I launched a reselling business. I learned how to sell items on eBay and Craigslist and listed old goods that are still worth money.
I only have one pair of sneakers in my inventory, a pair of adidas NMD R1 Japan in triple black going for $270. I listed a bunch of other goods I own: comic books, graphic novels, video games, a MacBook from 2006 and anything I thought still had monetary value. My goal is to liquidate my possessions and use the capital to fill my inventory with sneakers, specialize in a product.
Selling products is my third revenue stream—the first being my day job and the second freelancing.
How to sell items on eBay or Craigslist:
It was easy to get my inventory on the web.
I first took a lot of photos of the listed products from many angles using a high-quality camera. This helps customers find any imperfections in the products. All my items are used, so it’s important that I’m clear with any defects to make sure customer satisfaction. I want the buyer to be happy with each item I list.
Next, I searched on eBay for similar items that have recently sold to gauge two metrics: price range and SEO tactics. I used the “Have one to sell?” feature to populate the form with the same title and similar details about the product. I adjusted the title, fixed the price and uploaded my photos. Then, I published the listing—it was as easy as that.
To post on Craigslist, I used a similar workflow. Craigslist doesn’t have the “Have one to sell?” feature, so I entered all the information manually. I’m familiar with selling things on Craigslist—I meet with customers only during the day at a local Starbucks. However, I’ve recently gotten scammers requesting I send the item to their place for an added ridiculous sum. If you decided to use Craigslist, be careful.
I priced everything to sell and put free shipping. Since this is my first experience shipping something larger than a playing card, I am unfamiliar with how it works. I don’t know what to charge people for shipping, nor do I know how to pack things up to ship, so I’m planning to pay the cost for now and adjust the price accordingly as I earn more experience. This way, I still make a fixed amount while learning to ship items most efficiently. Further, “free shipping” sounds enticing to everyone—I am more likely to get selected because of my free shipping.
Small Business Goals, Buying and Reselling Sneakers
I want to stock only top of the line, limited sneakers in size 10 to 11. I plan to use the capital I earn to continue growing that business and reselling sneakers at a decent price—as long as I make a profit, I benefit with better cash flow.
By the end of the year, I want to have at least five pairs of sneakers in my inventory and $1,000 in cash—that could value my business anywhere between $2,000 to $3,000. Right now, I’m at one pair of sneakers valued at about $270. I plan to buy a pair of Jordan 1s in black and grey, nicknamed “Shadow” releasing this upcoming weekend—hopefully I get them. I compete with other sneakerheads who are also trying to snag the same pair of sneakers for themselves, but that’s all part of the game. I got lucky.
Other Financial Goals I’ve Accomplished for April
In my earlier post, I discussed my goals for April helping me reach move towards financial freedom. I’ve paid off my student loan bill for the month, put away $100 of the $200 in emergency savings, and invested $30 of the $100 into Robinhood. I have one more paycheck left this month, so I should hit my goals without a problem.
I’m paying down my student loans at a snail’s pace, but that’s because its interest rate is very small. I would obviously be better off to pay zero interest on a debt, but even if I wait to pay it down after five years, I end up paying around only $500 in interest.
The opportunity cost of missing out on that money as an investment is much greater. As much as I’d love to give anywhere from $500 to $1,000 a month towards my student loans, it’s just not in the cards for me. I am steady though, and I’m not behind. I need to find another consistent stream of revenue first.
I’ve finally gotten a grasp of my financial life. I’m not where I want to be, but I’m getting better. With another revenue stream, it’ll increase the overall capital I have to work with. More money means more business ventures, and more business ventures mean more profits and more investment. Here’s to hoping I’m blessed with good fortunes soon!