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I have owned and operated a Pawn Shop, Trading Post and several online businesses selling around the world 24-7.
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Making a consistent side income or extra money is much more competitive now than it was a few years ago. But you can still work part time or full time & have success!
Here are a few rules that have helped my Success being an “Hustler for a Profit!”
Tip 1: Find a niche and stick with it
Start off with whaYou won’t be very successful reselling items if you don’t have some personal experience or knowledge behind it.
I love selling many things from cars, antiques, mostly from my own desire as I love these types of niches. I also found I have a pretty good eye when it comes to these particular items and it’s simple for me to make a profit.
Tip 2: Buying Budget!!
Set yourself on a budget for what you’re willing or capable to spend for something. I personally set myself a limit of a certain amount before I go out thrifting. Often times I find more but other treasures will be there in the future, I’m sure.
Tip 3: Leave yourself a healthy profit margin
When you’re (re)selling things online, whether it’s eBay, Craigslist, Amazon or other sites, you’ll rarely ever be able to sell it for the retail price. People shop on these sites to get a bargain, so normally you have to sell the item for 75-50 percent of the original price due to the online competition.
My rule of thumb is to have some knowledge about your item/s & know the worth, what percentage you can safely mark it up to. Know in your sale price you also have to consider eBay & paypal fees as well as your cost of product.
Make sure when selling you item that your shipping & handling (tape/ boxes/ bubble-wrap, etc) is also included in your listings.
Tip 4: Seasons, Holidays & the Super Bowl
Research them before you buy. This will save you time & money by you not purchasing products that won’t sell or sell for very little profit.
Prices fluctuate from day to day and from season to season. Be aware of the time of year, and what season is coming up. Things like playoff games, Superbowl & premiere television programs can have factors in your eBay traffic as people won;t be sitting at their computers during those times.
I check items quickly & efficiently with my prepaid smart phone using eBay’s mobile app. From the app you can also change settings to show only completed or sold listings giving you the tools to know if you can profit from an item or not.
Tip 5: Time <vs> $
I would rather sell one item for a $100 profit than 10 items for $10 profit. Although if I was going to sell ten items I would rather have ten of the same that way you can just make one listing showing ten items.
Also would you rather wrap & pack one item or ten, as well as transporting to USPS. It all takes time.
Your time is just as important as making money, so spend your time wisely and find the best solution that works for you.
Tip 6: Sourcing your Products to Sell
Some of the best places that I suggest looking for products to resell is at Yard Sales, Flea Markets, Retail Clearance Items, consignment shops or places like Salvation Army or Goodwill . Many other great finds are at estate sales, auctions as well as utilizing importing from China.
Before you purchase make sure you check out all your items really well. Plug in & test electronics, Check clothing out thoroughly for stains also checking liners, pockets & cuffs to make sure not torn badly. Buying a game, make sure the needed pieces are with it.
Tip 7: Buying the Junk /Selling Antiques.
I do it day in and day out – “Buy Junk & Sell Antiques” – It’s my motto!!
Make sure you don’t just go and buy all junk. Get some quality items that will bring in big profits. People collect and purchase all kinds of things on eBay so there are really no limits to what you can but and not buy.
Looking for antiques is a process that can take a lifetime to perfect and still that may not be enough time. You will come across many Treasures or so you think that just may be junk.
Also the other happens as well where you find that $2 or $3 dollar item then sell for 10x the price you paid. Trust me you can’t do that at your local bank!
Again – See tip #4 about research!!
Tip 8: Consistent
I must say that you can make this as a side gig or full time and make it into what you want to make it – There really isn’t anything holding you back.
You will reap the rewards of what you put into your business.
You will sell many items for a large jackpot bt they can also be far and few between and that is where you will need to step it up with merchandise that you can still sell but maybe a smaller profit. Getting those lucky moments are great, but don’t expect them to happen all the time. You have to be smart with your purchases, and be fairly sure you will make your investment (and more) back.
Just don’t quit and you will see it grow.
So what is the formula for success?
By combining all or some of these “Super Thrifter” principles you can create your own success story. Most of my experiences have been through trial and error, and there have been times when I got stuck with items I couldn’t sell.
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