A resale business, whether ran through eBay alone or multiple outlets, can be a very profitable way to make money from home. Plenty of resellers make six-figure incomes. However, there are many more people who start a resale business and fail. Why? Because there are so many easy mistakes to make while you’re learning. Making the same mistakes as a new reseller over and over will kill your business. Let’s take a closer look at mistakes resellers make.
New Reseller? Try to Avoid These Mistakes
Not Researching an Item Before Buying It
One of the biggest mistakes is buying an item for resale without knowing anything about that item. For example, if you’re buying clothing from a thrift store, you might think that anything “new with tags” is a great purchase. Wrong. You need to research the brand and see what similar things have sold for on eBay. The same goes for anything else you’re about to purchase. Take the time to look the item up on eBay and see what the item has sold for in previous listings.
Not Taking Enough Pictures
You want to take as many pictures as possible when listing an item online. You also want to have the best lighting and camera you can afford. If there’s the least bit of damage on the item, you want to make sure this is shown clearly in pictures. Since the buyer can’t physically touch the product, you want to disclose as much as possible to lower the chance of a return.
Not Knowing the True Shipping Cost
A lot of resellers offer free shipping. It’s a great little incentive to get buyers to buy from you. However, not knowing the actual shipping cost of something can really hurt your bottom line. Before listing an item, make sure to calculate what the item will cost to ship and price your product accordingly.
Not Researching a Pallet or Wholesale Company
Purchasing from a pallet or wholesale company can be a profitable decision. It allows you to get a lot of product for resale at deep discounts. The only problem is there are a lot of scammers out there. You want to carefully research the company and make sure you’re investing in a safe option. A bulk order can cost thousands of dollars. Don’t make this expensive mistake.
Not Accessing More Than One Source for Items to Resell
Last, but not least, don’t stick to one source for your merchandise. Hit thrift stores, yard sales, estate sales, flea markets, clearance aisles, going out of business sales, etc. There are so many places to find items to resell. Branch out as much as possible.
Reselling is one of the many side hustle adventures we are trying on our quest to add additional revenue streams to our business.
A resale business can be very profitable. However, you must make sure you don’t make these rookie mistakes. If you want to be successful, spend the time to do your research. Research is one of the most important things you can do as a reseller.