If you’re new here, I’m the auction guy you probably saw on Insta or X. You may have downloaded my Auction Starter Guide with the lists of all the auction sites and tips on getting started.
Thanks for being here. Let's get right into it.
Let me blow your mind.
Over the next 3 months, more than $173 billion in customer returns and excess inventory will come onto the market.
Will you continue to just be a consumer? Or will you take a step out of the matrix and change your life with those billions of inventory waiting for a Reseller to rescue?
Here are my 10 steps to start your Reselling journey. I’m also adding a bonus 11, because that’s how I roll. See you at the bottom.
- To get a resale permit for your State, search for “Your State + Resale Permit.” You will need this permit to buy from liquidation auction suppliers. You can get a complete list of links to each State as well.
- Why start with Costco liquidation products? It’s a great place to learn with minimal risk and varied investment amounts. You can win auctions from a few hundred dollars to tens of thousands.
The Costco auctions all have terrific manifests and the condition of each item is clearly listed.
Costco is great to deal with in the event of any problems with your order.
- Detailed manifests are crucial. Never buy products without one. You will have 2-3 days to research the items listed on each manifest to see how much you can bid on the auction. Be ready for many auctions to not “work.” This is OK! This means you are doing your research correctly.
- Whoever does the most research wins! You can use AI or manually search for sold listings on marketplaces like Facebook Marketplace and Poshmark. Also, dive deep into eBay Product Research to find a treasure trove of sales data to help you make decisions.
- Research more – don’t be in a hurry to buy. Watch the auctions that you research to see what they sell for. Did your research make sense? Or do you need to figure out why items sell for more than you think they should? This is an important problem to solve.
- Start bidding. Focus on small-dollar liquidation auctions to minimize your risk. Expect to lose most bids—this is a feature, not a bug. Never let your emotions cause you to bid higher than what your research says you should pay. Our $5 Reseller Mastermind has an entire library of tools to calculate deals.
- Winner, winner, auction bidder! Once you win your first auction, make your payment quickly. You are building a long-term relationship.
- Your products arrive, you have your space ready to receive them, and the sort begins. Use the “cash-back” method to quickly find what items you can sell to get your investment back. This is crucial. Focus on selling those items first. Learn more.
- Keep your mind on your money and your money on your mind. You have sold the “cream” products, and you have your initial investment back. Congrats!
- You will make mistakes. Be prepared for this. Don’t let mistakes slow you down. Learn from them and apply that knowledge to the next deal. Keep a “next play” focus in your mind.
Document what works and what doesn’t. Try new things and adjust. Keep a database of what sells and what the dogs are.
You will have items that never sell, but since you used my cash-back framework, this is OK. Those never-sellers will have $0 of inventory value. Find somewhere to donate or recycle them.
Once you have a working system, you can begin buying from more sellers, such as Ace Hardware, Target, Petco, and others.
Keep researching and keep experimenting. The profits are in the averages over time – not each deal will be a home run. The profits in Reselling are the averages over time.
Keep learning and building your skills while you expand your Evergreen Revenue Stream.
What about 11?
That might be the most important tip. Spend $5 and join 2,553 members in our Reseller Mastermind to help you learn, to help you grow, and to hold you accountable as you build a business to help you lead an uncommon life.
I hope to see you in there!
~ Shannon Jean
