Welcome to our first ever monthly reselling report. We have recently started reselling on eBay and looking into FBA (Fulfilled by Amazon) and we wanted to share our journey with you. We absolutely love reselling and can't wait to share our progress. Here is how we did in our first month.
What is reselling?
Reselling, or flipping, is where you purchase an item and resell it for a profit. We are focusing on selling on eBay or Amazon. eBay sellers who are reselling items need to be registered as a business in order to comply with eBay's terms and conditions, and you need to register with HMRC and declare your extra income.
You can learn more about reselling at Tony's blog.
Why we have decided to get into reselling
When it comes to working for yourself, it is really important to diversify your income so that if one income stream takes a hit, you aren't losing out too much. I am always looking at ways to diversify our income, and reselling seemed like the natural progression. Both Tony and I have a good eye for finding items we know will sell for a lot more – Tony is great at spotting “nerd stuff” like retro games, Warhammer and similar items, whereas I'm good at clothes, shoes and good at watching allllllllll the reselling YouTube videos out there and picking up suggestions.
I have previously purchased the odd thing to resell (remember my amazing camera haul), however we decided in January 2017 to really make a go of it. We started a new business account on eBay (yep, with zero feedback) and started to dedicate some time to reselling.
We also love the variety that reselling gives us. If we are out and about for mystery shopping then we can easily pop into some charity shops, or if we have a day where we really cannot stand to be in front of a computer, we can head out and still be doing something to earn us money.
We aren't full-time resellers and we don't aim to be, we are simply adding another side hustle to our list. Be sure to follow our dedicated reselling Instagram account to be kept up to date.
An overview of the month
Money spent on stock: £372.34
Total number of items purchased: 134
Number of items in our inventory: 123
Items listed on eBay on the last day of the month: 46
Number of items still to be listed: 77
Number of sales achieved: 11
Sales profit after postage and other fees*: £176.73
Miles traveled: 245.6
Other expenses: £15.59
Number of items sent to FBA: 0
* This amount only deducts the cost per item for items that have sold, and does not take into account all the other items within our inventory.
January 2017 has been our first month of reselling, and what a month it has been! As it has been our first month, we have had a steep learning curve. The charity shops closest to us are extremely expensive, although Tony did spot an item for £2 that ended up selling with a profit of over £50! We have traveled a lot – 245.6 miles to be exact, to scope out the best charity shops, auctions and car boot sales. We have now struck off a few locations from our list, meaning we can focus on the best places to source stock. We'll revisit this every once in awhile, but we won't be making 60 mile round trips for places where the charity shops are priced too high (honestly, £5 for one DVD from a charity shop is insane!).
We have spent £372.34 on 134 items of stock, of which 11 have sold. Those 11 items got us a profit of £176.73 and we ended the month with only 46 items listed on eBay. That means there are still 77 items that we need to get listed. Our other expenses this month, £15.59 were for 100 jiffy bags, car boot sale entry and car parking fees.
Overall we are really thrilled with our first month. We know that we have to work harder to get items listed faster!
Things we've bought to flip (and other expenses)
We have had a really great month sourcing items, with a total of 134 items purchased to resell. My favourites were at our first ever auction, where we were walking away with boxes of clothing, shoes and games for £1 each. This is my new favourite way to source things! Be sure to check out our reselling Instagram to see our latest finds.
The things we have bought have been a real mixture of products, as you can see from the Instagram photos below, and the videos. We haven't stuck to a niche, we've simply spotted items that have piqued our interest and searched eBay to see how much they have sold for.
Car boot reselling haul – full details going on Instagram stories in a moment. Can you spot the 4 rolls at the back – WHY do the burgers, before 8am, at car boot sales smell AMAZING? Forever thrifty, we picked up some rolls on our way home to make our own later 😂 #reselling #resellinguk #workfromhome #makingmoney #sidehustle #carbootsale
I have published two YouTube videos of our reselling hauls in January, which you can watch below. If you like reselling videos then be sure to subscribe on YouTube to be notified when new ones come out.
Reselling goals for next month
February will be our second month reselling, but we are also away for a few days and it is my birthday. We are hoping to:
- Have a total of 250 items live at the end of the month (which is roughly 10 items listed per day accounting for sales)
- £300 profit on the items that do sell
- Grow our inventory
- Start the free trial of Xero for our inventory and accounts
- Reach 500 followers on our Instagram
- Record two more YouTube hauls
- Do more FBA research and see if any of our inventory is worth sending in
So there you have it, a report of our first month of reselling. We are having an absolute blast with this side hustle! If you have any reselling related questions then please do let us know!
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