How to make $1000000 reselling online
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In today’s video I’m going to breakdown a few different ways you can make $1,000,000 or more reselling stuff online.

So model number 1: sourcing from thrift stores, garage sales and auctions and selling stuff on eBay / amazon / Mercari / offerup etc. basically buying single items and flipping them online.

So this is a great model but it definitely is the hardest to perfect in my opinion but let’s break it down

$1,000,000 / $20 profit = 50,000 - so that means you’d need to do this same thing 50,000 times. You’d need to source and sell 50,000 items. You’d also need to purchase a lot more than that.

So let’s keep it going. Say you wanted to do this in a year. Ryan I want to make $1,000,000 this year flipping stuff from garage sales and thrift stores one at a time. I’m gonna give you the benefit of the doubt and say you have an amazing sell through rate. When you buy something and list it it almost always sells fast. So let’s say to sell 50000 items you only need to source and list 55000, well if we go back to our two items $5 & $10 that’s an average cost of goods of $7.50 each x 55000 items means just on product you’re spending $412,500 a year. Following??

So assuming you had the ability to source 1057 items a week starting now your also need a starting budget of almost $8,000 a week. You’d need to list 150 items a day 7 days a week. You’d need to ship 137 items a day / 7 days a week. So, is this model doable...? Yeah I mean on paper if you have the resources and basically no social life at all it’s doable. Is it a model that we recommend? No. Now If you take this same model and stretch it out over 10 years, that’s still a healthy $100k a year business and now you’re only shipping 14 items a day 😉 - I think that’s a much more attainable goal for most, if you agree please let me know in the comments.

Alright, so we talked about the hard way to do this, now let’s talk about a bit of an easier way. Wholesale. Reaching out to the right people, forming the right connections and buying in bulk instead of one at a time. Google is your best friend when it comes to finding wholesale connections. I’m not going to go deep into who our sources are or how we found them, that’s something that took us years and something we only share with our students

That being said, there are certainly a lot of wholesalers out there willing to sell in bulk. So let’s break down how you’d get to that million doing it that way.

So with wholesale I’d suggest shooting for a higher average sales price (how much you can sell the item for) because your margins are going to be less. Gone are the but for $5 and sell for $40 you’re looking for the buy for $30 sell for $60 So let’s break that down. Say you can source items that you can sell for $60 each and pay $30 each. After fees and shipping let’s say you gross profit $16 an item doing that, that’s 62,500 items you need to sell to make $1 mil.

BUT here’s the big difference. The items are coming to you. So now instead of trying to buy one at a time you can buy 100 at a time and instead of buying 1 unique item you can buy 100 of the same item 😉

Another real life example. Braun multiquick 7 - sourced for $15, sold for $55 after fees and shipping average profit of $22 per unit. We’ve sold 152 of just this sku in the past year. That’s $3,344 on just one item, one listing that can be reordered over and over again. Get a couple hundred skus all doing the same thing and boom. There’s another way to scale to $1,000,000 Again, definitely attainable. Hard to do in a year, easier to do over a few years.

And then the final model I’ll share briefly is the final step in reselling in my opinion and that’s becoming the wholesaler. So selling in bulk to other resellers at an even smaller margin. This takes a ton of capital and the correct relationships. You might put out $10,000,000 to NET a million, or 10%