Kirra’s online store turned over more than $100,000 in its first year. (Supplied/ABC Everyday: Luke Tribe) I think most people who call themselves resellers are addicted to buying things.
I just love shopping. I love the thrill of the hunt. At some point, you have to make it into a business because otherwise, you become a hoarder.
I started reselling things in about 2013, and it was just a little bit of fun. I’d buy a bunch of stuff 50 per cent off at second-hand stores and then flip it at the local markets here in Adelaide.
But I officially opened my eBay store on January 1, 2020. We were lucky to not really get COVID here so I was able to keep going to markets and op shops to source stock.
I started the side hustle with the intent of going full-time. Some weeks I was investing 40–50 hours in the online business as well as working part-time as a paramedic!
The burnout was definitely happening. Whether you’re doing it for the money, or trying to develop new skills, here are some tips for navigating life with multiple jobs. Read more The work behind the scenes
I turned over almost $120,000 in my first year of business. (Note: that’s turnover. It’s not profit.) My profit was probably about $40,000.
I like to be transparent with people because gross sales always look amazing, right? But there are all these fees and costs — especially in your first year. You’ve got platform fees and promoted listings, then there’s shipping costs and storage space too.
It can be overwhelming. You’re trying to buy stock that you think will sell and then you’re trying to figure out how to track it all and work out your profits for the end of the month.
I was like, ‘How do I work my taxes out?’ I had no idea that your taxes came out of the net profit, not your gross sales . I think reselling is an awesome way to supplement your income — whether you want to pay for bills or shopping or just have extra funds to go get a massage every week. But if you want to do it full-time, it’s like any business: It requires a lot more of your time and investment.
You really have to be committed to making that work because you’re the only person! You have to do all the marketing and branding. You’ve got to list all your items, photograph them, clean them, test them, then post them, do bookkeeping — all those things.
I think on average, I was probably doing 20–30 hours a week last year. So that’s not bad making $40,000 for that amount of work. I think I paid almost $30,000 off my mortgage!
These days, I want to keep it as a side-hustle. I do maybe 10 hours a week, while also doing two days a week as a paramedic. It’s much more sustainable and I’m still contributing $400–$500 a week to my mortgage from reselling, which is awesome. ABC Everyday’s Perspectives is all about giving you a chance to share what you’re going through. Chances are there’s others facing the same highs, lows and life experiences. In a short paragraph, email us your pitch: everyday@abc.net.au Finding what sells
A lot of people will work to volume. They’ll go out and buy loads of mall-brand clothing second-hand, but they’ve got to sell, say, 100 items at $10 each profit to make $1,000 a month.
I’d rather sell less at a higher profit margin, so I buy and sell a lot of electronics.
I sell a lot of video cameras, like the old ones with cassettes from the 1990s. I pay up to $250 and then I sell them for about $400–600. I once found a Super 8 camera at the local op shop for $5, in the box, with all the accessories. I flipped it within two weeks for $600! I couldn’t believe it. Everything comes back around. You’d be surprised. A lot of people are really big into VHS again and old box sets of DVDs can sell for $1,000 — especially the Australian ones like A Country Practice and McLeod’s Daughters.
I think the hardest thing is knowing how to price things and what to look out for.
The best advice I can give people is to look at what other people are selling. It can also help to learn about particular types of items, then you know what you’re looking for. Not sure what pieces in your wardrobe will sell? Want […]
source How I started a $100K side hustle selling things online
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