How Much Money Do You Need to Start Reselling?

Reselling is a great way to earn some extra cash on the weekends! As with most side hustles, it takes money to make money and a question that everyone has to ask is how much they are going to use to start their side hustle. Although it varies, I hope that this quick article will be helpful.

To start, when reselling, it is best to start on a platform such as Amazon or eBay that already has millions of users every day. Also, they allow you to start reselling without upfront costs to sell. Often, the fees that they charge are flat, based on each item that you sell and they have additional fees based on a percentage of what the item sold for. Therefore, you do not need any money to start using a platform to sell online. Although there are paid options, it is best to not utilize paid subscriptions until you have consistent sales enough to justify the flat fees.

Next, the main focus when you start reselling is building the amount of inventory that you have, and learning about what sells well and what does not to ensure that you limit the amount of inventory that you buy that may never sell. With this being said, you can start getting your initial inventory by looking for stuff that you already you already own, which is often enough to get a few initial sales. However, if you do not have anything to sell $20 is enough to start getting initial inventory. This is enough to get a few items at a few garage sales, and some initial sales. Although scaling from this point is very possible, having more money to start with can make the growth process much faster. Personally, I would say that it is beneficial to start with at least a couple hundred dollars, so you can build your inventory base much quicker, without taking on too much risk. The key to keep in mind is that, in general the more quality inventory that you have listed the more frequent sales you will receive. The margins on reselling are high, so one sale, even if you net $5 is often enough to buy a couple pieces of inventory, which compounds through time. Additionally, it is benifical to watch a few videos on Youtube such as "10 Brands That People Overlook That Sells For Good Money" as often, it can be surprising what sells good online and what does not.

However, keep in mind that some categories are more expensive than others which can impact the amount of money that you needed to start reselling. For example, New Nike shoes can easily cost $100 a pair. Also, if you are looking to specialize in a category such as coins, or jewelry, the capital requirements can be much higher as well because of the nature of the products.

Regardless of how much money you use to start your reselling side hustle, through time, dedication, and determination you will be able to achieve long term growth. However, knowing how much money you need to start reselling can be the difference between succeeding, or failing. Regardless if you start with $20 or $20,000 always remember that the basic process of reselling is going to be the same,