me chuckle, thanks for the laugh.
Multitasking never works. Background tasking works. For example, listing on eBay while the laundry and dishes are washing.
Very true!
Realizing I had so much stuff to sell that I'd been saving from years past when I used to sell full-time. I recently listed many of them on eBay and am slowly getting into it. I've only sold five items since December. Everything takes a bit of time to learn and when one item sold almost right after having been listed I didn't want to let go of it LOL
Great video!
Regarding Step 1: Probably the most common saying in the long distance hiking community (those of us who are crazy enough to like hiking/backpacking for months at a time on long trails like the PCT, AT, etc) is:
“Hike your own hike”
“HYOH” - don’t let all the noise of other peoples opinions change your own trial and error process to find what works for you. Some people are going 30 miles a day, their backpack weighs only five pounds, they’re constantly bragging on social media…. But you can go your own pace, carry the gear you’re most comfortable with, and share pics with your close family only - or anything in between…. As long as you’re achieving your own goals.
Great analogy!!!
Yes I sell Zara for $150 pay $9 because that’s my niche for 7 years straight with over 240k followers every one is different attract different clients and anyone saying that the way do business is the best way is just foolish good video
Zara for 150 😮 that s cannot happen in uk 😊. Good job followers r returning customers
Where do you get Zara?
@@neondreams4016 at the zara store lol
Loved this video! Thank you for sharing your knowledge & experience!
Super helpful even for this seasoned reseller. Thank you!
Thanks for everything you and your team do. I truly appreciate you!!
Thank you for all the info!!!
thanks for sharing your experience🙏
Great video! Agree 100%. Slow is smooth and smooth is fast.
This video is great! Thank you for explaining it so clearly. It was very helpful!
I’m 100% a planner. I love researching any and all my current interests. But specifically if it’s to plan things. This is so so helpful. I’m currently going through my son’s baby clothes and my own stuff. I have listed about 10 things but am eating up all your content to help me before I sink money into it.
Love this video! Thank you
I ❤you! I have a party business and your advice fits for me too! I was thinking about needing to hire ! It’s like you read my mind. I was beginning to think I just need to refine my processes and it’s so awesome to hear you put it into words.
Excellent advise Cayley!
Our is a high volume low COG model. Our average COG is just over $1 and our ASP is about $45 with free shipping.
You’re 100% right as our sell through rate every month is between 6-7% but because our COG is so low it’s eventually quite sustainable and we have a trick to eventually raise the sell through rate as well so we reach equilibrium of goods in vs goods out
I have been doing my homework for a while because I don’t want to have a clue what I’m doing. I like a plan
Me, too.
My daughter is about to start kindergarten and I just started selling on eBay and poshmark. I know I am late to the reselling but I don’t loose hope to make it a part time job. Thanks for sharing your know.
New seller here. Thanks for all the great advice! 😊
Yes !
Your advice is spot on! BTW, you look fabulous ❤
Thank you!!
This is always good information even for seasons resellers.
Your video is in the goal, please do more❤
Dude, are you kidding me!!!! You’re not saying you’re a really good reseller🥴. I just told my husband you are like the idol of resellers to me. I’m like I wish I could just be a fraction.
Gotta keep myself in check lol
Thank you!😊
Very informative thank you
Thanks for the video! I always learn so much from your videos. I am really considering investing in the Resellers Edge program 😊
Thank you!
a label printer & posherva saved me so much time & has really helped my sales 🎉 still have trouble with keeping up with the numbers 😅
Thank you.
You make beautiful videos I appropriate it you are the best
A great video. I watched You Tube videos for a month before starting.
I am a new sub, enjoyed your content
If you’re shipping out more than 5 packages a day you have to get a label printer. You can write it off. Dont be ridiculous, its only $100. Take your business seriously.
@@Shoeshinegirl seems like a bad use of your time but hey everyone has different priorities
@@Shoeshinegirl So you walk in the door and immediately labels appear on your packages? And then you walk out? That’s how fast it is when your packages are already labeled and you just drop them.
