Boost Your Income Challenge – Day 9
It’s time for another installment in my 30 Day Money Making Crash Course.
I hope you’re enjoying the course so far and it’s inspiring you with lots of ways to make some money!
Today I’m talking all about reselling and how you can make big profits.
What is reselling?
Resellers buy products with the sole purpose of selling them on for a profit. Sounds simple, right?
Mostly resellers will buy items to resell on either eBay or Amazon.
If you’re planning on selling on eBay, then you’ll need to register as a business seller, and you might want to consider setting up an eBay shop.
If you’re planning to sell on Amazon, then you might want to consider signing up to Fulfilled by Amazon. This means that you buy products, package them up and ship them to Amazon. Amazon will then list your products for you and dispatch them when they’re sold. This has lots of benefits as it means you’re not having to store lots of stock, but Amazon do take a fairly big cut for doing this.
Where to source your products.
Finding the best places to source your products is something that takes time and a bit of trial and error. You want to find products that are being sold at fantastic prices, but also that will appeal to buyers online – and most importantly will resell at a higher price than you’re paying.
Charity shops are really popular with resellers sourcing products, but you’ll need to be savvy. Not all charity shops offer good enough discounts.
You might also want to attend local auctions too.
Reselling is something that I’ve been wanting to get into for a long time, but I’ve had to accept that at the moment I just don’t have the time to go out sourcing items. So, for this section, I’m turning to two amazing ladies for help here. These two have really nailed reselling and are making amazing profits every single month.
Things to be aware of before you start your reselling business.
Emma Drew has been incredibly successful as a reseller. Emma has written a fantastic post sharing 10 things you need to know before you start your reselling business.
Emma talks about things you’ll need to do that you might not have thought about, and shares things that tripped her up in the early days – so you’ll be able to avoid making the same mistakes.
Building a profitable eBay business.
Starting an eBay business can be a fantastic side hustle – and if you’re determined enough, then it could definitely become a full-time job. Wouldn’t that be amazing? Just imagine being your own boss, you could work when you want, not be answerable to anyone, it’s the dream isn’t it?
So, how can you get your eBay business off the ground?
It can be tough when you’re starting out. These things don’t just fall into your lap. You’ll need to work at your reselling business and stick with it through those moments of self-doubt and slow sales.
Ruth from Ruth Makes Money has been there. Ruth has written this incredibly honest post sharing her 5 Stages of Building a Profitable eBay Business.
Ruth talks about why many online businesses fail and what you can do to make sure you succeed.
So, have you got what it takes to be a reseller? Sure you have, you just need to do your research, read, read, and read some more from these two experienced resellers and don’t give up!