This year my wife and I have decided to dedicate more time to reselling, and we are getting a lot of questions about it. I thought that it would be the perfect time to write a blog post on the topic and let you inside our world of reselling.
What is reselling
It is as simple as it sounds, you buy items from somewhere, either charity stores, boot sales or elsewhere, and you resell them for a profit. A practice that has existed, in one form or another, for near enough as long as money has been around.
Why we are reselling
We chose to enter more fully into reselling to diversify our income streams but also as something different so that we wouldn't be glued to our computers as much or long (though we still are due to research).
Where do you buy your stock
The stock that Emma and I have gained for selling comes from a mixture of different sources.
High street shops such as Boots or Lush during the Boxing Day and New Year sales has given us mainly cosmetic and health care items in which to sell. You can even buy from supermarkets, like Tesco, items such as toys and electronics when they go on a good enough sale or clearance.
Car boot and yard sales can be a very good place in which to gather stock for reselling as you can usually get items very cheaply, though sometimes you do run the risk of something missing or not working properly but touch wood things have been good so far. The amount of differing items you can buy at a car boot is unending, you can get LEGO, board games, clothing, miniatures and so much more. With most things you will need to kind of know what you are looking for or have an eye for what might sell. My wife knows cosmetics and clothing, whilst I know miniatures and computer games, we usually have a meeting to talk about anything else that catches our eyes. Having your mobile handy with internet is also really handy.
Charity stores are another favourite delving place for items to resell, you never know what you are going to find. You will find all sorts of things within charity stores from clothing, computer games, boardgames and so many more things. Some charity stores can be a bit hit and miss however, some will be dead cheap to buy from but some will sometimes have higher prices that reduce your profit and not worth the time. You can tell it is bad when an item is being sold in a charity store more than it is brand new on eBay, which is what we have seen with a few local stores.
Auctions have been a recent discovery that are really good places to get hold of things cheaply. When most people think of an auction you most likely think of something like an antique auction where things are going for a lot of money, but we there are many smaller auctions that are selling a little bit of everything. From what we have experienced so far there are plenty of resellers here, ranging from carbooters, eBayers and even other auctions.
Where do you sell
There are several major places in which to sell nowadays.
eBay is an all time favourite as you can find and sell all sorts of items. It is also a major tool, via the smartphone app or heading to the website on a computer, in which you can use to research the average price of items, reselling values and even if the item is popular or not for reselling, which is incredibly useful when out and need to make up your mind there and then. For example I knew from memory that the Lord of the Rings Battle for Middle Earth 2 Rise of the Witch King being an extremely popular and sort out game, even many years of release. I bought it for £2 still sealed (which is incredible) and when I did some proper looking on eBay I was blown away by the prices that the game has sold for, the prices on a single day ranged from £28.99 all the way to £65.95! Even on Amazon the price for the game is high at £67.98. On a side note we listed it and it sold a week later at £64.99! Back to the topic at hand, eBay is also quite simple and easy to figure out and use, especially since most of us have probably used it in the past either for buying or selling. eBay is also made that much easier
Amazon is very big for reselling at the moment, especially with fulfilled by Amazon (FBA). Some people having turned reselling on Amazon into their new career and making a lot of business and profit for themselves. It can be a little bit of a struggle to understand and learn what to do, what you are allowed to sell and sending it to Amazon but once you have gotten over this learning curb it can be well worth it and much easier and simple for the future. Selling on Amazon is a lot easier on a computer but you can still use the app as a useful tool to find out average price of items you find out and about.
Auctions are not only a great way to grab items but can be a great way to sell them again. We have started at our local one that when we buy a job lot of items, we will take out the best items for eBay or Amazon, the rest will be re-boxed and taken back to the auction for the auction to sell for us. The local auction takes 20% commission of what it sells for. We could earn more money by keeping them and carbooting them, but with trying to de-clutter and have some semblance of order in the house and selling room, it is easier to do this. Some people we have seen buy a box take the one thing out they wanted then put it in for the next auction!
The reselling community usually has people that dislike it, mainly due to buying and reselling from charity shops. Many people do see this as morally wrong and even that we are stealing from a charity. To a lesser degree they see it in where ever the stock is bought from whether it be charity store, car boot sales, yard sales or even online.
I personally do not see an issue with it, after all we have paid what the place or person wanted for the item. The item is then ours to do with as we wish, which includes reselling. This sort of thing is something that has happened for centuries in that someone will buy from one person only to sell it elsewhere for profit.
Also in most cases when the items in charity stores are sorted out the best or most expensive items donated to the store will have been sent to an auction. The charity is still going to benefit from the sale it made to a reseller, plus most people will have a charity they support and give donations to, money that could have been made from the resale of an item.
Social media and groups for reselling
My wife and I have started to vlog about the items we have managed to find specifically for reselling on her Youtube channel, but there are so others that also vlog about items they have bought, how they got into reselling and even on how to start up for yourself. We have even created a separate Instagram to deal with our reselling antics. For everyone that is interested as well Emma has written our month one reselling report.
There are many social groups for reselling online such as Facebook for anyone that is a reseller themselves or is interested in learning. I am part of the UK Reselling Group who have been very helpful and supportive in any questions I have had, reselling tips, heads up on items that are quite popular for reselling, help to identify anything you are stuck on researching or even just a pat on the back for a really good spot and sale.