Why does it matter where the post office is? You still have to go there regardless. That’s not the time drain- waiting for your labels is.
I can’t imagine being so incredulous about something that inefficient
@@Shoeshinegirl Nobody is being rude to you. You crashed onto my comment proudly and loudly declaring thermal printers aren’t necessary for you. Great! Everyone has different priorities. You’ve made it clear that you don’t value your own time. That’s how you run your business. Awesome- so maybe the original comment wasn’t for you - it was intended for people who are trying to be efficient and maximize their time and profits.
@@dustyoldhat you are, in fact, being extremely rude and condescending, and I did not “crash” into your comment, I was simply stating that you don’t need anything except inventory to do this business MAYBE not everyone can afford a printer starting out. So condescending and rude. 🤡
@@Shoeshinegirl
I was thinking about this a little more. I thought I’d write this up in case anyone finds this charming little thread in the future.
Let’s consider how you spend your time in your reselling business. We will refer to the person who chooses to go inside the post office and have their labels generated and applied by a postal clerk for each individual package, each time they ship, because “there’s no need to have your own printer,” as Person A. Compare this to a person who prints and applies labels at home with a thermal printer, who we’ll call Person B. We’re going to look at time, and how it equates to actual money, and the difference between these two approaches.
We have to establish a baseline of what a resellers time is worth. Let’s go with $40/hr, because that’s slightly above the national average hourly wage and it also makes the math easier. You may make more or less than that, but that is irrelevant, the concept still applies, just plug in your actual hourly rate and adjust the final figure to suit your needs.
At $40 an hour, both person A and person B are using their work time to go to the post office, which is a necessary task of reselling. Person A has chosen to not purchase a printer or print their own labels, and therefore enters the post office and must have a code scanned by a clerk for every package they’re shipping - regardless of the size of the line or any interactions (chatting etc) with the clerk. Let’s say this can be done in 5 minutes at the fastest, and 30 minutes at the slowest if there’s a long line or any difficulty with the technology or process or a particularly heavy shipping day of many packages. So lets split the difference and call it a 20 minute chore on average, and lets knock 5 min off of that just to throw Person A a bone and to make the math easier. With me so far?
Person A: 15 minutes a day on average at the post office. Person B: About a minute to dump packages in a bin or chute. (These times don’t include driving, parking, entering the building, leaving the building, or driving home or to next destination, only the time inside the post office accomplishing the task)
So at 15 minutes, that equates to 10 dollars based on our $40/hr pay rate. You’re essentially spending ten dollars a day via opportunity cost to have the post office print your labels. Assuming you ship every day, that’s $50 a week, for a total of $2600 a year. (Adjust as necessary for days shipped per week, but I’m assuming a full-time reseller shipping daily here.)
Meanwhile, Person B paid $100-200 one time for a thermal printer, probably another $100 over the course of the year for labels, and has an hour and 15 minutes extra each week with which to improve their business. Additionally, Person B also may have the option to schedule pickups at their home, given the packages can be labeled with pre-paid postage for pickup. Shaving off even more time as this eliminates even the need to drive to the post office.
So, the choice is: absorb an annual (and recurring) $2600 opportunity cost into your business as a loss, OR make a one time capital expenditure of a couple hundred dollars (which can be written off) to improve everything about your shipping efficiency, save a full 65 hours a year, and NOT incur a $2600 cost.
However, we must consider that Person A does have the benefit of smugly claiming they get “free labels” at the post office, though…. So it’s a tough call I guess.
(Okay that last bit was maybe a bit rude, sorry!)
Best video ❤❤
I was worried about $100 label printer, and the amount of labor it has saved has been more than worth it 😅
Absolutely! 💯
I think people just make reselling way too complicated. IMO the only complicated thing is taxes and that means you need precise bookkeeping but other than that it’s just common sense.
