How to make money from your closet
How do you make money: You can easily make money by selling your items from the closet. It could be handbags, jewelry, clothes that you don't need anymore. There are multiple companies that help you to sell online. In this video, we discuss and analyze PoshMark and ThredUp. Each one has their own benefits and it's up to you to decide what fits your lifestyle.
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How do you make money from your closet
How do you make money from just your closet? No, we aren’t suggesting you start a department store from the corners of your closet. Instead, you are probably just sitting on a land mind of unused clothes! The simple answer is you can sell your used clothes online. There are multiple websites that offer you the service, and picking the right one is important. Consignment or thrift store has their own criteria to sell clothes. Clothes cannot have stains or dirt, clothes should be freshly laundered, and items should not have any holes or tears.
Poshmark, for example, is a site which sells clothes, bags, jewelry, accessories and make up. You have to take pictures of the items and you decide the price for your item. It’s like you’re running your own online store. You can take photos using your camera and enter your listing price. Once the sale happens, you will get an email to print out the label and ship it for approx 5$, which will be deducted from your sale. The buyer then has 3 days to confirm the items are delivered and accept it. Poshmark takes about 20% of the sale as commissions. Remember, the seller has an option to review your store and give ratings.
ThredUp is another company which supports selling clothes, shoes, and handbags. Once you sign up online, you can order a cleanup bag for free. You can fill the bag with all the items you want to sell and then ship the box. You can either leave the box for your mail carrier or drop off at any fed ex or USPS location. ThredUp commission rates may vary from 10% to 80% depending on the price and brand of the item. The company’s fulfillment center will analyze and process your clothes. Standard processing takes about 2 weeks and expedited processing takes one week for a fee of $16. The company takes a professional picture of the item and generates a listing for you. Finally, the company sorts through the items and determines the payout. Some of your items can quality for an immediate payout, while some will be under consignment for a sale to complete. The rest will be recycled or sent back to you for a fee. If your items are accepted for payout, then you will get paid immediately. The listing price for these items is decided by the company and not by you. The items that are under consignment will go on sale on the website for a certain period of time. You will get paid only when the sale happens. During the sale period, you can control your listing price and offer discounts if needed. If the period ends before the sale happens you can either to get your items back for a fee or the company will have the option to recycle them.
By using Poshmark, there are higher chances of making money simply because you decide the listing price and you market your product. But there is a lot of your own work that you have to do before and after a sale completes. Literally, you manage your store in Poshmark. Whereas in Thredup all the work is done for you including listing of the items, shipping and handling. You just have to drop off your clothes and the rest will be taken care by the company
So there you have it. With just the contents that have been sitting in the closet the whole time, you either have the choice of making money or at the very least recycling and helping Mother Earth. So get out there and embark on some free money!
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#howtomakemoney #thredup #poshmark