So, you've made it through the garage sale and thrift sale stages. You are getting the hang of selling online, and you have your system down to a tee. Now, you are ready to expand and tackle bigger, better inventory. Look no further! "Resale arbitrage" is using a discrepancy in the market to buy at a discounted rate and sell for an upcharged rate - this is reselling! We have the advice on the places to go and the things to do to start upping your inventory and breaking out the big guns. Here is our list, which is organized from smallest to biggest capacity:
1. Thrift Stores
A great place to start buying your own inventory is your local thrift store. Often, you can find name brands, or much higher value clothing that you can make a decent amount of money on. Look for items in good condition, and if they still have the tags on, that is great. If you love thrifting anyway, this is a great option for you, just know that it can be time consuming. Just bring your smartphone with you to compare "sold" listing prices (not just want others have it currently listed for) so you make a good purchase price.
2. Garage and Estate Sales
Garage and Estate sales are a great way to gain inventory, especially because you can capitalize this key element: the sellers want to get rid of stuff. We recommend that if you are looking for the top pick of the items, that you go right at the beginning of the sale when there are the most options. If you are looking, however, for the best bang for your buck, we highly recommend going at the very end of the sale. Why? Because they want to get rid of the stuff, and more often than not they are practically giving stuff away!
3. Clearance, Seasonal, and Limited Editions
By going to retail stores, you can find great deals in the clearance section. This enables you to buy all sorts of quality items that are marked down, but you can resell them for a higher price, especially given that they are not used. Another option is to buy seasonal items after the holiday (like Christmas items that are on deep discount on December 30th), or limited edition items. This way, you can hang on to the items until the season comes around again, or until the limited edition items are scarcely available, and sell them at full price. Just make sure you have the space and the patience!
4. The Big Guns: Buying Bulk
Buying in bulk is a great way to gain a lot of inventory, fast. The only thing to be aware of, is that you need to already have the capacity to do so (space, moving equipment, etc.). You can buy in bulk from larger companies or liquidation companies, or you can also buy from bigger resellers and get a specific lot that you are looking for, or a mystery box. We started our own company to do just this, Paperclip47, where resellers can buy all sizes of bulk inventory!
We're so glad that you are upping your reselling game! Once again, we recommend that you take on the right size of inventory given your particular capacity for the smoothest operation. Remember - an item doesn't make you any money sitting in your death pile! We hope that this post has helped give you ideas on where to buy inventory, and that you will reach out with any questions! Keep reading to learn more tips and tricks like these.