This transcript was generated from the episode audio and may contain minor errors.
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Let's buy some stuff at flea markets and resell it. Reselling is something everyone can do. It truly is the easiest way to get started making money apart from your job. Now you might not want to become a professional reseller. I understand that.
But if you are looking for the most basic, most practical thing that you can do, literally tomorrow reselling really is a great option. And it doesn't have to be a flea market, by the way. It could also be a yard sale, garage sale, thrift store, charity shop, swap meet, or whatever they call it where you live. Lots of different terms for places where items are bought and resold, or places where you can go and source items for reselling elsewhere, such as on online auctions or sites like Craigslist or others. Now today's caller is looking for some tips, some specific guidance on this topic.
So let's hear her question and we'll see if she's come to the right place for advice. After this shout out to our sponsor. [Music]
Hey Chris, this is Alison from Kansas City. And I've been listening to the show for a couple of years. Thanks to you and the side hustle team for all the inspiration you've provided.
I'm thinking about starting a side hustle, reselling items I find at flea markets. You said that reselling is the easiest way to get started making money apart from your job. And that flea markets or yard sales can be good places to find inventory. What tips or advice do you have to make sure I don't get stuck with something no one wants and to make the most efficient use of my time? Can't wait to hear from you.
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Hey Alison, thank you so much for listening. So glad it's helpful. And I'm so glad you're enthusiastic about the world of reselling. It is indeed the fastest and easiest way to get started. I'm not saying that everyone should do it, but if you're throwing your hands up in the air and don't have another idea, why not try this for a while?
Just to name a few stories from the archives from people who've done well with reselling. And sometimes it's led to something bigger and better. Episode 492, which was called "Flipping 101," the college textbook edition. Episode 609, "Aussie Cyclist Shifts into Gear" with online shop. And 947, 947, "Trade Up, Fashionable Flipped Threads" lead to fabulous profits.
A few episodes to check out if you'd like to hear more. Now to not get stuck with something known once, that's a good question. I think the most important thing is to make sure there are people buying it, okay? So you can do that by searching for completed listings on eBay. There's a little filter where you can go and look for auctions that have already ended.
It can be very helpful to see what has sold and what the price was. You can probably do that on some other platforms as well. And even if you're not going to sell on eBay, searching there can be helpful info. It can be good research for you. Now in the long term, to make the most efficient use of your time, the other part of your question, you'll probably want to specialize somewhat.
Like when I first got started, you know, 20 years ago in the Stone Age, I would buy and sell anything I thought I could profit from. Like I didn't have a market necessarily, but as I went along, I kind of learned more and I noticed, you know, what people were buying, what I could access, like where I could find different inventory, then I tended to gravitate toward a few specific markets. That can be especially helpful if you have repeat buyers. But even if not, the specialization can be good for you simply because there are so many things that you could buy and resell, it can become overwhelming if you don't have any filters to narrow it down. But as long as there are buyers, you're not going to get stuck.
The worst case scenario is you don't make a lot of profit and you end up learning something. Now here's one more tip because you asked for tips. I think in general, it's good to choose higher priced items. This is always going to be a relative term. And of course there are other considerations, but in general, higher priced items are going to be better because you'll be able to make more money from them.
So just consider this example with the same profit margin. Imagine that you're buying something and you're reselling it and you have a 25% profit margin. Okay, so if you buy something for $10 and you resell it, you're going to resell that for $12 and 50 cents. You know, you make $2 and 50 cents. Okay, but if you buy something for $100, then you resell it with the same profit margin.
Again, these things aren't always equal. It's not always apples to apples, but that's going to be $125, $25 profit. Okay, so you're going to make a lot more money over time with higher priced items. It's going to be really hard if you're buying stuff that's a couple of dollars and then reselling it. You're going to have to move a lot of volume.
So those are a few tips for you. But as I said, I am a big fan of reselling. It is so simple. It is so practical. It is something that anyone can do.
It can be environmentally friendly because you're buying items that have already been manufactured and used and you're essentially giving them another life. So oddly enough, it's a form of recycling as well. Just, you know, a profitable one. All right, good luck and thank you again, Alison. Listeners, if you got a question, just come to sidehustleschool.com/questions.
We'll be featuring them throughout the year, along with updates from listeners as they launch or grow or improve their projects. I'm so excited to be able to bring this program to you every single day. Thank you so much for listening. Be sure you're subscribed. My name is Chris Guillebeau.
This is "Side Hustle School." [Music]
