Uncovering the secrets of successful reselling: Part 2

Welcome thrifties, whether you're here for the first time or a repeat follower thank you! Your support means everything to me!!

If you are new to this, you are likely seeking ways to earn money by reselling as a side hustle. Make sure to check out part one, where I outline crucial steps to kick-start your reselling venture.

For this post let's focus on sourcing, record keeping, and deeper dive into posting/shipping.

SOURCING:

As recommended previously, I suggest getting your feet wet and building up a following by selling your own unwanted items before purchasing for resale. Now that you're ready to embark on the purchasing aspect, there is one rule that you must always follow to be successful: "buy low to sell high." You won't be successful breaking even or making such a little profit that it's not worth your time.

Cost $3 total at a yard sale

There are many ways to source low-cost inventory, but first, figure out your business plan. What do you plan on selling? While there's no rule that you need to restrict yourself, I've personally found it's better to have a niche. I sell items I'm familiar with, am comfortable shipping, and that will appeal to the masses. For me, that niche is decor/linens, primarily vintage, but I'm not afraid to offer new items if the cost is right. While all reselling involves some degree of research to accurately describe your item, you don't want to overinvest your time in that process. Find something that interests you that you have some knowledge of and let that lead your purchasing decisions. Not only will you be more motivated in your search, but you'll know when you're getting a good deal. While some resellers will resell anything for profit, and there's nothing wrong with that long term, in the beginning at least find your niche to build up your audience of buyers and purchase outside that box as you advance.

I paid $4 for this island and used paint I had at home to modernize it to black and gold

⭐PRO TIP:It is possible for brand new shoes to deteriorate due to dry rot during their first use. If you are in the business of selling shoes, make sure you are ready to provide a refund in such cases. Despite thorough inspections and excellent condition, this issue is frequently encountered when dealing with footwear.

Keep in mind your storage space and ease of shipping when purchasing for resale. For example, clothes are easy to source cheaply, store, and ship, but they are plentiful and sometimes a hard sell. They often require special handling such as washing and pressing. Each item will have pros and cons. Don't get discouraged in the beginning if you buy an item that doesn't sell and treat each mistake as a learning experience. Keep your purchases to a minimum at first until you know what sells for you, and also to avoid too many out-of-pocket expenses. You can always buy more as you advance.

Cost was $24 at a thrift store

⭐PRO TIP: Google Image Search is a reseller's best friend! Use it often to save yourself time in research and comparison mode!

Here are a few examples of where you can find items at a low price or for free for resale:

Used:

thrift stores, flea markets, yard sales

dumpster dives, free items & roadside finds

auctions & estate sales

One of my first purchases for resale, I actually bought two of these at $1.99 each at a rural thrift store on vacation, the other sold for $48 as it had damage.

Goodwill bins

storage unit buyouts

unwanted items from friends and family

Cost $1 at a yard sale

New:

Clearance merchandise from stores

Items from discount or closeout retailers

pallet or container sales

store buyouts

bulk sales

⭐PRO TIP: Don't pass up thrift stores and the Goodwill bins when sourcing new items - it's not unusual for retailers to donate their new overstock .

I paid $2.99 for a bag of 4, I split in pairs and sold each pair for $18 each

PROFIT:

While I don't have a set formula for how much profit I should make off an item, because I do buy so low, it usually is at least 5 times the purchase price. It also depends on the item. If you buy a washer, for example, for $100, don't expect to get $500-$600 for it. You doubled your money. This strategy should only be applied to higher-priced items. Buying something for $2 and selling for $4 is not worth the time, but a $100 buy in that sold for $200 is. Keep in mind that your time is valuable, and gas is expensive, so factor that into your profit margin.

This bin find ended up costing less than $1

For pricing, consider your platform. You are not going to get the same price for an identical item sold on eBay as you will on Marketplace, Mercari, and other platforms. Do your research and look up sold pricing (called "comps"), take into account what platform you are selling on, and how much you invested in the item. For me, I like things to move quickly, so I price my items on the lower end, but still high enough to make it worth my time and energy.

Since decor is my passion, I am often tempted to keep what I purchase for myself, but I am pretty disciplined so that I don't. There is a fine line between buying for resale and hoarding for yourself. But while I'm waiting for it to sell, I do have a little fun decorating with it. Plus, using it for display saves storage space. I genuinely buy what I like or am attracted to. Because I have that connection with a piece, I love when it goes to its forever home and makes someone else happy, especially when my customers feel like they got a bargain, because who doesn't love a bargain?!?

Duvet cover purchased at the bins for less than $2!

Here's a recent yard sale find, a 1970's unicorn tapestry, that I paid $2 for and sold it for $85 in less than 12 hours!

RECORD KEEPING:

In order to know if you are making money, you need to know how much money you are spending. Not only for profit accountability but also for taxes. While I won't go into the tax aspect of claiming your sales; I will say it is best to discuss this with your tax professional when it's time to file. Either way, keeping accurate records is crucial to your business. In the beginning, I developed a few systems to see what worked best for me. Your system can be as simple as a notebook with your purchases/sold price, or as elaborate as a spreadsheet that tracks purchasing sources, sold platforms, shipping costs, and days in inventory. With my accounting background, the latter is what I ultimately decided on. After experimenting with my own version, I found this free downloadable spreadsheet from YouTube Reseller Ginger Marvin that literally tracks everything! You can customize it and run various reports. He even has videos on how to use it! I've been using it since 2022, and it has made record-keeping so much easier!

These were in a bag of wooden trinkets that I bought for .99 at a thrift store. I wasn' t sure what they were but called them air plant egg heads and they sold!

