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☆ Secondhand resale is getting cutthroat as platforms like Depop and Poshmark boom
▼ + stars: | 2023-03-24 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Demand for secondhand resale has been booming since the early days of the pandemic, generating a culture shift within the indie marketplaces where it all began. Users on platforms like Depop and Poshmark set up online shops to list vintage, secondhand or unique items for sale and generate notable followings of loyal shoppers. Robertson is now 17 and says the growth of resale has allowed him to turn his Depop shop, which now has over 19,000 followers, into a part-time gig. Blake Robertson, 17, poses with his closet, some of which is up for resale on his Depop shop. Zoom In Icon Arrows pointing outwards Beaux Abington, 49, models some of her own Depop items.

☆ Here’s how the IRS says you should handle 1099-K tax reporting mistakes on your return
▼ + stars: | 2023-03-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The 2022 threshold for Form 1099-K, which reports third-party business payments to the IRS, is still more than 200 transactions worth an aggregate above $20,000. That's slated to change for next tax season when the 2023 threshold drops to $600 for even a single transaction. In the meantime, you still need to report business income, regardless of whether you receive Form 1099-K, the IRS said in a news release on Thursday. "In effect, the IRS compares the information it receives from third parties to the information included on a tax return," he said. watch nowHow to handle 1099-K reporting errors

☆ Want to start a side hustle and earn extra money? Here's how to launch a lucrative business and bring in six figures.
▼ + stars: | 2023-03-23 | by ( Alexandra York | ) www.businessinsider.com time to read: +9 min

Like many people during the pandemic, Davis reallocated the time she'd typically spent commuting home to building her side hustle. Davis' handbag company netted $14,000 in sales in its first four months in business, which Insider verified with documentation. Another entrepreneur, Lisa Andrea, regularly books $8,000 in revenue a month from her side hustle, The Financial Cookbook, which Insider also verified with documentation. Andrea started The Financial Cookbook, an online financial-coaching company, to earn extra income and try entrepreneurship part time before taking the plunge. Leveraging expertise, as Andrea did with financial coaching, is one way entrepreneurs can start a side hustle and balance risk versus reward.

☆ 5 apps that can help you start real estate, resale, or other online side hustles
▼ + stars: | 2023-03-23 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

Inflation, layoffs, and a looming recession will likely lead to a spike in side hustles this year. With online tools and apps, it's easier than ever to start your own side hustle. Today, it's easier than ever to start your own business or side hustle because all the tools you need are online. Several apps streamline the process of getting started and help you find customers so that you can focus on delivering your product or service. Here are five popular side-hustle apps that allow you to make money online, listed in alphabetical order, and advice from entrepreneurs who've built lucrative businesses.

☆ Shoppers say secondhand stores like Goodwill are getting too expensive as Gen Z makes thrifting cool
▼ + stars: | 2023-03-21 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

TikTokers are complaining about high prices in secondhand stores like Goodwill and Salvation Army. The US thrift market has grown substantially in recent years and thrifting has become a popular pursuit of Gen Z shoppers, who have been credited with championing a more sustainable way to shop. But Gen Z shoppers aren't only buying secondhand items for themselves. That is a dubious delineation when it comes to major secondhand clothing corporations," Jennifer Le Zotte, an assistant professor at the University of North Carolina Wilmington told Vox. 23-year-old Stefani Colvin, who has been thrifting since 2016, told Insider that prices have been gradually on the rise in thrift stores.

☆ A micro influencer who posts TikToks in Spanish and English shares the exact 2-page media kit that has helped her land brand deals with Skims and Pottery Barn
▼ + stars: | 2023-03-13 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

She shares the media kit that's landed her paid deals with brands like Sephora, Mejuri, and Olay. The creator had seen TikTokers talk about the importance of using a media kit to land brand deals, so she designed one for herself through Canva. Here is the exact-media kit that Perez has used to land brand deals:Page one of Paulina Perez's media kit. Paulina Perez. Paulina Perez.

