How This 23-Yr-Outdated Began A Aspect Hustle That Now Earns Her 124K/Yr
Who would have thought you would earn over 6-figures reselling gadgets on-line?
Properly, we talked with Sophie Riegel and he or she tells us precisely how she earned 124K final 12 months reselling gadgets.
Sophie shares what platforms she makes use of to promote, what gadgets she makes probably the most revenue from, and a lot extra!
OK, right here you go…every little thing it’s good to learn about beginning your on-line resale enterprise.
1. Are you able to inform us slightly bit about your self and what impressed you to start out your small business?
I grew up in NY and went to varsity in NC at Duke. I graduated in Might 2023 with a level in Psychology. Along with being a reseller, I’m additionally an expert speaker, licensed coach, and writer.
I communicate all around the nation about my expertise with psychological sickness and have written three books associated to that matter. In 2022, I went to teaching college (each of my mother and father are coaches) as a result of I wished to assist mother and father navigate their relationship with their children. Now I work full time as each a coach, speaker, and a reseller.
How did I turn into a reseller?
Throughout my freshman 12 months of school, we had been all despatched house due to COVID and advised to proceed all of our courses asynchronously. After I was at house, it felt like there was nothing to do and my mother and father advised me and my twin brother that we would have liked to discover a interest.
That’s after I began going by my closet and promoting these gadgets 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 might be.
In November of 2020, I started going to thrift shops to search out gadgets to promote on the platforms I discovered a lot about. From that time on, I knew I wished to know every little thing there was to learn about reselling and my enterprise took off from there.
2. Might you element the steps concerned within the launch of your small business?
These had been a few of the steps concerned in launching my enterprise:
Discover locations to supply gadgets
Get all needed delivery provides
Get a storage unit for my stock
Develop into acquainted with the reselling platforms
File for an LLC
Analysis, analysis, analysis!
And extra
3. What varieties of gadgets do you concentrate on reselling? Is there a kind of merchandise that’s all the time in demand?
I concentrate on promoting grownup sneakers, garments, and equipment. Athletic sneakers are all the time in demand since they’ve a excessive retail value 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 fashion as shortly as garments do.
Different gadgets like winter jackets, boots, sandals, swimwear, and so forth. are way more seasonal gadgets and due to this fact promote effectively for just a few months out of the 12 months.
4. Are you able to stroll us by your small business mannequin and your course of for on-line promoting?
I am going to thrift shops, yard gross sales, and so forth. and purchase undervalued gadgets and promote them on-line.
For instance, I’d stroll right into a thrift retailer and discover a pair of nike sneakers for $5 after which I’ll carry them house, clear them if wanted, and get them itemizing on the completely different reselling platforms.
Then I watch for the merchandise to promote and ship it to the customer. I’ve over 1,300 gadgets in my stock proper now.
Basically, these are the principle steps:
Do tons of analysis to know what to search for
Supply stock
Clear stock (if needed)
{Photograph} stock
Edit images
Retailer stock
Listing stock (and do analysis on every merchandise to determine the value to checklist it at)
Promote stock
Pack stock
Ship stock
Repeat
5. The place are the most effective locations to search out your stock, and what methods do you employ to make sure the standard of the gadgets you promote?
I discover good high quality stock at most thrift shops. Anytime I journey, I am going to the native thrift shops and I discover nice gadgets. Whereas some areas I’ve been to have higher stock and costs than others, I feel wherever you’re, you will discover high-quality gadgets.
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, you will discover good stock nearly wherever.
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 gadgets, I do a radical high quality management examine. For sneakers, I examine for put on on the soles, uppers, and the within (there’s typically put on behind the shoe by the heel). I additionally do the “bend take a look at” 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 out of doors are clear and I examine all zippers to ensure they’re working correctly.
I do make errors typically, although. I’ve missed flaws in gadgets 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 gadgets? What components have an effect on the value?
Elements that have an effect on the value are merchandise situation, seasonal demand, competitors, sell-through charge, and so forth.
After I discover an merchandise, I often use Google Lens to look 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 previously.