Also, be sure to save your receipts, and if you want to track mileage, research apps that make this easy. Don't forget to record expenses like shipping supplies, ink/paper, storage containers, and lighting. If you flip or improve items, keep a total for the cost of those supplies such as paint, cleaners & polishes, and parts/embellishments. You'll also want that information when considering your listing price.

I got this camera for free from my old boss

POSTING:

Listings take time and for me, it's my most dreaded task, which is why I have a bit of a death pile. Death piles are something you want to avoid! Items sitting around unlisted are not making money! It's best to list as soon as possible after purchase.

My employer was going to throw this out so I grabbed it for free!

Using proper lighting for photographs is very important to get the best views for your listing photos. It's best to use a ring light or lightbox for all your pictures. I have three lighting sources that work well and were all very affordable. I didn't invest in good lighting until I was about a year into my reselling journey, and when I review some of my prior listings, I can tell the difference! The lightbox is best for smaller items, the large light is good for larger items as well as content creation, and the small light is great for listing while traveling. You want your photos to be taken in optimal lighting, showcasing the item from every angle. You also want that item to be shown at its very best. Polish or clean as needed. Be sure to disclose flaws and list measurements. To save time in how much you have to type, take a picture of the item by a ruler or list the measurements on a whiteboard and photograph it.

I went to a garage sale and this was hanging in the garage. I inquired on it's cost. She said it wasn't for sale but since I liked it I could have it!

Be honest and concise in your listing; you want to build trust and have repeat customers. You can disclose flaws without highlighting them by using verbiage such as original vintage patina, unique aged finish with character, etc. As long as you're honest and show the flaws in good light, you've done your part. Use keywords that people would search for in your title. In my listings, I often provide descriptive ways of using the item and/or include pictures of examples. Trivets can be wall art, incomplete sheet sets could be vintage fabric, etc. Sometimes you have to plant that idea in the buyer's mind so they will purchase something they never thought they needed!

Definition of Death pile: A death pile is a term used to describe a collection of excess inventory or items that are waiting to be processed.

SHIPPING:

The number one rule of shipping is to weigh the item before you list it to avoid unexpected shipping expenses billed to you! Make sure to include the weight of the packaging material as well. My recommendation is to get an inexpensive postage scale. Also, source as many free shipping supplies as possible. I go into further detail on this topic here. Always ensure that your item is wrapped properly and securely in the box so it arrives safely. Damaged items cost you money and reflect poorly on you as a reseller. While the occasional damaged item is unavoidable, make sure you are doing your very best by packaging properly. Clothing and linens don't need to be bubble-wrapped, but they should be neatly folded and wrapped in white tissue paper or placed in a zip-lock bag and then in a waterproof polybag. Anything breakable should be wrapped in a combination of multiple layers of bubble wrap and paper. Choosing the appropriate box size is crucial. You don't want empty space for the item to move around, yet you don't want it to be so tight that it breaks from the pressure of movement. Use air bubbles, crumpled newspaper, and packing peanuts to cushion and fill voids when shipping fragile items. Use an abundance of tape and wrap the box all the way around to prevent it from splitting open during processing and transit. It's better to have too much packaging than not enough!

Found in a free pile at a yard sale. The zipper stuck but I disclosed it, and it sold in only a few hours!

⭐PRO TIP: To prevent color transfer, use only white tissue paper. If using newspaper, ensure it is not in direct contact with the item as the first layer.

Make sure your item is packaged neatly inside, that means folded or arranged nicely. Add a thank you card or embellish with string or ribbon. Those little touches show that you care and aid in customer satisfaction. Good reviews mean happy customers and more sales! More sales means more money for you to repeat the process!

⭐PRO TIP: Use thank you cards not only to show your gratitude for the sale but also to promote yourself as a seller by including your store name and/or logo. Design your own at Canva; the free version is more than adequate to make a logo, design, and thank you card. It's what I used!

Another free pile find, it was an incomplete set

Below are supplies for getting started, and items I actually use. Many are optional and depend on the type of merchandise you're selling.

Basics:

postage scale

ring light, light box, or small portable lighting

yardstick

clear bins for inventory storage

Shipping:

bubble wrap (if not sourced for free)

poly bags

packing tape

tape

thank you stickers

tissue paper

boxes (if not sourced for free)

Clothing bags

packing peanuts or air pockets

Prep and cleaning (not all will apply depending on what you sell)

Oxiclean

Odor ban - for removing odors and spraying the inside of shoes

Vinegar - for removing odors and soaking yellowed linens

Magic erasers - for the soles of shoes

Krud Kutter - use on almost everything but mirrors as it streaks

Goo Gone and/or rubbing alcohol - for removing labels and price markers

Brasso - for cleaning brass

Barkeepers friend - for dishes, ceramics, and metals

dry clean kit - for at home dry cleaning

Wood stain pens - for touch ups

metal testing kit - for testing jewelry and precious metals

leather cleaner

Grandma's Secret spot remover - for stubborn stains

Optional

Clothing Mannequin

inventory log

receipt/mileage log

Whiteboard

⭐PRO TIP: For better protection, opt for larger bubbles in the bubble wrap. Use smaller bubble wrap for brass, metal, or wood items, and use larger bubbles for fragile objects.

I hope that armed with this information, you now have the confidence to go hunting and start selling!

As an Amazon Associate I earn from qualifying purchases.

SHOP: Chola Vintage

SELL: on Mercari

If you have a tip or trick to add or found this post helpful comment below, I'd love to know!