What to do with iphone before selling?

I want to sell my old iphone but I'm not sure what to do with it first. I've reset the whole device to factory settings, but is that all I need to do? I've already got a new phone with my number. I'm just curious as to what will happen when the new owner turns it on. Will they just have to set up their phone number to the phone? I hope I will not still be paying for the phones data when they turn it on…
Any advice?

If you have done the erase content then thats all you need

Yeah make sure you erase all content and settings from the General > Reset section.

You can sell your iPhone on UpgradeSwap.com if you want an easy way to make the most money.

They pay the most and you can even name your own price if you feel you deserve more.

All the shipping materials will be sent to you and they will even pay you usually with 30 minutes from when you submit the device info.

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