Gary Vee rants about this. While I was endlessly scrolling on Instagram, I found another example.
23-year-old’s dorm room side hustle brings in $124,000 a year: ‘You can start with as little as $5’
I can vouch for this concept. I’ve sold items online too.
Let’s dive in and tackle 2 elements at once.
- Let’s free up some money by selling our old stuff
- Let’s find out if we can turn our shopping hobby into a lucrative hustle.
Philosophy:
The core idea behind this hustle is the old saying: “One person’s trash is another’s treasure.” By selling items you no longer need, you not only declutter and earn some money. You also lay the groundwork for a sustainable side hustle.
This approach is perfect for those who like the thrill of the hunt. The people who find hidden gems in thrift stores and markets and make a profit by selling them online.
Step 1: Inventory and Declutter
- Go through your belongings and identify items you no longer use or need. Focus on clothes, electronics, books, and any collectibles.
- Ensure the items are in good condition, clean, and presentable.
I’ve sold clothes and books. And it works like a charm.
Step 2: Research and Pricing
- Research each item to understand its market value. Check completed sales on various platforms. This will show what similar items are selling for.
- Price your items competitively, considering their condition and market demand.
Here’s a way to check recently completed listings on eBay. Keep in mind: The price people list an item for is not the right metric to look at. Instead, look at the price people actually paid for an item.
Step 3: Choose Your Platforms
- eBay: Great for a wide range of items, especially collectibles and unique finds.
- Poshmark: Ideal for selling fashion items, accessories, and footwear.
- Depop: Perfect for vintage, streetwear, and one-of-a-kind fashion pieces.
- Facebook Marketplace: Good for local sales, larger items, and a broad audience.
- Etsy: Best for vintage items (20 years or older) and handmade goods.
- Vinted: Perfect for selling your second-hand clothing.
Step 4: Create Compelling Listings
- Take high-quality photos from multiple angles in good lighting.
- Write clear, concise descriptions highlighting key features and any flaws.
- Be honest about the condition of the items to build trust with buyers.
Step 5: Logistics
- Decide on your shipping policy: Will you offer free shipping or charge the buyer?
- Package items securely and ship them promptly once sold.
- Provide excellent customer service to encourage positive feedback and repeat business.
Step 6: Reinvest Your Earnings
- Use the profits from your initial sales to purchase more inventory. Visit thrift stores, garage sales, and clearance sections to find items with resale potential.
- Keep an eye out for trends and high-demand items to increase your chances of success.
Step 7: Scale Your Hustle
- As you grow more comfortable and successful, consider expanding your niche or exploring additional platforms. Maybe even your own webshop?
- Keep track of your expenses and profits to understand your business’s financial health.
- Network with other flippers to learn best practices and stay informed about market trends.
Final Thoughts:
Starting with your old stuff frees up space and provides initial capital. It also gives a low-risk entry into the flipping business. Turn your passion for shopping and finding deals into a hustle. You can create a fun, profitable venture that grows with your interests and expertise.