For most people, the simple answer for $70k is, you need to list 28 $10 profit items Monday-Friday for 3-6 months. All of these items have to be items that sell within 3-6 months for $10 profit. That’s it. If you want more or less money, just adjust accordingly!
@@kenjean9243 Unfortunately, eBay (for now) remains king of the national audience online auction sites. Proxibid is pretty good but is only available to licensed auctioneers and the general public can only buy via Proxibid. I sell about $20,000 a month on eBay and briefly tried Mercari but my items just sat--even at 20% less than what I sell them for on eBay.
@@davidp8627 Alright that’s what I’ve noticed as well with Mercari and offer up I got good deals and ppl either try to lowball me for the price even though it’s already at a good deal or they skim right by it but how can I at least make like $150 a day on eBay if you have a membership plan I’ll sign up if you can show me step by step alright what would be the price?
The short answer... without even watching the video... source enough stuff that will sell. Literally the only thing that keeps you from making more money is being able to source stuff that will sell.
Thank you so much for all the help you have given me when watching your channel. Just to try and get my head around the eBay world and to motivate myself it really helps. So a big thanks from me and keep up the hard work too. It's seriously impressive!!
How can you determine what your specific sell through rate is? Do you have to keep track of when you listed and sold each item to determine how long each item was listed. Is there an easier way to find that information in the eBay performance area?
This is what I do. Every month, I write down two numbers. The amount of items that I sold that month as well as the amount of listings that I ended the month with. I take the solds and then divide by the listings plus solds. Now, this is just a rough number and not a true number. The reason for that is because I have multi-quantity listings, so that throws things off. Also, in my numbers are included items that I just listed a week ago or s few days ago, so those throw it off a bit as well because they haven't been sitting a full month yet. Either way, it's too time consuming to stress about what your sell through is and get an exact number. Do a rough calc and then move along. You don't need a formula to tell if you've had something sitting in your store for a long time or not. You should have a general idea unless you have well over 5000 listed.
Love this caring and sharing thanks so much ! I just worked out I have 49 templates ahh that’s too many different things to list loving your video I will cull down check out your membership thanx
Regarding taxes, wouldnt you have to report the sales total before fees as your income then account for all platform fees etc. or else you are understating your income? On Amazon, most is fees. Just stating your bank deposits would be simple, but is that allowed? In your experience is just doing this sufficient? Because that would be a hell of a lot easier and avoid me a big headache trying to get all my stuff synced with QBO...
I want to sell items fast, I'm using terapeak and looking to list items with a minimum 35% sell through rate, if I list 20+ items a day with a $10 profit. Will my items sell fast in a month?
If you can find enough items with solid sell through rate to maintain 20 a day then yes. That is the hard part, sourcing enough at scale that sells quickly.
I've been busy reselling last couple months, havnt watched much reselling lately. But it's time to grow. Most people won't appreciate what you posted. This is one of your better videos
There is no one size fits all formula for how much a seller needs to list. Every category of goods has a different profit margin, different COGS, and a state such as CA has a state income tax as much as 11% whereas FL and TX have no state income tax. There are so many factors to consider. New sellers (or resellers) will be more successful in a market they are more knowledgeable AND one where there is less competition. Clothing is so ridiculously saturated, so is jewelry. It is also helpful if you are able to enter a market where you live in a part of the country (or world) where it is easier to source product. For example, those in the Midwest can find trendy items easier than the west coast. I've found like-new mid-century items at garage sales and local auctions and sold them for 10x-20x what I paid--and that's not even what I primarily sell. Find what excites other people, not just what excites you.
I have learned so much in the past 30 days. Made mistakes, was impatient with what could have been more profitable items. Learned that if you have a bunch of people after you for the same item, but they don't want to do buy it now, you relist it as an auction item starting at near your asking price, and let them fight over it.
