As we go through this journey to hit the road full time, we needed extra income for two things. Number one, we needed the money to purchase the rig and items we need to get us going. Second we needed to start building additional income sources for traveling.
We have used reselling for quite some time as an extra spending money, but had never really focused and researched it to make it a sustainable living. Well now we have! We put a lot of attention to this area, because we love doing it and it is an amazing source of income.
We scour the local flea markets, hit up the estate auctions and absolutely love finding treasures at garage sales. There is always something to flip for some extra cash.
Now the sticks and bricks home that we currently live in has a huge two and a half car garage that we can hold inventory in. We also have 2 outbuildings that can be used if needed to store the things that we pick up along the way. So we can basically pick up anything of value that we find a good deal on.
Our inventory problem is that this business will be squeezing down to a portion of a truck bed and a storage bunk in our travel trailer out on the road. So we needed to find items that were great in size, profit and move really fast. So the research focused on these three area’s after we decided to make this change in our life.
Size of items has never been to much of a problem for us. We have never enjoyed shipping things that are very large and awkward to handle. Most of the items we were picking up fit easily into flat rate priority mail boxes or first class envelopes. Although we do sell items larger, we usually sell them locally and do not ship. These larger items will become a thing of the past once we are on the road. So we had this area pretty well covered.
Profit was something we really look hard at when going to purchase an item for resell. My wife calls me a cheapskate, because I need to have a really good deal before I will buy or bid on an item. She is the more reliable one when it comes to buying items to keep us moving, I am the one always searching for the home run! We work hard and research our items to keep our profits averaging above $20 per item, this keeps the fees that incur from reselling in line with our business. We have keep this average up very well over the years and are always working to push the average higher. The higher the average per item, the less items you need to sell to meet your budget.
Looking at our future journey, the big issue we saw staring us in the face was storage space. The items we purchase for resell, we need to move fast and keep storage space for incoming fresh new items to sell. This is easy in our traditional home now, but how would we do this working while traveling? The answer, we had to become psychics and know what will sell very quickly every time. Just joking, but that is not far off!
Quick Turn Around
We put a special notation on this last item. After hours and hours of research, we feel there is a really simple way of finding items to resell on EBay that will give you a higher percentage of sales in a quicker amount of time.
What is this special gem we found? It is the COMPLETED ITEMS LISTINGS in your EBay filter that is the most important thing that an online reseller can look at. You can take a look at all the hot shots on Youtube and they will show you amazing profits that can be found, but if you look closely they show you the SOLD LISTINGS page. Why would they do this?
Because on the SOLD page, everything has sold. Of course it looks like a gold mine, but it does not show you any true data or give you any knowledge of the item. The COMPLETED ITEMS gives you analytics of the item. When did it sell last, how many sell in proportion to those that do not sell and the average profit margin of those that sell. This filter is the gold mine, yet many people just pull up the SOLD listings and think everything sells.
What does the COMPLETED ITEMS FILTER tell you:
- Does the item sell? Yes this will stand out to you very quickly! Very simple, you see a lot of green then grab the item up. You see a lot of red, leave it where it sits. Look closely at this, so you see a few sales on a certain item but there is also a ton that do not sell. This indicates that it is a slow moving item, if you have inventory room, it may be worth the time. We do not, so we move on to the next item that will sell quickly.
- Is the item trending right now? You can also take a look at this from this amazing filter. Again check your red and greens, if an item has been green the last 6 months your chances are pretty good. If it was green up until the last month and then everything since has been red, then buyers have lost interest in that item and it will not move quickly.
- Lastly it will help you decide on a profit margin. Is the item worth purchasing or not. Even though an item may sell quickly, is the profit margin worth our time to hold the inventory a few days. Simply check the latest sells, subtract 25% for fees and subtract your purchase price – this gives you your margin on the item roughly.
Never Stop Learning
Analyze your needs, then research and never stop learning. We have a journey as our goal to live life out on the open road. Traveling to see things that many do not get to with our family and experiencing life as it should be. If you have some of these same goals in your life, take a quick look around our site. We don’t have income idea’s to make you a million, but we can definitely get you out on the road and enjoying life early!
Don’t hesitate to email us with questions or leave a comment at any time! We love to hear from others that share in the same passions we do!