Reselling items is one of the largest side hustles people start, and many turn it into their full-time income. When you resell items, you either sell items you bought and can sell for a profit or used items with value. Either way, the bottom line is the same – you make money online.
One key factor when starting any reselling business is understanding the resale value. Not all products are worth the same amount, and some may not be worth selling. However, once you understand the importance of it, you can start almost any reselling business.
What is Resale Value?
A product’s resale value is its worth or value in the future when you sell it. Understanding a product’s resale value can help you understand how much a product will make you if you decide to sell them.
For example, if you could buy an item for $5 today but know that the resale value if you were to sell it on Amazon or eBay is $15, you’d make a $10 profit off the $15 resale value. The $5 value is your cost of goods, aka the cost of doing business.
However, if the resale value was $5, you wouldn’t make a profit, and it wouldn’t be worth the effort.
Businesses with High Resale Value
The sky’s the limit when considering a reselling business, but like any business, some are more profitable than others. So here are the top niches or products with the highest resale value.
Clothes
Clothing, especially trendy clothing, is always in high demand. If you can find a niche where you can buy the clothing cheaply and resell it on sites like Amazon or Poshmark, you can make decent profits.
Selling on Amazon works best if you can buy items in bulk and use Fulfillment by Amazon, so you qualify for Amazon Prime shipping.
If you have designer clothing or even gently used clothing to sell, Poshmark is a great place. You can create a ‘closet’ where buyers can shop. You can specialize in a specific brand and become known for that brand on the site or sell a multitude of brands.
Antiques
If you have an eye for antiques, you can make a good profit. Many people selling antiques don’t realize their resale value and will sell them for less than they are worth. Many people focus on buying antiques at estate sales or consignment stores and often sell them on auction sites like eBay.
Concert Tickets
This might not feel like reselling, but if you can get a hold of tickets for hot events, you may make a good profit reselling them. It’s best to resell the tickets on official sites, such as TicketMaster, so they can verify you as a ‘real seller’ so buyers trust you.
Sneakers
If you have an eye for designer sneakers, they have a huge resale market. To make it big in this market, you must know how to get your hands on the latest designs, and then you can mark them up significantly to meet the huge demand. A great site to resell sneakers is Kickscrew.
Books
Books are another great item to resell. You can resell books you’ve read, textbooks, or even new ones you find for a great deal with a high resale value. Bookscouter.com is a great website for selling used books. You can put your book in front of 30+ vendors willing to buy books and take the best offer.
For those interested in book arbitrage, there are many opportunities to make money flipping books, and BookScouter Pro tools for book sellers are at your disposal for only $29.99 per month.
Over the last five years, we’ve accumulated a library of helpful content on BookScouter’s blog. Check our articles on book scouting, what type of books are best to resell, used book selling business Q&A, book inventory software, and many more.
How to Become a Reseller
Anyone can become a reseller, but here are a few key ways to start a reselling business.
Find what you love
Sell items you know and love. You’ll be more motivated to find products and market to your audience. If you sell items you don’t understand or don’t care about, it can be challenging to get motivated or find the best deals. Make it feel less like work and more like fun.
Determine if you need licenses or permits
Every state and county has different rules. Determine if your state or county requires licenses or permits to sell the products you plan to sell. If you sell online, also determine if there are any other rules you must follow, including collecting tax.
Start slow
Don’t put all your money into your reselling business immediately. Instead, take your time and figure out the lay of the land. Buy and sell a few items at a time until you feel comfortable. Then, when you’ve made a little money, you can scale up and have larger goals.
Know the market
Don’t jump in without knowing the market. Even if you’re selling a product you know well, research your competitors, the industry, and market pricing. Take advantage of trends and good deals, and see what void you can fill that your competitors don’t so you have the edge over the competition.
Grow your list of suppliers
As you get bigger, grow your list of suppliers. This will help you diversify and make more money. It also gives you more opportunities to find better products for resale.
Have mentors
Don’t think of other resellers on the internet as competitors. Instead, mentor one another and see how you can help one another. There is plenty of room online for many resellers; the more support you have, the better.
Final Thoughts
A reselling business can be a great way to supplement your income or be a full-time job. The key is finding the right product and knowing your market. Then, when you find a product, consider looking for complementary products to grow your business further.
Multiple income streams are a great way to keep your finances on track. Whether you sell clothes, books, antiques, or large-ticket items, find your market and have fun reselling items and supplementing your income.