☆ Nordstrom will cut about 2,500 jobs as layoffs creep into the retail world. Here's the full list of major retailers that have laid off workers in 2023.
▼ + stars: | 2023-03-13 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Layoffs have started trickling into the retail sector, primarily impacting corporate employees. Still, few retailers are laying off store employees as the "labor hoarding" trend continues in 2023. Since the start of 2023, major retailers ranging from department stores to direct-to-consumer brands have cut staff, the latest swing in a sector that's been hit hard by labor challenges and inflation. Brian Ach/Invision for The RealReal/AP ImagesThe RealReal: The luxury consignment company cut 230 employees, about 7% of its workforce. Lidl: Around 200 US-based corporate employees were let go from the German grocery chain.

☆ Why a millennial quit her $100,000-a-year job to join millions of Americans opting for part-time work
▼ + stars: | 2023-03-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

A Bay Area millennial quit her full-time job in 2021 after experiencing what she describes as extreme burnout. She's among the growing number of Americans opting for part-time roles. While Kiki took a break from the workforce, she planned to find another job within six months — by May of 2022 — because her household needed the extra income. As of January, 22.1 million Americans were working part-time voluntarily, according to Labor Department data. After feeling disappointed by the quality of part-time options when scrolling through job sites, a friend referred her to the company she's working for now.

☆ 5 side hustles that can make you hundreds a month with only a few hours of work and no up-front costs
▼ + stars: | 2023-03-05 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Jen Glantz is an entrepreneur who has tried various side hustles to pass time in the winter months. But as a full-time entrepreneur whose income varies drastically month to month, I feel guilty when I'm not making money during my free time. Plus, many of these extra gigs can be done on the weekends, so they don't disrupt the flow of my work schedule. I often put the same items on both platforms to double the exposure and increase the potential of a sale. I stopped doing this once I met my partner and we started traveling more in the winter season together.

☆ How entrepreneurs can use Poshmark to earn six figures in side hustle income
▼ + stars: | 2023-03-02 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

Poshmark is a resale app that some entrepreneurs turn into six-figure side hustles or businesses. Insider spoke to two sellers who shared how they scaled their Poshmark businesses. It's easier than ever to start your own business or side hustle because all the tools you need exist online. Insider spoke with two Poshmark sellers who turned their side hustles into successful full-time businesses. If you have created a successful side hustle or six-figure business on Poshmark and would like to share your story, please reach out via email to jortakales@insider.com.

☆ I started selling shoes on Goat to fund my sneaker addiction. Here's why I prefer it to Poshmark despite the high fees.
▼ + stars: | 2023-02-28 | by ( Danni Santana | ) www.businessinsider.com time to read: +8 min

I started reselling used sneakers in the summer of 2022 to more easily afford my sneaker addiction. In other words, I started monetizing my used sneaker collection for extra cash to buy new shoes. But I'm keeping my options open, especially if StockX begins to allow the sale of used shoes. I'll certainly take advantage of their periodic promotions on seller fees that I've seen be up to 50% off in the past. The platform offers an easy way to sell shoes quickly that you barely wear or have buyer's remorse over.

☆ A millennial went from living paycheck to paycheck to earning $100,000 last year helping people move through TaskRabbit
▼ + stars: | 2023-02-26 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Two years later, the 33-year-old earned $100,000 helping people move through TaskRabbit. And he did so working just 10 to 30 hours per week. Samuel does some furniture assembly and delivery tasks, but his typical job involves helping clients move. "I will work around 30 hours a week. "My favorite part of working through Taskrabbit is the travel and helping my clients," he said.

☆ How entrepreneurs can use livestream shopping to make thousands of dollars
▼ + stars: | 2023-02-22 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +16 min

Live shopping in the US is expected to become a $25 billion market in 2023. Livestream shopping has been popular in China for over a decade, where the industry was estimated to be worth $305 billion in 2021, up from $63 billion in 2019, according to Coresight Research. Virgile Ollivier, a cofounder and the CEO of Livescale, told Insider livestream shopping would soon become just as important for brands as social-media marketing. Livestream-shopping platforms pick up where Instagram falls shortApps focused solely on livestream shopping show a disconnect on traditional social-media platforms. Most sellers livestream at least once a week, at the same time so their followers always know when to expect a show.

