Want to hit your reselling goals in 2022 but feel overwhelmed and don’t know where to start? Sometimes we set goals that stretch us, but accomplishing them is often another story.
Here are my best 7 tips to achieving your reselling goals in 2022:
Learn more items & categories
With reselling, the more information you know, the more you can find to resell. If your reselling goals are based on the number of items that you want to source or list per month, you’ll want to have a wider and/or deeper knowledge of things to source. It’s easy to fall into the trap of buying more, but if you’re buying junk, you’re only going to be a worse position than when you started.
If you reselling goals are centered around gross sales or profit, knowing more items to source is only going to help you. Knowldege helps you no matter what kind of goals that you set.
Here are a few ways to learn more items to source:
- watch reselling youtube videos
- research sold listings in a given category
- learn the ins and outs of a category from reselling guides
Raise your average profit per item.
The more you know, the better you can pick. If you want to get to your goal faster, selling items with a higher average profit will get you to your goals faster. Leverage your time and storage space by selling items that not only sell for more, but give you a higher profit.
It doesn’t matter if you sell al $100 items if those items cost you $90. That’s why you should focus on profit and not gross sales.
It takes just as much time to list a $100 item as it does a $10 item.
Increaseing your average sale price might take a while, but the more you learn, the better you can source.
Find ways to list faster.
Your items can’t sell if they’re not listed. The faster you can list, the more you can list.
Take a second to reflect and figure out what slows you down in the listing process.
Are you buying items that you don’t want to list? This sounds pretty foolish, but it’s true. We all do it!
It all goes back to sourcing. Source profitable items that you’ll actually want to list. Hate photographing and measuring clothes? Quit buying them.
Hate packing and shipping fragile items? Quit buying them too. Making simple changes like this can change your attitude about listing.
If you live in an area where you feel like you can only find items that you don’t want to list, there’s a couple of things you can do. Learn other categories. This way your newfound knowledge will help you buy other items.
Or, you can buy a couple of highly profitable items and just discipline yourself to list them.
Use PhotoRoom to edit photos.
If you find that you don’t like to take photos because you don’t like the way they look, try using the PhotoRoom app. It has a background removal feature that will make your photos look like stock photos. Taking photos for your listings doesn’t have to be complicated.
It’s not 100% perfect, but what app is? You can use a couple of pieces of foam core board to give it a solid background. Even though it eliminates the background, it’s better if your background is not fighting for attention. The app will have a harder time trying to figure out what is background and what’s not.
Using photos that are bright and clear will help you get a better price for your items, and you’ll reach your goal faster.
Use an accounting software to keep track of your numbers.
*Note: this is not tax or accounting advice. Consult a CPA.
Tax laws are changing for 2022. You’ll now receive a 1099-K for gross sales of $600 or more. One of the biggest myths of reselling is that you don’t have to report your income unless you have $20,000 in gross sales (the previous threshold for receiving a 1099-K).
If you’re going to have to track your numbers anyway (and you do), using an accounting spreadsheet or software is an easy way to do it.
The plus side of tracking numbers is that you can see exactly what your business is doing. This will help you reach your goals even faster.
Here is my favorite bookkeeping option for resellers:
My Reseller Genie (truly the Quickbooks of Reselling- tracks everything down the the brand/ style, etc- great for clothing or wholesale sellers)
Use code THEECOMMERCEMOM15 for 15% off your first month (code is case sensitive).
I also personally know the creator of My Reseller Genie, and you’ll receive excellent customer service if you need extra support.
Cross list items to other platforms.
Selling on one platform will make you money. There’s no question about that. But what happens on the days when that platform is slow? If you’re not selling elsewhere, you could be missing out on sales. Low sales are not going to help you reach your reselling goals.
If you’re selling on ebay, and ebay is slow, you’re stuck. If you also list on Poshmark and Mercari, there will be days when you don’t slow anything on ebay, but you sell something on Poshmark. There will be toher days when you sell on all three.
Listing takes time though, and maybe you don’t want to list everything on three or four platforms because you don’t have that kind of time.
I’ve been using Vendoo for a while now, and I love it! Vendoo is a Chrome extension that will help you list on multiple platforms quickly. You can list directly on Vendoo, but I do it a little differently.
Here’s how I cross list on Vendoo:
- List the item on ebay
- Import my ebay listings into Vendoo.
- Cross list on Poshmark, Mercari and Facebook Marketplace.
The listing forms on Vendoo look like the forms on the platforms, and Vendoo will autofill as much as it can from your original listing.
When the item sells, I mark it as sold in Vendoo, and it will delist the item on the other platforms.
My advice is to start with a small plan to see if you even use all the listings. I have downsized my plan because not everything I list on ebay can be listed on other platforms. If you sell mostly clothing, that might be a little different.
The increase is sales more than covers the cost of using Vendoo.
Don’t accumulate death piles.
If you’re piling up inventory, you’re not going to reach your reselling goals. There is an exception to every rule, but for the most part, death piles just tie up money and mental space.
On the plus side, if you have a death pile, you have more “opportunities” to reach your sales goals.
Get into the habit of listing everything that you source. If you go through the pile and find low dollar inventory, you may be better off donating it. Figure out what your minimum profit goal is, and then get rid of the rest of it.
Keep your minimum profit goal in mind when sourcing, and you’ll be less likely to accumulate death piles.
If you feel overwhelmed by inventory, stop sourcing until you get it under control.