How to Make Money Selling Things Online
Selling items online can be a really good way to make some extra money. Whether you are selling things that you own and no longer want, items that you have bought second hand or new items, then there are some things that you can do to make sure that you can make some money from the items.
Research first
It is wise to find out more about selling online first. Investigate the different places that people choose to sell online and the types of things that you sell. On some sites you can sell at auction and then you do not have to set a price or you can sell at a set price if you would prefer to. It is good to see how much money things tend to sell for. On some sites you can even see what items have sold and which ones have not. This can be extremely useful for you to see what sort of items it might be worth selling and how much for as well as which sites to use. It can also be useful to look at money making websites and forums for more information about selling online in order to find out what will be the best thing for you to have a go at. Once you get some ideas, do look at your competition and see whether you think that there is room in the market for you as well.
Sell the right products
Finding the right product to sell can be a personal decision. You will need to think about a number of factors. You will obviously need to find products that will make you a profit so you need to keep this in mind as you make decisions. It is worth thinking about where you will store the items that you are selling. If they are small then they will fit in your home, but if they are large then you may need to rent a storeroom. You will also need to think about insuring those items. You may decide that you do not think it is worth paying for insurance, but if you have invested a lot of money in stock, then you need to consider how you would replace it if needed. Your home insurance will not cover the cost of lost stock from your business.
Also consider the postage of those items or whether you would have people come and collect them. You may also need packaging to send them safely and you will need to consider the cost of this as well as where you will store it. You also need to consider what parcel delivery company to use or whether you will take things to the post office.
Find the right site
You will need to make sure that you sell your items in the right place. There are a growing number of options, which is great with regards to giving you lost of choice, but can make the decision harder. Compare how much they charge, look at whether similar items are selling on there and therefore whether you think you could make a profit from your items. Consider how many others are selling similar things and whether you think that would provide a good market for you or too much competition.
You could always try out a couple of different sites to see which you have most success with. Do not sell the same items on more than one site though, unless you have more than one of that item as you could end up in trouble!
Price carefully
Pricing can be very difficult. You need to calculate your minimum cost so that you make a profit. Remember to include the cost of the item as well as listing and selling fees, financial transaction fees, storage, packaging, postage and insurance. There are a lot of things to remember. You then need to make sure that you are not pricing too high as if you have others selling the same or similar items for less, then you may struggle to sell any. It is important though to make sure you do not under price as well. Even if you are pricing to cover your costs and make a small profit you might be able to charge even more and make a bigger profit. Sometimes auctioning items with a minimum selling price can get over this as customers will bid up the price and this could increase your profits.
Use accurate descriptions and photos
When you are selling things online it is so important to have accurate photos and descriptions. As the potential customer cannot see the item they will want to know everything they can about it. They will want to know exactly what it looks like and this will mean that they will want lots of clear photographs as well as a very detailed description. It can be wise to look at the way large online stores do it and consider whether you want to copy them or improve what they are doing. If the item is second hand it is even more important to describe it well, including any wear or damage. You might feel people are less likely to buy it if they know about this, but they will only return it if they are not happy and if you want to avoid this if you can. Also people will be more likely to trust a seller they feel is being honest with them and so it might even make you more likely to sell an item.