Thank you for this video. Can you tell me what storage shelves you use and box size you use? I am in the middle of changing my inventory and don't want it to cost too much. Thank you!
Hi! You can find my supplies list in my linktree (in the description of all of my videos).
linktr.ee/cayleyelaine
Best tip is on saving time. How much is your time worth? If youre too cheap too buy back your time through investment, you will never break beyond your barriers.
This is the game changer and I found it to be the hardest one to pull the trigger on but you’re right.
If you don’t buy back your time you’ll keep banging your head on the ceiling
Such an awesome video Cayley! I wanna add one step in there somewhere - idk maybe you covered it and I was multitasking and missed it. 😊 I have found that having a research routine is suuuuper helpful. I guess it ties into #4 actually. Like, just as you monitor your numbers, set up a easy to repeat research process for finding what is selling and what you can find in your area using eBay specifically. Setting up some saved searches that you can load up and get at a glance for your area, or checking on your saved sellers (both in other markets or your own area) who you’ve watched be successful- having a routine process for doing this has helped me personally so much. Doing it casually is fine but you get so much more out of the repetition because then you start to hone your pattern recognition.
(This relates back to your “stop watching thrift haul videos” video lol)
But it’s true- I was trained as an academic researcher once upon a time and applying some very basic analysis to the available data on eBay can be a game changer.
Couldn't agree more!
I love this info Ty! I’m just starting and decided to invest in a professional photographer helping me with my setup and training because it’s already taking me too long to do photos and edit them and they’re definitely not that good lol Small investment that will give me huge returns in time and quality
This is just my opinion, but I've seen some people hire photographers and it usually doesn't work out. Mainly because they want to get the shots perfect and aren't focused on speed. I've seen people have better luck with people hiring someone with no experience photographing but can be taught exactly how you want it done and given a time limit.
@@cayleyelaineOh yea that makes sense. I kind of ‘interviwed’ him first and we discussed exactly what I was looking for, I’m just hiring him for 2 hours to come to my house and help with a setup/lighting/ect. and some training. Hopefully it works out! Thanks for the comment!
amazing video 💗 love to see other types of people in this buisness and making videos about it other than greedy gross sigma males
This might seem like a random question, but I am wondering if you have ever had issues with printing the labels on the label printer? Whenever I try to print labels through eBay, they come out in a different format. I have tried to tweak the printing settings anyways and the labels still don’t come out right. Any advice on how to help me with that?
What settings are you changing? The size, orientation?
Great video. Do I need to pay quarterly taxes, or can I pay on a yearly basis. I have an outside job already & want to do this part-time. Thank you ☺️
Hello! I would recommend getting a cpa and asking them. Taxes vary so much depending on your specific situation and location. For me, I was able to get away with doing them yearly when it was a small hobby but once I started making decent money as a part timer, it was smarter to pay quarterly taxes. No matter what, if you wait until the end of the year you will be required to pay back any taxes you incurred throughout the year. Sometimes there's a penalty for doing that.
@@cayleyelaine Thank you 😊
I love watching your content. I wish you could just come hang out with me for a while. Show me what I need to do. 🤣🤣
Hi Cayley, did you pay shipping for your boxes from uline? It's $60 to ship 100 boxes and $115 to ship 200 boxes. I'm in MI, so not far from Ohio.
Yes, I did pay for shipping.
What do you think helped you to speed up your photo process? I feel like I take too long on taking photos per item. It takes me about 5 minutes per item to take photos, photo measurements and then pack and SKU it in a polybag. Not sure if that is very slow or not but it feels like it lol
Photo time will definitely vary between resellers depending on how many tasks go into it. I don't think you are super far off from maximizing your time with photos. Here are a couple of tips that helped me:
1. Once you pick a process, keep at it. Don't change the process every couple of weeks because getting good at something requires a rythym and routine. Even the order in which you take photos should be the same.
