Actionable Guide to make $10,000 A Month Reselling Stuffs Online
3 Actionable Models For Making Money Online
Welcome Fellas! Before we dive into the details, I want to emphasize that there are many different ways to make money online. The method we use might differ from yours, but that doesn’t mean one way is right and the other is wrong. There are numerous paths to building a successful online business.
In this post, we’ll explore three models that have proven effective for us. Remember, you don’t need to make a $10,000 reselling stuff online to be happy. Many people earn a few hundred extra dollars each month through platforms like eBay, Amazon, or Facebook Marketplace, and that’s perfectly fine. Full-time reselling requires significant effort and isn’t for everyone. So, keep doing what works for you and enjoy the journey!
Model 1: One-Off Items from Thrift Stores, Garage Sales, and Estate Sales
The first model involves buying items individually from thrift stores, garage sales, estate sales, and auctions.
This approach is great for beginners and is how we started our reselling journey.
We began with just $200 and sourced items one at a time.
While it’s a fantastic starting point, scaling this model can be challenging.
Let’s break it down with a real-life example:
- Recently, we sold a Rain and Spooner shirt and a pair of men’s Ugg shoes on our eBay store.
- Both items were sourced from local Goodwill stores.
- We paid $5 for the shirt and $10 for the shoes.
- The shirt sold for $36 with free shipping, and the shoes sold for $46, including shipping.
- After shipping and fees, our combined gross profit for these two items was $40, averaging $20 per item.
To make a $10,000 using this model, you would need to replicate this process 500 times, assuming an average profit of $20 per item. However, not everything sells instantly, so you’d need to purchase more than 500 items.
If you aim to achieve this in a year, you’d need to source 55,000 items, factoring in a high sell-through rate. This translates to:
- A weekly sourcing budget of $8,000
- Listing 15 items per day
- Shipping 13 items daily
While this model is doable on paper, it’s extremely demanding. Working seven days a week listing and shipping items leaves little time for anything else. Stretching this model over ten years to make $100,000 annually is more attainable and offers a healthier work-life balance.
Model 2: Wholesale Purchasing
The second model involves buying items in bulk from wholesalers.
This approach eliminates the need to source individual items, as the products come to you in large quantities.
Finding reliable wholesalers requires effort and dedication, but it’s a scalable model.
For example:
- We sell Braun MultiQuick 7 blenders.
- Purchase price: $15 each
- Selling price: $55 on average
- Gross profit per unit: $22 after fees and shipping
Buying items in bulk allows us to manage fewer SKUs and streamline our operations. With 200–300 SKUs, each making $20+ profit per item, you can achieve significant income without the intense sourcing required in the first model.
Model 3: Becoming a Wholesaler
The final model is wholesaling to other resellers.
This approach involves selling items in bulk to other sellers, which typically results in smaller profit margins but larger volume.
For example:
- Spending $10 million to make $1 million profit is feasible with the right infrastructure.
Our business now combines all three models. We still enjoy treasure hunting at thrift stores, buying wholesale for bulk sales, and selling to other resellers. This diversified approach allows us to adapt to market changes and maintain a steady income.
Conclusion
Each of these models offers a viable path to making money online. Whether you’re just starting or looking to scale, find the approach that aligns with your goals and lifestyle.
Success in reselling requires dedication, hard work, and the willingness to learn and adapt.
If you’re interested in learning more, check out our mentoring program starting on June 15th. We offer comprehensive training on reselling, finding wholesalers, and scaling your business.
Thank you for reading!
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Stay tuned for more tips and strategies on building a successful online business!
With that signing off ❤️
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