Reselling has been one of our biggest incomes streams over the past few years and it's such a great way to earn some extra money. It's not the easiest side hustle but it is very rewarding if you're willing to put the upfront effort in. Once you get the hang of sourcing valuable products for low prices, take great photos and have a streamlined shipping method, you can very easily be earning a great side income for only a few hours work each week!
What is reselling?
Reselling is simply buying products with the intention of reselling them on for a profit. This can be a very lucrative side hustle as people are always on the lookout for good deals or a lot of people will end up selling their unwanted items for low prices when they're worth a lot more. In today's post, I'll be sharing some useful tips on how to boost your reselling income.
1. Price items correctly
When reselling items, make sure you are pricing them so that you can turn a profit. Be sure to take into account your packaging, shipping and any fees your reselling site will be charging you when calculating your pricing. Also, take some time to research the price other resellers have sold the same or similar items. This should help give you an idea of what buyers are willing to pay for those particular items or items from that particular brand. Having reliable sources for your items is great as well as you'll have an ongoing supplier for your items at good rates.
2. Take decent photos
Having high-quality photos will help your sales increase dramatically. Ways you can boost the quality of your photos is to make sure you take your photos with natural or bright lighting, have clear backgrounds and make them look appealing, for example, if you're reselling clothing buy a mannequin so buyers have an idea of how the clothes will appear when worn. You want your products to stand out amongst other resellers and strong images is a great way to do it.
3. Experiment with Buy it now vs auctions
Definitely, do trial listings with both Buy It Now and Auctions, as a lot of products will differ in their success of being sold depending on how they are listed. Again, take some time to research other items and see whether or not they've been sold more successfully using Buy It Now or Auctions. If you've not been having success with auctions, then try switching to Buy It Now to boost your sales or vice versa. Also, experiment with your listing times and durations, you want your product to be ending on an auction at a time where people are buying so Sunday evenings are often a good time to end your auctions.
4. Send offers to buyers
If you're struggling to shift an item, eBay gives you the option to make offers to any interested buyers. In eBay's terms, an ‘interested buyer' is anyone who has sent you a question about the item. If you're happy to send an offer, you can reply to their message with a new offer. The buyer will then have 48 hours to decide if they're interested in the offer and can accept it. Once they do, you'll be sent an email for confirmation and then your item is successfully sold!
5. Find alternative places to sell
There's no reason why you have to stick to just one platform for your reselling, there are so many places online you can sell items. Facebook Marketplace and Gumtree and great for any local buyers, which is especially useful if you're selling larger items like furniture and need the buyer to come and collect it themselves. PoshMark and Depop are great for if you're reselling fashion and clothing items.