This is a limited series I hopefully plan to keep up for 2024. My purpose of this series is to give readers who are interested in reselling as a side hustle a glimpse into numbers, and bits of piece of the nitty gritty of reselling. I have been doing this for 15 years part-time. It’s not really a guide, but more of a peek into some numbers & random thoughts on selling. Reselling, even though has its definite downs, has provided additional small income for my family. In general, I work on my own time, which is a huge plus.
February 2024 Gross Sales: 1176.46
COGS: $239.14
Closet Clear Out + Make Offers To Likers
From now until we have to move, I’m routinely doing closet clear out & offers to likers once a week. I’m pretty happy with the results. It’s a great way for me to get rid of inventory that’s been hanging around too long. It’s also made me analyze my inventory more.
It doesn’t matter how long you have been reselling. You will always end up with something you thought would sell at the price you wanted. Then it doesn’t. it kind of sits longer than you think. That’s what happened to me. So I end up selling items for a much lower price than I thought. It’s not a bad thing in my situation. I still make a profit overall. Just for clothing, it’s very volatile in predicting what will sell.
Either way, I still make some profit, and my customers get a great deal.
Decluttering Inventory To Thred Up
I’m currently decluttering my inventory to Thred Up. Not all of it. I’m sending maybe 10%-15% of my inventory. Not a huge amount. For this portion of my business I lose money. It’s also a reminder for me to be more picky in what I bring home to resell. It’s not a huge lost for me. Though, It is interesting to see what I shouldn’t have picked up.
Sure I could always just take what I send to thredup with me, but I’m really trying to limit the amount of boxes for the move. I don’t normally send this much stuff to thred up, but this is my circumstance now. I could try bringing the items to consignment stores, but the time for me to send my kid to daycare, and finding time within my busy day just isn’t worth it to me. Especially since I don’t sell “trendy, and teen” items.
Slowing The Sourcing Of Inventory
I’ve been thrifting/sourcing much less. It doesn’t make much sense to bring home things to list if I’m trying to liquidate right? Which is fine, because now I’ve been saving more of my profits instead of throwing it back into inventory.
I’m hoping with the money I’m setting aside from liquidating my inventory, I’ll be able to thrift/source more in our new area. Since we are moving in a HCOL area, I’m not sure if reselling is still feasible. I have a feeling it will be fine but we shall see.
