Welcome to our second monthly reselling report. We started our reselling business on eBay in January 2017, and we love sharing our progress with you. A lot happened in our second month, so keep reading to see how we got on with our UK reseller report, month 2.
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 our second month
We learned a lot in our second month of reselling, probably a lot more than our first month! I have so much to tell you, that I don't know where to begin!
A major thing that happened was that we opened our eBay shop. A shop is different from a business account – you don't automatically have a store because you have a business account. We made the decision because we were paying 26p per listing, and a shop cost under £20 a month and you got 200 free listings a month (worth £52!), making it a no brainer. We didn't get close to using our 200 free listings, but more on that later.
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We've opened an eBay shop! Can't believe how much you save on listing fees – 200 free listings a month and then 10p per listing afterwards, instead of 26p per listing. And it costs under £20 a month. I really thought we would get a lot more listed today, but nope. I'm also super nervous about sharing our shop for some reason. But I guess it's not too hard to find if we do haul videos etc. E x #reseller #ebayreseller #ebayseller #ebayshop #ebaybusiness #ebay #selling #sidehustle
It was a month of firsts for us – we had our first ever return request (although typically the item hasn't been returned), our first ever non-paid item and we started accepting best offers on items. The unpaid item really bugs me because they haggled us down from £62.99 to £47.99, and then just didn't pay. Why bother?
As for listings, we set our goals too high – last month we vowed to have 250 items listed, which, looking back, was not realistic compared to how much time we have to dedicate to reselling. February has taught me that reselling is meant to be one of many side hustles, not the main one. Of course we could be doing more, but getting manic about it takes the fun out of it, and we definitely want this to be fun!
Likewise, we didn't manage to get anything sent to FBA. I have such a poor excuse for this – we couldn't find our FBA labels (you have to label the products with a barcode). Despite hunting high and low, I gave in and bought some on eBay, so I really must get a box sent off soon.
I spent some time in February finally sorting out our eBay room so that it is a functional room instead of a dumping ground. I can't believe the difference it has made – it isn't perfect and being an eBay room, it never will be, but I am loving how organised it it. Along with sorting the room out, we also bought a mannequin and dress rail to store clothing upstairs in our spare room.
Another great thing that we did in February was to dabble in auctions. We had gone to them as buyers, so we tried our hand at selling stuff in the auctions, and it went really well! We sold off lots of our own unwanted items, as well as putting in the unwanted items from job lots we purchased from an earlier auction.
We purchased a few board games that were incomplete, which led us to buying some spare parts on eBay…and discovering that we can sell incomplete board games as spare parts. This is so simple and yet it completely blew my mind. What's more, we have actually made a sale of just the spare parts!
I also wrote a guest post for Cora from The Mini Millionaire about the things I learned in our first month of reselling.
Money spent on stock: £208.97
Items listed on eBay at the end of the month: 112
Number of sales achieved: 26 (1 item unpaid)
Sales profit after postage and other fees*: £224.41
Miles travelled: 378.80
Other expenses: £32
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.
The first thing to note is that I've removed some things from the table above because they were no longer relevant – for example we have been buying a lot of job lots, so counting every individual item would have taken too much time.
We also discovered a great app called BidHero, where you can search eBay for all sorts of things. We used it to look for “job lots” within a 20 mile radius, and we managed to pick up an amazing car load of stuff for just £10.50!
We spent over £200 on stock, and we made a profit of £224.41 on the 26 items that did sell throughout the month.
We travelled a lot – a lot more than our first month!
Other expenses (which came to £32) are a mannequin, parking, car boot sale entry and storage boxes.
Things we've bought to flip (and other expenses)
We have bought so much this month, I'm going to let the Instagram posts and YouTube hauls speak for themselves.
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Lunch time report: 9 lots of items put into the auction for Wednesday night. Also scoped out what was there, lots we are interested in! Visited the charity shop by the American air base and picked up this little haul for £8. Definitely noticing a trend of getting American baby items cheaply. Stopped off for a FREE LUNCH with a mystery shop So far, so good #resellerhaul #haul #ebayflip #ebaybusiness #ebayreseller #ebayseller #ebaylife #freelunch #mysteryshopping
Reselling goals for next month
We are trying to be more realistic about our goals, so for our third month we want to:
- Have a total of 250 items live at the end of the month
- Grow our inventory
- Start the free trial of Xero for our inventory and accounts
- Reach 750 followers on our Instagram
- Record weekly YouTube hauls
- Get our FBA box sent 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!