How This 23-Yr-Outdated Began A Aspect Hustle That Now Earns Her 124K/Yr
Who would have thought you could possibly earn over 6-figures reselling objects on-line?
Effectively, we talked with Sophie Riegel and he or she tells us precisely how she earned 124K final yr reselling objects.
Sophie shares what platforms she makes use of to promote, what objects she makes probably the most revenue from, and a lot extra!
OK, right here you go…every part you might want to learn about beginning your on-line resale enterprise.
1. Are you able to inform us a bit bit about your self and what impressed you to start out your online business?
I grew up in NY and went to school in NC at Duke. I graduated in Might 2023 with a level in Psychology. Along with being a reseller, I’m additionally knowledgeable speaker, licensed coach, and writer.
I converse all around the nation about my expertise with psychological sickness and have written three books associated to that subject. In 2022, I went to teaching faculty (each of my dad and mom are coaches) as a result of I wished to assist dad and mom navigate their relationship with their children. Now I work full time as each a coach, speaker, and a reseller.
How did I grow to be a reseller?
Throughout my freshman yr of faculty, we have been all despatched house due to COVID and instructed to proceed all of our courses asynchronously. Once I was at house, it felt like there was nothing to do and my dad and mom instructed me and my twin brother that we wanted to discover a interest.
That’s once I began going by means of my closet and promoting these objects on platforms like Mercari and Poshmark. I had nothing however time to determine the ins and outs of reselling clothes and I shortly realized how worthwhile this may very well be.
In November of 2020, I started going to thrift shops to seek out objects to promote on the platforms I discovered a lot about. From that time on, I knew I wished to know every part there was to learn about reselling and my enterprise took off from there.
2. May you element the steps concerned within the launch of your online business?
These have been a few of the steps concerned in launching my enterprise:
- Discover locations to supply objects
- Get all needed delivery provides
- Get a storage unit for my stock
- Grow to be conversant in the reselling platforms
- File for an LLC
- Analysis, analysis, analysis!
- And extra
3. What varieties of objects do you concentrate on reselling? Is there a sort of merchandise that’s at all times in demand?
I concentrate on promoting grownup sneakers, garments, and equipment. Athletic sneakers are at all times in demand since they’ve a excessive retail worth and are utilized in each season.
Excessive-end/designer luggage and backpacks are additionally in demand all year long, particularly as a result of they don’t exit of favor as shortly as garments do.
Different objects like winter jackets, boots, sandals, swimwear, and many others. are far more seasonal objects and due to this fact promote nicely for only some months out of the yr.
4. Are you able to stroll us by means of your online business mannequin and your course of for on-line promoting?
I’m going to thrift shops, yard gross sales, and many others. and purchase undervalued objects and promote them on-line.
For instance, I would stroll right into a thrift retailer and discover a pair of nike sneakers for $5 after which I’ll deliver them house, clear them if wanted, and get them itemizing on the completely different reselling platforms.
Then I look forward to the merchandise to promote and ship it to the client. I’ve over 1,300 objects in my stock proper now.
Primarily, these are the principle steps:
- Do tons of analysis to know what to search for
- Supply stock
- Clear stock (if needed)
- {Photograph} stock
- Edit pictures
- Retailer stock
- Listing stock (and do analysis on every merchandise to determine the worth to checklist it at)
- Promote stock
- Pack stock
- Ship stock
- Repeat
5. The place are one of the best locations to seek out your stock, and what methods do you utilize to make sure the standard of the objects you promote?
I discover good high quality stock at most thrift shops. Anytime I journey, I’m going to the native thrift shops and I discover nice objects. Whereas some areas I’ve been to have higher stock and costs than others, I feel wherever you might be, yow will discover high-quality objects.
Within the hotter months, I additionally go to flea markets and yard gross sales.
If you understand what to search for and have a depth of information, yow will discover good stock virtually anyplace.
