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As a young person getting acquainted in the professional world, there are a multitude of opportunities to make money. Holding a job gives us a steady income and beneficial experience. It’s the first option for recent college graduates, college students, and even high schoolers who need money but also want to gain skills for future employment. Additionally, early investments in the market set us up for returns in the future. The earlier we start, the happier we will be in the long run. These are all valuable but we tend to neglect alternative opportunities that grow our bank accounts.
At our fingertips, we can connect with almost two thirds of the world’s population. Five billion people have internet access. This means that we are able to communicate with people we haven’t met. It also means that we are able to sell to them. We are familiar with being customers of Amazon and making online food orders: giving others our money for a good or service. However, we also have the ability to sell what we have to offer.
Something that I believe we all have to offer as young people is what we would consider “junk.” This includes our old clothes or sneakers, artwork, furniture, and anything else that is collecting dust in our homes. Closets can be used as inventory and any revenue from their sale will feel like gross profit.
To sell our goods online, we have many different options.
Marketplaces such as Poshmark, Mercari, and Grailed are primarily home to the sale of clothes. Others such as StockX and GOAT mainly support sneaker sales. On the other hand, ones like Etsy, Facebook Marketplace, and eBay allow sellers to post a wide variety of items with very little being considered off limits.
Most of the platforms operate the same; the seller attaches images of the item alongside a price and description, they select the shipping method, and they post the listing. After being posted, it can be sold once a customer finds it and selects the option to buy. The seller then receives the customers money and ships it out to their address. Most sites provide the shipping label which is accompanied by a fee in addition to the standard fees and tax taken out by the platform.
The process of listing your first item and shipping it to the customer is extremely user-friendly and becomes easier with each sale. Soon after, you will be scouring your home for anything you think you can turn into a quick buck.
If you run out of junk or want to have a steadier flow of income, you can turn this process into reselling. This is when an item is bought and then sold at a higher price for profit. The capped supply of items that are expected to be in high demand cause these price increases to occur. Items that are limited and hard to obtain must be successfully purchased by the reseller and then sold for a higher yet reasonable price to buyers. The sneaker resale market is one that is dominating these e-commerce platforms, currently valued at about $2 billion in North America. Sellers take to eBay, StockX, GOAT, and more to list their sneakers for sale. For example, the Jordan 1 Chicago sneaker from 2015 retailed at $160 and is now being sold for around $2,000 online.
So-called “hyped” sneakers are being released almost every week, giving resellers the opportunity to turn profit consistently. Playing cards, jewelry, and electronics are a few other goods that provide these opportunities to resellers. Seasoned resellers who want to create a brand and reach their audience more efficiently can utilize websites like Shopify which allows them to create their own ecommerce store.
Reselling is a common side hustle for young people who want to jumpstart their financial wealth.
Once you figure out which items are going to be hot in the market and learn how to purchase them, which differs depending on the item, the rest of the process is simple. In fact, it is easier to find customers when reselling instead of selling straight out of your closet because there exists a greater level of demand. Nevertheless, posting your old items on these marketplaces is a solid starting point that acts as practice if you do hope to undertake reselling in the future.
We all have an online presence and, with a little extra effort, the opportunity to gain some more cash in our pockets. As young people, we have a lot of time to take on our endeavors. However, given that this opportunity is sitting right there at our fingertips, there is no better time than now. Start by creating an account on a marketplace of your choosing, post your first item, and enjoy the journey.
Related: Don’t Give Up on E-Commerce Now