There should be an autofill answer for any question asked. "How many items do I need to sell?" Just list more. "What kind of items should I sell?" Just list more. "Are you worried about the increase in shipping costs?" Just list more. "I listed an item 5 days ago and it still hasn't sold yet. What am I doing wrong?" Just list more. People are CONSTANTLY overthinking this. It's very, very basic. We all should know the answers to our problems before we even ask them. I'm guessing people ask these questions because they hope there's another answer? I don't know.
@@dailyrefinement Right. QUALITY. You obviously can't sell clothing with big holes in them or shoes with the soles completely worn out. I don't understand why that needs to be explained to anyone. That should be a given. Would you personally use or be happy with this item? No? Then probably don't sell it. Again, very basic.
I forgot to ask does ebay charge you or take money when you make a sale it sell something one their site??? I have a few new things and nvr sold on eBay.. I wanted too...
I have a question about using the accounting method where you pull bank statements and cash deposits into your business account. I like the idea of that but I’m wondering about shipping. Sometimes shipping is pulled out of your eBay balance and sometimes it is pulled out of your account. How do you account for that? I was thinking about setting up a PayPal business account and having all shipping costs go through there. I’m just wondering what you are doing?
Really really liked this it help a ton, much love from your Canadian brother, keep rockin it out, don't get down, just get up and work hard every day make your round
You are incredibly helpful. Thank you for all your content. I am just getting started in my eBay business as a single mother, and you have helped very much!
Had an epiphany a couple nights ago and finally found a subject I want to sell. Does it make more sense to slowly work my one-off store into that, or make a second store?
My goal right now is to make $100/day in sales. I don't have enough inventory or a way to get enough inventory to list 10+ items a day, 7 days a week. It has always been the one thing that has kept my business from growing. Does this also work with higher priced items? Do you need the same amount of those listed a day? Thank you for the information!
I have the same problem... basically the only thing that keeps me from selling more is actually being able to find enough stuff that sells for a profit. Goodwill is pretty much useless anymore and yard sales are only once a week.
Hey Chris, been reselling in the UK for about a year now hitting car boot sales weekly and loving it! Doing around 1k a month in sales but looking to get atleast £1k/2k a month in profit. Really want to start taking this more seriously, get the processes down and make it really efficient so I was thinking about joining your mentorship. May be a stupid question but would everything apply to me over in the UK as well? Calculator, techniques, etc… just curious as I wasn’t sure whether everyone involved was from the US… Keep up the good work 👌
11:05 - Crikey, I wouldn’t advise getting experience in every single category. That’d take a lifetime to learn all the nuances. Fair play to you though, that must’ve been a hell of a grind.
For most people, the simple answer for $70k is, you need to list 28 $10 profit items Monday-Friday for 3-6 months. All of these items have to be items that sell within 3-6 months for $10 profit. That’s it. If you want more or less money, just adjust accordingly!
Do you sell the accounting spreadsheet
Are you reseller only on eBay or you do Mercari, Facebook marketplace as well cause eBay always gives me problems
@@kenjean9243 Unfortunately, eBay (for now) remains king of the national audience online auction sites. Proxibid is pretty good but is only available to licensed auctioneers and the general public can only buy via Proxibid. I sell about $20,000 a month on eBay and briefly tried Mercari but my items just sat--even at 20% less than what I sell them for on eBay.
@@davidp8627 Alright that’s what I’ve noticed as well with Mercari and offer up I got good deals and ppl either try to lowball me for the price even though it’s already at a good deal or they skim right by it but how can I at least make like $150 a day on eBay if you have a membership plan I’ll sign up if you can show me step by step alright what would be the price?
If we want a better life we must become better people. Thank you Chris for helping me become a better eBay Reseller!
You're very welcome!
does this work for dropshipping
The short answer... without even watching the video... source enough stuff that will sell. Literally the only thing that keeps you from making more money is being able to source stuff that will sell.
If you are thinking of joining, it is well worth it! Best decision I have ever made!
I want to start selling on eBay and be my own boss, What’s your advice for a new seller?
Thank you so much for all the help you have given me when watching your channel. Just to try and get my head around the eBay world and to motivate myself it really helps. So a big thanks from me and keep up the hard work too. It's seriously impressive!!
