On this episode of Financially Naked: Stories from The Financial Gym, our host is Bevin Morgan, a Level 2 Certified Financial Trainer, and she is joined by one of her clients, Stephanie Arteaga. Today’s conversation is a fun chat all about side hustles. Stephanie has years of experience running a robust side business and is here to share her tips about how to manage one, the realistic expectations, and how not to get caught up in the process.
Stephanie started on eBay over ten years ago and now sells items there and on Mercari. Each platform has its own advantages and disadvantages.
She does this in addition to her full-time job, and that is by design. Her goal isn’t to replace her regular income, but to make additional money on the side.
It started back in 2009 out of necessity. She didn’t want to get another part-time job but wanted to make money. She did some research and decided to start selling things online.
There is a buyer out there for everything and whole communities surrounding certain types of items. You can get started with the things in your house.
Be honest with yourself about what is actually worth selling. If you think something is trash, don’t try to sell it. Having a good reputation is valuable and gives you credibility in the long run.
Selling on an online platform takes time. Stephanie treats it as a part-time job. You have to commit to taking photos, posting, shipping, and following through.
Create a schedule that works for you. It is easy to get caught up in the rush of selling and let it consume your whole day. Be mindful of your time and set boundaries.
There are a lot of great videos and guides online, but creating a system that works for you is the key to success.
The total sales is not the amount of money going into your pocket. There are other costs to consider such as your time, shipping, fees, paper, boxes, and labels.
When running a side business, remember it is a business. There will be taxes owed on your profit.
Keep track of your expenses, and keep track of your revenue (the total amount of money coming in) and the profit (the total amount of money made).
You don’t have to quit your job and do this full-time to make money. A great system will allow your side business to thrive.
Links from Stephanie for getting started:
https://www.ebay.com/help/selling/fees-credits-invoices/selling-fees?id=4822
https://export.ebay.com/en/marketing/analytics/top-selling-categories/
On Ebay: https://ebay.com/usr/stepha2*sell
