Second-hand Side-hustle

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SECOND-HAND SIDE-HUSTLE

545 Words | 3 Min Read

The second-hand market is a force not to be reckoned with.

From luxury handbags to Pokemon cards, watches, shoes, books, tech, and anything else you can possibly think of, it has a thriving second-hand market often, not always, but often more active than the primary market itself.

So, what does this mean for you?

This means that if you know a little more about something than most other people do and it has yet to have its second-hand market exploited, you could possibly be sitting on a gold mine.

Let’s take a look at three guys who penetrated the second-hand luxury space at a time when most people would have been completely oversaturated.

Luxe Collective is a second-hand luxury fashion brand started by three guys in their 20s. They started the business pre-lockdown in 2020 and quickly grew it to a business with a valuation of £5,000,000 through buying discounted luxury items, repackaging them, and selling them on at a second-hand price.

In 2023, the co-founders appeared on the UK’s Entrepreneur Gameshow ‘Dragons Den’ and secured an investment from one of the most profound entrepreneurs of our generation, Steven Bartlett.

Their story was nothing special or spectacular; they picked a topic that they knew a little about and set out to become the best pre-loved marketplace, doing so in just 3 years.

No matter what you search up, 'second hand [insert topic here]’ you will find countless companies with a similar story, which begs the question: Why can’t you do the same thing?

If you have an unfair advantage and understanding of a particular topic, then you can use that to take advantage of the second-hand market.

Let's say, for example, that you have an unfair advantage in the watch market, you understand watches extremely well, and you want to create your own second-hand marketplace.

Well, all you need is three things: inventory, a storefront, and marketing.

With those three, you’ve got yourself a second-hand business.

GET STARTED

1) Pick a market.

Firstly, you want to pick the industry within which you want to create a second-hand market. Your best bet is to go with an industry that you have an unfair advantage in, as your knowledge will prevail and help you grow.

The more rare or untapped the market is, the better.

2) Buy inventory.

You can’t have a second-hand business if you don’t have any products in the first place, so you need to build up your inventory and identify where you are going to get your pre-loved products from.

3) Create a storefront.

You need to create some kind of storefront to list your products; this includes social media, a website, and any other online presence.

4) Start to market.

Now you need to market your second-hand marketplace. This is all dependent on the industry that you’re working in. If it's second-hand streetwear, you need to find where your customers are hiding and bring your service to them.

LET US HELP YOU OUT ⤵️

If you have a problem you’ve recently faced or a question you think needs a clear answer, send us an email at [email protected] and in next week's edition, we will feature it anonymously, giving you the best advice we can!

See you next week!