Welcome to Day 11 of 30 Days To Your Financial Freedom Challenge!
One of the fastest ways to make money is to sell a physical product either locally or via the internet. This is especially true if the product is very much needed and hard to come by for those who are searching for it. That’s where you can come in as a reseller.
A reseller is someone who buys products, either used or new, and then sells them to the public. Today a reseller can work locally by setting up a storefront or by having regular garage sales at home. But an easier way to do it is by using one of the apps available like eBay.com, Facebook Marketplace, Poshmark.com, and Mercari.com.
Whichever way that you decide to make sales, there are a few things you should do first to start making money fast as a reseller.
Get a Business License
You can probably get away with making sales for a while without a license, so don’t even think about this too hard. Start with selling your own stuff and then get a license before you start buying to sell. That way, you can deduct the cost of goods sold from income that you have to claim.
Choose in Demand Items
If you’re going to source items, figure out what is in demand for the people you want to sell to. Don’t just go shopping without a plan. For example, some sellers might want to focus on buying leather products like shoes, purses, luggage, and boots, and another might focus on sourcing vintage blue jeans. If you’re going to ship the item, focus on items that fit a certain size box that’s easy to package and ship.
Stick to Only a Few Types of Products
Don’t try to buy everything just because you found a good deal. Focus on buying only certain types of products so that you are concentrating your free time on finding only those items.
Set Up Your Photography to Be Simple
You don’t need to have special equipment to get the right pictures, but you do need a decent camera (your iPhone is fine), good lighting, and a background that looks good. Take a look at how others are doing it so you can stand out from the crowd.
Invest in The Right Tools
If you’re going to do this longer-term, go ahead and get the right tools to make it easier, such as packing materials (you can get a lot free from the post office) and scales and so forth. Don’t try to do a shipping type of business without the right tools.
Promote Your Products
Once you have products to sell, even if they’re from your own attic, start promoting them. Don’t just promote them on the platform you’re listing them. Promote them to your family, friends, and connections. Ask them to share for you too.
List Your New Items Daily
Instead of listing tons of products in one day, the way search engines work is that they like lots of information trickling in. The more you trickle the info out, the more search engines are likely to notice you.
Let Your Friends and Family Know
You’d be shocked to know that once you tell friends and family that you’re reselling and the type of thing you are searching for, they may even donate to the cause.
Don’t be afraid to list your items in multiple places so that you can make fast sales. Just remember to mark your item as sold on each platform, so you don’t make duplicate sales. Whether you just want to do it temporarily or permanently, reselling is a solid opportunity to bring in cash fast.
If you are new to being a reseller just start small by selling a few items. Be sure to take note of items that sell well and even see if you get requests. Have you ever sold items online on ebay or the apps I mentioned? Please leave any comments or questions below.
Thank you for joining me! To go to your next lesson simply click the “Next Post” button below.
