You’ve likely heard of selling your gently used goods on eBay to make extra money. However, did you know people actually make money selling brand new items online?
It’s true. There are many different entrepreneurs who make their living scouring stores for the best prices on items and then marking them up for a profit online. Here are some steps on how to make money selling items online successfully.
Keep in mind that many people who sell on Amazon utilize the “Fulfillment by Amazon” service or FBA. Basically, you send the products you want to sell to Amazon and they’ll package them and ship them out for you for a fee.
If you sell on eBay, you’ll likely be shipping the items yourself at first. So, if you’re ready to make money selling items online, here’s how to do it.
1. Scour the Sales
If you want to make money selling items on Amazon, it starts with going around to local big box stores or chains, like Target, in your city to find products you can buy at deep discounts and then resell for a profit on Amazon. It’s important to know where to look for discounted products (like on the end caps in Target.)
The Selling Family, an online site that teaches other families how to successfully sell on Amazon, has a lot of luck buying at convenience stores as well as going to liquidation sales where they can buy products for pennies on the dollar.
You can get 50% off their training materials (sale ends tonight at Midnight PST), when you sign up through our link.
There is even one young entrepreneur who specializes in selling shoes. He buys brand name sneakers that are limited edition and sells them (sometimes to people standing behind him in line!).
The bottom line is that if you like to shop and have an eye for discounts and where to find them, you can make money selling items online from home.
2. Make Sure You’ll Make a Profit
It’s great to find products to sell that are on sale, but it’s also important to make a really great profit too. You don’t want to lose money; in fact, you want to make it!
When you grow weary of the time and effort required to make money selling brand new items online, remind yourself of why you’re trying to make more money in the first place – all those items laying around your house (or store) could be hidden income laying around waiting to be turned into money that you can use to pay down your debt faster; or save for a new car; or to fund your child’s college education fund.
Whatever it is, keeping your goals in mind will help you stay motivated as you work hard to make money selling items online.
Keep in mind that when you sell products online, you’ll have fees to take care like listing fees. You’ll need to take all of this into account before you actually buy a product to make sure it’s worth your time and your money.
It’s also good to know what days various items go on clearance at different box stores and how the clearance patterns work. This takes time and research. If you sell using Amazon FBA, then many people report having success using the FBA calculator to see if you’ll actually make a profit.
You can also do an advanced search on eBay to see what a product recently sold for (as opposed to looking at current “Buy it Now” prices, which people might not actually use.)
Ultimately, it’s important to do as much research as possible to ensure you’re actually buying these new products at the best profit margins possible.
3. List Your Items Online Or Send them in to Amazon
It takes time and energy to list items online, but remember that your descriptions are incredibly important if you’re going to be selling on eBay or even Craigslist.
Pictures and accurate descriptions are extremely important. No one wants to buy a product they can’t see or buy from a seller that doesn’t seem legitimate.
When it comes to selling with Amazon FBA, you don’t have to worry about listing the items yourself. You just have to send them in to Amazon, keeping in mind that you do have to pay for shipping (but Amazon does have some special pricing partnerships with UPS.)
4. Don’t Buy More Than You Can Afford
While all of the above sounds great, it’s important to remember not to buy more products than you can afford. You might see a great deal on brand new boxes of board games at Walmart, but it’s not worth it to go into debt to buy them.
Again, remember why you’re trying to make money selling items online in the first place – it could be for that vacation you’ve been wanting to take; or to scrounge up some money for your first emergency fund; or to start investing.
Whatever your goal is, money is required to reach it and all this work you’re doing trying to sell things on Amazon or online will help turn your goal into reality.
The best way to get started in the business of selling new items is to save a few hundred dollars to start your business. Then, do your research and focus on purchasing products that you know well at good prices.
Use calculators and talk to other successful sellers to make sure you learn the ropes and make adequate profits. And, no matter how great the sale is, only buy what you can afford, knowing that you might or might not make a profit.
What are some of your favorite ways to make extra money? Have you ever sold brand new items online to make money? What do you do with extra money you make on the side?
Source: Frugal Rules