Some of you, upon finding yourself recently unemployed after a long corporate career may be left wondering — what’s next?
The thought of starting a whole new corporate career might be both appealing AND daunting…. the thought of updating resumes, sending out hundreds, paring down your experience to remove at least HALF of your years so that you appear younger are all things you’re facing.
Then there’s the interview – if you’re lucky enough to be called for one, the phone interview you can usually get through just fine, but in person — will you fit it? Are you showing up in your best circa-2002 suit only to meet with someone your kid’s age who is wearing jeans and a shirt?
Maybe you’re retired or planning to be officially retired, but you’re worried you’ll be bored, or you just hate the thought of losing common tax write-offs one has when in the prime of life.
Well, there are options!
Anyone who knows me knows that I’m a huge advocate for starting a home-based business, preferably one online. Everyone has skills and/or talents that can be turned into a profit-making machine…. or at least in the short term — a tax savings machine.
And, it so happens, that one thing you can do immediately with no investment at all, is to buy things and sell them online (or, do as I do and clean out your house and sell the stuff that is valuable but you no longer need).
It’s easier than you think to make money selling stuff online. If you have some sort of craft, and you make things you wish to sell online, there are more ways than ever to do it. You can open an Etsy shop, an eBay store, or create your own e-commerce site using Shopify, Wix or WordPress.
Here’s an example of a great find on my recent shopping trip to Marshalls. Here in NJ, all retail has been closed since March 2020 due to the COVID-19 virus. Of course, when Marshall’s finally opened, I was on it! And, as expected, everything is on clearance since they have so much stuff they have to get rid of. I found these great Sperry Topsiders, normally they sell for about $95. I found these at Marshall’s for — get this — $12.
I may keep them, or I may go buy some more of them and sell them on eBay. I already did the research, and brand-new Sperry Topsiders go for a minimum of $30 on ebay. Buying them at $12 and selling them for $30 is $18 in profit right there.
And of course, yes you have to ship it, but the buyer pays the shipping cost.
But you don’t even have to make anything to sell online. You can buy stuff and re-sell it online. You just have to have an eye for a good value, and also have some sense for resale value.
For example, anytime I buy a new iPhone, I sell the old one on eBay because I know that all Apple products sell really well on eBay, and the better the condition the item is in, the higher the price. I save the original box, all the guts, and when I sell my old phone, it looks brand new…..
And good pictures are critical. Go out of your way to take great photos of things, minimize background clutter and mess, and it’ll sell faster, and for more money, than someone who didn’t bother to make their photos great.
I actually have a digital course where I teach people — just like us — how to launch a business online, how to do all the “tech stuff” to get a professional website in place, a working business phone number among other things — all for less than $100 total investment.
The beautiful thing is that the IRS gives you 5 years to show a profit. So you have some space to get the momentum going, and in the meantime, all your business expenses are tax-deductible. And, if your business is home-based, you can take the “home office” deduction on your income taxes, which allows you to write off a percentage of your household expenses (mortgage + interest, landscaping, utilities, cleaning services, trash removal, heating, water, etc.). If you’re interested in learning how you can set up your home business, I’m offering a COVID-19 special discount – get the whole program, all my coaching, over 12 hours of online video-based instructions, all the bonuses — things like service-provider contract templates, list of IRS business tax deductions and more — all for just $37. Click here to check it out.
But if you’re looking to learn a bit more how to be an effective reseller on eBay, Etsy or your own e-commerce shop, check out this brief video on the importance of images, and some examples of how to improve your images for selling more stuff, faster.