HOW DOES THIS MAKERESILIENT?
Reselling helps you learn about business at a very low cost. This helps you become more resilient because it shows you new ways to earn income other than working a job.
My wife is making some side income from one of her favorite past times – shopping. I am all for this revamped past time as it is profitable and it empowers her. Several reasons for this:
- She can shop at whatever schedule works for her.
- The location can adjust to her and it can keep her preoccupied when we are traveling-or when my plans for the day are not interesting for her.
- Her expenses are pretty low, as she is purchasing at insanely low prices.
- The resell is almost always above the purchase price so in theory these are profitable
- We purchase things we may also use and can sell afterwards
How does it work? Let me explain.
Like a lot of people, my wife likes to shop. This can be an issue when money is tight-and earlier versions of this habit was a problem. However, currently my wife has been shopping with a different mindset altogether. She has learned to find valuable items at ridiculous prices with the intent of using them and then selling them back to others thru different sites.
First step is to find a source with good selection and good prices. A good example is our favorite thrift store. With enough regular visits and by asking the staff, you will learn when they get large new inventory and how long it takes to put them out to the shelves. There are times we go there and the there’s nothing of value, and there are times when we can find a whole bunch of stuff. Keep track of the bad days and the good days. It’s also a good idea to check things out when seasons change and holidays have just ended. Think of times when you might be in the mood to purge your home/garage of old stuff. Now reverse engineer the dates when it might be good to check the local Goodwill store.
Other location options are:
- estate sales
- flea markets
- discount stores
- regular stores on discount days or seasonal sales
The location of the store will also affect your findings. Some neighborhoods have thrifty people. Some have wasteful consumers who go thru their stuff much faster-so you get things in better condition. Drive around new areas, check the houses and cars in the driveways. Check the kind of stores in the area. Then find the local thrift store and see what kind of stuff they get on different days.
Next step is finding your preferred schedule. This will require some finagling. The initial research will need you to be out there as much as possible. For my wife, since she stays home, she can go out as often as she wants and she can cherry pick the days when great inventory comes in. This is a huge advantage. That, plus she can come in on days when they have great discounts and other customers have not yet picked up on it.
You will also need to figure out your own schedule on when to post things (best done as a bulk task) and when you want to pack and ship things. Here she can really do this at the time that best works for her.
Look at items that can be resold. This is a balance between what we want and the value the item will have for other people to whom we will sell it to afterwards. Look thru the overall wear and tear of the product. Is it dated or are people still interested in this type of stuff? Are all the parts there? A lot of times we will buy a toy for my son and parts of it will be missing. Posting these for resale, you have to be very clear of what is included in them. Toys are a good item to purchase as your kids will have fun with it and later on, as long as they have not painted it or dismantled it, you can sell them to other parents who are looking. We once got a large Nerf gun with missing parts. We had it around for about a year, then we sold it when we noticed my son was not using it anymore. We earned about $10 maybe if I recall it right.
As you look around, check how much the item sells for if new and if used. Check online if the item is popular. Check Ebay for typical prices and how many are “watching” the item.
Let’s say you found some good stuff, bought them and used them, now you are ready to get rid of it. Where do you sell these?