When you’re first starting out at reselling, I would guess the first question you’re going to ask is what do I sell and where do I get?
Look Around You
I would recommend any reseller who wants to scale their reselling business look at this option first as it is the most cost effective solution to someone who wants to start out. Everyone has items in their house that they are looking to get rid of, and why not use these products to make some money. That pair of jeans in the back of your closet that you have not worn in a year, sell them! The old iPod sitting in your desk drawer? Sell it! Not only will this give you capital to grow and move into the options described next, but it will test if this is something you are interested in and want to grow. It will also give you a taste of what selling platforms that you like best and you understand how to work them to your benefit. Once you’ve perfected selling items around you and choosing a platform or two, then I suggest you move to the next options.
Thrift Stores
Thrift stores such as Goodwill and Salvation Army will potentially have items that you can sell. The variability of finding sellable items is dependent on the market you are in as well as what items have been donated. There have been instances where someone has found a large priced item for cheap, but it is hit or miss. Also as it depends on the store, but I have seen Goodwill stores that are priced very cheaply so as the majority of items allow for a large profit. I have also seen Goodwill stores that have researched online and discovered the items that they are selling are worth money and then they try to sell that same item for the price on eBay. Again this open will take multiple tries and lots of digging to find good products.
Retail Arbitrage/Online Arbitrage
The process of retail arbitrage or online arbitrage is the buyer going to a store or online store and finding good deals for reselling. For example, someone finds that Target is having a large discount on a certain video game or household item. This would mean you would go to that store and purchase it for the sale price and resell it for higher on a different platform such as eBay or Amazon. The same holds true for an online platform. Maybe Amazon has a black Friday sale on NES consoles for $50 dollars. You would then try to buy as many as possible and then resell them on eBay for $200 as an example.
Wholesale or Liquidation
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Liquidation has currently provided me the most opportunity to turn a profit, but these options also have the highest risk. You can buy an auction of liquidation merchandise and lose your shorts. It is important to dip your toe in before you buy a full truckload of returned merchandise. Because what could happen is that full truckload is full of junk, you lose money, become discouraged and quit. You need to start small and grow commensurate with your profits. I would not recommend buying thousands of dollars of inventory only to learn you bought at the tail end of a trend. Purchase to what you know and grow one step at a time! I will explain the different options of where you can source small lots to grow your profits and expertise in sourcing the right product to make you a profit in the wholesale and liquidation business.
-Chris
LiquidationOH@gmail.com
Want to learn step by step how to excel in the liquidation business or do you simply have questions? This book will answer everything for you!
