Transcription
What up, guys! Welcome back to Rad Resales. I'm Natalie, and I'm a full-time reseller. This means I go to consignment stores, thrift stores, yard sales, garage sales, estate sales—you name it—and I flip items online for a profit.
In this video, I will be talking about when or if you should quit your full-time job and go full-time reselling. If that's the type of content you're interested in watching, go ahead, be rad, click like, and subscribe. Let's get into the video!
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All right, so first and foremost, I started out as a part-time reseller while I had a full-time job on the side. Recently, I would say about six months ago, I started seriously going full-time reselling. I am now making more money in reselling than I was in my nine-to-five job.
Today, I just want to share some personal experiences and opinions on when you should quit or if you should quit your full-time job to go full-time reselling.
The short answer to the question of when you should quit your full-time job to go full-time reselling is: when you have consistently been hitting your net profit for a certain amount of months. I know this is kind of a terrible answer because, well, what's the net profit and what's that certain amount of months?
I recommend hitting your net profit for six months straight. When I say net profit in sales, I mean the income that you're actually bringing in—not gross sales or what you're selling items for, but what you're actually getting into your bank account after all the fees: shipping fees, transaction fees, cost of goods fees, and also, you know, you have to consider taxes at the end of the year as well.
This number is different from person to person. The number for me that I need to hit will be different from yours. The reason for that is because it's a very situational kind of number. It depends on whether you live alone and provide for yourself, or whether you live with someone else and are co-providers in terms of finances. Are you the sole provider, or is the person you're living with the sole provider? That will also affect this number, whether it's higher or lower.
Additionally, are you providing for other people? Let's say you have kids or you're providing for someone else—maybe a mom, sister, brother, or parent. This will also affect that number. So, you have to figure out what your costs are that you're responsible for.
That's the number you have to hit: rent, car insurance, your car payment, utility bills—you name it, stuff like that. If you have any other expenses that fluctuate, you need to be able to hit that number. If you don't know what number you need to hit, just do the math. Write down what you have to pay for, add it all together, and that's your number.
Hit that number for at least six months straight. I would also recommend having at least six months of savings ready to go. By six months of savings, I mean if you don't make any money in six months—which is unlikely at this point if you've been hitting your number for six months—but if you don't, you still have six months of savings to utilize.
So, having backup money in your bank account for six months and hitting your target net profit for six months—those are the criteria that I would say you should be hitting in order to go full-time reselling.
I was very lucky in my situation because both my husband and I were working full-time when we were both doing part-time reselling. Even if I made no money in reselling, his income would still cover us both. So, in that way, there wasn't really that much of a risk for me to go full-time reselling because I knew we were always going to be able to pay our bills.
However, that's not the situation I want to be in, so I definitely work hard to pull my weight. Now, we are making more money from our reselling business than I was doing in my full-time job. It is definitely possible. We are not doing anything special; you don't need an insane talent in reselling to become a reseller.
I don't know if that's even a thing—like a reselling talent. You can talk about having an eye for something, but ultimately, a successful reseller is simply a hardworking person who does their research. That's it! Knowledge, information, consistency, and just hard work are what it takes to be a successful reseller.
By a successful reseller, I mean someone who's able to live off of being a reseller. I don't mean, "Oh, you're making a million dollars a year." Sure, you're successful, but you can be successful by making a full-time salary through reselling. To me, that's a successful reseller.
I will stress the importance of going part-time reselling first. Do not jump into full-time reselling for fun. The reason I'm saying that is because going part-time reselling will teach you so much about reselling. It will teach you things you didn't know existed, and you will also learn to see if you actually like reselling.
One thing is just watching other resellers and thinking, "Oh, I can do that too." I'm sure you can, but will you enjoy doing it? That's the question. Is this something you want to do full-time for the rest of your life? To know that and understand yourself and what you actually enjoy doing, you have to do it part-time for a good amount of time.
I think that's also part of the reason I recommend six months of hitting your revenue number. That way, you kind of know if this is something you want to continue doing.
So, do you have the passion for it? Can you hit the number that you need to hit on a consistent basis? And do you have savings up? Those are the three criteria I say you need to hit in order to become a successful full-time reseller.
If you guys have any questions about anything related to reselling, go ahead and comment. I did make a video on the pros and cons of being a reseller. I don't think I included everything because sometimes I just forget points, but if you have a question, just let me know in the comments, and I'll answer as honestly as I can when I see it.
There's so much more to reselling than you might think. People don't see the actual amount of work and dedication that goes into it. They think it's just, you know, roses and ice cream. It is more than that. There are parts I don't like about reselling that are boring to me, like listing. I don't think that's fun, but you gotta do it.
It's a job; it's got parts you like and parts you don't like. So definitely, 100%, try it out part-time before you go full-time if you have another job. See how you like it, and then start taking it more seriously. Start making the income or trying to get to the income that you need to make.
After you've done that for a while, you'll have a better idea of whether or not you should quit your full-time job to go full-time reselling.
That's all I got for you guys today. Again, let me know if you have any questions in the comments. Thank you for watching, and I'll see you guys next time!
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