This transcript was generated from the episode audio and may contain minor errors.
[Music]
The high profit second life of thrifted goods. Welcome friends, welcome to Side Hustle School. Welcome to our first $1,000 segment. We do this once a week. It's all about how somebody made their first $1,000 and often they go on to earn a lot more than $1,000.
Just to be clear, we want people to make a lot of money. I mean, that's the goal, right? Not just a little bit of money, but a lot of money. Nevertheless, understanding how somebody makes their first $1,000 is key to understanding how you can do the same and then go on from there to make your first or your next $10,000, $100,000 and more. We have profiled so many six figure side hustles, multiple six figure side hustles, sometimes seven figures.
And it all starts with being able to have a product or a service, some kind of offer, something that people purchase. So that's why we like to go back and look at the origin story, the very early origin story of something that is a big success. So with that in mind, today we're going to meet a repair enthusiast who's giving gently used items a second life, and he shares how he created a repair and resell trade with unique product stories, quickly reaching that first $1,000 point. Excited for this one, his name is Eli. Let's hear Eli's story.
I'll come back at the end with a few words of wrap up. [Music]
I'm Eli, and I've always had a knack for fixing things. Whether it's an old pair of leather boots or a vintage record player, after seeing how many quality items were tossed out over minor wear or damage, I got the idea to start a second life repair business, giving new life to used goods with a unique backstory. I saw potential in reselling items with a story about their past life, believing that people would pay a premium for well-made pieces with character. Starting with a goal of making $1,000 profit quickly, I knew I needed to focus on quality items with higher resale potential.
I sourced broken but promising pieces, leather bags, designer shoes, and electronics, through friends, thrift stores, and even an estate sale I stumbled on, spending around $20 to $30 per item, but aiming to resell each for $100 or more. For each listing, I wrote a second life story, like this leather bag was a photographer's trusty travel companion through Italy, or these vintage boots were worn by a musician through New York City's bustling streets. My first high margin sale was a pair of designer boots I found in a thrift store for $25. After polishing and replacing the soles, I listed them for $120 on Depop with a unique backstory. They sold within a few days, netting me around $85 after costs.
This sale set the tone for my profit model. Each item needed to bring in at least $50 after repairs. In my first month, I sold seven items, making over $600 in profit. Next, I started looking for higher value items, like vintage electronics and bags from recognizable brands. I discovered a local supplier specializing in damaged electronics from estate clearances, where I could buy items like record players or cameras at a fraction of retail price.
After refurbishing a vintage turntable, I sold it on Etsy for $200, netting a profit of around $150. These electronics became a game changer for my profits, with each sale bringing in $100 or more. By the end of month two, I had generated $1,200 in profit through about 15 sales, with several items selling in the $150 to $200 range. At the three-month mark, I had grossed over $2,500 with around $1,500 in profit after expenses. I averaged a 60 to 70% profit margin per item, and discovered that listing each piece with a unique second life story made them stand out and attract loyal buyers.
These days, I'm pretty busy with my day job, but still generating around $1,800 monthly in profit, with plans to expand my online shop during the summer when my job's slower. Wish me luck. [Music]
Eli, I really appreciate the story. Thanks so much for sharing that. Listeners, I hope you found it encouraging.
For any of our new listeners, if you are just trying to have your first side hustle, reselling is a great option. I talk about it a lot because many years ago, like 25 years ago, I got my start working for myself, buying and reselling stuff. There's this new website called ebay.com that had just come out, and I learned to buy and sell things, and it led to a whole life of crazy stories and adventures all over the world. I don't do much reselling these days, but it's a really simple business that is never going away. Like there's always gonna be opportunities to buy and sell stuff.
So there's a lot more of that in the archives if you wanna listen to different stories. I talk about it in my books as well, Side Hustle in particular, From Idea to Income in 27 Days. And if you're not into reselling, well, don't worry. We've got other business models. There's lots of other stuff you can do as well.
New episode every day. That's the whole point of Side Hustle School. If you have a question or an update about your hustle, sidehustleschool.com/questions. And if not, just keep hanging out. Now you can listen, follow wherever you get your podcasts, always completely free, nothing for sale.
And in fact, a new episode comes out tomorrow. Pretty funny how that works with daily episodes. All right, that's it for now. My name is Chris Guillebeau. This is Side Hustle School.
[Music]
From The Onward Project.
