If you’re looking to live life on your own terms and escape the 9-5, then becoming a reseller is a sure-fire strategy to making 300 USD per day in 2021.
The concept of reselling is straightforward: you buy low and sell high. In a nutshell, that’s all there is to it — you find products that people want, buy them cheap, then sell them at a profit.
But recently, I’ve had an increasing number of queries from my freedom fighters asking me some excellent questions about reselling. Questions like:
- What are the best products for reselling?
- How do I know if reselling is for me?
- How much money can I make reselling?
- How can I become a reseller?
In this article, I answer these questions and more.
I offer you a step-by-step guide to becoming a profitable reseller in 2021, and as a bonus, I am including a last-minute sign-up to my free upcoming webinar on how to scale from making $10/day to $1,000/day.
Table of Contents
- Becoming a Reseller
- What Is Reselling?
- What Is Retail Reselling?
- 5 of the Best Products for Reselling
- What Are the Advantages of Becoming a Reseller?
- Step-By-Step Guide to Becoming an Online Reseller in 2021
Becoming a Reseller
Becoming a reseller online is one of my favorite ways to achieve financial freedom.
For some of you, reselling might only be a side business that brings in a few hundred dollars a day. For others, you might find that reselling suits your lifestyle and that you want to scale your reselling business to $500/day +.
The beauty of reselling is that you can do it from anywhere with a reliable internet connection — perfect as a lifestyle business!
What Is Reselling?
As a reseller, you source products or services for as cheap as you can, then you market them and sell them at a marked-up price.
As the good old saying goes, “buy low, sell high!”
You act as an intermediary between the manufacturers, wholesalers, recyclers or stores, and your customers. In many cases, you help your customers find the products they are looking for but can’t find for themselves.
What Is Retail Reselling?
Traditionally, retailing means to sell products to consumers via a retail business. An excellent example of a retail business is a corner store or a grocery shop — these places purchase goods from a wholesaler and then offer them at convenient locations.
On the other hand, resellers often purchase their products from a retail store and then sell them on to somebody else. The simplicity is why so many are becoming retail resellers.
5 of the Best Products for Reselling
Once you’ve decided you want to become a reseller online, you need to figure out the most lucrative things to resell for profit.
Some of my favorites include:
- Shoes. Top designer shoes from brands like AirJordan and Gucci can sell for thousands of dollars. While you don’t always need to aim for the premium lines, knowing which shoes people are looking for and which ones are valuable can help you make a significant profit reselling.
- Classic video games and consoles. The gaming industry is growing at an alarming rate and will only continue to do so. Gamers are a sentimental bunch, which is why pre-90s old-school games and consoles are a reseller’s dream. Look for Atari, NES and Super Nintendo stuff.
- Books. Ever see Johnny Depp as the book collector in the Ninth Gate? If not — watch it! Not only is it a great movie, but it highlights just how valuable books can be. Look for first editions and well-preserved classics to resell.
If you know what you’re looking for, books are a fantastic product for reselling.
- Branded clothing. Look online for branded clothing with minor defects from the factory, or look in thrift stores for designer lines. Clothing generally takes longer to resell than other items, but it can be a worthwhile resell item with patience.
- Domain names. Remember when Google briefly lost ownership of Google.com back in 2015? They scrambled to cancel the transaction and regained their domain, but domain names can be worth hundreds of thousands of dollars. Look for domain names similar to other popular URLs or preempt future valuable domain names, buy them, and then sell them in a few years.
The most expensive domain name ever – Cars.com valued at over $872 million.
What Are the Advantages of Becoming a Reseller?
There are several benefits of becoming a reseller:
- A small amount of investment needed to start
- Can run the business anywhere in the world
- The potential for scaling is significant, with life-changing profits
Is Reselling for Me?
I get this question a lot from people considering reselling. Their main concern is that there are already so many people doing reselling, so is it worthwhile?
You need to keep things in perspective — mainly, internet usage and the number of online transactions. With over 4.72 billion global internet users in 2021, internet usage is at an all-time high, with no sign of slowing down.
