How To: Selling Online for a second income, my personal experience
For years now I have been selling odds and ends online and making an extra buck that really helps out with the monthly budget, it’s no way to get rich quick, but it certainly helps.
Apart from the money side, I really love doing it. It’s been a great hobby that gets me out and about in the spare time, and there’s always lots of interesting people to meet and new things to learn about.
Here’s some of the tips I can share from my experience.
The basics are really simple, buy low and sell high. It sounds like stock trading advice from Warren Buffet, but it’s just common sense. And this common sense is the most important rule, don’t buy things because you love them, buy them because you know they are cheap and you can sell them for more. If you start buying things because you love them, one, you wont want to part with them, two, you’ll fill your garage pretty quickly 🙂
For making a dollar, sometimes, it’s all about arbitrage, “being the practice of taking advantage of a price difference between two or more markets”. For example, when I was buying and selling laptops in Brisbane, I would buy at local public auctions where there was no more than 50 or so people in attendance, and then resell on ebay where I could reach an audience of millions. There was always an extra 50-100 to be made depending on the value of the item.
Other examples include local country markets, rusty old farm items are daily fare, and sometimes kicked aside as junk, but to city dwellers, they are highly sought after charming rustic ornaments often used for garden features.
Are you catching my drift? It’s about understanding the different markets, and then taking things from where they are undervalued and advertising them in markets where they are highly valued.
I have even seen people do this just on ebay, finding items that are poorly described and then readvertising them with the correct keywords and picking up a few handy dollars profit in the process.
You can also reverse this theory, by buying the right items at auction and selling locally via local classifieds, local facebook Buy Sell Trade groups, the TradingPost.com.au or Gumtree.com.au and so on.
What to buy and sell? It doesn’t matter. Anything that fits the above simple rules. But, it does help if you have an understanding of the product, and if you’re going to be shipping items, then item weight will be something to keep in mind.
Places for Buying:
- Garage Sales
- Check Saturdays paper in your area for auction notices, and clearing sale notices.
- Scour the online auction sites for undervalued items (GraysOnline, AllBids, Auctionator, Slatterys, Interbid are just some)
- Op Shops
- Auction rooms in your area
- Its also so easy to buy from China manufacturers now, and then sell online via ebay/gumtree
Places to sell:
- Each area has local classifieds, build a list of yours
- Facebook Sale Groups
I hope that helps give you some ideas 🙂 happy hunting, and fast sales.at #906
Awesome post! Thanks for sharing GT, there’s some fantastic tips there
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