My sister (and mentor) is doing just that, plus starting a blog! She also trains people for a fee. I like how you think!
Hi earlyFI,
I would like to know more about your sisters mentoring set-up. I am looking for business/income ideas that are viable for me (lots of good ideas don't seem workable for me for various reasons).
And I really NEED some ideas that will work (giant financial problems due to health problems plus work problems plus career-industry problems).
What I'm most curious about is the TYPES of things. I don't know a lot about clothes prices, for example. I think eBay sellers who do what you are doing definitely specialize, ideally in something with a good markup. But so far I have not come up a category where I think I know much and see potential, and, as a result, I have tended to blow off the whole idea. But maybe I just need help finding the path? I think it is Great that you are doing so well, so that's why I'm putting on the thinking cap.
Oh, I also don't have much spare space to store stuff :(
That reminds me, there's another post in this same thread from someone who buys and resells show tickets. That appeals to me, and tickets are tiny (don't take up space to store). I'm planning to ask for info on that idea also....
As for buying/reselling:
1. Does your sister mentor in just certain categories of goods?
2. Does anyone have categories to suggest or ideas how I could find good ones?
3. Can your sister help me find a category to start in?
4. Is there something narrow with a high markup I could learn to look for, say real gold jewelry at garage sales..... But this only works if people regularly don't know it is real gold, and if I can learn to recognize it. (This is meant as an example.) (there are gigantic used book sales where I live, but the people who go through the books and price them seem to know their stuff, so I don't think collectible or out-of-print books often make it into the bargain bin......)
Honestly, it seems to me that it really has to be a hobby type of thing, where you *already* know a lot about the particular stuff. Do you agree? And I just draw a blank, but perhaps I'm just not thinking right. E.g. I don't know more-than-average about coins, collectibles, antiques, shoes, handbags, jewelry, current movies, Used computer equipment, cameras.......
Would I have just pick something and study it?
There are some kinds of artwork (or particular artists) that might interest me enough to be able to do this part-time but how do I even know whether this kind of stuff would be available or could make money? Sounds like such a longshot......
I could maybe also imagine buying/reselling used iPhones or iPads or something narrow like that, although I admit it sounds "boring" (and potential headaches with broken stuff?).... If I could make decent money it might become interesting. And mistakes could be costly as people rarely sell these things for less than they think they can get, right?
Maybe if I buy broken ones and get them repaired?
Or do you do it the other way: go to garage sales and see what's available cheaply on a regular basis? Like normal stuff like kitchenware and blenders and crockpots?
Do you buy mostly from local sources in-person (lie garage sales), or do you buy from Craigslist/eBay ten resell?
I recently read an advertisement I found quite convincing: someone's e-book training course in how to buy and flip used cars. It was an excellent sales letter and really sounded like they had a good method. But I don't think I'm gonna really be able to excel with used cars, because it's kind of just not enough my thing, if that makes sense?
I wish I had expertise in some specialized available flippable thing with a good markup. I don't seem to have the right hobbies for this....,
What I do know about, at least some: many kinds of DIY healthcare (herbs, juicing, blending, etc), stainless steel cookware (the one kind I own), taking care of cats, gardening..... Sigh, this doesn't seem like ebay-type-hobbies....
Thanks for sharing what you have so far, and thanks for any thoughts about all this,
Frustrated!