Becoming A Full-Time Reseller In Four Months!

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In Todays Newsletter:

  • Becoming A Full-Time Reseller In Four Months!- How One Reseller Did It! 💸

  • List Perfectly Facebook Question Of the Week 🙋🏻‍♀️

  • On the Web: Hurricane Idalia 🌀, Venus Williams U.S. Open Loss 🎾, Chicago News Crew Robbed 🔫

  • Elvis Presley Pizza For Sale On eBay 🍕

Becoming A Full-Time Reseller In Four Months

“Don’t buy items, buy profit and sell through”

Not too long ago I started seeing a new reselling face showing up on social media. He goes by JRide Flips. I was very intrigued by what this reseller was doing.

His content was different from the traditional reselling videos found all over YouTube. It focused on teaching others how to become better resellers.

Jake Rider is this reseller's name and I have the chance to ask him a few questions.

“Jake, of all the things you could have done, why reselling?”

Jake Rider has been an entrepreneur his whole life. He started as a kid knocking on doors to shovel snow off driveways. When he was older, he knocked on doors for five years selling pest control all over the country.

Eventually, Jake started his own pest control company. Pest control was a good business, but it started feeling like a job for Jake.

One day Jake came across a video by Gary Vaynerchuk on YouTube about reselling things from garage sales and it piqued his interest, so he decided to try an experiment and resell something.

The experiment worked and Jake went all in. Within four months Jake was making a full-time income from reselling. He has now been a full-time reseller for the past two years.

Now, becoming a full-time reseller in four months is very fast. Most full-time resellers I’ve personally talked with take much longer before they start generating that sort of income.

I asked Jake, “What are you doing in your business that helped you become a full-time reseller?”

Jake explained to me how he is a traditional seller and doesn’t specialize in any specific item or category. He knew from the beginning this was a business and not a hobby. This mentality helps him when he is sourcing.

“I buy profit and sell through rates, not items.”

Jake does not become emotional when it comes to items. All items are purchased with data and logic in mind. Items need to be sold quickly to generate cash flow and be profitable.

Jake put it best by saying “Don’t buy items, buy profit and sell through.”

My key takeaway: If you want to go full time you need items with high sell-through rates and sustainable profit margins.

Focusing on high sell-through rates and sustainable profit margins is how Jake was able to go full-time so quickly.

Now, being a full-time reseller who focuses on high sell-through rates means Jake's business has high inventory turnover, meaning items are not sitting around for long periods.

This is important to understand because stale inventory has a cost associated with it. There is an opportunity cost for holding inventory for long periods of time.

I asked Jake “What specific things are you doing to help you turn through your entire inventory?”

Jake uses these three specific strategies to help him turn his inventory quickly.

  1. Focus on seasonality of inventory and understand the buying and selling cycle for specific product types

  2. Have a mark-down strategy for items that are not moving to get them sold

  3. Build a reselling network and wholesale stagnant inventory to help move products and recoup costs

My key takeaway: Inventory has recognized and unrecognized costs, so move inventory quickly. Sales create cash flow, and cash flow keeps a business alive.

Now, all resellers have questions about reselling. I asked Jake what his reselling question was. Without any hesitation, he asked:

“Is cross-listing worth it?”

What do you think? Is cross-listing worth it?

Stay tuned for next week's article where we dive into that specific topic.

List Perfectly Facebook Question of the Week

Question

I take all of my pictures at once on my iphone to then list from my computer. But first I want to remove the backgrounds from the photos in bulk on my iphone beforehand.

Which iphone apps do you all use to remove the backgrounds from a bunch of pictures on your phone all at once? I tried photoroom but i had to do each picture individually. A free app is preferred but open to a subscription if it could do many photos at once. Thank you.

Josie Marie

Answers

I take my photos from within PhotoRoom. Saves a step.

Bren Hill

I like taking my photos directly into LP and never have them saved on my phone. I like using photoroom on LP to bulk remove the background. Easy peasy

Danna Crawford

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On The Web

Elvis Presley Pizza?

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