8 Things I Wish I Knew Early On About Reselling

There are so many things about my journey in reselling that I wish I had known earlier! I narrowed it down to my top 8 things that I wish I had known sooner.

1. Have a separate bank account

   1. The IRS recommends that all small business owners have separate bank accounts. While a sole proprietor—an individual who owns a business and is personally responsible for its debts—is not legally required to use a business checking account, it's still a good idea from a tax perspective. It also makes it easier to track income and expenses for just your business.

2. Don’t just buy because it is trending

   1. The hardest thing I had to learn early on was profit margins! Just because an item is trending currently, doesn’t mean you need to buy it. Make sure the price you are paying for it will meet your standard of profit based on comparable sales of that item. In other words, is it actually worth what you are paying?Find your niche

3. Find your niche

   1. Though it is important to have a variety of items in your closest or store to bring more people in, find the brand, items, or niche thing that you like to sell! It is so much more fun when you enjoy what you are selling.

4. Share. share. share.

   1. When I first started, I didn’t understand the importance of sharing my closet multiple times a day let alone to the parties! Sharing means your items get in front of people!

5. Have a business goal in mind

   1. Big or small, have a goal in mind for your business! Do you want to make a certain amount each month? Do you want to have a certain average sale price (ASP)? Do you want to sell a certain amount of items each month? Sit down and think about these goals so that you can more easily see how to move your business forward.

6. Reselling tools are your friend

   1. Tools like Vendoo, List Perfectly, Flyp, Posh Sidekick, etc. are worth the investment! They make things like relisting, sharing, and drafting so much easier, especially if you crosslist! I wish I had invested in them sooner! Check around and see which ones fit your needs and budget.

7. Don’t get discouraged

   1. Some months are better than others. Some days better than others. You can have 10 sales one day, and 0 the next 3 days. It is all a part of the process! As long as you are doing what you can control and moving your business forward, it will work out!

8. Have fun!

   1. I think the thing I forgot the most in the beginning was to just have fun! When you get so bogged down in the nitty gritty of things, you can forget why you started in the first place. Pause, take care of yourself, and always have fun!!