If you have been around the reselling game for very long, then you know that there are ups and downs. It is not uncommon to go through dry spells or even take a break from reselling for a while. However, many people who sell secondhand and surplus goods as a side business eventually find themselves working on it full time. If you have been thinking about making the switch from your current day job to a full-time reselling business, here are some things you should think about first. Making the switch from part-time to full-time reseller is not something that everyone can do overnight; in fact, it takes careful planning and preparation before taking that leap of faith to quit your day job and start reselling full time. Here are some helpful tips for going full time with your reselling business.
Know your why
When you first get started in reselling, you may have a specific project in mind, or you may have an item that you want to sell in order to pay off a debt. Once you find your niche in the resale market, you may still have those same reasons for reselling, but now you may also want to help people with those items.
If you are reselling full time, then you need to know why you are doing it. Having a WHY can help you get through the tough times, when you hit a snag or things just aren’t going the way you thought they would. You will have the drive to push through when others give up because they don’t have a strong enough reason or purpose to keep going. Knowing your why will help keep you on track toward your end goal.
Have an exit plan
If you have been reselling as a part-time venture for any amount of time, then you have likely been through a dry spell at some point. This is when you should start thinking about an exit plan for your day job. Depending on many factors, you may be able to transition to full-time reselling within a few months or you may need to be patient and do it over a few years.
Knowing how long you will need to transition from your day job to full-time reselling is important. Even though you have an exit plan, plan for bumps in the road and unexpected situations. It is also a good idea to have a safety net of savings and dependable sources of income in place in case your transition takes longer than expected.
Estimate your costs
The first thing you will want to do is list your monthly expenses. From there, you can list out what expenses will increase or change once you start reselling full time. For example, you will most likely need to pay for a warehouse or storage space to store your goods. You will also need to start thinking about insurance protection for your business. Also consider the cost of goods. Here are some great places to find items.
There are also other things to consider such as utilities, internet, advertising, and any other expenses your business may have. Once you have all of that listed out, you can take that total amount and subtract how much you are making from reselling. From there, you can start thinking about how long it will take you to become financially stable enough to make the move to full-time reselling.
Create a marketing plan
As a part-time reseller, you may have been lucky enough to stumble upon a great niche that was easy to sell. While this can happen, it is not common. If you are hoping to make reselling full time, you need to head into it with a marketing plan in place. Take a look at the competition in your niche and see what they are doing. Figure out what they are doing wrong and what you can do to take their customers by offering a better product or service. Don’t forget to include the customer in the marketing process. Ask them what they want, what they would like to see offered and how they would like to be communicated with. That customer feedback will help make your marketing plan successful.
Network with fellow resellers
If you are thinking about making the switch to full-time reselling, it is a good idea to join a reseller’s forum online. These forums are a great way to network and make connections with other people in the reselling industry. You can ask questions, get advice, and even find business partners or people to help you with advertising and marketing. Working with like-minded individuals who understand what you are going through can be a huge help when you feel like quitting. There is also a support system there to help you get through the tough times when you want to give up.
Reselling full time: Takeaway
Reselling is a great way to earn an income online. You can find great deals at yard sales, thrift stores, and even online. When you resell things, you can make more money than if you bought them new. Reselling can also be a great way to declutter your home or make room for new things by selling the things you don’t use anymore. However, in order to be successful, you need to do your research, be patient, and have patience. With these tips, you can get started reselling on the internet and earn some extra cash in your spare time.
Here are some more ways to succeed with your reselling business.