You’re very welcome!
I just started and can only sale 33 items. My goal is $20 a day until I can sell more. You're vids are super informative thank you.
Keep on Ken.
It took me almost 6 years to be where I am.
Why can you only sell 33 items?
@@JJ-wr4qj it caps you when u for a time start and increases over time
@@kenpachecojr oh, i have never had an eBay store, and mine usually says 'its free to list' like it allows you to list 1000 a month
Chris I see some of your negative feedback don’t make sense! You should contact ebay to remove them
Yeah for sure, I can remove most of them, just need to call
I'll give your mentorship a try.
I sell about 25% of my inventory but I think percentage is going up the more I'm learning I love the process
How can you determine what your specific sell through rate is? Do you have to keep track of when you listed and sold each item to determine how long each item was listed. Is there an easier way to find that information in the eBay performance area?
This is what I do. Every month, I write down two numbers. The amount of items that I sold that month as well as the amount of listings that I ended the month with. I take the solds and then divide by the listings plus solds. Now, this is just a rough number and not a true number. The reason for that is because I have multi-quantity listings, so that throws things off. Also, in my numbers are included items that I just listed a week ago or s few days ago, so those throw it off a bit as well because they haven't been sitting a full month yet.
Either way, it's too time consuming to stress about what your sell through is and get an exact number. Do a rough calc and then move along. You don't need a formula to tell if you've had something sitting in your store for a long time or not. You should have a general idea unless you have well over 5000 listed.
Love this caring and sharing thanks so much ! I just worked out I have 49 templates ahh that’s too many different things to list loving your video I will cull down check out your membership thanx
You're very welcome!
Regarding taxes, wouldnt you have to report the sales total before fees as your income then account for all platform fees etc. or else you are understating your income? On Amazon, most is fees. Just stating your bank deposits would be simple, but is that allowed?
In your experience is just doing this sufficient? Because that would be a hell of a lot easier and avoid me a big headache trying to get all my stuff synced with QBO...
It depends on your goals. From my understanding, the irs is interested in money in and out. I personally do total revenue and expense everything out
I want to sell items fast, I'm using terapeak and looking to list items with a minimum 35% sell through rate, if I list 20+ items a day with a $10 profit. Will my items sell fast in a month?
If you can find enough items with solid sell through rate to maintain 20 a day then yes. That is the hard part, sourcing enough at scale that sells quickly.
I've been busy reselling last couple months, havnt watched much reselling lately. But it's time to grow. Most people won't appreciate what you posted. This is one of your better videos
Awesome video Chris. I am so thankful for all the content you put out. Super helpful in making me independent.
This is something u dnt see, someone trying to help n show u how to make the actual money!!! U have good karma coming to u dude. 👍🏼🙏🏼.
There is no one size fits all formula for how much a seller needs to list. Every category of goods has a different profit margin, different COGS, and a state such as CA has a state income tax as much as 11% whereas FL and TX have no state income tax. There are so many factors to consider. New sellers (or resellers) will be more successful in a market they are more knowledgeable AND one where there is less competition. Clothing is so ridiculously saturated, so is jewelry. It is also helpful if you are able to enter a market where you live in a part of the country (or world) where it is easier to source product. For example, those in the Midwest can find trendy items easier than the west coast. I've found like-new mid-century items at garage sales and local auctions and sold them for 10x-20x what I paid--and that's not even what I primarily sell. Find what excites other people, not just what excites you.
I have learned so much in the past 30 days. Made mistakes, was impatient with what could have been more profitable items. Learned that if you have a bunch of people after you for the same item, but they don't want to do buy it now, you relist it as an auction item starting at near your asking price, and let them fight over it.
There should be an autofill answer for any question asked. "How many items do I need to sell?" Just list more. "What kind of items should I sell?" Just list more. "Are you worried about the increase in shipping costs?" Just list more. "I listed an item 5 days ago and it still hasn't sold yet. What am I doing wrong?" Just list more.
