How To Make $1,000,000 Reselling Online!
Вставка
- Опубліковано 20 тра 2020
- How to make $1000000 reselling online
★ MENTOR WITH US: bit.ly/2J8Rwnr
★ BUY BULK VINTAGE LOTS: bit.ly/2VKlxQ8
★ SUBSCRIBE: bit.ly/2Nwv5Mo
★ SUPPLIES WE USE: amzn.to/2CCEQVd
★ OUR MERCH! bit.ly/3fcOBc8
HERE'S SOME MORE COOL STUFF WE LIKE!
♥ Shoe cleaning supplies: amzn.to/2Qm5INx
♥ Our main vlog camera: amzn.to/2Qs67OO
♥ The best photography box: amzn.to/3a5xSoc
♥ Our photo paper: amzn.to/3d6kZvO
WATCH MORE OF OUR VIDS…
★ Garage Sale Haul Vids: bit.ly/2RujQUp
★ Thrift Store Haul Vids: bit.ly/2IzfdWa
★ What Sold on eBay Vids: bit.ly/2XyvjHU
★ Daily Vlogs: bit.ly/2L8OSQv
★ Live Shows: bit.ly/2X1iNBe
★ Wholesale Vids: bit.ly/2Q7p21U
★ Travel Vlogs: bit.ly/32v8vHL
★ Amazon Guides: bit.ly/32BUUhE
In today’s video I’m going to breakdown a few different ways you can make $1,000,000 or more reselling stuff online.
So model number 1: sourcing from thrift stores, garage sales and auctions and selling stuff on eBay / amazon / Mercari / offerup etc. basically buying single items and flipping them online.
So this is a great model but it definitely is the hardest to perfect in my opinion but let’s break it down
$1,000,000 / $20 profit = 50,000 - so that means you’d need to do this same thing 50,000 times. You’d need to source and sell 50,000 items. You’d also need to purchase a lot more than that.
So let’s keep it going. Say you wanted to do this in a year. Ryan I want to make $1,000,000 this year flipping stuff from garage sales and thrift stores one at a time. I’m gonna give you the benefit of the doubt and say you have an amazing sell through rate. When you buy something and list it it almost always sells fast. So let’s say to sell 50000 items you only need to source and list 55000, well if we go back to our two items $5 & $10 that’s an average cost of goods of $7.50 each x 55000 items means just on product you’re spending $412,500 a year. Following??
So assuming you had the ability to source 1057 items a week starting now your also need a starting budget of almost $8,000 a week. You’d need to list 150 items a day 7 days a week. You’d need to ship 137 items a day / 7 days a week. So, is this model doable...? Yeah I mean on paper if you have the resources and basically no social life at all it’s doable. Is it a model that we recommend? No. Now If you take this same model and stretch it out over 10 years, that’s still a healthy $100k a year business and now you’re only shipping 14 items a day 😉 - I think that’s a much more attainable goal for most, if you agree please let me know in the comments.
Alright, so we talked about the hard way to do this, now let’s talk about a bit of an easier way. Wholesale. Reaching out to the right people, forming the right connections and buying in bulk instead of one at a time. Google is your best friend when it comes to finding wholesale connections. I’m not going to go deep into who our sources are or how we found them, that’s something that took us years and something we only share with our students
That being said, there are certainly a lot of wholesalers out there willing to sell in bulk. So let’s break down how you’d get to that million doing it that way.
So with wholesale I’d suggest shooting for a higher average sales price (how much you can sell the item for) because your margins are going to be less. Gone are the but for $5 and sell for $40 you’re looking for the buy for $30 sell for $60 So let’s break that down. Say you can source items that you can sell for $60 each and pay $30 each. After fees and shipping let’s say you gross profit $16 an item doing that, that’s 62,500 items you need to sell to make $1 mil.
BUT here’s the big difference. The items are coming to you. So now instead of trying to buy one at a time you can buy 100 at a time and instead of buying 1 unique item you can buy 100 of the same item 😉
Another real life example. Braun multiquick 7 - sourced for $15, sold for $55 after fees and shipping average profit of $22 per unit. We’ve sold 152 of just this sku in the past year. That’s $3,344 on just one item, one listing that can be reordered over and over again. Get a couple hundred skus all doing the same thing and boom. There’s another way to scale to $1,000,000 Again, definitely attainable. Hard to do in a year, easier to do over a few years.
And then the final model I’ll share briefly is the final step in reselling in my opinion and that’s becoming the wholesaler. So selling in bulk to other resellers at an even smaller margin. This takes a ton of capital and the correct relationships. You might put out $10,000,000 to NET a million, or 10%
I’m gonna show this to the people who say to me that reselling isn’t a job. I get so mad when people say that I’m wasting my time and stuff like that. I’m happy doing this and I’ve made more money then I have ever had. People like you are who we need in the reselling community!!!
Appreciate you emphasizing that $1m isn't the goal for everyone. Some will see what people like you do and immediately assume it's unobtainable. For people like me, even just selling the two items you showed and pocketing $40 is a win. It's super important to understand your financial goals with reselling- that way you know how much you want to scale your own business rather than envying other businesses.
I just love your laid back humble approach, just so much more appealing than the high rate fast speaking sales approach. Heart of a teacher.
Ryan, you and Allie are the reason why we started reselling. We watched you for over a year, and side hustle too. Then we just started with what we learned. Thank you both, you're amazing. Excellent information thank you
Always inspiring Ryan, Thank you man.
If only you could bottle your work ethic and energy. That would be a million dollar annual business alone! Great work!
Great job yall. totally agree its not for everyone and hard work...but we did over half million in storage units alone in 2019 so it can be done.
Im very thankful to you for sharing your knowledge through these educational content. I never sold anything online and about a week ago i listed couple of aquatic plants to sell on eBay and so far I sold $89 worth of plants. note that my cost is $0 since the plants grow on their own in my aquarium so the only cost is the boxes and the shipping. Thanks to you guys, now im doing something exciting and making few extra dollars.
Love the time you put into all the detail ..also watch you from the uk all the time ..some great tips you give out xx
As an Amazon seller this sums up why I'm switching from retail arbitrage to buying wholesale. It's so much easier to buy 300 units from one supplier than it is to buy 300 units from a dozen or more stores.
appreciate you and the information, very helpful! Thank you.
Thank you for making this! Super helpful way to break down the P&L sheet. I haven't seen anyone else break down business this way.
Great video as always
Great video, great info. I’ve learned so much from you guys since starting back in September of last year. Keep up the great work!
Ryan: Thank you for putting together this most excellent primer on reselling. Beginners and others will gain a lot by following this advice.
Love your explanation! Thanks for sharing your knowledge.
Great video as always! I may not ever want to achieve the million, I just got started on Ebay a month before the shutdown, but I've spent the last few weeks watching your videos and a few others and have learned a lot. Once things get going again in AZ (we're starting to open, I'm still not ready to get out there quite yet) I have new skills and ammunition for business, thanks to all of you. These videos give me something to look forward to several times a week, like checking in on a friend, so thanks - and big shout out to my girl Callie, she always puts a smile on my face with her silliness!
Great Video Fella, very informative and clear. You know what your talking about.
Thank you for sharing your ideas!
Greetings from Toronto! The video was brilliant... Thank you!