I’ve received numerous questions about the pros and cons of full-time reselling in the last few weeks. As a result, I thought that it would be helpful for me to write a post about it and share some of my experience with it with you. For those of you that are unfamiliar with my reselling background, I was a hobby/part-time reseller for 7 years before I jumped into full-time reselling 2 years ago. My reselling journey has been full of ups and downs over the years and I hope that this post helps you if you are considering becoming a full-time reseller.
In order to make this post as helpful as possible, I am going to share with you a separate list of pros and cons. Everything that I am going to share is based on my reselling journey and what I have learned and experienced over the years.
Pros to Full-Time Reselling:
Job Freedom
As a full-time reseller, I have a lot of job freedom. I am my own boss so I can set my own hours and I have the freedom to work whenever and from wherever I would like to. Personally, I enjoy this set-up as it allows me the flexibility to work at my own pace. Prior to becoming a full-time reseller, I worked in a corporate setting under toxic work conditions. Leaving and pursuing reselling full-time helped me to find joy in my work again.
Quicker Pay Checks
One benefit of being a full-time reseller is that I don’t have to wait a week or longer to get paid. Once the money clears from the reselling platform, I am quickly able to deposit the money into my bank accounts. At my previous job, I was only paid twice a month so it is nice to have my earnings sooner.
Always Something New to Learn
With reselling, I feel as though there is always something that can be learned; whether it be new brands, styles, or trends, there will always be something new to learn. Personally, I am somebody who tends to learn things rather quickly in the workplace. Once I master something, I tend get bored of it as it is no longer a challenge for me. As a full-time reseller, I am always challenging myself to learn new things and although it can be monotonous at times, there are always opportunities for growth.
Constant Sourcing Trips
This might not be a pro for everyone but it is most definitely a pro for me. I am a natural shopper so being able to shop and make a profit off of the clothes that I am buying is a win-win. Usually, I will head over to thrift or consignment stores to find my items. Although it can be stressful looking for inventory at times, for the most part, I find it to be extremely therapeutic.
Environmental Benefits
As a reseller, I am helping to better our environment in a small way. In the work that I am doing, I am helping to remove sizable quantities of items from landfills and instead, allowing them to have a new life elsewhere. Regardless of whether someone is a part-time or full-time reseller, reselling is one way that we can help our environment and shift consumer patterns.
Cons to Full-Time Reselling:
No Guaranteed Benefits or Retirement Savings
In my opinion, this is one of the biggest cons to full-time reselling. Unlike a traditional job, you do not have any benefits or retirement plans. Items such as dental care, eye care, and health insurance will need to be paid for out-of-pocket which can be quite expensive. Additionally, there is no opportunities for retirement matching or retirement investments that you can get with a traditional job. Luckily, my husband does have a traditional job so I am able to receive all of my benefits through him. Also, since I worked a traditional job prior to being a full-time reseller, I am able to continue contributing to my retirement savings away from the company.
Inconsistent Income
Unlike a traditional job where you receive a consistent paycheck weekly or bi-weekly, reselling does not give you that guaranteed income. There are many periods, especially in the summer months, where sales slow down and income can become inconsistent. Being prepared for these slower seasons helps to keep the business afloat during these times as they will inevitably happen.
Self-Employment Taxes and State Taxes
As a full-time reseller, I am subject to pay self-employment taxes to the federal government and a sales tax to the state government. I pay both of these taxes quarterly to avoid penalty and am required to do as a registered business owner. Generally speaking, I pay the federal government 15.3% of my earnings every 3 months in order to cover social security and Medicare. This money is typically set aside from my earnings and is usually over $1000 per quarter. If you have any tax questions, be sure to reach out to a CPA or visit the IRS website.
A Lot of Work
As a solopreneur, I find reselling to be very labor intensive most days. As much as I enjoy having the freedom that comes with being a business owner, it does come with a lot of challenges. I am very fortunate to have my husband, Eric help me with the business side of things but most of the day-to-day tasks are my responsibility. There are some days where I am working from when I wake up in the morning until I go to bed at night (with some breaks sprinkled in there). This is especially true when I am preparing for an upcoming trip or trying to get myself caught up. When I compare how much work I put into reselling when I was part-time compared to full-time, I would say that my work has probably doubled or tripled since then.
I hope that you find this post helpful! If you have any questions or just want to chat, please reach out!
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