How to construct a six-figure thrifting side hustle: Sophie Riegel

How to build a six-figure thrifting side hustle: Sophie Riegel

Revealed: The Secrets our Clients Used to Earn $3 Billion

This story is part of CNBC Make It’s  Six-Figure Side Hustle series, where individuals with profitable side hustles break down the regimens and routines they have actually utilized to earn money on top of their full-time tasks. Got a story to inform? Let us understand! Email us at AskMakeIt @cnbc. com

Technically, Sophie Riegel didn’t invest a cent beginning her side hustle.

She started with products she currently had, exploring her closet for old clothes to offer online. After making $200 off her own utilized clothing, she turned to a few of her preferred locations to store: Â thrift shops.

“I’ve been a thrifter my entire life, because I don’t like spending money,” states Riegel,23 “I’d much rather spend $5 than $100 on a pair of pants.”

Since April 2020, she’s turned that routine into a rewarding side hustle. Riegel generated almost $123,800 in profits in 2015 reselling products she purchased from thrift shops on online markets like eBay, Mercari and Poshmark, according to files examined by CNBC Make It.

She’s made more than $192,000 in net revenue over the previous 4 years, since her expenses are very little: Riegel approximates she’s invested simply over $50,000 on the thrifted clothes she’s offered. Other costs consist of shipping expenses and gas cash for driving from thrift shop to thrift shop. Online markets keep in between 10% and 20% of her sales.

Much of her company’ development originated from her dormitory at Duke University, where she finished in 2015 with a degree in psychology. She’s pursuing a full-time profession as an expert author, speaker and life coach â $ ” Â and anticipates her side hustle to make up approximately 50% of her earnings this year, she states.

“I started buying things for $5 to $10, flipping them for $50 to $100,” statesRiegel “That appeared to work truly well. I had perhaps 200 or two products in my dormitory my sophomore year, and now I have 1,300 products [in a storage unit].”

Here, Riegel goes over the work she put in to turn her love of thrifting into a six-figure yearly company, in addition to ideas for anybody else to follow in her steps.

CNBC Make It: You’re currently training customers to begin their own thrifting side hustles. What are a few of your finest ideas for individuals who wish to reproduce your success?

Riegel: The greatest thing is you have actually got to have a good time with it. If you’re not enjoying it, do not do it.

Start with what you understand the most about. If you understand a lot about clothes, begin with that. It can be truly simple to simply purchase a lot â $ ” Â that’s the enjoyable part â $ ” Â however it does not offer if you do not note it. So even if your listing is imperfect, get it up, get it out there, since there’s a market for whatever.

Keep knowing. If you share a frame of mind of “I already know this stuff, I don’t need any resources,” it’s most likely that you will not do in addition to if you shared the frame of mind of “This is a great opportunity for me to learn more about myself, about brands, and all of that.”

I followed heaps and heaps and lots of other resellers on You Tube. I invested hours and hours discovering brand names, discovering how to utilize all of the platforms. I’ve discovered the techniques of each of the shops I go to, and determined when they put out the brand-new shoes when they do X, Y and Z.

The Goodwills in my location put a brand-new color out each week. So, when I go to those shops, I just search for that color.

How much money do you require to begin a thrifting side hustle?

Factoring in shipping and all of that things â $ ” Â undoubtedly, you require to spend for gas â $” Â$100 makes good sense.

[In terms of the thrifting], you can begin with as low as $5. You get one advantage for $5 and you have actually got more cash currently: $5 becomes $20, becomes $100

If you begin with your own things, you require $0.

What are the most crucial qualities somebody requires to be successful at this?

You’ve got to correspond and relentless. Right now, I note 10 to 20 products a day. And since I note every day, things are offering continuously.

You’ve got to be arranged. You need to be patient â $” I’m not excellent at that, however I’m dealing with it.

The greatest thing is: You’ve got to want to request aid when you require it. You do not need to do this all alone. When I initially began, my daddy assisted me with all of my shipping. He assisted me move whatever from various storage systems. I didn’t need to do it alone since I requested for aid.

Do you see yourself broadening your side hustle in the future? What would that appear like?

I’m quite pleased with where I am. I do see, in the future, possibly having staff members do all of the things that I understand I do not wish to do â $” Â like the shipping, listing and photographing. That would be terrific. It is a great deal of work for someone.

But today, I would not alter it since I like what I do.

This interview has actually been modified for length and clearness.

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