☆ If you want a side hustle reselling clothing on Poshmark, start by learning the important lingo
▼ + stars: | 2023-02-22 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +9 min

Reselling clothes and items on Poshmark can be a lucrative job or business for some users. For example, sellers can gain higher statuses as stylists or ambassadors when they promote other sellers' listings. Poshmark members, or "poshers," use a lot of phrases you may not understand if you're new to the community. ClosetA closet is a Poshmark seller's online store where they list items for sale. Users can share images and 15-second videos with their followers, similar to other apps like Instagram and Snapchat.

☆ How to snag discounts through Beni, an online shopping tool that hunts for resale deals on Poshmark, eBay, and The RealReal
▼ + stars: | 2023-02-06 | by ( Danni Santana | ) www.businessinsider.com time to read: +5 min

Beni, a browser extension, helps shoppers curate resale listings while browsing retail sites online. BeniShoppers are required to download the Beni extension on Google Chrome or Safari. Then, they must enable the extension while shopping online to view resale listings. "So let's say you find a Patagonia jacket that you really love, we'd show you 20 jackets often that are exactly the same from places like eBay or The RealReal," Pinner said. In return for real-time listings data, Beni markets new resale items to customers as they shop outside of their platforms.

☆ I've been selling my clothes on Poshmark for 7 months. Here's how the algorithm works and how to get sales and followers.
▼ + stars: | 2023-02-03 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

Some Poshmark sellers can make six figures in sales on the platform. I started selling on Poshmark in June to get rid of clothes I didn't wear and make room for my thrift-shopping habit. Getting likes, followers, and sales on Poshmark is just as addicting as it is on social mediaA screenshot of the author's Poshmark closet. Jennifer Ortakales Dawkins/ScreenshotAs soon as I started listing my clothes on Poshmark, I got a wave of followers on the app. Jennifer Ortakales Dawkins/InsiderOthers are time-consuming, like sharing your listings 5,000 times and sharing other sellers' listings 5,000 times.

☆ Companies like Etsy, eBay, and PayPal are fighting a new tax law they fear could lead to an avalanche of 40 million new tax forms and mass confusion among their users
▼ + stars: | 2023-01-23 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

A group of companies including Etsy, eBay and PayPal are lobbying against new tax rules. E-commerce companies including Etsy, eBay, and Poshmark are lobbying to stop a new tax rule that they say would confuse millions of their users. But at the lower threshold, an estimated 30 to 40 million businesses or individuals could receive a 1099-K for the first time in 2024. An eBay spokesperson said the lowered threshold is "concerning for many sellers on eBay who casually sell online to help meet important financial needs." Jeffrey Zubricki, head of Etsy Americas advocacy and public policy, was optimistic about efforts to raise the threshold from $600.

☆ 4 side hustles for introverts: Some can bring in tens of thousands of dollars
▼ + stars: | 2023-01-14 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Among the most popular side hustles for 2023 are staffing events like conferences and tutoring in a subject matter where you have expertise, according to experts. You'd have to interact with people if you took them on ― even if only on a one-on-one basis for tutoring. If you happen to be more introverted but are still looking for ways to bring in some extra cash, fear not. Here are four side hustles for introverts to consider. Kaycie Morwood opened her Poshmark store in 2016 and has made $30,000 altogether.

☆ $1.7 billion Sift just tapped a new CEO who's focused on helping the fraud-prevention startup build up its base of finance and fintech clients
▼ + stars: | 2023-01-12 | by ( Paige Hagy | ) www.businessinsider.com time to read: +3 min

Sift is a startup that provides fraud-prevention tech to e-commerce and fintech companies. The startup named Kris Nagel, former COO at Ping Identity, as its new CEO on Thursday. Sift has a new CEO, and one of his top priorities will be building up the startup's finance-focused clientele. Nagel, former COO at Ping Identity, an identity-security company, assumed the position in early December 2022. Nagel brings his experience helping lead Ping Identity through an IPO in September 2019 to Sift.

