How to Crush it as a Small eBay Reseller in 2023! ($50/hr, 20 hours, $1k Profit)

what's up guys welcome to the Daily refinement in today's video I'm going to go over the topic of how to crush it as a hobby or a small seller this advice works on eBay Poshmark and Etsy it works on any platform where you're reselling items and reselling items as items that have already been sold before and you've either found them at thrift stores or garage sales or your own personal stash and you're reselling them to earn some profit so I'm going to define a small seller as someone who works on it less than 20 hours a week and I still want you to aim at this fifty dollars an hour because if you are working for yourself as an independent contractor which you are on any of these platforms you need to earn at least fifty dollars an hour for your time I'm going to show you how in this video so this video is actually sponsored by skillshare it's a powerful online community for people like us to develop the skills that we need to build a smaller medium business that's what my channel is all about this year I'm actually going to sell about two million dollars with the pre-owned Goods so I'm going to show you guys the different levels of what I consider reselling on a smaller level or a hobby or a small seller but most of us if you're selling things for a profit You Are by default a business by the IRS if you're not just selling things for fun and you're actually earning a profit you're technically a business but I want to show you the main difference between what I consider a hobby seller and a professional level seller so please smash the like button consider subscribing we'll go more into our sponsor later as well we'll see you guys inside [Music] let's get straight into it so there's a few stages that I think that people go through as they're starting to build their online business and it's the zero to five items a day this five to ten items a day 10 to 30 items a day and then 30 or more items per day seven days a week now I always say that you should take at least two days off per week so try to get seven days worth of work done in five days running an online business is a little bit different than a brick and mortar because they're open 24 7. so these websites basically give you traction when you post a new item you get a little boost in the algorithm so I think it's important to launch items every single day even if you don't work every single day so you're getting that fresh traffic into your business every single day so a lot of the strategies in today's video are actually based on a course that I took inside of skillshare by Patrick ding talking about productivity and time management strategies so running your own business is mostly just time management I can show you exactly what you need to do but you need to factor it into your schedule so I'm going to give you guys an idea of what this actually produces to give you an idea of what to start with and what level you're at let me know in the comment section below what level you're in where you want to get to and if we get to 500 comments I'll try on this crazy pair of good American pants which are good Americans size 30 but I think I could squeeze into them if we get enough likes so comment below let me know what stage you are at okay so in the zero to five items a day this is where you are just learning how to do it and I recommend you don't spend any of your own money this is just personal stuff maybe ask your friends for things that they're not really using this is for extra spending money so a lot of people in the beginning they're just looking to pay for a vacation or they want to pay down some debt you're just selling stuff that they don't use this is a really good strategy to learn how to sell I don't recommend buying any wholesale lots don't buy any bulk items you want to buy stuff one at a time that you know is going to sell for a profit this is the stage where you learn how to sell so once you get sort of the hang of it during this stage most of these platforms have a little bit of an item limit so on eBay especially you're limited to 10 items when you're just starting I did the same thing when I first started it took me about two weeks to sell my first 10 items once all those items were delivered people were happy I requested them to increase my limit and they were able to do it even after two weeks but on that platform traditionally they only increase your limit one time per month but if you do a good job and you rem you retain the top rated seller status which means you ship quickly do good customer service handle any cases then they'll gonna they're gonna raise your limit more than once per month so in the beginning part you're learning how to do it then the next part is going to be establishing a Baseline and this is between five and ten items a day and I consider this really substantial extra income you're making at this point I would say between 25 and 100 a day extra I wouldn't consider this quite a part-time job but you're getting the hang of it and where I would find my items are thrift stores garage sales and the Goodwill bins is a really good place to look that's pay by the pound so these three places are going to lower your buy costs and allow you to really start getting it off the ground and I don't recommend going beyond the five to ten items daily until you're selling at least half of that level so two and a half to five items A Day sales before you move on to the next level which I consider a part-time or full-time income so at this stage you're making enough money to either pay some of your bills or all of your bills and in order to really do that reasonably you're going to have to have either a route of thrift stores that you go to where you're going to the same place you can get a predictable amount of inventory to resell or you're going to have to have a schedule I'm sorry you're gonna have to have both you're gonna have to have a route that you go to to find stuff and you're gonna have to go I recommend like two sessions a week so that could be two hours or it could be the whole day depending on how far away you live from sources so you're going to need to have a route and a schedule in order to consistently find 10 to 30 items a week and that is a lot I'm actually based most of my information on listing 105 items per week which is 15 a day and it's right in this area and 15 a week is going to get you uh I'm sorry 105 a week times ten dollars profit is roughly tenth one thousand fifty dollars a week so the reason why it's this strange number of 105 is because that averages out to 15 items per day and it allows you to sort of take two weeks off per year and still make your thousand dollars a week and I think that everyone needs to take two weeks off a year and take two days off a week just to be consistent with their other parts of their life so there now you're in this part-time or full-time income 10 to 30. and I think um I got a little bit of criticism on my channel for just focusing kind of on this 30 plus item daily place because at this level you're actually making more than you need more than your full-time income and you have a little extra money for savings and Investments and I think this is the most fun so people talk about me taking the fun out of reselling by focusing here but honestly when you're making more than your bills and you have extra money to invest in different things I think that's really when the fun starts but again Hobby and small sellers don't don't let this confuse you there's