The Reselling Side Hustle: How To Get Started Reselling Now
There are many side hustles out there to make extra cash. The reselling side hustle is one that has grown in popularity over the past years. It is now a booming market and you can get started easy!
Keep reading to learn about this side hustle and how you can get started reselling.
What is the Reselling Side Hustle?
So what is reselling? It is buying new or pre-owned products and selling them for a higher price. You can resell liquidated products, thrifted items, or items purchased through retail stores. Reselling has been around for a long time, way before it was popularized. I remember my uncle reselling furniture and random items he would find.
Reselling got a big boom of interest with the onset of e-commerce, first with ebay, and now with Poshmark, Mercari, ThredUp and other platforms. It also became even more popular as social media picked it up and resellers promoted it on Youtube. It is an easy side hustle to get into that can be built into a larger business.
Now it is a booming market and many big retailer stores have started to resell their own products!
Reselling as a Side Hustle
The great thing about reselling, is that you can use it to make extra cash for bills, savings, or to have some fun money. When I started reselling, it was initially to fund my thrifting addiction and to save up to purchase luxury items.
Funding Travel Through Reselling
Check out my the Podcast on Reselling with expert Reseller, Tarra Ransom or check out the Youtube video below.
Reselling as a Business
In contrast, reselling can be turned into a very profitable business. I learned reselling via Youtube, through resellers that had turned it into 6-figure businesses. There are many who even turned reselling into 7-figure businesses!
Reselling is estimated to grow 11 times bigger than regular retail/fast fashion. You can check out Forbes’ article here. Therefore, the sky is the limit, if you want to create a reselling business.
How to Start
So you want to make extra cash or start a business reselling? Well, starting is not too difficult. Reselling is one of the easier side hustles to start. Here is how you can get started.
Find Your Niche
Well, the first step to become a Reseller, is to figure out what you would like to focus on, a niche. Select one category to start with and learn the resale value, sought after brands and how to find them at a low cost. Avoid trying to sell too many categories. It is easy to get excited in the beginning and want to get into many different products.
When I first started, I made the mistake of trying to resell everything. Huge mistake! I got so overwhelmed. I tried to do it all and it made it difficult to master anything. Therefore, focus on one type of product and become knowledgeable on it.
Sourcing Products
In the reseller world, finding products to sell is known as “sourcing.” So, how do you source items that you can resell? Well there are many different ways to buy products. However, ensure you keep your costs low and buy items that are actually selling.
You can source by:
- Liquidation sites
- Thrift Stores
- Yard Sales
- Wholesale distributors
- Sales from retail stores
Where to Sell Your Products
Next, you need to list your products for sale! You can post your products on sites like Amazon, ebay, Poshmark, Mercari, and so many more e-commerce sites. You can even sell your items locally or even have a physical resell store.
Additionally, this step involves researching the price that your product is selling for. Check the competition and price your product accordingly. Certain brands tend to be popular in the resell world. You will learn as you go which ones these are.
Finally, buyers who purchase online want as much detail as possible to be able to make a smart purchase. Therefore, ensure you have a detailed description, pictures, and any measurements/dimensions of your product.
Reselling can be a great side hustle or a rewarding business. It can be a great way to earn financial freedom and even build generational wealth.
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