Key Truths You Need to Know
If something looks too good to be true… it just might be! I know a lot of people want to believe that you can be a six-figure Poshmark seller and nothing else while living your best life. Can you make six figures on Poshmark? Yes, you can… but what’s the toll?
I recently read this article in Wired Magazine and it alerted me to the dangers of not seeing the full picture behind these amazing claims of going full-time all-in on reselling on just one platform and making a killing. In my latest video below, I’ve had a look at a few key questions:
- Is Poshmark legit?
- How much can you truly expect to make on Poshmark?
- And what are the key things you should know about making six figures as a reseller on any platform?
Firstly, Poshmark is an excellent social selling platform. It does support you and put out lots of great content about how to make it on the website, especially as they thrive if you thrive.
After all, they make money from your sales, so they want you to do well. And there are lots of ladies who make a killing on it, but they’ve worked extremely hard to get to where they are and to build a solid business.
This brings me to the math: how much can you make on Poshmark?
As a reseller, you can definitely make six figures on Poshmark, but remember what those six figures mean: is it true profit, or just the actual sales? And how many sales do you need to make to get to $100,000? Check out my video to see how I’ve worked out what you’d be left with in actual profit if you sold $100,000 worth of items in a year.
Spoiler alert: less than you expect!
By the time you consider costs and taxes, six figures in Poshmark sales net you a lot less money than the influencers out there would have you believe.
Plus, have you thought what that money means behind the scenes? How many hours of posting, sharing, shipping, and so on? How about the storage space you’ll need for your inventory? Or the cost of travel to get the latest pieces? These are all important to consider before you buy into the six-figure reseller myth.
And finally, here are a few tips from me about how you can achieve success as a reseller:
- Don’t just rely on one platform or source of income: diversify and conquer!
Yes, Poshmark is a brilliant place to sell, but I also make money off eBay, I get revenue from YouTube, affiliate links etc. By diversifying your income sources, your business will be stronger and more resilient.
- Have a back-up plan
Reselling has been a great income source for so many people until 2020 hit and Covid-19 changed our lives forever. It can definitely still be a good way to make decent money, but consider all the “what-ifs” that may come along: shipping delays, economic downturn, your own health and family. Do you have a buffer or a back-up to deal with unforeseen events?
- Consider the time and energy you’ll need to invest
Don’t be fooled by the appeal of making six figures easily.
There’s no such thing. Have a plan and think about what you’ll need to do to make your business work, from how many hours you need to dedicate to posting and sharing, to the effort behind it all, to building your brand. And be sure you do build a brand and visibility so you can drive traffic to your closet – or else you might be hustling and investing for very little return.
Whether you’re in survival mode or just looking for a side hustle to make money for a dream vacation, Poshmark is a great avenue for extra income or a full-time living.
But make no mistake: it’s not an easy ride, and definitely not one where you can roll on through to making six figures in profit from day one.
If you are still interested in getting started or learning more about what you need to resell online. I’ve put together a comprehensive Reseller Toolkit to give you all the things you need to get started from a very beginner to those who are growing their business.
Check out the video below to get more of my thoughts on this and subscribe to the channel so you have fresh content delivered to you regularly.
Till next time,
Bexa Boss Lady
CLICK HERE TO CHECK OUT MY POSHMARK CLOSET.