We make a nice side hustle income from reselling and have blogged about our top tips. We have realised that we have never got down to the nitty-gritty of reselling. Here are the basics if you are thinking about starting out.
What is reselling?
A reseller is a company or individual that purchases goods or services with the intention of selling them rather than consuming or using them. We personally purchase items second hand mainly from charity shops. We then clean or fix the items. Take nice pictures and sell them on eBay and Amazon for a nice profit.
What do I need to start reselling?
The quick answer is not much! We all now have smartphones so we have a built-in computer, camera and alert system in our pockets. In reality, if you are going to be listing a lot of items I would suggest you read our blog – Items to invest in for running an eBay business. This lists some of the key items you will want to purchase. My advice would be, start small, use what you have around the house before buying anything. We didn’t buy items like printers and steamers until we had enough profit to buy these outright.
What websites do I need to register for?
To be able to sell on eBay you will need an eBay account and a PayPal account. If you do not have an eBay account it’s important that you get some feedback. A lot of purchasers would be put off buying an item from an account with 0 feedback. To do this either purchase some items you need to buy or if you don’t need anything right now purchase a downloadable item. You can download keycodes for 99p. I would advise you to get at least 5 feedbacks before selling.
You will also need a PayPal account.
How much money do I need to invest to start reselling?
If you are going to use our model of charity shopping to source stock I would advise you to start with £20-£30 to purchase stock. This can be more or less but I think it would give you enough money to buy a few items and get a feel for reselling. It might not be for you. You also need to be prepared to lose the money you invest. With good research, all items will eventually sell but you may have to wait a while. Ask yourself, do you need this money for essential items in the next few months. If yes, do not invest yet.
If you want to try reselling without any investment, start selling items from your own home. Find 5 items that you no longer use or need, list them on eBay and let the sales come in. Even better ask your friend or family if they need anything selling. I am constantly listing things for my mum.
How do I know what stock to buy?
If you are serious about reselling as an income stream start by reading our blog post – 5 Easy Ways to Spot a Resale Bargain from Charity / Thrift Shops. This takes you through the basics of how to find a high-quality item. You also need to take into account the selling price. Every time we buy and item we go through these simple steps.
- Is the item good quality? (Make sure there are no stains, holes or buttons missing. Unless you are prepared to fix them)
- What is the average selling price on eBay? Use the sold item search to find out how often similar items sell and the average selling price. (Read more about this below)
- How much is the item for sale for? We use this golden rule. Will you make more than £10 after fees and postage? The simple equation is. If you buying it for £5 you want to sell for at least £20. This gives you wriggle room if you need to drop the price.
The simple equation is. If you buying it for £5 you want to sell for at least £20. This gives you wriggle room if you need to drop the price.
Reselling research – getting your purchase price right for eBay
Your best friend in this whole process is the eBay advanced search function. From here you can search how much items have previously sold for and when they last sold.
How do you use the eBay sold search feature?
Search for the item your thinking of buying in the search bar
Click on advanced
Tick the sold checkbox
View the sold items
If you see an item with a cross through it, the seller has accepted the best offer under the sale price.
Where can I find out more information about reselling?
The best place to join the reselling community is Instagram. There are hundreds of accounts that are currently documenting their selling journey. Here you can pick up tips and tricks and items to be on the lookout for. The top accounts we follow are:
So there you have it …. The basics of eBay selling, do you think I have missed anything? I would love to hear your stories, please share in the comments or contact us on Instagram.