☆ Virtual assistant, copywriter, and 6 other easy side hustle jobs to start right now
▼ + stars: | 2023-01-11 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +11 min

PaperDotInkDesigns sells handwritten prints and templates, and in 2021, Ashworth booked $2,494 in sales, which Insider verified with documentation. In 2021, her site generated $205,642 in ad revenue, which Insider verified with documentation. Be a virtual assistant for other business ownersAs more people start businesses, the market for virtual assistants has skyrocketed in tandem. In 2020, he made $34,607 in sales on the app, which Insider verified with documentation. He earned $40,648 on the app between December 2020 and August 2021, which Insider verified with documentation.

☆ How to make extra money as a reseller in 2023, from 3 people who turned their Poshmark and Facebook Marketplace side hustles into valuable income
▼ + stars: | 2023-01-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +1 min

Many Americans are looking for ways to make extra income, and online reselling platforms have helped. Insider spoke with three women who have found success as resellers. They shared their stories, as well as advice they have for others looking to get started. As inflation continues to erode bank accounts, many Americans have explored work outside the traditional 9-to-5 to generate income. And some have embraced reseller platforms like Poshmark or Facebook Marketplace to earn extra cash or become full-time resellers.

☆ Building emergency savings is a top financial resolution for 2023, survey finds. Here’s how to get started
▼ + stars: | 2022-12-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Jenkin, who co-wrote a book called "The 21-Day Budget Cleanse," recommends people take a detox-type approach to their household budgets. "Most people really haven't taken the time to see where they're overspending and size up what the difference is," Jenkin said. That's "troubling" now, as interest rates on those debts are poised to continue to climb, according to Matt Schulz, chief credit analyst at LendingTree. Look for higher rates on your cashAs interest rates climb, that's good news for the money you stand to earn on your cash. Online savings accounts and certificates of deposit, or CDs, are providing the highest interest rates in more than a decade.

☆ Britain's charity stores are going upmarket
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

Britain's charity shops are transforming as they try to appeal to Gen Z customers. The managers told Insider their retro and vintage stores were largely in urban areas with large student populations. Grace Dean/InsiderE-commerce for charity shops is completely different than e-commerce for retailers that sell large batches of new products. Nonessential retail stores had to shut their doors for months during the pandemic, which the Charity Retail Association estimated cost UK charity shops about £28 million, or $32 million, a month. But, as the aisles of charity shops across the UK show, a lot of people do choose to donate them.

☆ IRS delays tax reporting change for 1099-K on Venmo, Paypal business payments
▼ + stars: | 2022-12-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

The IRS has delayed, for a year, when payment services such as Paypal and Venmo and e-commerce companies such as eBay , Etsy and Poshmark will have to issue tax forms to individuals whose business transactions through those platforms exceed $600. The agency on Friday said that such third-party platforms won't have to use that threshold for when they report 2022 tax-year transactions on a Form 1099-K, which goes to both the IRS and taxpayer. Instead, they can rely on pre-2022 threshold of more than 200 transactions worth an aggregate above $20,000. Even without the new reporting requirement in place, income from business transactions through such platforms is still taxable, which means sellers must report it. The delay only means business activity won't generate a 2022 tax form at that low threshold.

☆ How Much Influencers Get Paid on Instagram, TikTok, and YouTube
▼ + stars: | 2022-12-20 | by ( Amanda Perelli | ) www.businessinsider.com time to read: +6 min

Influencers earn money a number of ways, from sponsorships to selling merchandise. Insider has spoken with dozens of other influencers on Instagram, YouTube, and TikTok about how much each of them makes from videos, sponsorships, and other revenue streams. Jehava BrownHow much influencers earn from brand dealsMany influencers rely on sponsored content — from a set of Instagram posts and Stories to a dedicated YouTube video promoting a company — to earn money. Aside from being paid directly from the platform, one of the main ways many influencers earn money on Instagram is by promoting brands through sponsored in-feed posts, Stories and Reels. Graham StephanHow influencers make money directly from YouTubeMany YouTube creators earn money off the ads that play in their videos and receive a monthly payout.

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