Resellers name this course of “checking comps.” I’ll often value my merchandise a bit greater than what it has beforehand bought for to go away room for presents. If I’ve the one certainly one of that particular merchandise listed, I’ll enhance the value since there isn’t any competitors. If I wish to make a faster sale, I’ll lower the value.
For instance, if I discover a coach purse, I’ll search for the type quantity that’s written on the within of the bag. As soon as I try this, I’ll discover the title of the type and sort it into eBay.
Then I’ll filter the listings on eBay to bought listings and see what it has bought for previously. If I see that it’s persistently promoting for round $40, I’d value is at $45 or $50 and take a suggestion from a purchaser. If I wish to do away with it shortly, I’d value it at $30.
After I value my gadgets, there’s loads of analysis concerned. I’m contemplating the situation of the merchandise, the availability and demand, the novelty, the scale, and way more.
7. How do you market and promote your on-line resale enterprise to draw prospects and generate gross sales?
I don’t do any advertising. I simply ensure that I’ve top quality and fascinating gadgets at value and the purchasers come to me. I’ll often run gross sales on the reselling platforms which does assist drive enterprise my manner.
8. What platforms or channels do you employ for promoting clothes and different gadgets 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 small 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, price 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 payment of $7.99 that my consumers 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 publish workplace. I’m sometimes delivery out between 60 and 90 packages per week and right here is my course of:
Two to a few occasions per week I’ll do that:
Print delivery labels from all platforms utilizing a thermal label printer
Write the title of the merchandise on the again of the delivery label
Pull the gadgets 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 massive duffel luggage
Deliver them to the publish workplace and drop them off
Transport 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 working your resale enterprise?
It’s exhausting to run any enterprise alone, particularly as a 20 one thing 12 months previous.
Listed here are a number of particular challenges I’ve encountered whereas working my enterprise:
I like to do the procuring, 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 completed (delivery, photographing, cleansing, itemizing, and so forth.).
However I’ve to do all of this stuff to maintain my enterprise working and my prospects glad. I additionally don’t have anybody to carry me accountable so it is vitally simple to slide right into a sample of simply doing what’s pleasant and procrastinating the remaining. It’s loads of work to do each step of the method, particularly when this isn’t my full-time job.
It is usually troublesome to say no to stock when it is vitally 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 exhausting to show it away. But when I am going primarily based on that mannequin, I’ll have extra stuff than I can probably take care of and I’d somewhat give attention to greater revenue gadgets.
It is vitally simple to think about different resellers as competitors. After I first began reselling, I undoubtedly had that mindset and would get aggressive and aggressive with the opposite resellers within the shops.
However there’s sufficient stuff for everybody and being associates with different resellers means you’ll be able to collaborate, bounce concepts off of one another, commiserate, and extra. Now after 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 not too long ago is that there are loads 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 unsuitable with American or that I made up my numbers to get publicity.
I even had folks criticizing my seems to be or telling me that I most likely made cash on OnlyFans and didn’t wish to admit it. All over the place I look, there’s somebody telling me that I’m a foul particular person for working this enterprise, that I clearly don’t care about underprivileged folks, or that I’m dumb for considering that it is a reputable enterprise.
And at first, these messages had been hurtful. However I can’t make everybody glad, and that’s simply life.
Now I simply remind myself that I created a 6 determine enterprise on my own as a 20 12 months 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 may be very aggressive. Virtually any time I stroll right into a thrift retailer, there’s one other reseller there.One factor I do to distinguish myself from different sellers is that I’m continuously studying new manufacturers and tendencies. A whole lot of resellers know the massive manufacturers to look out for, however I’ve taken the time to study 1000’s of manufacturers that promote effectively, and that implies that I will discover stock that another resellers might not have identified 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 gadgets at good costs and I’ve a wonderful 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 most effective factor to start out promoting is your personal 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 originally.
It takes loads of time, work, and consistency. Ensure 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?
You’ll find me on my Substack, Instagram, and YouTube. You too can see my retailer on Poshmark.
Listed here 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 ideas and tips for on-line resale. We respect you sharing this with us.
Ensure you comply with Sophie and take a look at her different hyperlinks to search out out much more about making over 6 figures by reselling gadgets on-line!