I keep away from consignment shops as a result of the costs are too excessive for me to hit my desired revenue margin.
Earlier than buying any objects, I do an intensive high quality management examine. For sneakers, I examine for put on on the soles, uppers, and the within (there may be usually put on behind the shoe by the heel). I additionally do the “bend check” to make it possible for if I bend the sneakers, they don’t collapse or crack.
On clothes, I search for stains, holes, and extreme put on. On luggage, I ensure that each the within and outdoors are clear and I examine all zippers to ensure they’re working correctly.
I do make errors typically, although. I’ve missed flaws in objects and located them as soon as I began my photographing course of. In that case, I’ll both re-donate them or promote them and word the flaw within the description.
6. Are you able to describe your course of for pricing your objects? What components have an effect on the worth?
Components that have an effect on the worth are merchandise situation, seasonal demand, competitors, sell-through fee, and many others.
Once I discover an merchandise, I normally use Google Lens to go looking my merchandise and discover different related listings on eBay, Poshmark, and Mercari. I can seek for my merchandise on these platforms and see what my actual merchandise has bought for up to now.
Resellers name this course of “checking comps.” I’ll normally worth my merchandise a bit increased than what it has beforehand bought for to depart room for gives. If I’ve the one one among that particular merchandise listed, I’ll improve the worth since there is no such thing as a competitors. If I need to make a faster sale, I’ll lower the worth.
For instance, if I discover a coach purse, I’ll lookup the fashion quantity that’s written on the within of the bag. As soon as I try this, I’ll discover the identify of the fashion and kind it into eBay.
Then I’ll filter the listings on eBay to bought listings and see what it has bought for up to now. If I see that it’s persistently promoting for round $40, I would worth is at $45 or $50 and take a proposal from a purchaser. If I need to do away with it shortly, I would worth it at $30.
Once I worth my objects, there may be a variety of analysis concerned. I’m contemplating the situation of the merchandise, the provision and demand, the novelty, the scale, and far more.
7. How do you market and promote your on-line resale enterprise to draw clients and generate gross sales?
I don’t do any advertising. I simply ensure that I’ve top quality and fascinating objects at a superb worth and the shoppers come to me. I’ll sometimes run gross sales on the reselling platforms which does assist drive enterprise my means.
8. What platforms or channels do you utilize for promoting clothes and different objects you promote?
I promote on Poshmark, eBay, and Mercari. I discover Poshmark to be probably the most user-friendly of the three platforms. Round 45% of my gross sales are on Poshmark, 30% on eBay, and 25% on Mercari.
9. How a lot do you earn with your online business?
Since I began reselling 3.5 years in the past, I’ve had about $350,000 in gross sales and round $205,000 in revenue after charges, value of products, and different bills. In 2023, I had a income of $124,000.
10. How do you deal with logistics and delivery for gross sales?
On Poshmark, there’s a flat delivery price of $7.99 that my patrons pay. As soon as an merchandise sells, I obtain and print the delivery label, pack up the merchandise, put the delivery label on the package deal, and drop it on the submit workplace. I’m usually delivery out between 60 and 90 packages per week and right here is my course of:
Two to a few instances per week I’ll do that:
- Print delivery labels from all platforms utilizing a thermal label printer
- Write the identify of the merchandise on the again of the delivery label
- Pull the objects from my stock
- Undergo the pile of delivery labels and pack the merchandise that’s written on the again
- Put all of my packages in giant duffel luggage
- Deliver them to the submit workplace and drop them off
Delivery on eBay is extra difficult which is why I like to recommend utilizing Poshmark to start out.
11. What challenges have you ever encountered in operating your resale enterprise?
It’s arduous to run any enterprise alone, particularly as a 20 one thing yr previous.
Listed below are a couple of particular challenges I’ve encountered whereas operating my enterprise:
I like to do the buying, however the different elements of the method are much less pleasant. It has been a problem for me to get motivated to get the boring elements of the method carried out (delivery, photographing, cleansing, itemizing, and many others.).
