Though many people have been fortunate enough to work from home during the COVID-19 pandemic, there are a lot of people who have not been so lucky. Currently, there is a portion of the United States’ population that is relying on stimulus checks to keep them afloat financially. This is despite the fact that these checks are intended for spending back into the economy––as they have essentially become welfare funds.
However, there may be a way to make a little bit more money as the economy begins to get back on its feet, and jobs become available once more. If you haven’t already, it may be a good idea to consider becoming a reseller. Here are a few things to remember on this journey to becoming a vendor of repurposed gadgets and refurbished products.
It probably shouldn’t be your main source of income.
The first thing to remember as you go into the business of reselling is that it probably won’t pay you as much money initially as a full-time job will. It’s important to remember that it will take time, especially if you have financial goals that extend to using reselling as a means to a new career. Reselling should be used in order to subsidize an income––as opposed to becoming your main one––if you are working part-time or cannot work full time. For example, becoming a seller of refurbished electronics whilst at college will not replace your student loans, but it might help you gain enough money to go traveling during the summer or buy more resources. In this current economic climate, where jobs really aren’t safe thanks to the coronavirus, having an emergency fund in place that has been grown through your new endeavor in reselling, can be a bit of a boon to your peace of mind.
So what should you be selling? Well, let’s take online refurbished electronics vendor The Store as an example. They take broken or unused mobile devices and smartwatches (that previous users have upgraded away from), refurb them, and then sell everything from a laptop or desktop computer to printers and tablets at discounts on their online store. You could very well do the same thing with other devices, or offer more unique items by repurposing your own accessories and selling them on. As another example, you could repurpose glass bottles by adding solar-powered LED light chains and create garden ornamental light features. You can repurpose and recreate new pens out of parts of old ones, customizing them for your customers. The possibilities are endless––the trick is getting started and learning who your audience is quick.
At least not right away.
It wouldn’t be realistic to believe that you can go into the business of reselling without having some kind of initial funding. Yet even though money might be tight, you won’t need a huge amount to get yourself started. There are plenty of options available to you. You could consider applying to lenders for a small business loan, or you could even sell off some of your defective items to a company like The Store and take some cash in return. You can even do something as simple as forward planning, and set a realistic budget in advance.
Resellers who have a bit more experience can make a little bit more money, but you’ll need to put more time into it too. It is true that the more that you sell, the more that you’ll earn––but you will need to keep replenishing your stock. The longer that you spend doing this in a day, the more you will accrue which will then go back into your reselling. It’s a slow progress, but you will start making enough money for this to be a good income flow for you.
Who knows what the future holds?
As Katie Wallington, founder of Simply Bliss Boutique can attest to, there may be a few surprises when it comes to where your reselling could take you. What began as a hobby for her is now a much bigger company. So, with a little commitment, and a lot of time, you never know––perhaps a big business could grow out of your hobby, too.