Reselling goods for profit

Reselling Goods For Profit 101

Do you have a knack for discovering awesome forgotten treasures? Have a passion for finding the best deal possible? Why not turn your skills into cash money? The best part is that you can keep what you want or even “rent” things for a while until you decide to sell and make some coin. Without having to go to the customer service line at Walmart.

This is a massive topic that’s near and dear to me and it’s impossible to cover all of the bases in one post. Let’s get started with a quick intro.

Where to find the goods

  • Craigslist and other online marketplaces
  • Thrift stores
  • Garage sales / estate sales
  • Flea markets
  • Alleys (no used mattresses please, but you’d be surprised what some people just throw away when they don’t need it anymore)
  • eBay
  • Friends & fam

What to look for

The possibilities are endless. Here are a few just to scratch the surface:

  • Vintage audio equipment
  • Electronics
  • Old video games
  • Anything made of silver or gold
  • Fan stuff (Harry Potter, Legos, Star Wars)
  • Collectables
  • Antiques
  • Popular books
  • Clothes (name brand and like new)

Tips on buying goods

  • Always negotiate. Especially if you have cash in hand. The mere sight of money makes people excited and ready to sell (Side note: Be careful! I’ve never been robbed or threatened, but it could always happen. If your instinct says something is wrong, follow your instinct.).
  • Always test any functional item, especially electronics. Test thoroughly. Make sure the item is in acceptable working order. Or find yourself owning junk that you or no one else wants.
  • Used furniture and household items can be found for huge discounts as soon as they are not spanking new. My only advice is to be careful about anything that could harbor bed bugs. That’s a nightmare you do not want to experience.
  • Regarding thrift stores, most of them have 50% off sales on certain items and/or certain days (holidays for instance). Rocket scientists will attest that when you reduce your cost by 50%, you increase your profit.
  • Do not accumulate more than you can store. It’s easy to get caught up in finding bargains and turning in to a hoarder. If you have a significant other, odds are they will not be cool with an ever-increasing amount of shit everywhere.

Tips on Selling Goods

  • Be patient. Hopefully your goods are in high demand and buyers will be lining up for them. But in the case of rare or obscure items, sometimes you have to wait for the right buyer. Other times, the market or economy in general is bad and people just aren’t buying. Give it time.
  • Be prepared for lowball offers (just as seeing a wad of cash can influence a buyer, it can certainly influence you as a seller). Be fair, but always set a bottom line to ensure a profit.
  • Channel your inner salesperson. Not your inner used car salesperson. Just be someone who tries to understand what a person needs and demonstrate how your product can fulfill that need. There’s Sales 101 for you.

Want More?

Next steps coming soon…

Side note

Collectible vs. collectable. Which spelling do you prefer and why? Either way, go forth and collect and make some cash.