The 3 Step Guide To Starting Your Own Reselling Business – Step 2
In the previous step, we learned how to get started with buying items for your online reselling business. In this step, you will learn the second, and probably the MOST important aspect to reselling: Research.
In step one, you learned how to get started with thrifting online resale. We also discussed how you should research EACH item before purchasing it. In this section, we will go in-depth on some great ways to quickly determine if an item is worth it for reselling online!
Before you buy ANY item, you must make sure it is worth the time and money you are spending on it. It’s a horrible feeling when you have just bought an item for $5, and discover it is only worth $7. After fees and shipping, you might be in the negative!
Your time is also incredibly valuable. By researching before buying an item, you can quickly filter out the best items for resale and spend more time making a profit!
How do you research effectively?
Now that you know how important research is, how do you research effectively on the go? It is quite simple, really, and works for every platform:
Option 1 – Requires wifi or cell data:
This method involved searching the item on your target marketplace. By viewing what others are asking and what customers have paid for, you can make a fair assessment of your item’s return on investment!
Look up item brand or model number on eBay or similar platform. Be generic in your keywords, then from there narrow down to the exact item.
Look at availability. Is there a lot of this item? How much are they going for?
Look at the “sold” section concerning your item. Is it selling well? How often? For how much? Active listings aren’t always the best indicator for an item’s value, rather the sold section will tell you the real value. It’s what people paid for it!
Judging by the sold price, availability, and the amount you pay for the item while thrifting, make your decision. Keep in mind shipping and fees.
Option 2 – use an offline guide or PDF:
If you don’t have wifi or data handy, you can also use a multitude of offline guides. We provide apps that compile the best items for resale that you access from anywhere (as long as your phone has power of course). Over 280 different brands and items are featured in our apps. Here is a sample of how our app functions:
If you’re using our apps:
Open the app.
Search for your item
If you’re using a PDF:
Some PDFs allow you to search, which makes it very easy to find specific brands or items. Alternatively, you can just scroll till you find it.
As you’ve seen, research is a huge part of reselling. It will help you to actually make a living, and not waste time chasing after fruitless items. In the next article, you