Do you dream of starting your own business from home? Perhaps you’ve heard about reselling and are curious about how to make it work for you. Jason and I, in our 40’s, embarked on this journey in 2020, and we’ve been steadily growing our shoe and sports apparel resell business ever since. We started small, learning from other resellers on YouTube, and by scouring thrift stores for items we thought would sell. What we discovered is that with the right mindset, strategy, and perseverance, anyone can build a thriving reselling business from home. If you’re interested in getting started, keep reading for our top tips on how to do so successfully.
Start small and focus on what you know:
When starting a reselling business from home, it’s essential to start with a manageable inventory. We started with thrift stores because of the low start-up costs and because we were able to find items we were knowledgeable about. This helped us understand the basics of reselling and get a sense of what items sell best for us. As we did better, we started to mix in retail arbitrage with new shoes and sports apparel, adding the variety to our inventory. Our advice would be to find a niche and stick with it. Focus on what you know before diversifying into other areas.
Be persistent and consistent:
Reselling is not a get-rich-quick scheme. It requires a lot of time and effort. Consistency and persistence are key ingredients of building a successful resell business. It takes time to find the right inventory, list it, and market it, but if you dedicate yourself to the process, you’ll get there. Remember to pace yourself and keep going even on days when it feels a little discouraging.
Keep track of your finances:
One of the reasons many people fail in reselling is not because they don’t have enough inventory, but because they don’t know what their finances look like. It’s imperative to keep a close eye on the finances in a reselling business, from your inventory’s cost to how much you’re selling it for and how much profit you’re making. Keep track of your finances, and you’ll be able to make informed decisions about your business’s future.
Utilize technology and platforms to your advantage:
Social media (especially Instagram), reselling apps (think Poshmark, eBay, Mercari, and Amazon), and e-commerce tools (such as Shopify) can aid you in your business. Use these resources and take advantage of their free promotions or challenges. There’s a wealth of information and support available online, so avoid operating in a vacuum.
Never stop learning:
Finally, it’s important to acknowledge that the reselling market is constantly evolving. You need to stay up-to-date on the latest trends, pricing methods, and how to improve your marketing strategy to improve your business. Continuing to educate yourself about the market will enable you to become a more effective and successful reseller.
Starting a reselling business from home can be a great way to earn money and be your own boss. By sticking to what you know, being persistent and consistent, keeping a close eye on your finances, utilizing technology and platform, and continuing to learn, anyone can build a successful resell business. Whether you’re already dipping your toes in the resell world, or you’re considering starting, keep these tips in mind, and you’ll be well on your way to success.