If you have been reading this blog or watching my videos, you know I am a big proponent of not only saving money, but also of creating ways to make more money through various revenue streams.
Reselling used goods is one such revenue stream that is available to almost anyone, and eBay is one of the most common ways to resell. But to sell things on eBay you have to have things to sell. Some times you can get stuff for free, but most of the time you will have to buy things.
So what kind of bankroll does it take to realistically start selling things and making money on eBay?
I had always believed that anybody could make money selling on eBay, with almost any amount of money, so I made an experiment to prove it. I was going to see how much money I could make in a few months buying things at garage sales, thrift stores, etc and reselling them on eBay, starting with only a single dollar. Something that anybody could do.
So on my YouTube channel I started the "$1 reselling challenge". Now there are a few assumptions baked in, namely access to a computer and camera to do the eBay listings. But other than that all you need is a single dollar.
Here is the link to my channel where you can find the videos: http://www.youtube.com/user/secretoftheinternet/videos
But I'll give away the ending for you: In about 3 months the bankroll is up to over $300, and I have dozens of items that I have already purchased but haven't yet sold. I am not going to purchase any more items and will sell off the remainder of what I have to get the final total, but on my estimates I should be able to clear $1000. That's $1000 within 4 months, starting with only $1!
So don't ever think you don't have enough money to start a side gig reselling on eBay!
-The Money Monk