plenty of people who are part-time and earn a full-time income of a thousand dollars a week or more my entire plan is based on selling 105 items in 20 hours a week so you would be making fifty dollars an hour doing this entire system before we get into the difference between a hobby and business seller I want to go over today's sponsor which is skillshare we're coming into 2023 and I think that next year is going to be really uncertain and it's going to be a tumultuous year so we really don't know what's going to happen next year so I think it's really really important to invest into your skills so this class Patrick dang productivity and time management strategies I'm not going to go over all of these different things that he goes over in that course but I highly recommend taking this course I also personally have a course on making a schedule and I'm going to be entering in hopefully at least one course per month next year in 2023 because I'm all in on continuous learning so please take advantage of the free trial the first thousand people who use my link in the description get the try skill share one month for free and I'm super jazzed about it so let's get into the difference between a hobby and a business seller okay so let's talk about the difference between Hobby and business for me it's really just are you consistently doing the same things every single day so for me my schedule is pretty set I have an 18 month old and I have a wife and I have three different businesses so for me to actually get it all done my schedule is a very similar every single day so what is that going to look like for you just starting this I think you just need to simplify into three main things number one is going to be a dedicated sourcing day so where you go out learn about what brands to sell what's in your area in my patreon group at patreon.comresourcepodcast we go over how to find items in your local area by ZIP code so it's really important to figure out what's around you and I call it an unfair Advantage knowing what you can find in your area that other people can't so I recommend two days where you focus on learning what to buy and buying stuff two days of processing and this is photography listing optimizing your stuff so that they rank higher understanding how the platforms work so two days of that two days of sourcing in the beginning you have to be realistic because you're fitting this in with your other obligations so those two things and then minimum every single day spend 30 minutes on customer service and shipping so that's really important I recommend you do it every single day and get into the Habit when you're running an online business it's more like a 24 7 type of deal but you don't need to work on it 24 7. I recommend just like half an hour to a couple of hours seven days a week ends up working really straightforward so a couple of ideas from Patrick's course that I think are really big we're going to put a screenshot here of all the different things that he goes over but I'm going to go over just I'm going to highlight just a few number one I really do like the idea of dreaming big making huge goals like in our group somebody just mentioned they've never set the goal of making two hundred thousand dollars a year before so if you just write down what that looks like even if you fail and you get an f and you do 50 that's still a hundred thousand dollars but it's important to understand what's possible in a day so dreaming big is important but then you have to set your priorities and your schedule so you can knock out exactly what you need to get done but it starts with dreaming big I like the book uh think big all of those ideas start with thinking about what's possible next thing is going to be smart goals so I'm going to set your smart goal right now and if you really want to drill at home then please comment this down in the comment section below which is I want you to sell 105 items a week in under 20 hours of Total time and I'm going to give you one year to do it so most people greatly overestimate what they can do in the short term and they underestimate what they can do in the long term so I want you to give yourself one year to pull off running this type of store in your part time for fun and I want you to keep the low the low overhead so do this at home under 20 hours a week make your fifty dollars an hour this extra thousand dollars a week is going to help you retire early or support yourself doing something you really like this episode's also kind of sponsored I mean it's inspired by one of my workers here she wants to do her own gig running her own vintage shop so for her to go from right now which I consider it sort of a hobby because it's not structured yet into supporting herself as a vintage seller she has to clean up a lot of her processes and get to the point where she's selling at least 105 items a week and that way she'll be able to support herself to give you guys an idea she's selling like one to three items a day now so she would need to go from one to three to to like 15 a day to really start supporting herself and that's a lot of a lot of small businesses are in the same boat everyone wants to have their own business but you need sales to support all the functions and that really starts around 15 sales a day and 30 sales a day now you're finally getting enough traction to actually make I think most people they say 80 of small businesses fail I think it's because they fail to set up their schedule to get to 30 a day okay a couple more one is making excuses so I think you should just think of ways that you can do it like right now a lot of this this course is about highs and lows and regret and emotional stuff that you go through running your own business I think that's huge and personally from running all the things that I do I've developed a little bit of anxiety this year because there's a lot going on but I don't really want to make excuses I still like for me overcoming Anxiety is just another goal so I just think to myself okay I want to give myself the biggest toolkit to deal with these emotions that I can and surround yourself with the right people I think that's huge in 2023 we get we ain't got time for scrubs no more scrubs get rid of all the people in your life that are not helping you get to the next level like you should be paying attention those that are clapping when you start to do well keep those people around but other people secretly like the crabs in the pot they pull you back down as you start making progress so you really have to think about maintaining a healthy mental state as you continue to do this because there's a lot to do so last thing I want to pull from the course is managing energy has a lot to do with multitasking so I think that multitasking is the most exhausting thing you can do so try to do one thing at a time as you're building this learn one process I have a reselling master class that goes over how sales work how traffic Works how to get people to go to your listings and buy things so take your time learn one thing at a time don't overwhelm yourself because I've been doing this for like 20 years and I've learned a lot of different stuff in the sales Arena so I appreciate you guys until next time make progress daily

Channel: Daily Refinement

Views: 90,362

Keywords: ebay, ebay seller, daily refinement, online selling, reseller, make money online, garage sales, thrifting, mercari, poshmark, amazon, dailyrefinement, whatnot

Id: o69p4PsmbPc

Length: 13min 36sec (816 seconds)

Published: Tue Dec 20 2022