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What It's About
A thrifty thrifter turns used threads into gold
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
Chelsea shares some important advice on focusing your hustle, “It's not a good idea to do everything at once. You can be an expert in clothing, but it will take a lot of research to also be an expert in, say, video games. Focus on one thing at a time, get really good at it, and then move onto another category (just one other category!)”
Fun Fact
Did you know....Goodwill sends their unsold merchandise to the Goodwill Outlet, known ominously as “the bins.” Items are sold by the pound, and new bins are brought out every 10 minutes. People push, shove, yell, and steal things out of each other’s hands. If you’re lucky, you can wind up with a $3k Louis Vuitton bag for $2 or less—or dirty underwear, rusty surgical scissors, and live rats.
Notes from Chris
Episode 1373
Chelsea Bagley finds clothes and other in-demand items at thrift stores, yard sales, and estate sales, and then she resells them online—essentially spinning used threads into gold…. or at least cash money. In addition to working part-time at a fashion company, Chelsea looks after two young daughters at home. She discovered thrift and consignment stores when she had her first child. Her daughter grew out of her clothes so fast, that buying expensive new outfits seemed like a waste of money. In 2018, while looking for used baby clothes online, Chelsea discovered Poshmark, an eCommerce marketplace. She realized this platform would not only allow her to purchase clothes for her daughter, but it would also enable Chelsea to sell some of her own clothes that she didn't wear anymore. She took photos of a few items and posted them. Within a week, she made her first sale. With that easy $20 in her bank account, Chelsea reinvested it by hitting up her local thrift store and picking out four more shirts that she thought she could resell. She thought, “Why not?” She’d only lose $20 if it didn’t work out. Two of the shirts sold immediately for $25 each. Then Chelsea was hooked. It was just a small profit, but she saw the future. She discovered which stores have the lowest prices in her area, she researched various ways to ship at lower prices, and she learned how to properly check comps before even making a purchase. At the beginning of 2020, Chelsea expanded beyond Poshmark by cross-listing her clothing items to eBay. A month later, she broadened her inventory to include household items. She also uses Facebook Marketplace. With reselling, you typically get out of it what you put in, so if Chelsea is disciplined and adds new items each day, she can now easily clear over $1,000 per month. Other months she may take a break and only make a few hundred. Reselling has become a little more difficult due to COVID-19. It isn’t as easy to rummage for promising new items when stores are closed or limited by the pandemic. But Chelsea is keeping at it, and she’s also blogging about non-toxic living and sustainability through a new blog called Nesting Naturally.MENTIONED IN THIS EPISODE:
- Learn more about Chelsea at her blog, NestingNaturally.com.
- Chelsea started her reselling hustle though the online marketplace, Poshmark.com.
- 16-Year-Old Earns $10,000+ Selling Watches: After spotting an unusual watch design while on vacation in Aruba, this enterprising teen and a friend go on to hustle their way to making five-figures.
- Digging For Profits: One Man’s Trash Is Another Man’s Hustle: An automotive painter discovers a profit center in the scrap bin at work.
- Bright Idea Leads Chicago Woman to Million-Dollar Hustle: A Chicago-based plastic recycling sales rep overcomes her fears and doubts to transform her love for DIY lamp shades and $10 in supplies into a multi-million dollar business.
