Others resell because they want to supplement their income. Reselling is a great way for a family save up for vacation or help pay off debts faster.
And still, others, want to make a living by reselling full time.
That's one of the beautiful things about reselling. It can be catered to suit any individual's needs and the more you put into it, the more you get out of it.
If you are interested in using reselling to provide a full-time, living, income, then this is a post you!
People who resell part-time and people who resell full-time have different priorities. It's important when moving from one to the other that you adjust accordingly so that your individual goals can be met. Everyone falls somewhere in this spectrum, maybe not entirely on the part-time, hobby side but maybe not entirely a full-time business owner either.
I encourage you to write down your goals and what you want to see of your business, and determine if your mindsets and priorities match up to what you are trying to do. What priorities need adjusting so you can achieve your goals?
Let me first be clear: there is absolutely nothing wrong with either reseller mindsets. For the part-time reseller, the priorities focus on the thrill and help get the most bang for their buck with their items. Full-time resellers have to shift their priorities away from individual sales and towards keeping a positive cash flow. Buy, list, sell, repeat.
So let's talk about some of the main differences between a hobby reseller and a business owner:
Priority for part-time: what-if potential.
Priority for full-time: positive cash flow.
For the part-time reseller--the what-if potential makes sense.
The part-timer can tell you that items can tell a story. They're more limited in time when it comes to sourcing items. They're more likely to remember the thrill of the purchase. So, when someone makes an offer for less than the value they place on the item, they are more likely to decline that item because they're waiting for someone who values the item at the same amount that they do.
For a full-time reseller, the driving decision for accepting an offer on an item is not determined by the integrity of the individual item, but instead by how it effects the overall business. No reseller wants to lose potential profits, but they also don't want to lose the opportunity for positive cash flow. The truth is, the more often you can make a sale, the more money comes off your inventory shelves and can be put into the business' wallet. That's more inventory you can buy.
Buy, list, sell, repeat.
When having a full-time reselling business, the priority is keeping the cycle moving. When the money is moving, the business can grow. When that cycle stops, the business becomes stagnant. This isn't so detrimental for the part-time reseller that has other means of income but it can kill a full-time reseller's business.
Priority for part-time: what's fun and enjoyable.
Priority for full-time: what's necessary.
Some people love to cook, but hate grocery shopping.
Some people find joy in painting, but can't stand cleaning up afterwards.
The truth is, there are always necessary tasks that come with things that we love that we don't necessarily love to do. Part time resellers have a little more grace when it comes to choosing and prioritizing what tasks need to be done. That doesn't mean they don't have to do them, though.
I am a full-time reseller who spends over 50% (and sometimes as much as 80%, depending on the inventory I have on hand), prepping items for my virtual assistant and listing items myself on my online store. This is not my favorite thing to do. I live for unboxing pallets, completing auctions, and sourcing items.
It's more fun, it's different, and altogether a lot less boring.
But I spend very little time in the grand scheme of the business doing those things. If I don't spend most of my time doing what the business needs to survive, then the business doesn't survive. Simple as that.
It sounds a little sad, but I assure you it's totally okay. I'm not motivated by the parts of the business that excite me. My motivation is the freedom I get to spend time with those who really matter. I'll gladly list and prep items a few hours a day in exchange for a lifetime of freedom with my husband and family!
But what the business needs is not as important for someone who does this part-time or as a hobby. A part-timer can spend more time doing the things that they prefer, and if they don't always get to the less exciting parts, it's not so detrimental for that. However, don't think that it doesn't need to be done. If you're not giving attention to all parts of the business, then you don't really have a business to begin with. A reseller who sources but doesn't list isn't a reseller at all, but a hoarder.
Priority for Part-Time: not important.
Priority for Full-Time: extremely important.
When reselling part-time, it's okay for a reseller to focus only on the things that they enjoy sourcing. They can sell items for what they value the item for. If the buyers market value for the item differs from the seller's value, then they can agree to disagree and move on. As long as the reseller isn't needing the money in a serious way, they can hold on to products for the right buyer.
Some part-time resellers that desire to work towards a more full-time establishment will want to focus not on what they personally value their items for, but what do the buyers value them as? Many times, you'll find that those two numbers don't match. If you want your items to sell, price your items according to the market value. Know how often they change, and check and adjust them often.
Ignoring the market trends can cause you to lose potential profits or lose potential sales. Neither of those you want. A full-time reseller doesn't want to miss a sale because their items are priced a few dollars too high. They want to buy, list, sell, repeat. As much as possible.