If you’re looking to live life on your own terms, escape the 9-5 grind, and become your own boss, 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 running a reselling business. Questions like:
In this article, I answer these questions and more.
I offer you a step-by-step guide on how to become a 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
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. Most times, 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 retail companies. 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, sellers often purchase their products from a retail store and then vend them on to somebody else. The simplicity is why so many are becoming retail resellers.
Why Start A Reselling Business?
Source: Pixabay
Becoming a web-based vendor 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!
Before you launch your reselling business…
Get A Business License
It’s vital to start your business on the right foot legally. Here’s how in 3 simple steps.
Covered the legal aspects of owning an internet vendor business?
Great.
It’s time to decide what exactly you’ll sell online.
5 Of The Best Products For A Reselling Business
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
Source: Pixabay
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
Source: Unsplash
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
Source: Pixabay
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
Source: Pixabay
Next, resell clothes to make easy money. Look for branded clothing with minor defects from the factory, or look in thrift stores for designer lines. Clothing takes longer to resell than other items, but it can be a worthwhile resell item with patience.
Domain Names
Source: Pixabay
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.
But where do you get the physical stock to sell?
Good question.
There are many sources of high demand resale goods:
It’s tempting to jump head first and start to sell online in pursuit of these lucrative opportunities. Don’t yield to the temptation, otherwise your reseller business will bomb.
Market Research: The Backbone To A Successful Resale Business
Source: Pixabay
Market research is foundational to online reseller business success.
To tick off all the market research boxes, ask yourself:
It’s also crucial to find out the market value of the goods you want to sell to see if you can make decent profits off them. Conducting surveys is a quick and easy way to get potential buyer feedback, so you strategize well for a thriving small business.
You can also talk to other buyers and resellers for clues, tips, and trends about the potential customers you are targeting.
What Are The Advantages Of Becoming A Reseller?
There are several benefits of becoming a digital reseller:
Is Reselling For Me?
I get this question a lot from people considering vending. Their major concern is that there are already so many people doing selling stuff, so is it worthwhile?
Absolutely!
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 trading on the internet.
But if you think big — like merchandising big machinery (car upgrade parts, as an example), then you can easily make a 6-figure lifestyle business.
How To Become A Reseller Online In 2021: A Step-By-Step Guide
So, let’s get right into how you can become a reseller online RIGHT NOW.
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, and how to promote 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:
Look for online databases in your product niche, look on eBay and, for high-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.
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:
Set your pricing accordingly so that you can more or less beat your competition but still make a profit.
When you’ve got everything lined up, launch an online store.
How To Set Up An Online Store For Your Small Business
Source: Unsplash
To maximize earnings and improve efficiency, launch an ecommerce store. Top resellers sell their own products from their stores, not third party online marketplaces that get a slice of the pie.
There are many ecommerce plaforms that can help you resell products bought from manufacturers. Shopify is one of the best.
Here’s a quick guide on how to set up shop on Shopify and start making money sooner than you think.
First do a bit of groundwork.
With the foundation in place, it’s time to set up shop.
But having a sleek store design isn’t enough. You need to do more to make money off it.
15 Free (Or Dirt Cheap) Ways To Drive Traffic To Your Online Store
Source: Pixabay
While having superb stock and a stellar store design is great, you must promote your online side hustle aggressively to earn good money. To drive more traffic to your store:
Try the ideas that appeal to you.
Double down on those that produce the best results.
Wrapping Up
As you can see, there is a bit of legwork that goes into becoming an online reseller. But once you’ve got yourself established, the juice is most certainly worth the squeeze.
I’d expect most people who want to resell to need two hours of research and initial work per day for two weeks. During this time, learn:
If you put in the initial effort and follow all the steps, I believe you’ll 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 make $10/day, and then scale towards $1,000/day can help you with your mindset as a vendor and achieving your goal. But sign up now — limited spaces and time slots (oh, and did I mention it’s FREE!?).