Setting Your Sights on a $100K Reselling Goal
The idea of reaching a $100K annual revenue goal in reselling may seem daunting at first. Believe it or not, it is not impossible to achieve this goal and obtain a growing reselling business. However, let’s shift your perspective and break down the steps to make this ambitious goal not only achievable but also an exciting journey of growth and success.
Becoming an Expert Sourcer: The Key to $300/Day
To reach the milestone of $100K a year, you need to focus on becoming an expert sourcer—someone who can consistently find profitable items. Your ability to source efficiently and effectively is critical. Let’s dive into how to become an expert sourcer.
Retailer vs. Reseller: Clarifying the Distinction
Before we delve into sourcing strategies, it’s essential to understand the difference between a retailer and a reseller. Retailers purchase items in bulk from manufacturers or secondary retailers and sell them at a markup. Resellers, on the other hand, buy inventory at low price points, often individual items or lots, and profit from individual transactions, with items in various conditions.
Becoming a Subject Matter Expert
The path to $100K begins with becoming a subject matter expert in a specific category or niche. This expertise involves in-depth knowledge of brands, trends, and resellability within that category. Being well-versed in your chosen niche allows you to make quick and informed sourcing decisions.
For example, if you specialize in consumer electronics like cell phones, GPS systems, and digital cameras, you’ll know which brands sell best, the ideal selling seasons, and the expected profit margins. This knowledge empowers you to make efficient sourcing choices and reduces the risk of costly mistakes. Furthermore, you can spend less time looking up individual items for hours, and more time listing that item for sell with accurate descriptions.
The Three-Step Strategy:
Now, let’s outline the three-step strategy to achieve a $100K reselling goal and obtaining a growing reselling business:
Step 1: Become an Expert in Your First Category
Continue with your existing sourcing strategy to maintain your current sales. Simultaneously, choose a category you’re passionate about and become a subject matter expert in it. Learn about price comparisons, top-selling brands, and the most profitable items within that category. Strive to make at least $100 a day in revenue (or profit) from this category.
Step 2: Add a Second Category
While maintaining your previous strategies, add another category to your expertise. Expand your knowledge and sourcing capabilities to this new category, aiming to generate at least $100 a day in revenue (or profit).
Step 3: Add a Third Category
Keep up with your established routines while introducing a third category to master. This diversification further increases your potential daily earnings. By having expertise in three categories, each generating $100 a day, you’ll be on the path to achieving $300 a day in sales.
Expanding Opportunities and Reaching Your Goal
As you grow and gain expertise in multiple categories, explore opportunities to source items in bulk or through liquidation, potentially saving you time on sourcing and boosting your sales. The journey to $100K becomes increasingly attainable as you expand your reselling horizons.
Have Questions or Need Guidance?
Reaching a $100K reselling goal and having that growing reselling business is within your grasp with dedication, expertise, and the right strategy. If you have any questions or need assistance along the way, don’t hesitate to reach out. We’re here to support your reselling journey and help you achieve your goals.