2. Check the proximity of everything it takes to do photos. Make sure you're working in a tight circle if possible.
3. I removed extra lighting and found that the photos looked better. It also eliminated things I had to move around in my space. I know this might not be possible for everyone.
@@cayleyelaine Thanks I appreciate your response!
Its funny I almost think the fails are part of the journey. People seem to learn from doing over being taught sadly. Its sort of like when you made mistakes and you are trying to raise kids to avoid those mistakes but they still going to do it.
Loved your tips, wish some one would do a full video from start to finish setting up your computer and shipping station and go thru the process of checking comps etc... just subscribed great info thank you
I've bought a number of items. However, I've watched a number of videos to get started, and it's so overwhelming. I just procrastinate. I've heard the resellers say to just start. It's easier said, than done. I've asked on Facebook for someone in the county where I live to stop by to program the computer, and nobody helps.
Do you have a family member or friend you could ask to help?
@@cayleyelaine, not really. I asked the mother of a reseller to have her son call me, and he hasn't called. Your video has provided some help. I'm still very anxious about getting started. Today, I bought an item that weighs two ounces, and I see that sending it across the country would leave me with little profit.
There question from what If the customer need a tax bill ( GST bill)
I'd talk to a cpa.
How do you figure out what price to list an item? Just current listings and sold items? Because I start thinking about what did I pay for an item, what the fees are, my net profit and the potential tax I’ll have to pay . Can you really make a living doing it? Or is that why a lot of resellers are on CZcams now
I follow a high str model. Link below to a video on how I look at str to determine pricing. Your cost, fees, etc should be things you consider BEFORE picking up an item. But they should not have any impact on how much you price the item for. Items have a "market value" which is a range that customers are willing to pay for the item. If you go outside of that the item will not sell. Yes, you can definitely make money doing this. There are solo sellers who are very successful that you can follow online.
@@cayleyelaine You seem very down to earth....... and thank you.
@@HLB512 you're welcome and woops! Forgot to put the link. Here it is!
czcams.com/video/nwXvGETCmBE/video.html
Hi, I have a question, ? How is the tax process when you buy used clothes?? How you pay for this items?
You should speak to a cpa who can give you guidance per your situation and where you live because it's different for everyone. I personally pay for them using a business account.
what do you do when you have an item come back
Relist it, if there's nothing wrong with the item.
So wait what kind of business model is great for people who enjoy thrifting and searching through bins?
Does this person have a consistent listing schedule or do they just want to source?
@@cayleyelaine consistent but just starting out.. like I have 80 items listed
@rachelrhoades8880 it's better to keep a smaller store and focus on churning the items by selling frequently and quickly. The best model in my opinion is a high str model. This would require you to find high str items and check comps before purchasing.
@@cayleyelaine oh awesome thank you!
How many listings a day do you do and do you crosslist?
40 a day, yes. We list everything on ebay and poshmark.
@cayleyelaine Do you list on eBay and then cross listing on Poshmark? Have you listed at all on Mercari. I have an everything store with about 6000 items and trying to see if should crosspost anywhere
@@cayleyelaine thanks for any and all feedback
@DirtyDanGamingYT we start on ebay, then crosspost to LP, and then to Poshmark. LP acts as our hub. I have sold on Mercari in the past but am not currently selling there. I decided I didn't have enough time to put a full effort over there and took my listings down. We may go back one day.
@@cayleyelaine I am TRS on eBay for years and finally took the plunge to PM via LP 3/1 and wish I had done it sooner. Still only 1/2 my inventory is on PM and eBay will ALWAYS be my hub and most important to keep error free! I'm struggling to love LP sad to say. I just can't get a consistent sale removal on both platforms. One day it works the next it doesn't. So I end up constantly checking every sale and I am considering leaving LP once I get completely cross listed. Because if I can't trust it what is the point....Do you have any issues at all with LP not removing the sold items and marking solds? I'm not willing to mess up my TRS on eBay for it.
I am so bad at this
We all start somewhere! I was really bad at it in the beginning.