Can Poshmark be a full time job
A 28-year-old buys warehouse goods cheaply and sells them on Amazon - now he's a sales millionaire and reveals his secret of success
Christopher Brown has perfected the art of making a ton of money doing sideline jobs.
In the past five years, the 28-year-old has greatly expanded his business in so-called retail arbitrage. Put simply, retail arbitrage means: You buy goods cheaply and sell them online for more money.
After running his business alongside his job at a major insurance company for a few years, Brown made the decision in 2018 to put more energy into reselling. From March onwards, he only worked part-time in his insurance job, before finally quitting entirely 12 months later.
Brown is one of many entrepreneurs who left their full-time jobs to work full time as a reseller at Amazon. Today he runs his business with his partner and longtime friend Edward Dayok.
Brown earned four to five times as much as he did in his job at the beginning
"My hourly wage reselling goods was about four or five times that of my insurance job," Brown said of his early days as an Amazon seller. "So I just had to find a way to keep that rate when I was selling 40 hours a week."
As of 2015, Brown has sold more than $ 1.2 million worth of goods on Amazon, according to tax forms and screenshots of his Amazon dashboard viewed by Business Insider. In 2020 alone, Brown made more than $ 300,000.
The entrepreneur is currently documenting his success on his Instagram account @resaleretirement, which has more than 7,500 followers and is intended to provide information about the industry and encourage others to sell.
Brown focuses on selling items that are no longer in production
When a product is taken off the market, it is not uncommon for it to increase in value later - but initially it is sold cheaply by some dealers in order to empty the warehouse. Brown recognized this early on. As a result, he has mainly focused his business on buying inexpensive products that will soon be available in limited quantities. He then sells these either at retail or at a slightly higher price.
At the moment, Brown says, he's sticking to a few hundred units of a Black Panther board game. Since this will likely never be restored - and with Christmas fast approaching - Brown believes he can make a sizable profit by waiting to sell the board game until other vendors run out of supplies.
Incidentally, one of Brown's best-selling items was a discontinued 3M lint roller. Brown estimated he sold about $ 145,000 worth of lint rollers alone. "I knew there was a huge market for it."
Brown receives its products through relationships with retailers and wholesalers© Provided by Business Insider Germany
In addition to making regular purchases in the clearance department of stores like Walmart and Target, Brown has relationships with discounters, auction houses, and wholesalers to add to its inventory.
"I don't want just one way to get products," said Brown. "I want the cheapest way possible."
Brown says when he builds relationships with suppliers, he explains to them why selling to him can be beneficial for them - and how it can help them get rid of their inventory more efficiently.
Brown also has an account with Macy's that allows him to purchase items that the store is liquidating.
Most of all, stick to what you know works best.© Provided by Business Insider Germany
For Brown, selling discontinued models was the best way to find its way as an Amazon seller. However, success can be achieved through several approaches. So Brown advises other entrepreneurs to focus on finding their own niche and sticking to it in order to grow it as best as possible.
"So many people I know are trying so hard to come up with a winning formula - even though they already have five winning formulas that work for them," Brown said. "When you've found your bike, just roll with it. Let it roll."© Provided by Business Insider Germany
This text has been translated from English and was published by Business Insider in March 2021. It has now been checked and updated again. You can find the original here.
Gallery: How you can become financially independent with these 14 lucrative part-time jobs - explained by experts who have made it (Business Insider Germany)
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