However I’ve to do all of these items to maintain my enterprise operating and my clients blissful. I additionally don’t have anybody to carry me accountable so it is rather simple to slide right into a sample of simply doing what’s pleasant and procrastinating the remaining. It’s a variety of work to do each step of the method, particularly when this isn’t my full-time job.
Additionally it is troublesome to say no to stock when it is rather low-cost. For instance, if I see one thing for a greenback and I do know I can promote it for $10, it may be arduous to show it away. But when I’m going primarily based on that mannequin, I’ll have extra stuff than I can probably take care of and I’d fairly deal with increased revenue objects.
It is rather simple to consider different resellers as competitors. Once I first began reselling, I positively had that mindset and would get aggressive and aggressive with the opposite resellers within the shops.
However there may be sufficient stuff for everybody and being mates with different resellers means you possibly can collaborate, bounce concepts off of one another, commiserate, and extra. Now once I see different resellers, I remind myself that them doing their job doesn’t take something away from me.
The final problem that I’ve encountered most lately is that there are a variety of haters.
When the CNBC article about my reselling enterprise was printed, I used to be flooded with messages of individuals telling me that I used to be stealing from the poor or that I’m what’s incorrect with American or that I made up my numbers to get publicity.
I even had folks criticizing my seems or telling me that I in all probability made cash on OnlyFans and didn’t need to admit it. In every single place I look, there may be somebody telling me that I’m a nasty particular person for operating this enterprise, that I clearly don’t care about underprivileged folks, or that I’m dumb for considering that it is a respectable enterprise.
And at first, these messages have been hurtful. However I can’t make everybody blissful, and that’s simply life.
Now I simply remind myself that I created a 6 determine enterprise on my own as a 20 yr previous and I’m pleased with what I’ve constructed. This job has given me a lot pleasure, independence, and monetary freedom and I wouldn’t change it for something, regardless of what the haters say.
12. Is clothes resale a aggressive market? How do you differentiate your self from different sellers?
The clothes resale market could be very aggressive. Virtually any time I stroll right into a thrift retailer, there may be one other reseller there.
One factor I do to distinguish myself from different sellers is that I’m continuously studying new manufacturers and tendencies. Plenty of resellers know the massive manufacturers to look out for, however I’ve taken the time to find out about 1000’s of manufacturers that promote nicely, and that implies that I can discover stock that another resellers might not have recognized about. As well as, I’m very detailed in my itemizing titles and descriptions, which helps with the search engine optimization. Aside from that, I depend on the truth that I’ve high-quality objects at good costs and I’ve a superb fame on the reselling platforms.
13. What recommendation would you give to somebody who desires to start out an internet resale enterprise?
- Begin small and don’t spend some huge cash.
- The very best factor to start out promoting is your individual stuff.
- Have enjoyable with it and be open to studying.
- There’s a enormous studying curve so don’t get discouraged when it isn’t extraordinarily worthwhile at the start.
- It takes a variety of time, work, and consistency. Be sure you are keen to place within the work to get outcomes.
- Be good to the employees on the thrift shops!
14. How can others discover you- as we’re all followers of you now?
Yow will discover me on my Substack, Instagram, and YouTube. You can even see my retailer on Poshmark.
Listed below are the hyperlinks:
Substack: https://riegelreselling.substack.com/
Web site: https://sophieriegel.com/
Instagram: @riegel.reselling
YouTube: https://www.youtube.com/channel/UCAR0bfnb695MPJivlLnPBuA
Poshmark: https://poshmark.com/closet/sophie_riegel
Wonderful! Thanks a lot Sophie! That is such an superior interview with so many suggestions and tips for on-line resale. We admire you sharing this with us.
Be sure you comply with Sophie and take a look at her different hyperlinks to seek out out much more about making over 6 figures by reselling objects on-line!