And currently, e-Commerce (online sales) only account for around 10% of total retail sales in the United States — a number that is snowballing. This means that online reselling is a relatively untapped industry and one which is ready for you to tap into!
How Much Can I Make Reselling?
This is also an understandably common question — but the answer is up to you.
If you want to keep things small, you can realistically earn a few hundred dollars every day reselling.
But if you think big — like, machinery big (reselling car upgrade parts, as an example), then you can easily make reselling a 6-figure lifestyle business.
Step-By-Step Guide to Becoming a Reseller Online in 2021
So, let’s get right into how you can become a reseller online RIGHT NOW.
- Set up a seller account on Amazon. Head over to Amazon using the link in the photo, or type in “Amazon Seller Account” into Google. Depending on how much you want to start selling, select an individual seller or business account, then provide your bank account details so you can receive payments.
- Set up a seller account on eBay. Scroll down to the bottom of the eBay homepage and find the “Start Selling” link. Set up your eBay account so you can list and sell products here, as well as Amazon.
- Set up a PayPal account to receive payments securely. If you’re only using Amazon, you won’t need a PayPal account, as Amazon pays you directly. PayPal is useful to receive eBay payments because it’s secure. Keep in mind PayPal will take between 3-10% of the money you receive. It’s the price you pay for security!
- Find items to resell. At the beginning of your reseller journey, focus on one or two types of products.
This will help you learn where to find products to resell, how to research the actual value of products, get an idea of what your competition is selling them for, how to price accordingly, and how to market your product.
Great places to look are on eBay, social sharing sites like Gumtree or Craigslist, and physical locations such as garage sales and thrift stores.
Some other websites to get you started:
- Facebook Marketplace
- Research the value of your chosen product before you purchase! This is one of the most critical steps as a reseller, as you need to know what a product is worth if you’re to make any money.
Look for online databases in your product niche, look on eBay and, for higher-ticket items, consider:
Never spend more than you should, no matter how cool or quirky the product is. Emotional attachment to inventory is one of the leading causes of failure for resellers — only purchase something if you know you can sell it for profit.
- Create a detailed description of your product and list it on your seller accounts
Your listing is where you make your sale — so it has to be good.
Include as many high-quality photos as is necessary to show all angles of your product, and include a detailed description that highlights the condition the item is in and the value of the item. This collector set of Ernest Hemingway’s works is a good example:
- Price your listing accordingly. This is where knowing your market inside out sets you apart from your competition. You need to consider how much you paid for your product, how much your competitors are offering, and what your target customers are willing to pay.
Set your pricing accordingly so that you can more or less beat your competition but still make a profit.
- Advertise your listings on blogs or social media. Having a blog or social media account relative to the products you resell is a great way to funnel interested customers to your listings. Offer deals and packages for multiple purchases and notify your followers of new listings you have.
- Ship your orders immediately. Being a responsive reseller means profit. Pack your deliveries with total security to avoid any damage, and send your items as soon as possible, so your customers enjoy a great user experience and give you good social feedback.
- Collect social proof and feedback from as many customers as possible. Having a high seller rating and positive customer feedback will determine the success of your reseller business. Ask your clients if they were happy with your service, and then ask them to give you a 5-star review with positive comments. Be sure to reply to their comments and thank them as well!
As you can see, there is a bit of legwork that goes into becoming a reseller online. But, once you’ve got yourself established, the juice is most certainly worth the squeeze.
I’d expect most people who want to get into reselling to need two hours of research and initial work per day for two weeks. During this time, you should learn:
- What items you want to focus on at the beginning
- How much these items are worth
- Where you can find these items cheaply
- How to create a listing that sells
- How to start marketing your online reseller store
If you put in the initial effort, I believe you’ll start to see the results of becoming a reseller in about two to three months, probably even earlier.
My free “Silver Lining Method” webinar on how to start making $10/day, and then scaling towards $1,000/day can help you with your mindset as a reseller and achieving your goal. But sign up now — limited spaces and time slots (oh, and did I mention it’s FREE!?).