People are CONSTANTLY overthinking this. It's very, very basic. We all should know the answers to our problems before we even ask them. I'm guessing people ask these questions because they hope there's another answer? I don't know.
Yeah, and you can’t shortcut it by listing items that don’t sell. For some reason I need to clarify that every video.
@@dailyrefinement Right. QUALITY. You obviously can't sell clothing with big holes in them or shoes with the soles completely worn out. I don't understand why that needs to be explained to anyone. That should be a given. Would you personally use or be happy with this item? No? Then probably don't sell it. Again, very basic.
Haha awesome comment way to summarize.
I forgot to ask does ebay charge you or take money when you make a sale it sell something one their site??? I have a few new things and nvr sold on eBay.. I wanted too...
I have a question about using the accounting method where you pull bank statements and cash deposits into your business account. I like the idea of that but I’m wondering about shipping. Sometimes shipping is pulled out of your eBay balance and sometimes it is pulled out of your account. How do you account for that? I was thinking about setting up a PayPal business account and having all shipping costs go through there. I’m just wondering what you are doing?
Really really liked this it help a ton, much love from your Canadian brother, keep rockin it out, don't get down, just get up and work hard every day make your round
You are incredibly helpful. Thank you for all your content. I am just getting started in my eBay business as a single mother, and you have helped very much!
Had an epiphany a couple nights ago and finally found a subject I want to sell. Does it make more sense to slowly work my one-off store into that, or make a second store?
Same store
Love the interactive element on your last couple vids, keep up the good work!
Isn’t eBay withholding the taxes now?
Great info as always! So glad I found this group!
BAY YODA
Love your vids, hope all is well with you and yours!
Thank You!
Hi! I always watch your TH-cam coaching videos, can I join the Live Coaching Reselling Mentorship for a Month ?
Yes, www.patreon.com/theresellerspodcast
@@dailyrefinement Thank you I've just sign up for a month to see how it goes , very excited to learn
Hit the like button 👍
Is that 28 items per day or per week?
read the pineed comment!
My goal right now is to make $100/day in sales. I don't have enough inventory or a way to get enough inventory to list 10+ items a day, 7 days a week. It has always been the one thing that has kept my business from growing. Does this also work with higher priced items? Do you need the same amount of those listed a day? Thank you for the information!
Great goal, you can adjust to meet that goal. Yes, it works with higher priced, and you can adjust to match your goals.
I have the same problem... basically the only thing that keeps me from selling more is actually being able to find enough stuff that sells for a profit. Goodwill is pretty much useless anymore and yard sales are only once a week.
Thank you 😊
Factor in the cost of health insurance.
Not related to this goal
Chris thank you for sharing your knowledge.
You’re very welcome!
What was the supplies store again? I need to get a thermo printer. I'm taking to long on the shipping part of my stuff.
Bit.ly/resellersupplies
Thank you.
I wish there was something like this for Canadians :(
eBay.ca
@@dailyrefinement I mean your course haha
Some things carry over but some dont
Great spreadsheet. Where is it available?
Hey Chris, been reselling in the UK for about a year now hitting car boot sales weekly and loving it! Doing around 1k a month in sales but looking to get atleast £1k/2k a month in profit.
Really want to start taking this more seriously, get the processes down and make it really efficient so I was thinking about joining your mentorship.
May be a stupid question but would everything apply to me over in the UK as well? Calculator, techniques, etc… just curious as I wasn’t sure whether everyone involved was from the US…
Keep up the good work 👌
@@randomrandomness8743 appreciate the response man 👍
11:05 - Crikey, I wouldn’t advise getting experience in every single category. That’d take a lifetime to learn all the nuances. Fair play to you though, that must’ve been a hell of a grind.
Where do you find items in bulk?
Bulk inventory shop
@@dailyrefinement are you buying bales of clothing or did you have to find your own local wholesaler?
5 min / item not including the time it takes to find the item?
It is laid out in the video on the right side of the chart